Financial Performance Highlights

FY 2025-26 vs FY 2024-25 Comparative Results (Amounts in ₹ Lakhs):

  • Total Revenue: ₹2694.53 (prev. ₹2384.82)
  • EBITDA: ₹380.25 (prev. ₹142.51)
  • Profit Before Tax: ₹199.71 (prev. ₹43.57)
  • Net Profit: ₹139.15 (prev. ₹34.49) - representing 303% growth
  • Current Tax: ₹37.21 (prev. ₹16.60)
  • Deferred Tax: ₹23.35 credit (prev. ₹7.52 debit)

Segment-wise Revenue Performance:

  • Gear Hobs: ₹1786.43 lakhs
  • Milling Cutters: ₹480.85 lakhs
  • Spline Gauges: ₹179.01 lakhs

Foreign Exchange Transactions:

  • Earnings/Inflows: ₹540.25 lakhs
  • Outgo/Outflows: ₹1120.27 lakhs

Capital Structure Changes

Rights Issue Details:

  • Letter of Offer Date: November 14, 2025
  • Subscription Period: December 1-10, 2025
  • Record Date: November 20, 2025
  • Shares Allotted: 748,169 Equity Shares of ₹10 each
  • Issue Price: ₹120 per share
  • Total Proceeds: ₹89.78 lakhs (₹74.82 lakhs face value + ₹14.96 lakhs premium)
  • Allotment Date: December 10, 2025

Post-Issue Capital Structure:

  • Paid-up Share Capital: ₹224.45 lakhs (prev. ₹149.63 lakhs)
  • Total Outstanding Shares: 2,244,507 equity shares (prev. 1,496,338)

Significant Shareholdings (as of March 31, 2026):

  • Jainex Foods Private Ltd: 676,308 shares (30.13%)
  • Bharati Bafna: 362,773 shares (16.16%)
  • Kunal Bafna: 115,982 shares (5.17%)

Business Expansion Update

The Company has substantially completed its Expansion Project with the following objectives:

  • Increased installed capacity of existing product portfolio
  • Enabled production of new products: Shaper Cutters, Master Gears, and Skiving Cutters
  • Improved quality of Big Module Hobs and Worm Wheel Hobs
  • Enhanced overall production efficiency

Current Status: Civil construction completed, all machinery installed, trial production successfully carried out, and commercial production of certain products has commenced. Remaining product lines expected to commence commercial production phased based on production schedules and market requirements.

Next Phase Expansion: Planned for current financial year with approximate cost of ₹10 crores to be funded through internal accruals, promoter loans, and bank loans. Will add more products to Gear Cutting Tools basket.

Corporate Governance & Board Composition

Board of Directors & Key Managerial Personnel:

  • Mr. Prashant Wadile: Whole Time Director
  • Mr. Daljeet Saluja: Non-Executive Independent Director (appointed April 1, 2025)
  • Mr. Sachindra Misra: Non-Executive Independent Director
  • Mr. Murli Dhar Motwani: Non-Executive Independent Director
  • Ms. Sonam Dubey: Company Secretary and Compliance Officer

Director Changes during FY 2025-26:

  • Mr. Daljeet Singh Saluja appointed as Additional Director (Non-Executive Independent) from April 1, 2025
  • Mr. Prashant Chintaman Wadile appointed as Additional Director (Whole-time) from April 1, 2025
  • Mr. Kunal Bafna re-appointed as Whole-time Director for three years from October 8, 2025 to October 7, 2028
  • Mr. Sachindra Misra re-appointed as Independent Non-Executive Director for second term of five years from June 30, 2026
  • Mr. Murli Dhar Motwani re-appointed as Independent Non-Executive Director for second term of five years from August 3, 2026

Board Meetings:

10 Board meetings held during the year on: April 1, April 17, May 27, July 2, August 11, November 5, November 14, November 24, December 10, 2025 and February 13, 2026.

Dividend and Reserves

  • Dividend: No dividend recommended for FY 2025-26 to conserve funds for business growth
  • Reserves: No amount transferred to reserves for the year

Auditors and Compliance

Statutory Auditors:

M/s. R K Jagetiya & Co., Chartered Accountants (Firm Registration No. 146264W) appointed for term from FY 2023-24 to 2027-28. Audit report contains no adverse remarks, qualifications, or reservations.

Secretarial Auditor:

M/s. Prabhatratna Pandey & Co, Company Secretaries appointed for five-year term from FY 2025-26 to FY 2029-30. Secretarial Audit Report annexed to Director's Report (Form MR-3).

Compliance Certificates:

Certificate from M/s. Sonal Kothari & Associates confirming no directors debarred/disqualified from appointment.

Annual General Meeting Details

78th AGM Schedule:

  • Date: Thursday, September 3, 2026
  • Time: 12:00 PM
  • Mode: Video Conferencing/Other Audio-Visual Means (pursuant to MCA General Circular No. 03/2025)

Business Items:

1. Adoption of Audited Financial Statements for FY ended March 31, 2026 with Directors' and Auditors' Reports

2. Re-appointment of Mrs. Bharati Bafna (DIN: 01089137) as Director retiring by rotation

Voting Information:

  • Remote e-voting period: August 31, 2026 (9:00 AM) to September 2, 2026 (5:00 PM)
  • Record date for voting: August 27, 2026
  • Voting platforms: NSDL, CDSL, and InstaVote facilities

Related Party Transactions

All transactions with related parties were in ordinary course of business and at arm's length basis. No material related party transactions requiring disclosure via Form AOC-2. Particulars provided in Note No. 30 of financial statements.

Liquidity and Borrowings

Borrowings Position (as of March 31, 2026):

  • Non-current borrowings: ₹1046.31 lakhs (Term loans from banks ₹1035.86 lakhs + loans from related parties ₹10.45 lakhs)
  • Current borrowings: ₹448.97 lakhs (Overdraft ₹376.95 lakhs + current maturities of long-term debt ₹70.80 lakhs + loans from related parties ₹1.22 lakhs)

Primary Banking Relationship:

ICICI Bank, Manpada, Thane

Operational Metrics

Employee Information:

  • Total permanent employees: 104 (prev. 98)
  • Median monthly remuneration: ₹40,401 (0.66% increase YoY)
  • Director remuneration ratios:
  • Mr. P C Wadile: 6.51:1 ratio to median remuneration
  • Mr. Kunal Bafna: 2.23:1 ratio to median remuneration

Manufacturing Capacity:

The Company manufactures gear hobs, special cutting tools, inspection tools, and precision accessories under "Aamcol" brand, serving automobile manufacturers, industrial gearbox manufacturers, machine tool manufacturers, and engineering sectors.

Risk Factors

Company identified key risks including intense competition, raw material price volatility, foreign exchange fluctuations, technological changes, and dependence on end-user industries. Mitigation strategies include technology upgradation, product diversification, quality assurance, supply chain management, and cost optimization.

Forward-Looking Statements

The Management Discussion and Analysis contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially due to economic conditions, government policies, market demand, raw material prices, foreign exchange fluctuations, and other factors beyond company's control.