Financial Performance Highlights
Consolidated Performance (FY 2025-26)
- Revenue from Operations: ₹2,366 crore (6.20% YoY growth)
- EBITDA: ₹523 crore (EBITDA margin: 22.10%)
- PAT: ₹341 crore (PAT margin: 14.40%)
- Order Intake: ₹2,660 crore (11.80% growth)
- Closing Order Book: ₹1,292 crore
- Net Worth: ₹2,278 crore
- Debt-Equity Ratio: 0.12
Standalone Performance (FY 2025-26)
- Revenue: ₹2,016 crore
- EBITDA: ₹474.79 crore
- PAT: ₹476.70 crore
- Total Assets: ₹323,368 lakhs
- Unexecuted Orders: ₹1,178 crore (Gear: ₹781 crore, MHE: ₹397 crore)
- Investments in mutual funds: ₹59,436 lakhs
- Trade receivables: ₹72,051 lakhs
- Zero borrowings maintained
Division-wise Performance
Gear Division:
- Revenue: ₹1,699 crore
- EBIT: ₹319 crore (EBIT margin: 18.80%)
- Closing Order Book: ₹894 crore (53% YoY increase)
MHE Division:
- Revenue: ₹667 crore (43.60% YoY growth)
- EBIT: ₹184 crore (EBIT margin: 27.60%)
- Closing Order Book: ₹398 crore
Dividend Declaration
- Interim Dividend: ₹0.50 per share (50%) paid on November 3, 2025
- Final Dividend: ₹1.50 per share (150%) recommended, subject to shareholder approval at AGM on June 25, 2026
- Total Dividend for FY 2025-26: ₹2.00 per share (200%)
- Total Cash Outflow: ₹44.88 lakh
- Record Date: June 12, 2026
Exceptional Items and Accounting Changes
- Eimco Elecon (India) Limited ceased to be an Associate effective April 23, 2025, resulting in unrealized mark-to-market gain of ₹14,942 lakhs (net of tax)
- Implementation of new Labour Codes notified by Government of India on November 21, 2025, resulting in incremental impact of ₹312 lakhs recognized in P&L
- Goodwill impairment of ₹10,177 lakhs recognized as exceptional loss
Operational Highlights
Global Presence
- Operations in 95+ countries
- 5 manufacturing facilities & assembly centers
- 26 sales offices worldwide
- 185+ distributors & dealers
- Domestic revenue contribution: 78%
- Export revenue contribution: 22%
Manufacturing Capabilities
- Integrated manufacturing facility spanning 3,35,000 sq. meters in Vallabh Vidyanagar, Gujarat
- New BMCE 2 manufacturing plant commissioned
- In-house foundry, fabrication, machining, heat treatment, and testing capabilities
- NABL-accredited testing laboratory
Research & Development
- DSIR-approved in-house R&D facility
- 105+ engineers dedicated to R&D
- 20+ software tools for design and analysis
- 4 granted patents, 3 patents applied
- Focus on energy efficiency, product innovation, and custom engineering
Strategic Initiatives
Growth Strategies
Gear Division:
- Domestic growth supported by industrial capex in power, steel, cement sectors
- Strategic overseas growth through expanding channel partner ecosystem
- Focus on defense and complex applications including naval gearboxes
- Export-led expansion in Europe, Middle East, Americas, and Asia Pacific
MHE Division:
- New product development including Hanging Type Paddle Feeder (4,500 TPH capacity) and Auto Tension Take-Up Winch
- Strategic capacity expansion program over next three years
- R&D investments reducing design cycle time by 15%
- Adoption of AI-assisted design and generative modeling
Global Expansion
- Established presence in Mexico through Grupo Radicon SA de CV (incorporated January 8, 2026)
- Targeting increased export contribution from current 29% to higher levels by FY 2029-30
Corporate Governance and Board Changes
Appointments:
- Dr. Savan R. Godiawala as Additional Independent Director (effective April 15, 2026)
- Mr. Aayush A. Shah as Executive Director (effective October 1, 2026)
- Mrs. Natasha K. Treasurywala as Independent Woman Director (effective April 24, 2025)
Re-appointments:
- Mr. Prayasvin B. Patel as Chairman & Managing Director (effective July 1, 2026)
- Mr. Pradip M. Patel as Director (retiring by rotation)
Cessation:
- Dr. Sonal V. Ambani ceased as Independent Director (August 13, 2025)
- Mr. Narasimhan Raghunathan resigned as CFO (January 31, 2026)
Key Managerial Personnel
- Mr. Prayasvin B. Patel: Chairman & Managing Director
- Mr. Chintan J. Shah: Chief Financial Officer (appointed April 15, 2026)
- Mrs. Bharti L. Isarani: Company Secretary & Compliance Officer
ESG Initiatives
Environmental
- Renewable energy capacity: 13.20 MW (Wind) + 5.50 MW (Solar)
- 8.30 MW under commissioning
- 55% electricity consumption from renewables
- SBTi-approved decarbonization roadmap: 54.60% reduction in Scope 1 & 2 emissions by FY 2032-33
- Water conservation: 97,899 KL reused through STP, rainwater harvesting initiatives
Social
- 210+ development programs
- 12,500+ training hours (4,700+ trainees)
- CSR Spend: ₹733.63 lakh
- Zero fatality workplace target
- Comprehensive health and safety training programs
Governance
- 4 Independent Directors on Board
- Robust whistleblower mechanism and POSH policy
- ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications
Auditors
Statutory Auditors: CNK & Associates LLP (re-appointed for second term of 5 years until FY2030-31)
Cost Auditors: Ketki D. Visariya & Co. (remuneration: ₹1.70 lakh)
Secretarial Auditors: Samdani Shah & Kabra
Compliance Status
- No material orders from regulators/courts impacting going concern status
- No instances of fraud requiring reporting under Section 143(12)
- Complied with all applicable laws and regulations
Contingent Liabilities
- Tax disputes: ₹10,943 lakhs (Excise/Service tax: ₹4,930 lakhs, GST: ₹1,040 lakhs, Income tax: ₹4,702 lakhs, Sales tax: ₹12 lakhs)
- Other claims: ₹961 lakhs
- Capital commitments: ₹16,677 lakhs remaining to be executed
AGM Details
- Date: June 25, 2026
- Time: 3:00 PM IST
- Mode: Video Conferencing/Other Audio Video Means
- Venue: Registered Office at Anand-Sojitra Road, Vallabh Vidyanagar
- Remote e-voting period: June 22, 2026 (9:00 AM) to June 24, 2026 (5:00 PM)
Forward Outlook
- Healthy order book providing strong revenue visibility
- Continued investments in capacity expansion and technology upgradation
- Focus on increasing export contribution and global market presence
- Alignment with India's infrastructure growth and Aatmanirbhar Bharat initiatives
- Cautious optimism amid global macroeconomic uncertainties