Board Meeting Details

The meeting commenced at 4:30 PM IST and concluded at 5:40 PM IST on September 18, 2026.

Key Approvals and Financial Results

1. Financial Results Approval

  • The Board approved the Un-audited (Standalone) Financial Results for the quarter ended June 30, 2026.
  • The financial results were reviewed by the Audit Committee and approved by the Board.
  • Statutory auditors M/s. G.M. Kapadia & Co. carried out a limited review and issued an unqualified report.

Financial Highlights (Amount in ₹ millions):

  • Revenue from Operations: ₹412.56 (Net Sales) + ₹17.85 (Other Operating Income) = ₹430.41
  • Other Income: ₹5.68
  • Total Income: ₹436.09
  • Total Expenses: ₹374.96
  • Profit Before Tax: ₹61.13
  • Tax Expense: ₹15.15
  • Net Profit for the Period: ₹45.98
  • Other Comprehensive Income (after tax): ₹0.66
  • Total Comprehensive Income: ₹46.64
  • Earnings Per Share (Basic & Diluted): ₹0.55

Comparative Figures (Quarter ended):

  • March 31, 2026: Net Profit ₹65.29 million, EPS ₹0.78
  • June 30, 2025: Net Profit ₹41.46 million, EPS ₹0.50

2. Auditor Appointments

  • Secretarial Auditor: Mr. H R Thakur, Practicing Company Secretaries (Peer Review No. 1457/2021) appointed for a term of 5 consecutive financial years from FY 2026-27 to FY 2030-31, subject to member approval. Mr. Thakur has been a Practicing Company Secretary since FY 2000 with expertise in Corporate Laws, SEBI Regulations, and FEMA Regulations.
  • Internal Auditor: M/S. AKMK & Associates, Chartered Accountants (Firm registration Number: 136206W) appointed for the financial year 2026-27. The firm provides services from compliance to consulting.

3. Land Acquisition

  • Approved purchase of approximately 6.5 acres of land at Jawale, Near Shirval, Taluka Khandala, Dist Satara.
  • Basic consideration not exceeding ₹6 crore.
  • Purpose: To create additional capacity for Instrumentation Project Engineering (IPE) stainless-steel operations which currently share manufacturing space with other operations.

4. Establishment of Wholly Owned Subsidiaries (WOS)

  • Germany (Frankfurt region): Initial funding not exceeding EUR 25,000 (equivalent to INR 27 lakh) in form of capital/loan/advances, subject to Indian and German laws.
  • United States (State of Delaware): Initial funding not exceeding USD 300,000 (equivalent to INR 286 lakh) in form of capital/loan/advances, subject to Indian and US laws.
  • Purpose: The WOS will operate as local distribution and customer support entities, maintaining stock of selected fast-moving and customer-specific fittings. This transitions the company from a long-distance export model to a responsive local supply model.

Additional Context

  • The company completed its Initial Public Offer (IPO) subsequent to the quarter ended June 30, 2026. The IPO consisted of a fresh issue of 11,320,754 equity shares (aggregating ₹600.00 million) and an offer for sale of 14,289,450 equity shares (aggregating ₹757.34 million) at an issue price of ₹53 per share. Shares were listed on NSE and BSE on September 01, 2026.
  • The company operates predominantly in a single business segment: manufacturing of hydraulic fittings.
  • The comparative figures for quarters ended March 31, 2026 and June 30, 2025 were compiled by management and not subjected to audit or review by statutory auditors.