Board Meeting Details

The Board of Directors meeting was held on May 22, 2026, commencing at 05:35 PM IST and concluding at 08:30 PM IST.

Key Approvals

1. Approved Audited Standalone and Consolidated Financial Results for quarter and financial year ended March 31, 2026

2. Approved Statement of Deviation/Variation in IPO proceeds utilization for quarter ended March 31, 2026

3. Authorized specific directors and key managerial personnel for determining materiality of events and making disclosures under Regulation 30

Financial Results - Standalone (Rs. in million)

Quarter Ended March 31, 2026 (Unaudited)
  • Revenue from operations: ₹176.35
  • Other income: ₹39.60
  • Total income: ₹215.95
  • Total expenses: ₹159.87
  • Profit before exceptional item & tax: ₹56.08
  • Exceptional item (reversal of labor code impact): (₹3.90)
  • Profit before tax: ₹59.98
  • Tax expense: ₹17.43
  • Profit after tax: ₹42.55
  • Other comprehensive loss: (₹0.67)
  • Total comprehensive income: ₹41.88
  • Basic/Diluted EPS: ₹2.06
Year Ended March 31, 2026 (Audited)
  • Revenue from operations: ₹558.71
  • Other income: ₹145.06
  • Total income: ₹703.77
  • Total expenses: ₹585.24
  • Profit before tax: ₹118.53
  • Tax expense: ₹22.62
  • Profit after tax: ₹95.91
  • Other comprehensive loss: (₹0.42)
  • Total comprehensive income: ₹95.49
  • Basic/Diluted EPS: ₹4.63

Balance Sheet Position (Standalone as at March 31, 2026)

  • Total assets: ₹2,311.18 million
  • Equity share capital: ₹103.48 million
  • Other equity: ₹2,075.17 million
  • Total equity: ₹2,178.65 million
  • Non-current liabilities: ₹41.22 million
  • Current liabilities: ₹91.31 million

Cash Flow Statement (Standalone FY2026)

  • Cash used in operating activities: (₹191.06) million
  • Cash from investing activities: ₹474.34 million
  • Cash used in financing activities: (₹2.03) million
  • Net increase in cash: ₹281.25 million
  • Cash equivalents at year-end: ₹479.73 million

Auditor Opinion

Deloitte Haskins & Sells LLP issued unmodified opinion on both standalone and consolidated financial results for year ended March 31, 2026.

Labour Code Impact

The Government of India notified four Labour Codes on November 21, 2025. The company recognized an exceptional item of ₹3.90 million in Q3 FY2026 for incremental gratuity liability. In Q4 FY2026, the company restructured its salary framework and reversed this provision as no incremental liability arose.

IPO Proceeds Utilization

The company completed its IPO on December 27, 2024, with fresh issue of 2,496,433 equity shares aggregating ₹1,750.00 million (net of issue expenses of ₹129.24 million).

As of March 31, 2026:

  • Total utilized: ₹1,183.34 million
  • Total unutilized: ₹437.42 million
  • ₹298.80 million of unutilized funds temporarily invested in bank deposits

Breakdown of utilization:

  • Investment in CEF for greenfield project: ₹75.35 million utilized (₹174.65 million unutilized)
  • Investment in RSSPL for brownfield expansion: ₹0 utilized (₹105.05 million unutilized)
  • Purchase of plant and machinery: ₹0 utilized (₹32.07 million unutilized)
  • Investment in CEF for debt repayment: ₹500.00 million utilized (₹0 unutilized)
  • Investment in CEF for working capital: ₹200.00 million utilized (₹0 unutilized)
  • Investment in Roserve Enviro JV: ₹0 utilized (₹100.00 million unutilized)
  • Investment in technology/growth initiatives: ₹209.54 million utilized (₹25.46 million unutilized)
  • General corporate purposes: ₹198.45 million utilized (₹0.19 million unutilized)

No Deviation in IPO Proceeds

The Statement of Deviation/Variation confirms no deviation or variation in use of IPO funds. Monitoring agency is ICRA Limited.

Materiality Authorization

The Board authorized the following personnel for determining materiality and making disclosures:

1. Prayas Goel (Managing Director)

2. Prerak Goel (Executive Director)

3. Anish Goel (Chief Financial Officer)

Business Segment

The company is primarily engaged in a single business segment of water treatment products and technologies.

Consolidated Financial Highlights (FY2026)

  • Consolidated revenue from operations: ₹5,578.56 million
  • Consolidated profit after tax: ₹197.57 million
  • Consolidated total comprehensive income: ₹378.93 million
  • Consolidated basic/diluted EPS: ₹9.55
  • Consolidated total assets: ₹9,518.36 million
  • Consolidated total equity: ₹5,715.68 million

Discontinued Operations

Blue water Trading & Treatment FZE was classified as discontinued operation with loss after tax of ₹30.41 million for FY2026.