Standalone Financial Performance (Q1 FY27)
- Revenue from operations: ₹238.49 crore (compared to ₹303.08 crore in Q4 FY26 and ₹169.83 crore in Q1 FY26)
- Total expenses: ₹227.19 crore (including cost of material consumed: ₹100.82 crore, employee benefits: ₹32.90 crore, finance costs: ₹16.28 crore)
- Profit before tax: ₹141.41 crore (compared to ₹273.07 crore in Q4 FY26 and ₹95.85 crore in Q1 FY26)
- Total tax expense: ₹36.18 crore
- Profit for the period: ₹105.23 crore (compared to ₹202.79 crore in Q4 FY26 and ₹71.37 crore in Q1 FY26)
- Earnings per share (Basic & Diluted): ₹1.52 (compared to ₹2.93/₹2.92 in Q4 FY26 and ₹1.03 in Q1 FY26)
- Paid-up share capital: ₹69.26 crore (par value ₹10 each, fully paid)
Consolidated Financial Performance (Q1 FY27)
- Revenue from operations: ₹294.46 crore (compared to ₹361.57 crore in Q4 FY26 and ₹223.76 crore in Q1 FY26)
- Profit before tax: ₹200.54 crore (compared to ₹378.78 crore in Q4 FY26 and ₹157.76 crore in Q1 FY26)
- Total tax expense: ₹39.71 crore
- Profit for the period: ₹160.83 crore (compared to ₹276.75 crore in Q4 FY26 and ₹131.39 crore in Q1 FY26)
- Profit attributable to equity holders: ₹161.49 crore
- Earnings per share (Basic & Diluted): ₹2.33/₹2.32 (compared to ₹4.00/₹3.99 in Q4 FY26 and ₹1.91/₹1.90 in Q1 FY26)
Segment-wise Performance (Standalone)
- Piping division: Revenue ₹227.77 crore, Segment profit ₹311.83 crore
- Power division: Revenue ₹10.72 crore, Segment loss ₹6.89 crore
- Total assets: ₹1,838.28 crore (Piping: ₹1,608.79 crore, Power: ₹44.90 crore)
- Total liabilities: ₹940.22 crore (Piping: ₹907.73 crore, Power: ₹13.66 crore)
Segment-wise Performance (Consolidated)
- Piping division: Revenue ₹262.26 crore, Segment profit ₹369.54 crore
- Power division: Revenue ₹18.37 crore, Segment loss ₹12.09 crore
- Heavy fabrication: Revenue ₹15.35 crore, Segment profit ₹36.77 crore
- Total assets: ₹1,927.01 crore (Piping: ₹1,771.75 crore, Power: ₹92.64 crore, Heavy fabrication: ₹47.82 crore)
- Total liabilities: ₹1,020.29 crore (Piping: ₹943.49 crore, Power: ₹30.19 crore, Heavy fabrication: ₹21.40 crore)
Legal Dispute with PSPCL
The company has an ongoing dispute with Punjab State Power Corporation Limited (PSPCL) regarding its 8 MW biomass plant at Abohar, Punjab:
- Original 30-year Power Purchase Agreement expiring December 31, 2040
- PSERC reduced tariff from ₹7.48 to ₹5.26 per unit retrospectively from January 1, 2024
- Potential liability of ₹168.29 crore reduced to ₹138.50 crore after review petition
- PSPCL challenged PSERC order before APTEL
- Company filed writ petition in Punjab & Haryana High Court challenging tariff methodology
- High Court interim order dated 23 September 2025 stayed PSERC's orders
- No adjustments made in financial results due to sub-judice status
Malwa Power Subsidiary Issue
- Malwa Power Private Limited (wholly-owned subsidiary) operated 6 MW biomass plant
- 20-year PPA with PSPCL expired on April 27, 2025
- PSPCL offered new tariff of ₹3.50 per kWh vs existing ₹8.59 per kWh
- PSERC determined final tariff at ₹5.224 per kWh with 5% annual escalation
- Matter pending before APTEL with interim tariff continuation
- Assets worth ₹50.83 crore included in consolidated financial results
- Management unable to assess impairment impact due to uncertainty
Labour Codes Implementation
- Government notified Labour Codes on 21 November 2025
- Recognized past service cost charge under exceptional items
- Q4 FY26: ₹(2.27) crore impact
- No impact in Q1 FY27
Auditor's Emphasis of Matter
Auditors highlighted two key uncertainties:
1. PSPCL tariff dispute and related potential liabilities
2. Impairment assessment uncertainty for Malwa Power assets worth ₹50.83 crore
Conclusion not modified for these matters.