MV Electrosystems Limited announced its unaudited financial results for the quarter and half year ended September 30, 2026, following a board meeting held on November 12, 2026. The meeting commenced at 1:00 PM IST and concluded at 4:00 PM IST.

Financial Performance

Quarter Ended September 30, 2026:

  • Total Income: ₹206.06 million
  • Revenue from Operations: ₹189.67 million
  • Other Income: ₹16.39 million
  • Total Expenses: ₹282.55 million
  • Loss Before Tax: ₹76.49 million
  • Tax Expense: ₹24.59 million (Deferred Tax)
  • Net Loss: ₹51.90 million
  • Basic and Diluted EPS: ₹-2.28 per share

Half Year Ended September 30, 2026:

  • Total Income: ₹334.04 million
  • Revenue from Operations: ₹317.38 million
  • Other Income: ₹16.65 million
  • Total Expenses: ₹490.90 million
  • Loss Before Tax: ₹156.86 million
  • Tax Expense: ₹36.10 million (Deferred Tax)
  • Net Loss: ₹120.76 million
  • Basic and Diluted EPS: ₹-5.35 per share

Balance Sheet Position (as at September 30, 2026)

  • Total Assets: ₹3,908.82 million
  • Non-Current Assets: ₹527.83 million
  • Current Assets: ₹3,380.99 million
  • Cash and Cash Equivalents: ₹1,975.89 million
  • Total Equity: ₹3,113.10 million
  • Share Capital: ₹136.41 million
  • Other Equity: ₹2,976.69 million
  • Total Liabilities: ₹795.72 million

Cash Flow Statement (Half Year Ended September 30, 2026)

  • Net Cash from Operating Activities: ₹-637.14 million
  • Net Cash from Investing Activities: ₹-28.09 million
  • Net Cash from Financing Activities: ₹2,639.33 million
  • Net Increase in Cash: ₹1,974.11 million

IPO Fund Utilization

The company completed its Initial Public Offer (IPO) on August 6, 2026, comprising a fresh issue of 68,23,529 equity shares of face value ₹5 each at an issue price of ₹425 per share (including a share premium of ₹420 per share).

Fund Utilization Status:

  • Total IPO Proceeds: ₹290.00 million
  • Total Utilized: ₹95.62 million
  • Total Unutilized: ₹194.38 million

Breakdown of Utilization:

1. Issue related expenses: ₹34.37 million utilized (₹1.17 million unutilized) out of ₹35.54 million allocated

2. Working capital requirements: ₹60.05 million utilized (₹119.95 million unutilized) out of ₹180.00 million allocated

3. General corporate purposes: ₹0 utilized (₹53.46 million unutilized) out of ₹53.46 million allocated

4. Investment in R&D: ₹1.20 million utilized (₹19.80 million unutilized) out of ₹21.00 million allocated

Auditor's Emphasis of Matter

The statutory auditors, M/s. Sanmarks & Associates, drew attention to Note (g) regarding cash losses incurred by the company:

  • Quarter ended September 30, 2026: Cash loss of ₹61.76 million
  • Previous quarter ended June 30, 2026: Cash loss of ₹66.68 million
  • Previous year: Cash loss of ₹136.83 million

Management assessed that the company has adequate resources to continue operations and realize assets in the ordinary course of business.

Related Party Transactions (Quarter Ended September 30, 2026)

Sales:

  • Quadrant Future Tek Limited: ₹5.14 million (Q2: ₹2.68 million, Q1: ₹2.46 million)
  • Prime Electronics: ₹13.36 million (Q2: ₹6.42 million, Q1: ₹6.94 million)

Purchases:

  • Quadrant Future Tek Limited: ₹5.57 million (Q2: ₹3.98 million, Q1: ₹1.59 million)

Loan Transactions:

  • Received ₹26.00 million from Mohit Vohra and repaid ₹26.00 million
  • Received ₹10.00 million from Amit Dhawan and repaid ₹10.00 million

Director Remuneration:

  • Rahul Dhawan: ₹0.42 million (Q2: ₹0.21 million)
  • Pankaj Rastogi: ₹5.34 million (Q2: ₹2.67 million)

Directors Sitting Fees:

  • Kanika Bhutani: ₹0.13 million
  • Sanjeev Mehta: ₹0.18 million
  • Vipin Sharma: ₹0.18 million

Additional Information

The financial results are available on the company's website at www.mvelectrosystems.com and on the NSE website www.nseindia.com.