MV Electrosystems Limited held a Board of Directors meeting on August 25, 2026, commencing at 2:00 PM IST and concluding at 4:00 PM IST. The Board approved several agenda items and reviewed the company's financial performance for the quarter ended June 30, 2026.

1. Un-audited Financial Results for Quarter Ended June 30, 2026

Financial Performance (All amounts in INR Millions):

  • Revenue from operations: ₹127.71 (compared to ₹149.33 in previous quarter ended March 31, 2026)
  • Other income: ₹0.26
  • Total Income: ₹127.98 (compared to ₹150.54 in previous quarter)
  • Cost of Raw Material Consumed: ₹123.26
  • Employee Benefit expense: ₹43.47
  • Finance Cost: ₹11.78
  • Depreciation and Amortisation expenses: ₹15.12
  • Other Expenses: ₹21.55
  • Total Expenses: ₹208.36
  • Profit/(loss) before tax: (₹80.38)
  • Total Tax Expense: (₹11.52)
  • Profit for the year/quarter: (₹68.86)
  • Basic earnings per share: (₹3.38)
  • Diluted earnings per share: (₹3.38)

Comparative Performance:

  • Quarter ended March 31, 2026: Net loss of ₹28.73 million
  • Quarter ended June 30, 2025: Net loss of ₹57.14 million
  • Year ended March 31, 2026: Net loss of ₹126.95 million

Share Capital Information:

  • Weighted average number of shares: 2,04,59,200
  • Shares outstanding at end of period: 2,04,59,200
  • The company completed its IPO comprising fresh issue of 68,23,529 equity shares of face value ₹5 each at an issue price of ₹425 per share (including share premium of ₹420 per share)
  • Equity shares were listed on NSE and BSE on August 6, 2026

2. Appointment of Secretarial Auditors

The Board approved the appointment of M/s Taruna Kalra & Associates, Practicing Company Secretaries (Peer Review no: 2306/2022) as Secretarial Auditors of the company from financial year 2026-27 up to and including financial year 2030-31, subject to member approval. The firm was established in June 2006 and provides corporate management consultancy services.

3. Appointment of Internal Auditors

The Board approved the appointment of M/s G B S G & Associates, Chartered Accountants as Internal Auditors for the financial year 2026-27. The firm was established in 2017 and provides services across multiple sectors including construction, telecom, IT, and publishing.

4. Convening of 17th Annual General Meeting

The Board approved convening the 17th Annual General Meeting on Tuesday, September 29, 2026, through Video Conferencing or Other Audio-Visual Means. The cut-off date for determining members entitled to participate is September 22, 2026. Remote e-voting will be conducted from September 26 to September 28, 2026. M/s Taruna Kalra & Associates has been appointed as Scrutinizer for the voting process.

Auditor's Emphasis of Matter

Statutory auditors M/s. Sanmarks & Associates highlighted that the company incurred a cash loss of ₹66.68 million during the quarter ended June 30, 2026, following a cash loss in the previous quarter ended March 31, 2026. The auditors noted that consecutive cash losses indicate financial stress but accepted management's representation that they are taking steps to address operational factors. Management has assessed that the going concern basis remains appropriate due to adequate resources to continue operations.

Additional Notes

The financial results were prepared in accordance with Indian Accounting Standards (Ind-AS). The company had previously subdivided its equity shares from face value of ₹10 each to ₹5 each in the ratio of 1:2 on November 5, 2025, increasing the number of shares from 1,02,29,600 to 2,04,59,200 without changing the total paid-up share capital.