Board Meeting Details

The Board of Directors meeting was held on November 10, 2026, commencing at 3:30 PM and concluding at 4:30 PM.

Key Board Approvals

1. Financial Results Approval

  • Approved un-audited standalone and consolidated financial results for quarter and half year ended September 30, 2026
  • Noted Limited Review Report from statutory auditors M/s. M S K A & Associates LLP

2. Corporate Guarantee

  • Based on Audit Committee recommendation, approved granting corporate guarantee in favor of HDFC Bank for facilities granted to AP Midwest Galaxy Private Limited

3. Acquisition Approval

  • Approved execution of Captive Power Purchase Agreement (CPPA) and Share Purchase Agreement with Infinite Beam Private Limited
  • Acquisition involves purchase of equity shares for cash consideration of ₹52,50,000 (Rupees Fifty Two Lakhs Fifty Thousand only)
  • Acquisition would amount to 26% of equity share capital of IBPL for 4 MW capacity
  • Target completion date: On or before 6 months from November 10, 2026 Board Meeting

Financial Results - Standalone (₹ millions)

Quarter Ended September 30, 2026

  • Revenue from operations: ₹990.89
  • Other income: ₹77.21
  • Total income: ₹1,068.10
  • Total expenses: ₹778.60
  • Profit before tax: ₹289.50
  • Tax expense: ₹71.22 (Current tax: ₹67.00, Deferred tax: ₹4.22)
  • Profit for period: ₹218.28
  • EPS: ₹6.04 (not annualized)

Half-Year Ended September 30, 2026

  • Revenue from operations: ₹1,976.13
  • Other income: ₹152.08
  • Total income: ₹2,128.21
  • Total expenses: ₹1,556.30
  • Profit before tax: ₹571.91
  • Tax expense: ₹142.30 (Current tax: ₹143.00, Deferred tax credit: ₹(0.70))
  • Profit for period: ₹429.61
  • EPS: ₹11.88 (not annualized)

Year-over-Year Comparison (Q2)

  • Revenue decreased 18.9% from ₹1,222.52 million in Q2 FY26 to ₹990.89 million in Q2 FY27
  • Net profit decreased 24.9% from ₹290.63 million in Q2 FY26 to ₹218.28 million in Q2 FY27

Financial Position - Standalone (₹ millions)

As at September 30, 2026

  • Total assets: ₹10,235.80
  • Non-current assets: ₹6,040.41
  • Current assets: ₹4,123.87
  • Assets held for sale: ₹71.52
  • Total equity: ₹8,626.99
  • Total liabilities: ₹1,608.81
  • Paid-up equity share capital: ₹180.80 (Face value ₹5 per share)

Cash Flow - Standalone (₹ millions)

Half-Year Ended September 30, 2026

  • Net cash used in operating activities: ₹(52.83)
  • Net cash used in investing activities: ₹(363.35)
  • Net cash from financing activities: ₹159.90
  • Net decrease in cash: ₹(256.28)

Financial Results - Consolidated (₹ millions)

Quarter Ended September 30, 2026

  • Revenue from operations: ₹1,825.41
  • Other income: ₹69.34
  • Total income: ₹1,894.75
  • Total expenses: ₹1,486.78
  • Profit before tax: ₹407.97
  • Tax expense: ₹105.51
  • Profit for period: ₹302.46
  • EPS: Not quantified in disclosure

Half-Year Ended September 30, 2026

  • Revenue from operations: ₹3,743.80
  • Other income: ₹128.64
  • Total income: ₹3,872.44
  • Total expenses: ₹3,043.93
  • Profit before tax: ₹828.51
  • Tax expense: ₹215.66
  • Profit for period: ₹612.85

Consolidated Entities

The consolidated results include 17 entities:

  • 15 subsidiaries
  • 1 joint venture (South Coast Infrastructure Development Company of Andhra Pradesh Limited)
  • 1 subsidiary of joint venture (S.C.R Agro Tech Private Limited)

Segment Information - Consolidated (₹ millions)

Quarter Ended September 30, 2026

  • Mining and processing revenue: ₹1,652.34
  • Quartz processing revenue: ₹134.53
  • Others revenue: ₹38.54
  • Mining and processing PBIT: ₹437.16
  • Quartz processing PBIT: ₹38.52
  • Others PBIT: ₹(3.56)

IPO Proceeds Utilization (₹ millions)

Total IPO proceeds: ₹2,296.25 (net of expenses ₹203.75 million)

Utilization as at September 30, 2026:

  • Investment in Midwest Neostone Private Limited: ₹35.00 of ₹1,302.98 allocated (₹1,267.98 unutilized)
  • Purchase of Electric Dump Trucks: ₹212.46 of ₹257.55 allocated (₹45.09 unutilized)
  • Solar energy integration: ₹0 of ₹32.56 allocated (₹32.56 unutilized)
  • General corporate purposes: ₹140.93 of ₹140.93 allocated (fully utilized)
  • Total utilized: ₹950.62
  • Total unutilized: ₹1,345.63

Unutilized proceeds temporarily invested in short-term deposits with scheduled commercial bank.

Operational Update

  • Director of Mines Safety, Hyderabad Region No. 3 has prohibited mineral (granite) extraction at Chimakurthy Mine due to stability, operational and safety concerns arising from collapse of northern portion of mine
  • Prohibition remains in effect until withdrawn
  • The collapse originated from adjoining mine

Auditors

M S K A & Associates LLP, Chartered Accountants (ICAI Firm Registration No.105047W/W101187)

Review conducted by Ananthakrishnan Govindan, Partner (Membership No.: 205226)