Company Overview

IMP Powers Limited (BSE: 517571, NSE: INDLMETER) has filed its Annual Report for FY 2025-26 and convened its 64th Annual General Meeting scheduled for September 30, 2026. The company, acquired as a going concern through an NCLT process with a ₹78 crore bid, has demonstrated a significant financial turnaround.

Financial Performance

FY26 results show a remarkable recovery: Revenue from operations surged to ₹3,138.20 lakh (vs ₹152.72 lakh in FY25), resulting in a net profit of ₹13.62 lakh compared to a loss of ₹208.40 lakh in the previous year. Despite this improvement, the company's net worth remains completely eroded, though financial statements are prepared on a going concern basis due to the new management takeover.

Operational Highlights

The company has recommenced production operations from Q3 FY26, focusing on power transformer manufacturing up to 315 MVA/400 kV class. Investments in energy conservation equipment totaled ₹79.35 lakh, and employee strength stood at 107 as of March 31, 2026. Union Bank of India has recently sanctioned working capital facilities to support ongoing operations.

Audit Qualifications

Statutory auditors M/s. BJS & Associates issued a qualified opinion with seven key concerns: no impairment assessment of assets despite prolonged production suspension; no expected credit loss recognition on trade receivables of ₹39.86 crore; unverified balances; pending final distribution order from NCLT affecting accounting treatment; non-compliance with Ind AS 12 on deferred taxes; no impairment assessment of investment in subsidiary; and no actuarial valuation of employee benefit obligations.

AGM Agenda and Resolutions

The 64th AGM seeks shareholder approval for multiple resolutions:

  • Adoption of audited FY26 financial statements
  • Reappointment of Mr. Shaishav R. Shah who retires by rotation
  • Reappointment of Mr. Naveen Kumar Singh as Whole-time Director at ₹1.68 crore annual remuneration
  • Material related party transactions totaling ₹250 crore with GSEC Limited (₹100 crore for goods purchase), Electrify Energy Private Limited (₹100 crore inter-corporate deposits), Diamond Power Infrastructure Limited (₹10 crore goods purchase), and Smartmeters Technologies Private Limited (₹40 crore goods sales)
  • Shifting of registered office from Silvassa to Ahmedabad

Corporate Governance and Compliance

The board held 6 meetings with 100% director attendance. Secretarial audit noted qualifications regarding delayed appointments of CFO and Company Secretary. The company maintains compliance with SEBI Listing Regulations and Companies Act requirements, though several regulatory and NCLT-related matters remain pending.

NCLT Proceedings and Capital Restructuring

STCI Finance Ltd. has filed civil appeals before the Supreme Court challenging the NCLAT order, though the Supreme Court observed no grounds to interfere with the validity of the sale. Pursuant to the NCLT order, existing share capital was extinguished, and the company will issue 3.23 crore new equity shares to the successful bidder and 17 lakh shares to existing shareholders.

Future Outlook

The new management is focused on reviving operations and streamlining business processes. With working capital facilities secured and production recommenced, the company aims to capitalize on its power transformer manufacturing capabilities while addressing the audit qualifications and pending regulatory matters.