Financial Performance Highlights (Standalone)

  • Total Revenue: ₹162.35 crore (up 7.23% from ₹151.41 crore in FY25)
  • EBITDA: ₹14.12 crore (margin 8.70% vs 9.09% in FY25)
  • Profit After Tax: ₹3.67 crore (down 55.48% from ₹8.25 crore in FY25)
  • PAT Margin: 2.26% (vs 5.45% in FY25)
  • Net Worth: ₹74.60 crore (up from ₹71.31 crore)
  • Debt-to-Equity Ratio: 0.29x (vs 0.23x in FY25)
  • EPS: ₹4.00 (basic and diluted after exceptional items)
  • No dividend declared for FY26

Operational Highlights

  • Malur Plant Commissioning: Successfully commissioned and commercialized new Bangalore-Malur facility (70,000 sq ft built-up area on 3 acres)
  • Paint Shop: Phase 1 of in-house paint shop became operational in June 2026
  • Export Contribution: ₹22.83 crore (14.2% of total revenue)
  • Segment Performance: Construction Equipment (53.33%), Others (33.62%), Power Distribution (10.74%), Rail Transportation (2.31%)
  • Manufacturing Units: Six facilities across Pune, Vadodara, Kundli, Bommsandra, Bangalore-Malur, and Chennai

Capital Structure and Investments

  • Pa-up Capital: ₹9.19 crore (91,92,600 equity shares of ₹10 each)
  • Outstanding Warrants: 8,00,000 convertible share warrants issued in FY25 at ₹150 each (₹12 crore total), remaining unexercised as of March 31, 2026
  • Investments: ₹105.94 lakhs in non-current investments including quoted (Rishi Techtex Limited) and unquoted instruments

Key Developments and Challenges

  • Execution Challenges: Longer-than-expected commissioning of large-format machinery at Malur plant
  • Workforce Transition: Mid-year operational restructuring required more effort than anticipated
  • Cost Pressures: Employee benefit expenses increased to ₹32.83 crore from ₹26.68 crore due to new labor code implementation and dual-plant operations
  • Tax Provision: Increased to ₹125.89 lakhs from ₹2.59 lakhs in FY25

Future Outlook and Guidance

  • Revenue Target: 20% CAGR over next three years
  • Malur Projection: Expected to contribute ₹60 crore in FY27 and ₹100 crore by FY29
  • Margin Improvement: Expected from operating leverage as commissioning costs won't recur
  • Focus Areas: Ramping up Malur capacity, automation, Industry 4.0 adoption, export growth

Corporate Governance and Compliance

  • Board Composition: 4 directors (1 executive, 3 non-executive including 2 independent directors)
  • Key Managerial Personnel: Harshad Patel (MD), Ganesh Agrawal (CFO), Vandana Patel (Company Secretary)
  • Auditors: Shah Mehta and Bakshi (Statutory), Sudhanwa S. Kalamkar & Associates (Secretarial), P. K. Chatterjee & Associates (Cost)
  • CSR Spending: ₹12.95 lakhs on education and social welfare initiatives
  • Regulatory Compliance: No material adverse remarks from auditors

AGM Details

  • Date: September 25, 2026 at 11:00 AM IST
  • Mode: Video Conferencing/Other Audio Visual Means
  • Business:
  • Adoption of financial statements
  • Reappointment of Mr. Mahesh Solanki (DIN: 09213491) as director
  • Ratification of cost auditor remuneration (₹85,000 for FY27)
  • Record Date: September 18, 2026
  • E-voting: September 21-24, 2026 through NSDL

Liquidity and Capital Resources

  • Cash Flow: Net positive cash flow of ₹1.73 crore in FY26 (vs outflow of ₹3.65 crore in FY25)
  • Borrowings: ₹21.98 crore in loan funds
  • Working Capital: Current ratio of 1.13
  • Credit Rating: ACUITE BBB- (Stable) for long-term and ACUITE A3 for short-term facilities

Risk Factors

  • Customer Concentration: Significant dependence on key customers like Caterpillar and Schneider Electric
  • Input Costs: Vulnerability to steel price fluctuations
  • Execution Risk: Dependence on successful ramp-up of Malur facility
  • Regulatory Changes: Impact of new labor codes and minimum wage revisions