Key Quantitative Figures

Financial Performance (H1 FY27 vs Comparatives):

  • Revenue from operations: ₹1,737.16 lakh (vs ₹10,478.33 lakh in H2 FY26; ₹4,398.37 lakh in H1 FY25)
  • Total income: ₹1,811.27 lakh (vs ₹10,762.92 lakh in H2 FY26; ₹4,576.74 lakh in H1 FY25)
  • Net loss: ₹183.30 lakh (vs net profit of ₹2,389.80 lakh in H2 FY26; ₹1,247.81 lakh in H1 FY25)
  • Basic and diluted EPS: (₹1.24) (vs ₹18.95 in H2 FY26; ₹10.38 in H1 FY25)
  • Weighted average number of equity shares: 1,47,82,471 (vs 1,26,10,703 in H2 FY26; 1,20,26,660 in H1 FY25)

Balance Sheet (as of September 30, 2026 vs March 31, 2026):

  • Share capital: ₹1,761.48 lakh (vs ₹1,277.08 lakh)
  • Reserves and surplus: ₹21,517.50 lakh (vs ₹6,971.16 lakh)
  • Trade receivables: ₹14,223.61 lakh (vs ₹13,868.68 lakh)
  • Cash and bank balances: ₹3,065.18 lakh (vs ₹135.16 lakh)

Cash Flows (H1 FY27 vs H1 FY25):

  • Net cash from operating activities: (₹7,149.97) lakh (vs ₹945.86 lakh)
  • Net cash from investing activities: (₹8,897.92) lakh (vs (₹2,224.72) lakh)
  • Net cash from financing activities: ₹16,958.83 lakh (vs ₹1,229.71 lakh)

Dates of Action

  • Board Meeting: November 13, 2026 (3:00 PM to 7:00 PM)
  • Trading Window Closure: October 1, 2026, to 48 hours after results declaration
  • IPO Allotment: July 17, 2026
  • IPO Listing: July 21, 2026
  • Period End: September 30, 2026

Parties Involved

  • Stock Exchange: BSE Limited (SME Platform)
  • Statutory Auditors: Vishnu Daya & Co LLP (Firm Registration No.: 008456S/S200092)
  • Managing Director: Sridhar Acharya (DIN: 05341880)
  • Auditor Partner: Shankar D (ICAI Membership No.: 216547)
  • Bank: Axis Bank (for unutilized IPO proceeds)

Financial Impact

Explicitly disclosed net loss of ₹183.30 lakh for H1 FY27. Auditor qualification highlights potential material adjustment required for trade receivables of ₹8,688.29 lakh and advances of ₹1,059.00 lakh if found unrecoverable.

Capital Structure Impact

  • Increase in share capital from ₹1,277.08 lakh (Mar 31, 2026) to ₹1,761.48 lakh (Sep 30, 2026) due to IPO
  • IPO comprised fresh issue of 48,44,000 equity shares of ₹10 each at ₹331 per share (premium ₹321 per share)
  • Total IPO proceeds: ₹16,033.64 lakh
  • Share issue expenses of ₹780.84 lakh adjusted against Securities Premium account

IPO Proceeds Utilization (as of September 30, 2026)

  • Capital expenditure for plant and machinery: ₹2,873.44 lakh utilized (₹3,229.81 lakh unutilized)
  • Working capital requirements: ₹6,194.00 lakh utilized (₹1,956.00 lakh unutilized)
  • General corporate purposes: ₹282.29 lakh utilized (₹688.30 lakh unutilized)
  • Issue related expenses: ₹780.84 lakh utilized (₹28.95 lakh unutilized)
  • Total utilized: ₹10,130.57 lakh
  • Total unutilized: ₹5,903.07 lakh (placed in Fixed Deposits and bank accounts with Axis Bank)

Auditor's Qualification

Auditors issued qualified conclusion due to inability to obtain sufficient appropriate evidence about recoverability of:

  • Trade receivables of ₹8,688.29 lakh from a major customer (outstanding 6-8 months)
  • Advances of ₹1,059.00 lakh to the same party (outstanding <6 months)
  • No provision made by management who believes amounts are fully recoverable
  • Potential adjustment needed to carrying values and effect on net loss/reserves if unrecoverable

Other Matters

  • Company listed on BSE SME Platform on July 21, 2026
  • Figures for half year ended March 31, 2026 are balancing figures between audited FY26 and unaudited H1 FY25
  • Company exempt from Ind AS adoption as SME Exchange listed entity
  • Single reportable business segment: manufacture and sale of precision-machined components and assemblies
  • Previous periods' figures regrouped/reclassified for consistency