Board Meeting Details

The Board of Directors meeting was held on May 29, 2026, from 8:00 p.m. to 9:30 p.m. The Board considered and approved:

  • Audited (Standalone & Consolidated) Financial Results for quarter and financial year ended March 31, 2026
  • Audit Report from M/s. MAJETI & CO., Statutory Auditors
  • Statement on Impact of Audit Qualification (for Modified Opinion)
  • Statement of Utilisation of Funds raised through Preferential Issue for quarter and year ended March 31, 2026

Financial Results - Standalone (Amounts in ₹ lakhs)

Income Statement Highlights

For Year Ended March 31, 2026:

  • Total Income: ₹3,199.21
  • Total Expenses: ₹2,919.62
  • Profit Before Tax: ₹279.59
  • Profit After Tax: ₹279.59
  • Earnings Per Share (Basic & Diluted): ₹2.47

For Quarter Ended March 31, 2026:

  • Total Income: ₹2,241.61
  • Total Expenses: ₹2,090.22
  • Profit Before Tax: ₹151.39
  • Profit After Tax: ₹151.39
  • Earnings Per Share (Basic & Diluted): ₹1.34

Balance Sheet Position (as at March 31, 2026)

  • Total Assets: ₹52,568.48
  • Total Equity: ₹42,362.67
  • Equity Share Capital: ₹1,289.87
  • Other Equity: ₹41,072.80
  • Total Liabilities: ₹10,205.81
  • Non-current Assets: ₹32,358.29
  • Property, Plant & Equipment: ₹6,412.20
  • Intangible Assets Under Development: ₹2,558.10
  • Investments: ₹6,278.03
  • Loans: ₹10,261.77
  • Current Assets: ₹20,210.19
  • Cash & Cash Equivalents: ₹10,911.95
  • Other Bank Balances: ₹6,206.02

Cash Flow Statement

  • Net Cash from Operating Activities: (₹2,187.36)
  • Net Cash from Investing Activities: (₹27,864.43)
  • Net Cash from Financing Activities: ₹37,088.14
  • Net Increase in Cash: ₹7,036.35

Audit Qualification

Statutory Auditors M/s. MAJETI & CO. issued a qualified opinion regarding:

  • Company classified expenditure under "Intangible Assets Under Development" amounting to ₹2,558.10 lakhs (Previous Year: ₹1,746.28 lakhs)
  • Insufficient appropriate audit evidence to demonstrate recognition criteria under Paragraph 57 of Ind AS 38 - Intangible Assets
  • Unable to determine whether any adjustments to these amounts are necessary

Emphasis of Matter

Auditors drew attention to Note 4 regarding Scheme of Amalgamation of Midwest Energy Private Limited with the Company, accounted for under Appendix C of Ind AS 103 - Business Combinations relating to entities under common control. Financial statements for previous year/comparative periods have been restated to give effect to the amalgamation.

Amalgamation Details

  • Scheme approved by Regional Director, South East Region, Ministry of Corporate Affairs on March 26, 2026
  • Effective from July 01, 2025
  • Company name changed from "Midwest Gold Limited" to "Midwest Energy Limited" effective May 25, 2026
  • Fresh Certificate of Incorporation issued by Registrar of Companies

Fund Raising Through Preferential Allotment

During FY26, the company raised funds through multiple preferential allotments:

1. December 31, 2025: Allotment of 10,00,000 Equity Shares of ₹10 each with premium of ₹1,490 each (₹1,500 per share) for cash consideration

2. March 29, 2026: Allotment of 4,50,750 Equity Shares of ₹10 each with premium of ₹1,990 each (₹2,000 per share) for cash consideration

3. March 30, 2026: Allotment of 4,00,000 Equity Shares of ₹10 each with premium of ₹1,990 each (₹2,000 per share) for cash consideration

Total Funds Raised: ₹326.63 crore (including securities premium)

Utilization of Funds

Annexure-1 (For December 2025 allotment):

  • Total amount received: ₹150,00,05,100
  • Interest received net of TDS: ₹4,26,052
  • Total available: ₹150,04,31,152

Utilization:

  • Loan provided to Midwest Energy Private Limited: ₹135,30,41,561
  • General Corporate Purposes: ₹90,000
  • Total utilized: ₹135,31,31,561

Unutilized Funds:

  • Parked in Term Deposits in Canara Bank: ₹12,00,00,000
  • In Share Application Account: ₹2,72,99,591
  • Total unutilized: ₹14,72,99,591

Annexure-2 (For March 2026 allotment):

  • Total amount received: ₹170,15,00,000
  • Utilized for repayment of unsecured loan: ₹80,00,00,000

Objects of Preferential Issue:

1. Repay unsecured loans from Directors

2. Acquire land/building for new Rare Earth Magnet manufacturing facility

3. Procure plant, equipment and machinery

4. Meet general corporate requirements

Consolidated Financial Results (Amounts in ₹ lakhs)

For Year Ended March 31, 2026:

  • Total Income: ₹1,053.23
  • Total Expenses: ₹2,453.92
  • Loss Before Tax: (₹1,400.69)
  • Loss After Tax: (₹1,400.69)
  • Loss Per Share (Basic & Diluted): (₹12.67)

For Quarter Ended March 31, 2026:

  • Total Income: ₹688.87
  • Total Expenses: ₹1,033.98
  • Loss Before Tax: (₹345.11)
  • Loss After Tax: (₹345.11)
  • Loss Per Share (Basic & Diluted): (₹3.05)

Consolidated Balance Sheet (as at March 31, 2026)

  • Total Assets: ₹71,395.15
  • Total Equity: ₹39,823.47
  • Equity Share Capital: ₹1,289.87
  • Other Equity: ₹38,778.09
  • Non-Controlling Interest: (₹244.49)
  • Total Liabilities: ₹31,571.68

Segment Reporting

Operating Segments:

1. Rare-earth materials and magnets

2. Renewable energy & power storage systems

3. Others

Segment Revenue for Year Ended March 31, 2026:

  • Renewable energy & power storage systems: ₹2,525.90
  • Others: ₹376.40
  • Total: ₹2,902.30
  • Less: Inter-segment revenue: ₹2,036.39
  • Revenue from operations: ₹865.91

Subsidiary Companies

The Group includes multiple subsidiaries and step-down subsidiaries:

  • Midwest Advanced Materials Private Ltd
  • Midwest Energy Devices Pvt Ltd
  • Christian Michelsen Energy Pvt Ltd
  • M&M Plasma systems Pvt Ltd (in process of closure)
  • Midwest Energy Devices INC (USA)
  • National Solar Management LLC (Step-down)
  • Good Energy Pvt Ltd
  • Good Energy One Ltd (Step-down)
  • Good Energy Four Ltd (Step-down)
  • Good Energy Five Ltd (Step-down)
  • Good Energy Six Ltd (Step-down)