Financial Results Overview

The Board of Directors approved the unaudited financial results for the quarter and half-year ended September 30, 2026, during their meeting held from 03:19 PM to 04:15 PM IST on November 12, 2026.

Quarterly Financial Performance (Q2 FY27 vs Q2 FY26)

  • Revenue from operations: INR 793.67 million (vs INR 935.58 million in Q2 FY26) - 15.2% decrease
  • Other income: INR 18.81 million (vs INR 15.74 million in Q2 FY26)
  • Total income: INR 812.48 million (vs INR 951.32 million in Q2 FY26)
  • Profit before tax: INR 68.80 million (vs INR 112.18 million in Q2 FY26) - 38.7% decrease
  • Tax expense: INR 19.31 million (vs INR 29.01 million in Q2 FY26)
  • Profit for the period: INR 49.49 million (vs INR 83.17 million in Q2 FY26) - 40.5% decrease
  • Basic and diluted EPS: INR 4.09 (vs INR 6.88 in Q2 FY26)

Half-Year Financial Performance (H1 FY27 vs H1 FY26)

  • Revenue from operations: INR 1,888.96 million (vs INR 1,872.71 million in H1 FY26)
  • Other income: INR 37.88 million (vs INR 30.74 million in H1 FY26)
  • Total income: INR 1,926.84 million (vs INR 1,903.45 million in H1 FY26)
  • Profit before tax: INR 131.09 million (vs INR 221.60 million in H1 FY26) - 40.8% decrease
  • Tax expense: INR 36.87 million (vs INR 57.06 million in H1 FY26)
  • Profit for the period: INR 94.22 million (vs INR 164.54 million in H1 FY26) - 42.7% decrease
  • Basic and diluted EPS: INR 7.79 (vs INR 13.60 in H1 FY26)

Capital Structure

  • Paid-up equity share capital: INR 120.96 million (face value INR 10 each)
  • Other equity: INR 2,350.39 million as of September 30, 2026 (vs INR 2,256.17 million as of March 31, 2026)

Balance Sheet Highlights (as of September 30, 2026)

  • Total assets: INR 3,315.53 million (vs INR 3,329.50 million as of March 31, 2026)
  • Non-current assets: INR 614.00 million (vs INR 490.87 million)
  • Current assets: INR 2,695.22 million (vs INR 2,804.38 million)
  • Inventories: INR 542.56 million (vs INR 472.36 million)
  • Trade receivables: INR 967.57 million (vs INR 1,182.26 million)
  • Cash and cash equivalents: INR 973.67 million (vs INR 1,063.15 million)
  • Total equity: INR 2,471.35 million (vs INR 2,377.13 million)

Cash Flow Statement (H1 FY27)

  • Net cash flow from operating activities: Negative INR 59.60 million (vs positive INR 313.48 million in H1 FY26)
  • Net cash used in investing activities: Negative INR 23.52 million (vs negative INR 25.22 million)
  • Net cash used in financing activities: Negative INR 6.91 million (vs negative INR 6.15 million)
  • Net decrease in cash: INR 90.03 million (vs increase of INR 202.11 million)

Capital Expenditure Revision

The Board approved a revised Capital Expenditure Budget for FY 2026-27 incorporating an additional allocation of INR 148 million, increasing the aggregate budget to approximately INR 265.9 million.

Capacity Expansion Details

TPP Production Line:

  • Existing capacity: 39,593 Hits/hr at 79% utilization
  • Proposed addition: 43,143 Hits/hr by CY 2027-Q2
  • Investment: INR 2.80 crore funded through internal accruals
  • Rationale: Business ramp-up plan

Bending Production Line:

  • Existing capacity: 1,547 Bends/hr at 74% utilization
  • Proposed addition: 1,677 Bends/hr by CY 2027-Q2
  • Investment: INR 3.00 crore funded through internal accruals
  • Rationale: Business ramp-up plan

Powder Coating Line:

  • Existing capacity: 199 Sq. m/hr at 87% utilization
  • Proposed addition: 318.75 Sq. m/hr by CY 2027-Q2
  • Investment: INR 9.00 crore funded through internal accruals
  • Rationale: Business sustainability

Corporate Actions History

The Board had approved allotment of 6,048,000 equity shares as fully paid-up bonus shares in ratio 1:1 on November 10, 2025, increasing paid-up capital to INR 120.96 million.

Exceptional Items Disclosure

The company had recognized an exceptional item of INR 13.63 million for the year ended March 31, 2026, relating to incremental charge for past service cost of gratuity liability due to implementation of new labor codes.

Segment Information

The company operates as a single primary business segment - products and systems for electricity distribution.

Subsidiary Status

The company has no subsidiary, associate, or joint venture companies as of September 30, 2026.