Board Meeting Details

  • Meeting Date: Monday, August 10, 2026
  • Commencement Time: 6:30 PM (IST)
  • Conclusion Time: 8:30 PM (IST)

Key Decisions Approved

1. Financial Results Approval

The Board of Directors approved the Un-audited Financial Results (Standalone and Consolidated) of the Company for the quarter ended June 30, 2026 and took note of the Limited Review Report of the Statutory Auditors, M/s. Majeti & Co., Chartered Accountants (Firm Registration No. 015975S).

2. Internal Auditor Appointment

The Board of Directors, based on the recommendation of the Audit Committee, approved the appointment of M/s. Eswaraiah & Co., Chartered Accountants (Firm Registration No. 006157S) as the Internal Auditor of the Company for the Financial Year 2026-27, pursuant to Section 138 of the Companies Act, 2013.

Detailed Financial Results

Standalone Financial Results (Quarter Ended June 30, 2026)

  • Total Income: ₹790.78 lakh
  • Total Expenses: ₹892.66 lakh
  • Profit/(Loss) before tax: (₹101.87) lakh
  • Tax Expense: ₹0 lakh
  • Profit/(Loss) for the period: (₹101.87) lakh
  • Other Comprehensive Income: (₹19.02) lakh
  • Total Comprehensive Income: (₹120.89) lakh
  • Paid-up Equity Share Capital: ₹1,297.22 lakh
  • Other Equity: ₹42,202.78 lakh
  • Earnings/(Loss) per share (Basic & Diluted): (₹0.93)

Consolidated Financial Results (Quarter Ended June 30, 2026)

  • Revenue from Operations: ₹623.95 lakh
  • Other Income: ₹166.83 lakh
  • Total Income: ₹790.78 lakh
  • Total Expenses: ₹892.66 lakh
  • Profit/(Loss) before tax: (₹101.87) lakh
  • Tax Expense: ₹0 lakh
  • Profit/(Loss) for the period: (₹101.87) lakh
  • Other Comprehensive Income: (₹19.02) lakh
  • Total Comprehensive Income: (₹120.89) lakh
  • Paid-up Equity Share Capital: ₹1,297.22 lakh
  • Other Equity: Information not provided in consolidated results
  • Earnings/(Loss) per share (Basic & Diluted): (₹0.93)

Segment Information (Consolidated)

The Group operates in three segments:

1. Rare-earth materials and magnets

2. Renewable energy & power storage systems

3. Others

Segment Revenue for Q1 FY27:

  • Renewable energy & power storage systems: ₹463.39 lakh
  • Others: ₹160.56 lakh
  • Total: ₹623.95 lakh

Segment Results for Q1 FY27:

  • Rare-earth materials and magnets: (₹55.54) lakh
  • Renewable energy & power storage systems: ₹104.85 lakh
  • Others: (₹22.26) lakh
  • Total: ₹27.06 lakh

Internal Auditor Appointment Details

  • Name: M/s. Eswaraiah & Co., Chartered Accountants
  • Reason: Appointment
  • Date of Appointment: August 10, 2026
  • Term: Financial Year 2026-27
  • Brief Profile: Hyderabad-based CA firm established in 1993 with over 30 years of experience in statutory and internal audits, taxation, GST, transfer pricing, accounting and advisory services
  • Firm Registration No.: 006157S

Fund Utilization from Preferential Issues

Preferential Issue 1 (December 2025)

  • Total Raised: ₹150,00,05,100 through allotment of 10,00,000 equity shares at ₹1,500 per share
  • Interest Received: ₹6,00,012 (net of TDS)
  • Total Funds Available: ₹1,50,06,05,112
  • Funds Utilized up to March 31, 2026: ₹1,15,31,31,561
  • Funds Utilized during Q1 FY27: ₹27,14,70,000
  • Unutilized Funds as on June 30, 2026: ₹7,60,03,551

Utilization Breakdown (Q1 FY27):

  • Loan Provided to Subsidiaries: ₹6,04,65,341
  • Advances for Acquisition of Equipment and Machinery: ₹20,00,00,000
  • Land & Building: ₹2,20,000
  • General Corporate Purposes: ₹1,07,84,659

Preferential Issue 2 (March/April 2026)

  • Total Raised: ₹1,84,85,00,000 through allotment of 9,24,250 equity shares at ₹2,000 per share
  • Interest Received: ₹1,81,233 (net of TDS)
  • Total Funds Available: ₹1,84,86,81,233
  • Funds Utilized for Repayment of Unsecured Loan as on March 30, 2026: ₹80,00,00,000
  • Funds Utilized during Q1 FY27: ₹78,31,53,983
  • Unutilized Funds as on June 30, 2026: ₹26,55,27,250

Utilization Breakdown (Q1 FY27):

  • Purchase of Land: ₹14,61,60,144
  • Advances for Building Construction: ₹6,00,00,000
  • Advances for Acquisition of Plant & Machinery: ₹47,69,89,162
  • General Corporate Purpose: ₹1,10,70,428
  • General Corporate Purpose of Subsidiaries: ₹8,72,34,249
  • BG Margin Money for EPCG Scheme in Subsidiaries: ₹17,00,000

Share Capital Changes

During the quarter, the Company allotted 73,500 equity shares pursuant to the approval of the Board of Directors at its meeting held on April 8, 2026. The Company issued equity shares having a face value of ₹10 each at an issue price of ₹2,000 per share, comprising a face value of ₹10 and a securities premium of ₹1,990 per share.

Auditor Information

  • Statutory Auditors: M/s. Majeti & Co., Chartered Accountants (Firm Registration No. 015975S)
  • Review Report Date: August 10, 2026
  • Opinion: Unmodified opinion on both standalone and consolidated financial results

Subsidiaries Included in Consolidation

The consolidated financial results include the following entities:

1. Midwest Energy Devices Pvt Ltd (Subsidiary)

2. Midwest Advanced Materials Private Ltd (Subsidiary)

3. Christian Michelsen Energy Private Limited (Subsidiary)

4. M&M Plasma systems Pvt Ltd (Subsidiary)

5. Midwest Energy Devices INC (Foreign Subsidiary)

6. National Solar Management LLC (Subsidiary of Midwest Energy Devices INC)

7. Good Energy Private Limited (Foreign Subsidiary)

8. Good Energy One Limited (Subsidiary of Good Energy Private Limited)

9. Good Energy Four Limited (Subsidiary of Good Energy Private Limited)

10. Good Energy Five Limited (Subsidiary of Good Energy Private Limited)

11. Good Energy Six Limited (Subsidiary of Good Energy Private Limited)