Financial Performance Summary (FY 2025-26)

Standalone Financials:

  • Revenue from operations: ₹7,963.26 lakh (15.2% growth YoY)
  • Profit before tax: ₹286.90 lakh (vs. ₹6,662.86 lakh in FY25)
  • Non-operating expenses: ₹951.58 lakh (non-cash interest charge on preference shares)
  • Net loss after tax: ₹(828.29) lakh (vs. profit of ₹40.77 lakh in FY25)
  • EPS (Basic): ₹(1.68) (vs. ₹0.03 in FY25)
  • EBITDA margin: 8.21% (vs. 6.02% in FY25)

Consolidated Financials:

  • Revenue from operations: ₹7,989.71 lakh
  • Net loss after tax: ₹(855.01) lakh
  • EPS (Basic): ₹(1.73)

Operational Highlights:

  • Revenue growth: 15.20% YoY (significantly above industry average of 8.47%)
  • Manufacturing capacity: 6 lakh sqm with 80% utilization
  • Production: 276,835 Sqm of Printed Circuit Boards in FY26
  • Approval under India's Electronics Components Manufacturing Scheme (ECMS)

Legal and Regulatory Matters

  • Supreme Court Matter: An unsecured creditor obtained an arbitral award against the Company. The company paid ₹72 crores in November 2024 and was directed to deposit ₹96 crores. SLP dismissed December 2025 with review petition pending.
  • NCLT Proceeding: The same creditor filed an application under Section 9 of the Insolvency and Bankruptcy Code before NCLT Cochin for recovery of alleged dues. The Company has filed objections, and proceedings are pending.
  • NCLT Kochi: Application under IBC filed by Morgan Securities and Credits Private Limited, dismissed July 8, 2026.
  • ARCIL Claim: Claim based on corporate guarantee for BPL Display Devices Limited (in liquidation) pending with DRT.

Capital Structure and Contingent Liabilities

  • Preference Shares: ₹169.59 crores in unredeemed preference shares (due since August 2019) with non-cash finance costs impacting profitability
  • Contingent liabilities: Total ₹6,534.34 lakh including excise, customs, sales tax, income tax, and LC/BG outstanding
  • Secured Borrowings: Land and building mortgaged for secured overdraft of ₹10.00 crores and LC limit of ₹9.00 crores

Related Party Transactions

Significant transactions with related parties including:

  • Bharat Energy Ventures Pvt. Ltd.: Advance of ₹5,822.08 lakhs for purchase of shares (potential equity conversion)
  • BPL Telecom Private Limited: Advance of ₹3,134.89 lakhs for purchase of land & share application money
  • Dynamic Electronics Private Limited: Rent deposit of ₹1,311.00 lakhs
  • Ongoing transactions with BPL Medical Technologies Private Limited totaling approximately ₹1.35 crore

AGM and Corporate Governance

  • 62nd Annual General Meeting: September 25, 2026 at 4:00 PM via video conferencing
  • Record date: September 18, 2026
  • e-Voting period: September 21-24, 2026
  • Agenda: Adoption of financial statements and re-appointment of Mrs. Anju Chandrasekhar as director
  • Board composition: Six directors including chairman Mr. Ajit G Nambiar and key managerial personnel

Audit Matters

  • Statutory Auditors: MKUK & Associates with qualifications on non-redemption of preference shares and going concern issue for subsidiary
  • Secretarial Auditor: Observations including delay in filing MGT-14 and non-filing of Annual Performance Report with RBI
  • Defined Benefit Obligation (Gratuity): ₹274.65 lakhs with plan assets of ₹285.12 lakhs

Subsidiaries and Associates

  • Bharat Energy Ventures Private Limited: 82.46% ownership with significant negative reserves
  • Ramagundam Power Generation Private Limited: 61.79% owned through BEVPL, yet to commence operations
  • Kleer Industries Inc., USA: Inoperative joint venture in process of closure

Risk Factors

Global geopolitical developments affecting supply chains, currency volatility, input cost inflation, extended supplier lead times, customer concentration, and technology obsolescence in PCB manufacturing.

Dividend

No dividend recommended for FY 2025-26 due to loss incurred.