Key Financial Figures - Quarter Ended September 30, 2026 (₹ Millions)

  • Total Income: ₹377.97
  • Total Expenses: ₹453.36
  • Loss Before Tax: ₹(75.38)
  • Tax Expense: ₹1.20 (Deferred Tax)
  • Net Loss for the Quarter: ₹(76.58)
  • Total Comprehensive Loss: ₹(76.27)
  • Basic & Diluted EPS: ₹(1.91) per share

Key Financial Figures - Half Year Ended September 30, 2026 (₹ Millions)

  • Total Income: ₹788.32
  • Total Expenses: ₹936.80
  • Loss Before Tax: ₹(148.48)
  • Tax Expense: ₹19.43 (Deferred Tax)
  • Net Loss for Half Year: ₹(167.91)
  • Total Comprehensive Loss: ₹(167.70)
  • Basic & Diluted EPS: ₹(4.19) per share

Comparative Period Figures (Quarter Ended September 30, 2025)

  • Net Loss: ₹(158.87) million
  • Basic & Diluted EPS: ₹(3.96) per share

Share Capital

  • Paid-up Equity Share Capital remained constant at ₹400.00 million (4,00,00,000 equity shares of ₹10 each) across all periods presented.

Segment Reporting (Q2 FY2026, ₹ Millions)

The company operates in two segments:

Specialty Cable Division:

  • Revenue: ₹303.01
  • Profit Before Tax: ₹7.38
  • Non-Current Assets: ₹190.81

Train Control Systems (TCS) Division:

  • Revenue: ₹69.14
  • Loss Before Tax: ₹(82.77)
  • Non-Current Assets: ₹359.57

Notes to Financial Statements

  • Note a: Financial results prepared in accordance with Ind AS and Regulation 33 of SEBI LODR, reviewed by Audit Committee and approved by Board on November 10, 2026.
  • Note c: Company completed IPO of 1,00,00,000 equity shares at ₹290 per share (including premium of ₹280), listed on NSE and BSE on January 14, 2025.
  • Note h: Company incurred cash loss of ₹79.37 million in H1 FY2026 (vs. ₹25.71 million in Q1 FY2026 and ₹310.22 million in FY2026). Losses primarily reflect upfront investments in pre-commercialization phase of KAVACH project (R&D, employee costs, equipment, materials, engineering, validation). The TCS Division remains in pre-commercial investment phase with costs incurred ahead of revenue recognition from KAVACH order book valued at ₹8,054 million. Management believes adequate resources exist to continue as going concern.
  • IPO Proceeds Utilization: Total raised ₹2,900.00 million, utilized ₹2,672.79 million, unutilized ₹227.21 million (allocated to Electronic Interlocking System development).
  • ESOP Adjustment: On July 9, 2026, stock options were forfeited and corresponding share-based payment expenses reversed, leading to restatement of comparative DEPS figures.
  • Reclassification: Retention money balances reclassified from Non-Current Trade Receivables to Other Financial Assets under Non-Current Assets.

Assets and Liabilities (As of September 30, 2026, ₹ Millions)

  • Total Assets: ₹2,982.79 (vs. ₹3,207.00 as of March 31, 2026)
  • Non-Current Assets: ₹785.34
  • Current Assets: ₹2,197.45 (including Inventories: ₹1,188.07, Trade Receivables: ₹284.33)
  • Total Equity: ₹2,411.59
  • Non-Current Liabilities: ₹220.47
  • Current Liabilities: ₹350.73

Cash Flow Statement (H1 FY2026, ₹ Millions)

  • Net Cash from Operating Activities: ₹46.17
  • Net Cash Used in Investing Activities: ₹8.98
  • Net Cash Used in Financing Activities: ₹(39.89)
  • Net Increase in Cash: ₹15.26
  • Cash and Equivalents at Period End: ₹339.78

Auditor's Review

  • Limited review conducted by M/s. Sanmarks & Associates, Chartered Accountants.
  • Conclusion: No material misstatement found in the financial results.
  • Emphasis of Matter: Drawn to Note (h) regarding cash losses incurred during the quarter and half year ended September 30, 2026, and management's assessment of the situation. The conclusion is not modified in respect of this matter.

Meeting Details

  • Board Meeting held on November 10, 2026
  • Commenced at 02:55 PM IST, concluded at 03:45 PM IST