Board Meeting Details

The Board of Directors meeting was held on Thursday, August 13, 2026, commencing at 3:00 PM and concluding at 5:00 PM in Vadodara.

Key Approvals and Updates

1. Financial Results Approval

The Board approved the Un-Audited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026, in compliance with Regulation 33 of SEBI Listing Regulations.

2. Auditor Changes

  • Accepted resignation of M/s. SJV & Associates as Secretarial Auditor of the Company
  • Appointed M/s. Nisarg Sharma & Associates, Practising Company Secretaries as new Secretarial Auditor to fill the casual vacancy

Standalone Financial Results (Q1 FY27)

Revenue Performance

  • Revenue from operations: ₹2,068.08 lakh
  • Other Income: ₹35.62 lakh
  • Total Revenue: ₹2,103.70 lakh

Expense Breakdown

  • Cost of material consumed: ₹575.08 lakh
  • Purchase of stock in trade: ₹898.84 lakh
  • Employee benefits expenses: ₹139.90 lakh
  • Finance Costs: ₹57.36 lakh
  • Depreciation and amortization expense: ₹82.06 lakh
  • Other Expenses: ₹144.64 lakh
  • Total Expenses: ₹1,897.88 lakh

Profitability Metrics

  • Profit before exceptional items and tax: ₹170.20 lakh
  • Profit before tax: ₹170.20 lakh
  • Tax Expenses: ₹26.09 lakh (Current tax: ₹26.09 lakh)
  • Net Profit for the period: ₹144.11 lakh
  • Total Comprehensive Income: ₹144.11 lakh

Capital Structure

  • Paid up Equity Share Capital (Face Value ₹1 each): ₹1,899.73 lakh
  • Number of Equity Shares: 18,99,73,058
  • Basic and Diluted EPS: Calculated based on 18,99,73,058 shares

Consolidated Financial Results (Q1 FY27)

Revenue Performance

  • Revenue from operations: ₹3,338.41 lakh
  • Other Income: ₹35.62 lakh
  • Total Revenue: ₹3,374.02 lakh

Expense Breakdown

  • Cost of material consumed: ₹1,590.75 lakh
  • Purchase of stock in trade: ₹898.84 lakh
  • Changes in inventories: ₹33.90 lakh
  • Employee benefits expenses: ₹266.36 lakh
  • Finance Costs: ₹72.52 lakh
  • Depreciation and amortization expense: ₹94.23 lakh
  • Other Expenses: ₹222.54 lakh
  • Total Expenses: ₹3,179.13 lakh

Profitability Metrics

  • Profit before exceptional items and tax: ₹194.89 lakh
  • Profit before tax: ₹194.89 lakh
  • Tax Expenses: ₹39.06 lakh (Current tax: ₹39.06 lakh)
  • Net Profit for the period: ₹155.83 lakh
  • Share of Profit Attributable to Non-Controlling Interests: (₹8.88) lakh
  • Profit Attributable to Owners of Parent: ₹164.71 lakh
  • Total Comprehensive Income: ₹155.83 lakh

Capital Structure

  • Paid up Equity Share Capital: ₹1,899.73 lakh
  • Basic EPS: ₹0.087
  • Diluted EPS: ₹0.087

Significant Transaction Disclosure

During the quarter ended June 30, 2026, the Company approved the forfeiture of 4,53,00,000 Convertible Warrants issued on a preferential basis at ₹75 per warrant pursuant to Board Resolution No. 3 dated May 12, 2026.

Warrant Forfeiture Details

  • Warrant holders had paid 25% of the warrant issue price upfront as per terms and Regulation 169 of SEBI (ICDR) Regulations, 2018
  • Balance 75% consideration was not received within stipulated 18-month period from allotment date
  • Warrants stood forfeited due to non-exercise within stipulated period
  • Amount received on warrants aggregating to ₹85.07 Crore transferred to Capital Reserve
  • No impact on Company's profitability for quarter ended June 30, 2026

Subsidiary Information

The consolidated results include four subsidiaries:

1. Powermetz Energy Private Limited (India)

2. Traclaxx Tractors Private Limited (India)

3. DC2 Mercury Cars Private Limited (India)

4. Haitek Automotive Private Limited (India)

Subsidiary Financial Impact

  • Total revenues of subsidiaries: ₹1,305.94 lakh
  • Total net profit/(loss) before tax: ₹24.69 lakh
  • Subsidiary results based on unaudited financial statements provided by management
  • Subsidiary interim financial information not reviewed by their auditors

Auditor Review

Limited Review Reports

  • Statutory Auditors: Tejas K. Soni and Company, Chartered Accountants (FRN: 135093W)
  • Conducted limited review as required under Regulation 33 of SEBI Listing Regulations
  • Review performed in accordance with SRE 2410 issued by ICAI
  • No material misstatements identified in financial results

Compliance and Governance

Approval Process

  • Financial results reviewed and recommended by Audit Committee
  • Approved and taken on record by Board of Directors
  • Figures for previous periods regrouped/rearranged/reclassified for comparability