Board Meeting Details

The meeting commenced at 02:56 PM and concluded at 04:23 PM. The Board approved:

  • Un-audited Financial Statements (Standalone and Consolidated) for the quarter ended 30th June, 2026
  • Limited Review Reports on Un-audited Financial Statements (Standalone and Consolidated) for the quarter ended 30th June, 2026, issued by the Statutory Auditors

Standalone Financial Results (₹ crore)

Quarter Ended June 30, 2026 (Unaudited):

  • Revenue from Operations: ₹2,439.89
  • Other Income: ₹38.06
  • Total Income: ₹2,477.95
  • Total Expenses: ₹2,189.10
  • Profit Before Tax: ₹288.85
  • Tax Expense: ₹76.78 (Current Tax: ₹77.54, Deferred Tax: ₹(0.76))
  • Net Profit for Period: ₹212.07
  • Other Comprehensive Income: ₹5.41
  • Total Comprehensive Income: ₹217.48
  • Basic and Diluted EPS: ₹160.95 (not annualized)
  • Paid-up Equity Share Capital: ₹13.18 crore (Face value ₹10 per share)
  • Other Equity: Not specified for quarter

Comparative Figures:

  • Q4 FY26 (31 March 2026): Net Profit ₹273.67 crore, Total Income ₹2,583.57 crore
  • Q1 FY26 (30 June 2025): Net Profit ₹185.22 crore, Total Income ₹2,322.18 crore
  • FY26 (31 March 2026 Audited): Net Profit ₹1,211.26 crore, Total Income ₹9,167.00 crore

Consolidated Financial Results (₹ crore)

Quarter Ended June 30, 2026 (Unaudited):

  • Revenue from Operations: ₹2,440.01
  • Other Income: ₹38.10
  • Total Income: ₹2,478.11
  • Total Expenses: ₹2,189.66
  • Profit Before Share of Joint Venture and Exceptional Items: ₹288.45
  • Share of Profit of Joint Venture: ₹4.84
  • Profit Before Exceptional Items and Tax: ₹293.29
  • Profit Before Tax: ₹293.29
  • Tax Expense: ₹76.70 (Current Tax: ₹77.57, Deferred Tax: ₹(0.87))
  • Net Profit for Period: ₹216.59
  • Attributable to Owners: ₹216.56
  • Attributable to Non-controlling Interest: ₹0.03
  • Other Comprehensive Income: ₹5.42
  • Total Comprehensive Income: ₹222.01
  • Basic and Diluted EPS: ₹164.36 (not annualized)
  • Paid-up Equity Share Capital: ₹13.18 crore
  • Other Equity: Not specified for quarter (FY26 Audited: ₹4,181.17 crore)

Notes to Financial Results

1. Limited Review: Statutory Auditors have carried out limited review of financial results for quarter ended 30 June 2026.

2. Exceptional Items for FY26:

  • Exceptional income of ₹288.63 crore from Government Incentives under Madhya Pradesh Industrial Investment Promotion Assistance Scheme, 2010
  • Exceptional expenses of ₹77.39 crore due to past period employee benefit liability from implementation of New Labour Codes effective 21st November 2025

3. Acquisition Completion: Company completed acquisition of entire equity shares of Veera Tanneries Private Limited (VTPL) vide Share Purchase Agreement dated 23 April 2026. VTPL has become a wholly owned subsidiary, and its financial results have been consolidated.

4. Quarterly Figures Methodology: Figures for preceding three months ended 31 March 2026 are balancing figures between audited full financial year figures and published year-to-date figures up to 31 December 2025.

5. Tax Regime Change: Company shifted to new tax regime under section 115BAA of Income Tax Act, 1961 effective second quarter of FY25-26. Results for Q1 FY26-27, Q4 FY25-26, and year ended 31 March 2026 prepared under new tax regime.

6. ELV Rules Provision: Ministry of Environment, Forest and Climate Change notified Environment Protection (End-of-Life Vehicles) Rules, 2025 effective 1st April 2025, imposing Extended Producer Responsibility on vehicle manufacturers. Company has recognized provisions based on best estimates.

7. Segment Reporting: Company operates in single segment.

8. Previous Period Figures: Previous period figures have been re-grouped, re-arranged and re-classified wherever necessary.

9. Review and Approval: Results reviewed by Audit Committee and approved by Board of Directors in meeting held on 29 July 2026.

Auditor's Review Report

Standalone Financials: Kirtane & Pandit LLP conducted review in accordance with SRE 2410. Based on review, nothing has come to their attention that causes them to believe the financial results contain material misstatement.

Consolidated Financials: Review includes subsidiaries Tempo Finance (West) Pvt. Ltd., Veera Tanneries Private Limited, and joint venture Force MTU Power Systems Pvt. Ltd.

  • Subsidiary financials (₹11.90 lakhs revenue, ₹8.73 lakhs PAT) reviewed by another auditor
  • Joint venture financials (Group's share of net profit ₹483.78 lakhs) reviewed by another auditor
  • One subsidiary with unaudited financials (total income ₹3.58 lakhs, net loss ₹4.80 lakhs) considered not material to Group