Board Meeting Details

The Board of Directors meeting was held on 12 November 2026, commencing at 12:30 PM and concluding at 7:05 PM. The Board approved and adopted the standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2026.

Financial Results - Consolidated (Amount in ₹ Lacs)

Quarterly Performance (Q2 FY2026):

  • Total Income: ₹12,493.03
  • Revenue from Operations: ₹12,476.64
  • Other Income: ₹16.39
  • Total Expenses: ₹12,218.08
  • Profit before tax: ₹274.95
  • Tax Expense: ₹139.64 (Current Tax: ₹52.00, Deferred Tax: ₹87.64)
  • Net Profit after Tax: ₹135.31
  • Basic EPS: ₹0.21
  • Diluted EPS: ₹0.21

Half-Yearly Performance (H1 FY2026):

  • Total Income: ₹26,496.57
  • Revenue from Operations: ₹26,435.61
  • Other Income: ₹60.96
  • Total Expenses: ₹25,827.16
  • Profit before tax: ₹669.41
  • Tax Expense: ₹249.04 (Current Tax: ₹153.20, Deferred Tax: ₹95.84)
  • Net Profit after Tax: ₹420.37
  • Basic EPS: ₹0.64
  • Diluted EPS: ₹0.64

Comparative Figures (Q2 FY2025):

  • Total Income: ₹13,136.33
  • Net Profit after Tax: ₹111.14
  • Basic EPS: ₹0.17

Financial Results - Standalone (Amount in ₹ Lacs)

Quarterly Performance (Q2 FY2026):

  • Total Income: ₹12,493.03
  • Net Profit after Tax: ₹135.31
  • Basic EPS: ₹0.21

Half-Yearly Performance (H1 FY2026):

  • Total Income: ₹26,496.57
  • Net Profit after Tax: ₹420.37
  • Basic EPS: ₹0.64

Balance Sheet Highlights (Consolidated)

  • Total Assets: ₹56,428.92 Lacs (Previous: ₹55,103.61 Lacs)
  • Equity Share Capital: ₹655.34 Lacs
  • Other Equity: ₹13,845.44 Lacs
  • Borrowings: ₹28,420.60 Lacs (Non-current: ₹7,163.49 Lacs, Current: ₹21,257.11 Lacs)
  • Cash and Cash Equivalents: ₹1,074.60 Lacs

Cash Flow Statement (Consolidated - H1 FY2026)

  • Net Cash from Operating Activities: ₹(322.23) Lacs
  • Net Cash from Investing Activities: ₹(1,438.23) Lacs
  • Net Cash from Financing Activities: ₹2,598.87 Lacs
  • Net Increase in Cash: ₹838.41 Lacs

Subsidiary Information

  • Manaksia Aluminium Inc. (Wholly owned subsidiary, incorporated 30 August 2024, Delaware, USA): Consolidated in financial results. Total assets of ₹1.39 crores as at 30 September 2026, with nil revenue and profit for the quarter.
  • Metal Star Ceiling Panel Trading FZE (Wholly owned subsidiary, incorporated 11 July 2025, UAE): Not consolidated as share application money remittance pending RBI ODI approval.

GST Demand Contingency

The company received GST demand orders totaling ₹38.80 crore plus penalty of ₹3.88 crore plus applicable interest for period October 2018 to March 2022 under Section 73(9) of CGST Act, 2017.

Legal Position:

  • Company has filed appeal against the orders
  • Rule 96(10) of CGST Rules, 2017 declared ultra vires by Kerala High Court
  • Rule 96(10) omitted vide Notification No. 20/2024-Central Tax dated 08.10.2024
  • Uttarakhand High Court ruled no order can be passed under omitted Rule 96(10)
  • CBIC Circular No. 264/10/2026-GST dated 26 October 2026 clarified omission is retrospective from 23 October 2017

Management Assessment:

Based on legal opinions and tax consultant advice, management believes demand is not sustainable and no provision required in financial statements. Matter considered revenue neutral with strong prima facie case.

Labour Code Implementation

Government consolidated labour legislations into four Labour Codes on 21 November 2025. Ministry of Labour & Employment issued draft Central Rules and FAQs on 30 December 2025. Company monitoring developments for potential financial impact assessment.

Auditor Review

M/s Dangi Jain & Co., Chartered Accountants (Firm Registration Number: 308108E) conducted limited review and issued unmodified conclusion on both standalone and consolidated financial results. Emphasis of Matter paragraph included regarding GST demand uncertainties.