Financial Performance Highlights (₹ in lakhs)

FY 2025-26 Financial Results:

  • Revenue from Operations: ₹7,073.12 (vs. ₹6,642.18 in FY 2024-25, +6.5%)
  • Total Income: ₹7,122.35 (vs. ₹6,680.84 in FY 2024-25, +6.6%)
  • Profit Before Tax: ₹109.73 (vs. ₹312.80 in FY 2024-25, -64.9%)
  • Profit After Tax: ₹85.67 (vs. ₹234.26 in FY 2024-25, -63.4%)
  • Current Tax: ₹25.11
  • Deferred Tax: ₹(1.05)

Balance Sheet Position (as of 31st March 2026):

  • Share Capital: ₹2,500.00 lakhs (2,50,00,000 equity shares of ₹10 each)
  • Reserves and Surplus: ₹590.40 lakhs
  • Total Equity: ₹3,090.40 lakhs
  • Long-term Borrowings: ₹406.97 lakhs
  • Short-term Borrowings: ₹2,582.93 lakhs
  • Trade Payables: ₹316.19 lakhs
  • Other Current Liabilities: ₹209.85 lakhs
  • Property, Plant & Equipment: ₹32.44 lakhs
  • Inventories: ₹2,642.00 lakhs
  • Trade Receivables: ₹2,074.83 lakhs
  • Cash and Bank Balances: ₹580.19 lakhs
  • Loans and Advances: ₹817.42 lakhs

Operational Highlights

  • Company achieved highest-ever revenue despite challenging market conditions
  • Profitability moderated due to increase in operating and project-related costs
  • Maintained presence in power transmission, distribution, substations, electrification, and solar infrastructure
  • Continued focus on selective order acquisition, timely execution, and cost discipline

Strategic Developments

Solar Power Asset Ownership Initiative:

  • Promax Solar One Hubli Pvt Ltd developing 6 MW (AC) solar photovoltaic project
  • Power Purchase Agreement executed with HESCOM on 6th February 2026
  • Project to be connected to Hippargi 33/11 kV Substation via 11 kV evacuation line
  • Land acquisition completed with registered long-term lease deed executed post-FY end
  • Pre-construction activities completed: design engineering, topographical survey, geotechnical investigation, transmission line route survey

Associate Company Performance:

Promax PlugUp EV Pvt Ltd (20.83% equity holding):

  • Expanded product portfolio of AC and DC charging solutions (30 kW to 360 kW)
  • Developed 240 kW dual-gun chargers with integrated advertising display
  • Strengthened digital charging capabilities with OCPP-based communication
  • Progressed US market entry through wholly owned subsidiary PlugUp EV LLC (California)
  • Offers end-to-end charging infrastructure support

Promax CarbonTier Pvt Ltd (24.00% equity holding):

  • Developed capabilities in carbon-credit advisory and sustainability consulting
  • Focus on emission-reduction initiatives and ESG-related services
  • Exploring opportunities in renewable energy and infrastructure projects

Annual General Meeting Details

9th AGM Date: 30th September, 2026

Time: 11:00 AM IST

Venue: First Floor, SCO 69, Sector 38C, Chandigarh 160036 India

Ordinary Business Agenda:

1. Adoption of Standalone Financial Statements for FY 2025-26

2. Reappointment of Ms. Shweta Bhardwaj (DIN: 03521776) as Director retiring by rotation

3. Appointment of M/s Manish Jain & Associates, Chartered Accountants (FRN: 015608N) as Statutory Auditors for 5 years from conclusion of 9th AGM till conclusion of 14th AGM in 2031

4. Appointment of M/s Prachi Lad & Associates, Company Secretaries as Secretarial Auditors for 5 years (FY 2025-26 to FY 2029-30)

Special Business Agenda:

5. Reappointment of Mr. Sanjay Kumar (DIN: 09293392) as Independent Director for second term of 5 years (30th September 2026 to 30th September 2031)

6. Reappointment of Mr. Vishal Bhardwaj (DIN: 03133388) as Managing Director for 5 years (20th August 2026 to 19th August 2031) with remuneration not exceeding ₹2.5 lakhs per month basic pay plus permissible perquisites

Corporate Governance

Board Composition:

  • Mr. Vishal Bhardwaj - Managing Director and Chairman
  • Ms. Shweta Bhardwaj - Non-Executive Director
  • Ms. Vidya Bhardwaj - Director
  • Mr. Sanjay Kumar - Independent Director
  • Mr. Ravinder Singh - Independent Director
  • Ms. Shilpi Jain - Independent Director

Key Managerial Personnel:

  • Mr. Yash Gupta - Company Secretary and Compliance Officer (appointed w.e.f 15th April 2025)
  • Mr. Amar Nath Dey - Chief Financial Officer

Committee Structure:

  • Audit Committee: Sanjay Kumar (Chairman), Vishal Bhardwaj, Shilpi Jain
  • Nomination and Remuneration Committee: Sanjay Kumar (Chairman), Shweta Bhardwaj, Shilpi Jain
  • Stakeholders' Relationship Committee: Sanjay Kumar (Chairman), Shilpi Jain, Shweta Bhardwaj

Board Meetings: 8 meetings held during FY 2025-26 with 100% attendance by all directors

Regulatory and Compliance Matters

Auditor Changes:

  • M/s Raj Gupta & Co., Chartered Accountants resigned on 5th December 2025 citing personal circumstances
  • M/s Manish Jain & Associates appointed as Statutory Auditors from 25th December 2025 to fill casual vacancy
  • Members' approval sought for regular appointment for 5-year term

Secretarial Audit Observations:

  • Delay in obtaining members' approval for statutory auditor appointment beyond 3-month timeline
  • Delay in updating Structured Digital Database under Insider Trading Regulations
  • Delay in filing Compliance Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
  • Management has strengthened internal compliance monitoring mechanisms

Listing Compliance:

  • Equity shares listed on BSE Limited (Scrip Code: 543375, ISIN: INE0I2F01015)
  • Annual listing fees paid up to 2026-27
  • Company exempt from corporate governance compliance provisions under Regulation 15(2) of SEBI LODR Regulations

Capital Structure

  • Paid-up Capital: ₹25,00,00,000 divided into 2,50,00,000 equity shares of ₹10 each
  • Promoter Holding: Vishal Bhardwaj (32.62%), Shweta Bhardwaj (10.58% through Jhatpat Management Services)
  • No changes in share capital during the year
  • No dividend recommended for FY 2025-26

Contingent Liabilities

  • Bank Guarantees: ₹1,378.57 lakhs
  • Letters of Credit: ₹125.00 lakhs
  • Legal Proceedings: Multiple arbitration, civil, and payment-related proceedings pending with approximate amount of ₹1692 lakhs
  • Company believes outcomes are uncertain and no provision made in financial statements

Related Party Transactions

All related party transactions were in ordinary course of business and at arm's length length. Key transactions include:

  • Purchases from Pharoahs Enterprises (₹83.44 lakhs), Invezy Ventures (₹65.33 lakhs), Promax PlugUp EV (₹173.10 lakhs)
  • Sales to Sizzle Impex (₹85.04 lakhs), Zorbyte International (₹253.40 lakhs), Strings Attached (₹220.34 lakhs)
  • Investments in Promax Solar One Hubli (₹1.76 lakhs)
  • Remuneration to Vishal Bhardwaj (₹24.00 lakhs)

Forward-Looking Statements

The document contains forward-looking statements regarding solar asset ownership, battery energy storage systems, EV charging infrastructure, and expected growth, which are subject to regulatory approvals, market conditions, funding availability, and other risks.

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