Key Business Transacted

1. Approval of Unaudited Financial Results

The Board considered and approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026. The results were reviewed and recommended by the Audit Committee. The Statutory Auditors, M/s. Naresh & Co., Chartered Accountants, Vadodara (FRN: 106928W), issued Limited Review Reports with an unmodified conclusion. The results and reports are enclosed as Annexure-A.

2. Statement of Deviation/Variation in QIP Proceeds

The Board took note of the Statement of utilisation of funds raised through the Qualified Institutions Placement (QIP) for the quarter ended September 30, 2026, as reviewed by the Audit Committee. There was no deviation or variation from the objects stated in the Placement Document.

The Board also noted the Monitoring Agency Report for the quarter ended September 30, 2026, issued by CARE Ratings Limited, the appointed Monitoring Agency under SEBI ICDR Regulations.

3. In-principle Capex Approval

The Board granted in-principle approval for a capital expenditure plan of ₹170 crore for an Integrated Polymer Complex at Vadodara, to be built in two phases. The complex will manufacture PVC/FRLS compounds, silane and peroxide cross-linked XLPE compounds, and super-clean XLPE compounds for cables rated up to 400 kV. Once completed, it is expected to be India's first super-clean cable-grade polymer facility and would make the company the only Indian cable manufacturer with a fully integrated value chain from aluminium rod to 400 kV insulation.

Detailed Financial Results

Consolidated Financials (₹ in Lakh)

For the Quarter Ended September 30, 2026:

  • Revenue from Operations: 68,987.64
  • Total Income: 69,755.63
  • Profit Before Exceptional Items and Tax: 5,869.28
  • Exceptional Items (Short Provision of Depreciation): 0.00
  • Profit Before Tax: 5,869.28
  • Tax Expense: 24.62
  • Net Profit for the Period: 5,844.65
  • Other Comprehensive Income (Net of Tax): (14.29)
  • Total Comprehensive Income: 5,830.37
  • Basic & Diluted EPS (₹): 1.11

For the Half Year Ended September 30, 2026:

  • Revenue from Operations: 1,03,190.38
  • Total Income: 1,05,006.73
  • Profit Before Exceptional Items and Tax: 10,863.82
  • Exceptional Items (Short Provision of Depreciation): 0.00
  • Profit Before Tax: 10,863.82
  • Tax Expense: 75.61
  • Net Profit for the Period: 10,788.20
  • Other Comprehensive Income (Net of Tax): 2.16
  • Total Comprehensive Income: 10,790.36
  • Basic & Diluted EPS (₹): 1.87 (Half Year); 3.01 (Annualised notional)

Comparative Figures (Quarter Ended September 30, 2025):

  • Revenue from Operations: 43,833.29
  • Net Profit for the Period: 2,402.70
  • Basic & Diluted EPS (₹): 0.46

Standalone Financials (₹ in Lakh)

For the Quarter Ended September 30, 2026:

  • Revenue from Operations: 70,731.06
  • Net Profit for the Period: 5,708.83
  • Basic & Diluted EPS (₹): 1.08

For the Half Year Ended September 30, 2026:

  • Revenue from Operations: 1,75,152.00
  • Net Profit for the Period: 16,257.73
  • Basic & Diluted EPS (₹): 2.94

Key Balance Sheet Highlights (Consolidated as of 30/09/2026)

  • Total Assets: ₹3,21,171.48 Lakh
  • Property, Plant and Equipment: ₹73,424.26 Lakh
  • Capital Work-in-Progress: ₹19,833.15 Lakh
  • Inventories: ₹57,452.16 Lakh
  • Trade Receivables: ₹86,946.31 Lakh
  • Cash and Cash Equivalents: ₹5,496.40 Lakh
  • Other Bank Balances: ₹59,310.04 Lakh
  • Total Equity: ₹76,387.26 Lakh (includes Paid-up equity share capital of ₹5,980.71 Lakh)
  • Long Term Borrowings: ₹1,93,948.99 Lakh

Emphasis of Matter by Auditors: Depreciation Regularisation

A comprehensive exercise for physical verification and reconciliation of Property, Plant and Equipment (PPE) pertaining to the period prior to the new management takeover was completed. An Independent Agency carried out a value allocation of costs and accumulated depreciation from a baseline date of 01.04.2018.

To regularise the depreciation shortfall from a flat 20% rate applied during the resolution and post-takeover periods, retrospective adjustments under Ind AS 8 were made:

  • Shortfall for IBC and Resolution period (01/04/2018 to 31/03/2022): ₹38,092.56 Lakh adjusted against Capital Reserve.
  • Shortfall post-implementation of Resolution Plan (01/04/2022 to 31/03/2025): ₹4,548.06 Lakh adjusted against opening Retained Earnings as of April 1, 2025.
  • FY 2025-26 figures have been restated to factor in the shortfall for that year.

The depreciation charge for the current quarter and half year is now computed at fully regularised, correct statutory rates.

The useful lives of Plant & Machinery and Electrical Installations have been determined at 15 years and 10 years respectively from the year of implementation of the Resolution Plan. All other blocks continue as per Companies Act, 2013.

QIP Fund Utilisation

The company raised ₹1,613.97 Crores through a QIP by issuing 7,11,00,000 equity shares of ₹1 each at an issue price of ₹227 per share.

Utilisation as of September 30, 2026:

  • Gross Proceeds Raised: ₹1,613.97 Cr
  • Amount Utilised: ₹1,097.78 Cr
  • Unutilised Proceeds: ₹516.19 Cr (held in bank accounts/fixed deposits)

Breakdown of Utilisation (₹ Cr):

  • Working Capital (Object: 750.00 Cr): Utilised 489.08 Cr; Unutilised 260.92 Cr
  • Capital Expenditure (Object: 205.18 Cr): Utilised 33.17 Cr; Unutilised 172.01 Cr
  • Repayment of Outstanding Borrowing (Object: 340.00 Cr): Utilised 340.00 Cr; Unutilised 0.00 Cr
  • General Corporate Purposes (Object: 277.43 Cr): Utilised 198.55 Cr; Unutilised 78.88 Cr
  • Issue-related expenses (Object: 41.35 Cr): Utilised 36.98 Cr; Unutilised 4.38 Cr

Issue-Related Expenses have been debited to the Share Premium account.

Other Material Updates

  • Taxation: No provision for Income Tax made for the quarter and half year ended September 30, 2026, considering brought forward unabsorbed losses and depreciation.
  • Legal Matter: The company has been discharged from the CBI/ED/PLMA Matters from criminal consequences, which is expected to facilitate the release of attachments/encumbrances on its assets by the Enforcement Directorate, enhancing liquidity and facilitating recoveries against Pre-NCLT receivables.
  • Subsidiary: The consolidated results include the subsidiary DICABS Nextgen Special Alloys Private Limited. The subsidiary's interim financial statements (reflecting total revenues of ₹40,410.66 Lakh for Q2 and ₹75,058.64 Lakh for H1) were reviewed by another auditor.

Meeting Logistics

The Board meeting commenced at 11:15 a.m. and concluded at 12:50 p.m. on November 3, 2026.