Financial Performance Highlights

Consolidated Performance (₹ millions)

  • Revenue from operations: ₹12,877.27 (FY26) vs ₹11,802.06 (FY25) - increase of 9.11%
  • EBITDA: ₹546 (FY26) vs ₹524 (FY25)
  • EBITDA Margin: 4.2% (FY26) vs 4.4% (FY25)
  • PAT: ₹226 (FY26) vs ₹293 (FY25) - decrease due to one-time gain of ₹81 million in FY25 from share sale
  • EPS: ₹4.64 (FY26) vs ₹6.11 (FY25)

Standalone Performance (₹ millions)

  • Revenue from operations: ₹10,160.60 (FY26) vs ₹9,449.47 (FY25) - increase of 7.53%
  • PAT: ₹213.28 (FY26) vs ₹201.72 (FY25) - increase of 5.73%
  • EPS: ₹4.29 (FY26) vs ₹4.06 (FY25)

Operational Highlights

Segment-wise Performance

  • Fans: Revenue increased 79.56% YoY to ₹1,072 million driven by BLDC ceiling fan adoption
  • Small Appliances: Revenue reached ₹4,059 million with strong growth in OFRs and personal care (32% growth in Q4)
  • Medical Diagnostic Cartridges: Revenue nearly doubled from ₹204 million to ₹395 million
  • LED Lighting: Revenue declined to ₹1,652 million from ₹2,147 million due to customer restructuring
  • FHP Motors: Revenue stood at ₹2,262 million with growing internal consumption for appliances

Customer Concentration & Diversification

  • Revenue from 2 major customers: ₹4,110 million (35% of total revenue)
  • Added five new lighting customers who now contribute 50% of monthly segment sales
  • Reduced dependence on anchor accounts from historical 50-56% to approximately 43%
  • Expected revenue contribution from new accounts: ₹150-170 crore in FY27

Manufacturing Facilities & Expansion

  • Ghaziabad: 19,869 sqm - FHP motors, LED lighting, fans, switches, plastic moulded parts
  • Baddi: 20,882 sqm - small home appliances and personal care products
  • Goa: 7,500 sqm - medical diagnostic cartridges and plastic components
  • Bhiwadi: 16,200 sqm (under commissioning) - medium appliances (OTGs, chimneys, air coolers, air fryers)

Bhiwadi Expansion Project

  • Investment: ₹100 crore funded from internal accruals
  • Commissioning: Delayed from March 2026 to July-August 2026
  • Interim Solution: Initiated chimney, OFR and OTG assembly at Ghaziabad facility
  • Targets: Steady-state output potential of ₹550-600 crore, EBITDA margin 7-7.5%, ROCE 20%

Q4 FY26 Challenges & Response

Three external pressures converged in single quarter:

  • Crude-linked polymer prices surged due to Middle East conflict
  • Rupee depreciation against US dollar
  • Uttar Pradesh minimum wage revision upward by 26%
  • Impact: Materials consumed increased from 73.3% to 77.3% of turnover in Q4, compressing gross margins by 390 bps
  • Response: Implemented pricing adjustments of 10-18% across product portfolio

Financial Instruments and Risk Management

Investment Portfolio

  • Mutual funds (current): ₹805.16 million (Level 1 FVTPL)
  • Unquoted equity investments: ₹13.86 million (Level 3 FVTOCI)
  • Allowance for impairment: ₹0.96 million on unquoted investments

Risk Exposure

Liquidity Risk
  • Borrowings maturity: ₹159.95 million due within 12 months
  • Lease liabilities: ₹5.28 million with various maturities up to 5+ years
  • Trade payables: ₹1,377.55 million due within 12 months
Market Risk
  • Interest rate risk: 1% rate change impacts PBT by ₹1.60 million
  • Currency risk: 5% INR movement impacts PBT by ₹5.40-10.00 million across USD, CNY, other currencies
  • Commodity price risk: Passed through to customers, no significant P&L impact
Credit Risk
  • Trade receivables: ₹2,065.82 million net
  • Expected credit loss allowance: ₹3.93 million (0.19% of gross receivables)
  • Ageing: 99.8% within 365 days, 0.2% over 365 days

Corporate Governance & Compliance

Management Changes

  • Chief Executive Officer Praveen Tandon resigned effective February 11, 2026
  • Business heads now report directly to promoter-led management team
  • ESOP 2024 program implemented for key managerial and technical talent

ESOP Scheme

  • ESOP 2024 Plan: 250,000 options granted in previous year at ₹78 exercise price
  • During FY26: 50,000 options exercised, 200,000 options cancelled due to employee resignation
  • No outstanding options as of March 31, 2026
  • Fair value per option: ₹157.31 using Black-Scholes model

Employee Benefits

Defined Benefit Plans

  • Gratuity obligation: ₹203.17 million
  • Plan assets: ₹221.66 million
  • Leave encashment obligation: ₹23.10 million
  • Net defined benefit asset: ₹(18.49) million

Corporate Social Responsibility

  • Required CSR spending: ₹6.20 million
  • Actual CSR spending: ₹7.75 million (125% of requirement)
  • Areas: Education, healthcare, environmental conservation, sports training
  • Carry forward: ₹1.55 million to next year

Tax Reconciliation

  • Current tax expense: ₹56.10 million
  • Deferred tax: ₹19.13 million
  • Effective tax rate: 23.8% vs statutory rate of 25.168%
  • Adjustments: ₹(4.66) million for prior periods, ₹(2.47) million for capital gains

Key Financial Ratios

| Ratio | FY26 | FY25 | Change |

| Current Ratio | 2.44 | 2.62 | (6.87%) |

| Debt Equity Ratio | 0.02 | 0.04 | (50.00%) |

| Debt Service Coverage Ratio | 346.25% | 257.12% | 34.66% |

| Return on Equity % | 4.14% | 5.65% | (26.73%) |

| Net Profit Margin % | 1.75% | 2.48% | (29.44%) |

| Inventory Turnover | 6.72 | 7.34 | (8.47%) |

| Interest Coverage Ratio (x) | 4.73 | 6.08 | -22.20% |

ESG Initiatives

  • Environmental: ISO 14001 certification, solar power plants (650 kWp Baddi, 325 kWp Goa, 850 kWp Bhiwadi)
  • Social: CSR expenditure of ₹6.24 million on education, healthcare, and environmental conservation
  • Governance: Robust risk management framework with dedicated committee

Outlook for FY27

  • Targeting 15% revenue growth
  • Bhiwadi facility expected to contribute approximately ₹500 crore
  • Regulatory tailwinds from BIS restrictions on washing machine and AC motors effective August-September 2026
  • Planned capex of ₹70 crore (₹45 crore for Bhiwadi, ₹25 crore for existing operations)
  • Working capital days target: 50 days (from 59 days at FY26 end)

AGM Details

  • Date: September 28, 2026
  • Time: 10:30 AM IST
  • Mode: Video Conferencing/Other Audio Visual Means
  • Business: Ordinary business including re-appointment of directors, ratification of cost auditor remuneration