Key Decisions Approved

1. Unaudited Standalone Financial Results for Q2 and H1 FY27

The Board approved the unaudited standalone financial results for the quarter and half year ended September 30, 2026.

Financial Performance Highlights (Quarterly Comparison):

  • Revenue from Operations: ₹585.57M (Q2 FY26: ₹481.67M) - 21.6% YoY increase
  • Other Operating Income: ₹23.17M (Q2 FY26: ₹16.52M)
  • Other Income: ₹3.81M (Q2 FY26: ₹10.96M)
  • Total Income: ₹612.55M (Q2 FY26: ₹509.15M) - 20.3% YoY increase
  • Total Expenses: ₹497.19M (Q2 FY26: ₹416.44M)
  • Profit Before Tax: ₹115.36M (Q2 FY26: ₹92.71M) - 24.4% YoY increase
  • Total Tax Expense: ₹30.34M (Q2 FY26: ₹23.81M)
  • Net Profit: ₹85.02M (Q2 FY26: ₹68.90M) - 23.4% YoY increase
  • EPS (Basic & Diluted): ₹0.97 (Q2 FY26: ₹0.82)

Financial Performance Highlights (Half-Yearly Comparison):

  • Revenue from Operations: ₹998.13M (H1 FY26: ₹847.02M) - 17.8% YoY increase
  • Other Operating Income: ₹41.02M (H1 FY26: ₹30.81M)
  • Other Income: ₹9.49M (H1 FY26: ₹20.72M)
  • Total Income: ₹1,048.64M (H1 FY26: ₹898.55M) - 16.7% YoY increase
  • Total Expenses: ₹872.15M (H1 FY26: ₹749.97M)
  • Profit Before Tax: ₹176.49M (H1 FY26: ₹148.58M) - 18.8% YoY increase
  • Total Tax Expense: ₹45.49M (H1 FY26: ₹38.22M)
  • Net Profit: ₹131.00M (H1 FY26: ₹110.36M) - 18.7% YoY increase
  • EPS (Basic & Diluted): ₹1.53 (H1 FY26: ₹1.32)

Balance Sheet Position as of September 30, 2026:

  • Total Assets: ₹2,266.52M (March 31, 2026: ₹1,757.71M)
  • Equity Share Capital: ₹474.26M (March 31, 2026: ₹417.66M)
  • Other Equity: ₹1,361.21M (March 31, 2026: ₹803.13M)
  • Total Equity: ₹1,835.47M (March 31, 2026: ₹1,220.79M)
  • Borrowings (Current + Non-current): ₹55.58M (March 31, 2026: ₹297.63M)

Cash Flow for H1 FY27:

  • Cash from Operating Activities: ₹131.96M
  • Cash used in Investing Activities: ₹(366.27)M
  • Cash from Financing Activities: ₹222.66M
  • Net decrease in Cash: ₹(11.65)M
  • Cash and Cash Equivalents at period end: ₹14.72M

2. Appointment of Additional Independent Director

The Board appointed Mrs. Shilpa Joshi (DIN: 09775615) as Additional Independent Director with immediate effect for a term of five consecutive years (until November 4, 2031), subject to shareholder approval via postal ballot.

Director Profile Details:

  • Experience: Board and finance leader with over 3 decades of experience across multinational organizations
  • Previous Role: Whole-Time Director and Chief Financial Officer of a listed company
  • Expertise: Fiduciary oversight, financial stewardship, committee engagement, compliances, internal controls, and business transformation
  • Shareholding: Nil shares in the company
  • Relationship: Not related to any existing director of the company
  • Compliance: Not debarred from holding director office by SEBI or any other authority

IPO Proceeds Utilization

The company completed its Initial Public Offer (IPO) during the quarter with the following details:

  • IPO Date: Allotment on August 28, 2026; Listing on September 01, 2026
  • Fresh Issue: 11,320,754 equity shares at ₹53 per share aggregating to ₹600.00M
  • Offer for Sale: 14,289,450 shares by selling shareholders aggregating to ₹757.34M
  • Net Proceeds (after issue expenses): ₹512.34M

Utilization of Fresh Issue Proceeds as of September 30, 2026:

  • Capex (Object: ₹299.66M): Utilized ₹6.61M, Unutilized ₹293.05M
  • Repayment of Term Loan (Object: ₹160.00M): Utilized ₹160.00M, Unutilized ₹0
  • General Corporate Purposes (Object: ₹59.64M, Actual: ₹52.68M): Utilized ₹15.00M, Unutilized ₹37.68M
  • Issue Expenses: ₹87.66M (against proposed ₹80.70M)
  • Total Utilization: ₹269.27M, Unutilized: ₹330.73M

Unutilized proceeds are held in fixed deposits with scheduled commercial banks and bank accounts. No deviation from objects stated in the offer document.

Additional Information

  • The financial results were reviewed by the Audit Committee and approved by the Board
  • Statutory auditors (G.M. Kapadia & Co.) carried out a limited review of the results
  • The company operates in a single business segment: manufacturing of hydraulic fittings
  • Comparative figures for September 30, 2025, were compiled by management and not reviewed by auditors
  • Board meeting duration: 4:30 PM to 5:50 PM IST