Key Quantitative Figures

Financial Performance (Quarter Ended September 30, 2026):

  • Revenue from operations: ₹5473.73 lakhs
  • Other income: ₹88.15 lakhs
  • Total Income: ₹5561.88 lakhs
  • Total Expenses: ₹6594.24 lakhs
  • Loss before exceptional items and tax: ₹(1032.36) lakhs
  • Exceptional items: ₹725.53 lakhs (loss from fire incident)
  • Loss before tax: ₹(1757.89) lakhs
  • Total tax credit: ₹(208.82) lakhs
  • Loss after tax: ₹(1549.07) lakhs
  • Total Comprehensive Income: ₹(1551.55) lakhs
  • Basic and Diluted EPS: ₹(20.65)

Financial Performance (Six Months Ended September 30, 2026):

  • Revenue from operations: ₹11,825.28 lakhs
  • Other income: ₹162.80 lakhs
  • Total Income: ₹11,988.08 lakhs
  • Total Expenses: ₹12,791.16 lakhs
  • Loss before exceptional items and tax: ₹(803.08) lakhs
  • Exceptional items: ₹725.53 lakhs
  • Loss before tax: ₹(1528.61) lakhs
  • Total tax credit: ₹(145.28) lakhs
  • Loss after tax: ₹(1383.33) lakhs
  • Total Comprehensive Income: ₹(1388.30) lakhs
  • Basic and Diluted EPS: ₹(18.44)

Balance Sheet (As at September 30, 2026):

  • Total Assets: ₹13,899.82 lakhs (vs. ₹14,577.53 lakhs on Mar 31, 2026)
  • Total Equity: ₹8,782.20 lakhs (vs. ₹10,316.74 lakhs on Mar 31, 2026)
  • Paid-up equity share capital: ₹750.00 lakhs
  • Other equity: ₹8,032.20 lakhs
  • Total Liabilities: ₹5,117.62 lakhs

Cash Flow (Six Months Ended September 30, 2026):

  • Net cash from operating activities: ₹455.86 lakhs
  • Net cash used in investing activities: ₹(56.49) lakhs
  • Net cash used in financing activities: ₹(42.90) lakhs
  • Net increase in cash: ₹356.47 lakhs
  • Cash and cash equivalents at period end: ₹492.70 lakhs

Dates of Action

  • Board Meeting: November 5, 2026 (10:15 AM to 11:15 AM)
  • Fire Incident: Intervening night of July 5 and July 6, 2026
  • Board approval for land sale: August 7, 2026
  • AGM for FY26 dividend approval: September 14, 2026
  • Financial Period: Quarter and Six Months ended September 30, 2026

Parties Involved

  • Statutory Auditors: BSR & Co.
  • Regulatory Bodies: Ministry of Environment, Forest and Climate Change (MoEFCC), Central Pollution Control Board (CPCB), Hon'ble Delhi High Court
  • Industry Associations: Indian Battery Manufacturers Association (IBMA), Resource Efficiency and Circular Economy Industry Coalition (RECEIC), Federation of Indian Chambers of Commerce and Industry (FICCI)

Purpose or Rationale

The board meeting was held to approve the quarterly financial results and address corporate matters, including a management change.

Financial or Operational Impact

Exceptional Item: A fire at the Pithampur manufacturing facility on July 5/6, 2026, caused partial damage to PPE and inventory, resulting in a recorded loss of ₹725.53 lakhs. The company is insured and has initiated the claim process.

Audit Qualification: The statutory auditors, BSR & Co., issued a modified (qualified) report on the financial results. The qualification pertains to the company's inability to comply with the Battery Waste Management Rules, 2022 (BWMR). The company, along with industry bodies, has made representations to the MoEFCC seeking revisions to the rules and timelines. A writ petition is also pending before the Delhi High Court. Due to significant uncertainty, the company has not recognized any provision for potential obligations under these rules, and the financial impact is not quantifiable. This is a repetitive qualification from previous periods.

Labour Codes: The impact of newly notified labour codes (₹339.77 lakhs) was recognized as an exceptional item in the year ended March 31, 2026.

Dividend: A final dividend of ₹1.95 per equity share (19.50%) for FY26 was approved by shareholders on September 14, 2026. As of September 30, 2026, it was presented under "Other Current Financial Liabilities" and was disbursed later within regulatory timelines.

Asset Sale: The Board approved the sale of leasehold land and a building in Vadodara on August 7, 2026. The asset (₹5.53 lakhs) is classified as held for sale.

Capital Structure Impact

No change in paid-up equity share capital reported for the period. It remained constant at ₹750.00 lakhs (75 lakh shares of ₹10 face value each).

Management Commentary

Management has highlighted challenges in complying with BWMR and is engaged with regulators. Business continuity plans were implemented after the fire incident to maintain operations.