Financial Performance FY 2025-26

  • Revenue from operations: ₹3,017.21 lakh (₹4,003.91 lakh in FY25) - decrease of 24.64%
  • Other income: ₹538.29 lakh (₹263.27 lakh in FY25) - increase of 104.5%
  • Total income: ₹3,555.50 lakh (₹4,267.18 lakh in FY25) - decrease of 16.68%
  • Profit before tax: ₹769.72 lakh (₹924.32 lakh in FY25) - decrease of 16.73%
  • Profit after tax: ₹501.69 lakh (₹701.68 lakh in FY25) - decrease of 28.50%
  • Basic EPS: ₹2.80 (₹4.42 in FY25)
  • Diluted EPS: ₹2.99 (₹4.37 in FY25)
  • Total tax expense: ₹268.03 lakh (₹222.64 lakh in FY25)

Balance Sheet Position as at March 31, 2026

  • Total assets: ₹11,575.66 lakh (₹10,414.39 lakh in FY25) - increase of 11.15%
  • Total equity: ₹10,787.32 lakh (₹9,583.05 lakh in FY25) - increase of 12.57%
  • Current assets: ₹8,894.42 lakh (₹8,968.99 lakh in FY25) - decrease of 0.83%
  • Cash and bank balances: ₹6,093.87 lakh (₹6,487.55 lakh in FY25) - decrease of 6.07%
  • Inventory: ₹511.50 lakh (₹242.48 lakh in FY25) - increase of 110.95%
  • Trade receivables: ₹1,050.42 lakh (₹1,131.82 lakh in FY25) - decrease of 7.19%
  • Current liabilities: ₹590.00 lakh (₹775.26 lakh in FY25) - decrease of 23.90%

Key Financial Ratios

  • Debtors turnover: 2.76x (4.65x in FY25) - decrease of 40.63%
  • Inventory turnover: 8.00x (10.88x in FY25) - decrease of 26.45%
  • Interest coverage: 64.31x (23.07x in FY25) - increase of 178.74%
  • Current ratio: 15.08x (11.57x in FY25) - increase of 30.31%
  • Operating profit margin: 26% (17% in FY25) - increase of 49%
  • Net profit margin: 14.11% (16.44% in FY25) - decrease of 14.19%
  • Return on Net Worth: 4.65% (7.32% in FY25) - decrease of 36.48%

Capital Structure Changes

  • Authorized share capital: ₹20,00,00,000 divided into 2,00,00,000 equity shares of ₹10 each (unchanged)
  • Issued, subscribed and paid-up capital: Increased from ₹17,93,73,330 to ₹18,43,73,330
  • Warrant conversion: On March 27, 2026, allotted 5,00,000 equity shares of ₹10 each at ₹200 per share to promoters Harsh Pradeep Badkur and Puneet Pradeep Badkur (2,50,000 shares each)
  • Consideration received: ₹10.00 crore aggregate (25% received earlier, 75% balance of ₹7.50 crore received at conversion)
  • Warrant forfeiture: 2,50,000 warrants of Capri Global Holding Private Limited forfeited due to non-payment of balance consideration
  • Amount transferred to capital reserve: ₹1,25,00,000 from forfeited warrants

Significant Events and Contingencies

GST Litigation
  • Received Show Cause Notice from DGGI Mumbai Zonal Unit in FY 2022-23 for ineligible ITC utilization amounting to ₹3,94,48,606
  • Appeal filed resulted in waiver of basic ITC amount and interest vide order dated March 30, 2024
  • Penalty of ₹3,94,48,606 under CGST Act and ₹3,95,41,718 under MGST Act imposed totaling ₹7,89,90,325
  • Company filed appeal on June 24, 2024 against penalty order
  • ₹3,02,72,356 deposited with GST department under protest
  • Commissioner (Appeals) upheld Order-in-Original on April 15, 2026
  • Company filed further appeal with GSTAT on July 15, 2026 - matter pending
  • Disclosed as contingent liability of ₹789.90 lakh in financial statements
CKP Co-operative Bank Exposure
  • RBI cancelled bank's license with confirmation that ₹5 lakh will be given to depositors
  • ₹5 lakh received/adjusted against current account balance
  • Remaining amount recovery depends on availability of reserves and RBI confirmation
  • ₹5.38 lakh investment in shares and ₹1.30 lakh FD with bank recorded as assets pending confirmation

Operational Highlights

  • Manufacturing segment: 82.61% of revenue (₹2,492.52 lakh)
  • Project Sales segment: 17.39% of revenue (₹524.69 lakh)
  • Order booking: Showed healthy growth with increased enquiries from steel and power sectors
  • Key clients: Larsen & Toubro, AMNS India, Tata Steel, JSW Steel, Jindal Steel & Power, SAIL
  • Product development: Expanded patented Line Blind product range
  • Export markets: Russia, Kuwait, Nigeria, Malaysia

Corporate Governance and Compliance

  • Board composition: 6 Directors (3 Executive, 3 Non-Executive Independent including 2 women directors)
  • Board meetings: 6 meetings held during FY 2025-26
  • Key managerial personnel: Ms. Aarohi Pareek appointed as Company Secretary and Compliance Officer effective April 20, 2026
  • Previous compliance officer: Ms. Prachi Dilkhush Kothari resigned effective September 12, 2025
  • Regulatory penalty: BSE imposed fine of ₹23,600 for non-compliance with Regulation 6(1) regarding vacancy in Compliance Officer position
  • Auditors: M/s. Raju & Prasad (Statutory Auditors), M/s. Pimple & Associates (Secretarial Auditor)
  • Internal financial controls: Adequate and operating effectively per auditor's report

Related Party Transactions

  • Loan to Kanoi Capital Holdings: ₹1,54,91,917.50 outstanding as at March 31, 2026
  • Loan to Buniyad Supercomputers LLP: ₹1,58,50,000 during year, ₹0 outstanding at year-end
  • Terms not prejudicial to company's interest, compliance with Sections 185 and 186 of Companies Act, 2013

CSR Activities

  • CSR obligation: ₹9,30,739 (2% of average net profit)
  • CSR spent: ₹10,00,000
  • Excess spent available for set-off: ₹69,261
  • Focus areas: Education, healthcare, environmental sustainability, community development

Outlook and Management Commentary

  • Management remains convinced of strong industrial capex cycle in steel and power sectors
  • Firm enquiries and tenders picked up sharply with measurable business activity
  • Order pipeline meaningfully higher than previous years
  • Aspiration to reach ₹250 crore revenue by FY 2029-30 through organic and inorganic growth
  • Focus on import substitution and specialized products for critical applications

AGM Details

  • 30th Annual General Meeting: September 30, 2026 at 11:00 AM through VC/OAVM
  • Business to be transacted: Adoption of financial statements, reappointment of director, special resolutions for Section 186 limits and alteration of MOA
  • Remote e-voting period: September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)