Board Meeting Details

The Board of Directors meeting was held on November 13, 2026, commencing at 07:00 PM IST and concluding at 08:00 PM IST.

Key Decisions Approved

1. Financial Results Approval

The Board approved the Un-audited (Standalone and Consolidated) Financial Results of the Company for the quarter and half year ended September 30, 2026.

2. Investment Approval

The Board approved investment of up to ₹97,500 (Rupees Ninety-Seven Thousand and Five Hundred) by way of subscription of equity shares of M/s. Meena Solar Power Park Private Limited, representing 6.5% of the share capital of the Target Company.

The Company will enter into Power Purchase Agreement and Share Purchase Agreement for purchasing electricity under Group Captive Scheme. The Stock Exchange will be updated upon execution of agreements.

Financial Results Summary

Standalone Financial Results (INR million)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹10,699.43
  • Other income: ₹165.10
  • Total Income: ₹10,864.53
  • Profit before tax: ₹3,060.51
  • Tax expenses: ₹857.31
  • Profit for the period: ₹2,203.20
  • Other comprehensive income: ₹59.89
  • Total comprehensive income: ₹2,263.09
  • Basic EPS: ₹4.49
  • Diluted EPS: ₹4.41

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹20,730.53
  • Other income: ₹156.56
  • Total Income: ₹20,887.09
  • Profit before tax: ₹6,068.12
  • Tax expenses: ₹1,633.22
  • Profit for the period: ₹4,434.90
  • Other comprehensive income: ₹106.17
  • Total comprehensive income: ₹4,541.07
  • Basic EPS: ₹9.09
  • Diluted EPS: ₹8.94

Consolidated Financial Results (INR million)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹12,718.42
  • Other income: ₹138.40
  • Total Income: ₹12,856.82
  • Profit before tax: ₹3,094.94
  • Tax expenses: ₹943.09
  • Profit for the period: ₹2,151.85
  • Other comprehensive income: ₹187.76
  • Total comprehensive income: ₹2,339.61
  • Basic EPS: ₹4.38
  • Diluted EPS: ₹4.31

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹24,905.84
  • Other income: ₹170.45
  • Total Income: ₹25,076.29
  • Profit before tax: ₹6,347.79
  • Tax expenses: ₹1,794.72
  • Profit for the period: ₹4,553.07
  • Other comprehensive income: ₹216.69
  • Total comprehensive income: ₹4,769.76
  • Basic EPS: ₹9.34
  • Diluted EPS: ₹9.18

Assets and Liabilities Position (Standalone)

As at September 30, 2026 (Unaudited):

  • Total Assets: ₹46,577.44 million
  • Total Equity: ₹29,554.25 million
  • Non-current liabilities: ₹5,093.04 million
  • Current liabilities: ₹11,930.15 million

Comparison with March 31, 2026 (Audited):

  • Total Assets increased from ₹40,808.66 million to ₹46,577.44 million
  • Total Equity increased from ₹23,412.71 million to ₹29,554.25 million

Investment in Meena Solar Power Park Private Limited Details

  • Target Entity: M/s. Meena Solar Power Park Private Limited
  • Industry: Renewable Energy
  • Investment Amount: ₹97,500
  • Shareholding Acquired: 6.5%
  • Consideration Type: Cash
  • Purpose: To meet statutory requirement of Electricity Act for purchasing electricity under Group Captive Scheme, enhance green power usage, and reduce average energy cost
  • Expected Completion: By December 31, 2026
  • Not a related party transaction
  • No governmental or regulatory approvals required

Target Company Background

  • Incorporated: August 06, 2024
  • Business: Construction, operation and maintenance of off-site grid connected photovoltaic ground mounted single user captive Solar power plant with total capacity of 16.80 MWp DC capacity or 12 MWp AC capacity
  • Commenced business: September 2026
  • Historical Turnover:
  • 2025-26: ₹0.01 crore
  • 2024-25: ₹0.00 crore
  • 2023-24: ₹0.00 crore

Dividend Information

During the quarter and half year ended September 30, 2026, the Company paid an aggregate dividend of ₹6.80 per equity share (680% on face value of ₹1 per share), comprising:

  • 1st Interim Dividend: ₹3.50 per equity share, cash outflow of approximately ₹1,694.54 million
  • 2nd Interim Dividend: ₹3.30 per equity share, cash outflow of approximately ₹1,597.71 million

Total cash outflow: Approximately ₹3,292.24 million

IPO Proceeds Utilization

The Company completed its Initial Public Offer (IPO) of 7,86,18,857 equity shares of face value of ₹1 each at an issue price of ₹485 per share, listed on NSE and BSE on July 30, 2026.

Utilization of IPO proceeds as of September 30, 2026 (₹ in million):

  • Repayment/prepayment of borrowings: ₹4,000.00 out of ₹4,000.00 allocated (100% utilized)
  • General Corporate Purposes: ₹759.00 out of ₹854.37 allocated (₹95.37 unutilized)
  • Issue related expenses: ₹0 out of ₹145.63 allocated (₹145.63 unutilized)
  • Total utilized: ₹4,759.00 out of ₹5,000.00 (₹241.00 unutilized)
  • Unutilized amount: ₹240.47 in Public offer account, ₹0.53 in monitoring account

Subsidiaries Included in Consolidation

The consolidated financial results include:

1. Indo-MIM, Inc, USA (including INDO-MIM México, S. de R.L. de C.V.) - Wholly Owned Subsidiary

2. Triax Industries LLC, USA - Wholly Owned Subsidiary

3. Conway Marsh Garrett Technologies Limited, UK - Wholly Owned Subsidiary

4. Phoenix DeVentures II. Inc, USA - Wholly Owned Subsidiary

5. INDO-MIM Arms Components Private Limited, India - Wholly Owned Subsidiary

Auditor's Review

The financial results were subject to limited review by the statutory auditors, Suri & Co., Chartered Accountants, who issued an unmodified review conclusion.

Segment Information

The Company is primarily engaged in Manufacturing of Engineering components, including Metal Injection Moulding (MIM), Investment casting, precision machining, electronic component manufacturing business and 3D printing. There are no separate reportable segments as per IND AS 108.