Financial Performance Highlights

  • Revenue from Operations: ₹9,627.95 lakhs (FY25: ₹4,198.64 lakhs) - 129% increase
  • Profit Before Depreciation and Tax: ₹266.62 lakhs (FY25: loss of ₹174.96 lakhs)
  • Profit After Tax: ₹206.12 lakhs (FY25: loss of ₹232.58 lakhs)
  • Total Comprehensive Income: ₹213.93 lakhs (FY25: loss of ₹231.86 lakhs)
  • Earnings Per Share: ₹3.84 (FY25: negative ₹4.33)
  • No dividend recommended for FY26
  • No transfer to General Reserve proposed

49th Annual General Meeting Details

  • Date: September 26, 2026 at 12:30 PM IST
  • Mode: Video Conferencing/Other Audio-Visual Means
  • Record Date: September 19, 2026
  • Remote e-voting period: September 23-25, 2026

AGM Agenda Items

Ordinary Business:

1. Adoption of audited financial statements for FY26

2. Re-appointment of Smt. Shruti A. Gami (DIN: 08764442) as Director retiring by rotation

3. Appointment of M/s S M R P & Associates, Chartered Accountants (Firm Regn. No: 146255W) as Statutory Auditors for 5 years at remuneration of ₹5.00 lakhs for three financial years

Special Business:

4. Special Resolution to increase borrowing limits to ₹100 crore under Section 180(1)(c) of Companies Act, 2013

Management Changes

  • Mr. Dhananjay D. Kantikar resigned as Chairman and Non-Executive Director effective May 15, 2025
  • Mr. Abhishek V. Gami appointed as Chairman effective May 16, 2025 (continuing as Managing Director)
  • Mr. Chetan Nayak resigned as CFO effective June 26, 2025
  • Mr. Venkatta Ramanan Puliyady appointed as CFO effective June 27, 2025, resigned effective March 31, 2026
  • Mr. Pratham Pandya appointed as CFO effective August 10, 2026
  • Mr. Kamlesh Shinde continues as Company Secretary

Capital Structure

  • Paid-up Equity Share Capital: ₹537.12 lakhs (53,71,245 equity shares of ₹10 each)
  • No change in share capital during the year
  • Promoter Holding: Abhishek V. Gami (30.62%), Shruti A. Gami (11.10%)

Operational Highlights

  • Production Volume Increase across most product categories
  • Metal Cutting: 4,89,888 nos. (FY25: 92,634 nos.)
  • Mining: 36,634 nos. (FY25: 1,84,389 nos.)
  • Wear Parts: 90,063 nos. (FY25: 5,88,903 nos.)
  • Intermediates: 72,847.50 kgs (FY25: 39,278.50 kgs)
  • Export Revenue: ₹4,621.88 lakhs (FY25: ₹18.15 lakhs)
  • Foreign Exchange Earnings: ₹4,621.88 lakhs (FY25: ₹18.15 lakhs)
  • Foreign Exchange Outgo: ₹934.19 lakhs (FY25: ₹507.23 lakhs)

Related Party Transactions

  • Purchases from United Wolfram Pvt. Ltd.: ₹8,859.60 lakhs
  • Sales to United Wolfram Pvt. Ltd.: ₹275.29 lakhs
  • Transactions conducted at arm's length and in ordinary course of business

Borrowings and Financial Position

  • Cash Credit from State Bank of India: ₹0 lakhs (FY25: ₹670.62 lakhs) - fully repaid
  • Secured against: Hypothecation of current assets and immovable properties with personal guarantees from directors
  • Current Ratio: 1.38 (FY25: 2.36)
  • Inventory: ₹3,871.34 lakhs (FY25: ₹1,769.61 lakhs)
  • Trade Receivables: ₹624.83 lakhs (FY25: ₹650.19 lakhs)
  • Cash & Cash Equivalents: ₹300.12 lakhs (FY25: ₹1.63 lakhs)

Corporate Governance

  • 6 Board meetings held during FY26 with 100% attendance
  • All applicable Secretarial Standards complied with
  • Vigil Mechanism/Whistle Blower Policy in place
  • Code of Conduct affirmed by all Board members and senior management

Employee Information

  • Total Employees: 101 (4 female, 97 male)
  • Median Remuneration Increase: 8.63%
  • Managing Director Remuneration Increase: 12.50%
  • No sexual harassment complaints received during the year

Risk Factors Highlighted

  • Raw material price volatility (tungsten, cobalt)
  • Supply availability and export restrictions
  • Global trade uncertainty
  • High production costs
  • Intense competition and pricing pressure

Future Outlook

  • Management remains "cautiously optimistic" despite market volatility
  • Focus on improving product mix, expanding exports, and developing higher-value products
  • Continued investment in modern machinery and operational efficiency