Board Meeting Details

The Board of Directors meeting was held on October 28, 2026, commencing at 10:30 a.m. and concluding at 13:32 p.m.

Key Board Approvals

1. Approved the Unaudited Standalone and Consolidated Financial Results for the half year ended September 30, 2026

2. Approved providing a corporate guarantee in favour of HDFC Bank Limited for credit facilities aggregating to ₹5.00 crore sanctioned to Industrial Associates

Financial Highlights - Consolidated (H1 FY27)

  • Revenue from operations: ₹770.01 Mn, increased 151.82% from ₹305.78 Mn in H1 FY26
  • EBITDA: ₹192.60 Mn, increased 30.97% from ₹147.06 Mn in H1 FY26
  • EBITDA margin: 25.01% compared to 48.09% in H1 FY26
  • Profit after tax: ₹157.97 Mn, increased 30.57% from ₹120.99 Mn in H1 FY26
  • PAT margin: 20.33% compared to 39.51% in H1 FY26
  • Diluted EPS: ₹10.13 compared to ₹11.63 in H1 FY26
  • Annualized diluted EPS: ₹20.86 (indicative only)

Financial Highlights - Standalone (H1 FY27)

  • Revenue from operations: ₹2,577.94 Lakhs
  • Profit after tax: ₹242.21 Lakhs
  • Basic EPS: ₹1.60
  • Diluted EPS: ₹1.55

Corporate Guarantee Details

  • Guarantee provided to: HDFC Bank Limited
  • Beneficiary: Industrial Associates (partnership firm where company holds 99.9% interest)
  • Guarantee amount: ₹5.00 crore
  • Facility details: Cash Credit Main Limit of ₹5 crore and Letter of Credit sub-limit of ₹5 crore within Cash Credit limit
  • Purpose: Working capital requirements of Industrial Associates
  • Promoter/promoter group/group companies have no interest in the transaction

Strategic and Business Developments

  • BPCL project wins: Awarded five EPCOM contracts for CBG plants at Mysuru (~5 TPD), Raipur (~4.8 TPD), Kozhikode (~5 TPD), Hubli-Dharwad (~5 TPD), and Bhilai (~4.8 TPD)
  • Aggregate order-book range: Approximately ₹350-500 crore
  • Proposed combined capacity: Around 24.6 TPD
  • O&M portfolio: Renewal of Gorakhpur operations and maintenance mandate from IOCL
  • Capital-market initiatives: Completed 1:2 bonus share issue and preferential share issue at ₹161 per share
  • Strategic collaborations: Collaboration with Mahanagar Gas Limited to explore CBG projects in Maharashtra and Karnataka; collaboration with Aditya Birla Chemicals on composite-waste recycling

Capital Structure Changes

  • Paid-up equity share capital increased from ₹865.93 Lakhs to ₹1,559.89 Lakhs
  • 17,40,000 warrants converted into equity shares with proceeds of ₹3,562.65 Lakhs
  • Proceeds utilized for redemption of preference shares (₹3,562.61 Lakhs) and general corporate purposes (₹0.04 Lakhs)
  • Redeemed 28,029 0% Redeemable Non-Cumulative Preference Shares of ₹10 each (face value ₹2.8 Lakhs) at total consideration of ₹3,562.61 Lakhs
  • Issued bonus shares in 1:2 ratio on August 21, 2026, issuing 51,99,630 equity shares of ₹10 each

Management Changes

  • Mr. Yashas Bhand ceased to hold positions of Whole-time Director and Chief Executive Officer effective September 24, 2026

Management Guidance

The company remains committed to maintaining its FY27 revenue growth guidance supported by strong execution pipeline and continued business momentum.

Subsidiaries and Associates

The consolidated financial results include:

  • Wholly owned subsidiaries: Solapur Bioenergy Systems Private Limited, Organic Waste (India) Private Limited, Pune Urban Recyclers Private Limited, Meerut Bio-Energy Systems Private Limited
  • Associates: Blue Planet Kannur Waste Solution Private Limited, Blue Planet Palakkad Waste Solution Private Limited
  • Partnership Firm: Industrial Associates

Attachments

  • Annexure A: Unaudited Standalone and Consolidated Financial Results with Limited Review Report
  • Annexure B: Investor Presentation on Unaudited Financial Results
  • Annexure C: Disclosures regarding Corporate Guarantee