Board Meeting Details

The Board of Directors meeting was held on Thursday, October 22, 2026, commencing at 12:00 PM (IST) and concluding at 2:40 PM (IST).

Key Outcomes Approved

1. Unaudited Standalone and Consolidated Financial Results along with limited review report from Statutory Auditors for the half year ended September 30, 2026.

2. Statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. for the quarter ended September 30, 2026 (Annexure-B).

Monitoring Agency Report Status

The Monitoring Agency Report for the quarter ended September 30, 2026 relating to utilization of IPO proceeds has not yet been received from the Monitoring Agency (CARE Ratings Limited) and therefore could not be considered or adopted in the meeting.

Documents Enclosed Pursuant to Regulation 33

  • Unaudited Financial Results for half year ended September 30, 2026
  • Statement of Assets & Liabilities
  • Cash Flow Statement
  • Audit Report issued by Statutory Auditor
  • Declaration in respect of Unmodified Audit Opinion

Financial Results Highlights (Half Year Ended September 30, 2026)

Profit & Loss Statement (₹ in Lacs)

  • Revenue from Operations: 21,008.88 (vs 12,488.80 in H1FY26, +68.2% YoY)
  • Other Income: 142.58 (vs 26.80 in H1FY26)
  • Total Income: 21,151.45 (vs 12,515.60 in H1FY26)
  • Total Expenses: 17,766.50 (vs 10,688.62 in H1FY26)
  • Profit Before Tax: 3,384.95 (vs 1,826.98 in H1FY26, +85.3% YoY)
  • Tax Expenses: 892.24 (Current Tax: 694.28, Tax Expenses of earlier years: 18.14, Deferred Tax: 179.82)
  • Net Profit: 2,492.71 (vs 1,328.66 in H1FY26, +87.6% YoY)
  • Earnings Per Share (Basic and Diluted, Not Annualized): 16.43 (vs 9.70 in H1FY26)

Balance Sheet (as of September 30, 2026, ₹ in Lacs)

  • Share Capital: 1,994.50 (vs 1,463.50 as of March 31, 2026)
  • Reserves and Surplus: 28,082.42 (vs 11,852.71 as of March 31, 2026)
  • Long-term Borrowings: 1,684.59 (vs 1,942.53 as of March 31, 2026)
  • Short-term Borrowings: 690.12 (vs 2,173.33 as of March 31, 2026)
  • Trade Payables: Micro enterprises: 1,377.05; Other: 1,940.61
  • Total Equity and Liabilities: 37,434.57 (vs 23,138.61 as of March 31, 2026)
  • Property, Plant & Equipment: 13,454.10 (vs 7,446.93 as of March 31, 2026)
  • Capital Work in Progress: 254.01 (vs 2,839.57 as of March 31, 2026)
  • Inventories: 6,445.22 (vs 5,069.67 as of March 31, 2026)
  • Trade Receivables: 5,651.67 (vs 5,181.59 as of March 31, 2026)
  • Cash and Cash Equivalents: 7,658.27 (vs 490.31 as of March 31, 2026)
  • Total Assets: 37,434.57 (vs 23,138.61 as of March 31, 2026)

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

  • Net Cash from Operating Activities: 3,064.75
  • Net Cash used in Investing Activities: (11,646.24)
  • Net Cash from Financing Activities: 9,704.80
  • Net Increase in Cash: 1,123.31
  • Cash and Cash Equivalents at End: 1,160.04

IPO Proceeds Utilization (As of September 30, 2026)

Basic Information

  • Mode of fund raising: Public Issue (IPO)
  • Date of raising funds: August 04, 2026
  • Amount raised: ₹159,83,10,000 (₹1,598.31 million)
  • Monitoring agency: CARE Ratings Limited
  • Deviation/variation in use of funds: No

Utilization Details

  • Working Capital Requirements: ₹300.00 million allocated, ₹300.00 million utilized (100%)
  • Funding CAPEX towards manufacturing facility at Khed, Pune: ₹1,063.40 million allocated, ₹406.23 million utilized (38.2%)
  • General corporate purposes: ₹35.76 million allocated, ₹35.70 million utilized (99.8%)
  • IPO Expenses: ₹199.19 million allocated, ₹198.80 million utilized (99.8%)
  • Total Utilization: ₹940.73 million out of ₹1,598.31 million (58.9%)

Audit Committee Comments

The Audit Committee reviewed the utilization of IPO proceeds and noted utilization under respective objects. The Committee advised management to ensure funds are utilized in accordance with IPO objects and applicable regulatory requirements, and to appropriately monitor and disclose any unutilized proceeds.

Investor Presentation Highlights

Company Overview

  • 30+ years legacy in high-integrity aluminium components
  • Serves internal combustion, e-mobility, and advanced industrial platforms
  • Listed on BSE SME platform

Management Commentary

From MD's Desk - Mr. Sanket Anil Kulkarni:

  • Targeting ~50% revenue growth in FY27
  • Aiming for ~₹1,000 Cr annual turnover by FY30
  • Unit III at Khed, Pune expected to increase melting capacity to 28,800 MTPA and casting capacity to 12,600 MTPA by September 2027
  • Expanding into Defence, Power and Energy Distribution sectors
  • Long-term objective of 50:50 mix between automotive and power/engineering

From CFO's Desk - Mr. Bhavya Dakshendra Agrawal:

  • Revenue from Operations: ₹2,101 million (68% YoY growth)
  • EBITDA: ₹396 million (19% margin)
  • PAT: ₹249 million (12% margin)
  • Debt-to-Equity Ratio: 0.08x
  • Current Ratio: 4.18x
  • ROCE: 36%, ROI: 22%
  • IPO raised ₹1,598 million with oversubscription of ~259 times

Operational Highlights

  • Current Order Book: ₹11,800 million (scheduled for execution by FY29)
  • Manufacturing Capacity: Melting - 16,800 MTPA (70% utilization in H1FY27), Casting - 7,320 MTPA (71% utilization in H1FY27)
  • Revenue Mix: Automotive 63.0%, EV 11.8%, Non-automotive 25.2% in H1FY27
  • Export markets: Germany, United States, Italy, Switzerland

Product Portfolio

  • Four-Wheeler: Cylinder heads, intake manifolds, EGR housing, elbow assembly/oil filter holder
  • Two-Wheeler: Inlet pipes, cylinder head, bridge fork top
  • Commercial Vehicle: Aluminium knuckle, intake manifolds, clutch housing, adaptor housing
  • Defence: Intake pipe, intake manifold, cylinder head, oil cooler cover, bearing frame
  • Energy: Insulator flange, circuit breaker gear box housing, diffusor housing, conductors
  • EV: Oil filter holder, motor housing, DC/DC converter, VDC bracket, split casings

Financial Performance Metrics

H1FY27 vs H1FY26 (₹ million):

  • Revenue: 2,101 vs 1,249 (+68.2%)
  • Gross Profit: 1,105 vs 761 (+45.2%)
  • EBITDA: 396 vs 228 (+73.9%)
  • PAT: 249 vs 133 (+87.6%)

Annual Trend (₹ million):

  • FY24 Revenue: 1,737, PAT: 162
  • FY25 Revenue: 2,220, PAT: 224
  • FY26 Revenue: 2,939, PAT: 335
  • H1FY27 Revenue: 2,101, PAT: 249

Share Information (as on October 22, 2026)

  • BSE Symbol: 544844
  • CMP: ₹856 per share
  • Market Cap: ₹17,080 million
  • Shares Outstanding: 19.94 million
  • Face Value: ₹10