Board Meeting Details

The 2nd Meeting of the Board of Directors for financial year 2026-27 was held on Tuesday, 26th May, 2026 at the Registered Office of the Company. The meeting commenced at 03:00 P.M. and concluded at 06:58 P.M.

Key Financial Results (Standalone)

Year Ended 31st March 2026 (Audited)

  • Revenue from Operations: ₹4,027.23 lakhs (Previous Year: ₹2,316.13 lakhs)
  • Other Income: ₹3.99 lakhs (Previous Year: ₹1.56 lakhs)
  • Total Income: ₹4,031.22 lakhs (Previous Year: ₹2,317.69 lakhs)
  • Total Expenses: ₹3,497.14 lakhs (Previous Year: ₹1,925.80 lakhs)
  • Profit Before Tax: ₹534.08 lakhs (Previous Year: ₹391.89 lakhs)
  • Tax Expense: ₹125.23 lakhs (Current Tax) + ₹(4.11) lakhs (Deferred Tax) + ₹8.82 lakhs (Tax adjustments relating to earlier years)
  • Net Profit for the Year: ₹404.14 lakhs (Previous Year: ₹241.91 lakhs)
  • Basic and Diluted EPS: ₹13.94 (Previous Year: ₹9.33)
  • Paid-up Equity Share Capital: ₹389.23 lakhs (Previous Year: ₹286.03 lakhs)
  • Reserves and Surplus: ₹2,274.98 lakhs (Previous Year: ₹702.64 lakhs)

Half Year Ended 31st March 2026 (Audited)

  • Revenue from Operations: ₹2,665.96 lakhs
  • Other Income: ₹3.61 lakhs
  • Total Income: ₹2,669.57 lakhs
  • Total Expenses: ₹2,361.10 lakhs
  • Profit Before Tax: ₹308.47 lakhs
  • Tax Expense: ₹72.34 lakhs (Current Tax) + ₹11.37 lakhs (Deferred Tax) + ₹8.82 lakhs (Tax adjustments relating to earlier years)
  • Net Profit for the Period: ₹215.94 lakhs
  • Basic and Diluted EPS: ₹7.18

Expense Breakdown (Year Ended 31st March 2026)

  • Cost of materials consumed: ₹2,244.41 lakhs
  • Purchase of Stock-in-trade: ₹591.69 lakhs
  • Changes in inventories: ₹74.27 lakhs
  • Employee benefit expense: ₹197.65 lakhs
  • Finance costs: ₹160.60 lakhs
  • Depreciation and amortisation expense: ₹61.85 lakhs
  • Other expenses: ₹166.68 lakhs

Cash Flow Statement (Year Ended 31st March 2026)

  • Net Cash Used in Operating Activities: ₹(579.57) lakhs
  • Net Cash Used in Investing Activities: ₹(1,029.48) lakhs
  • Net Cash From Financing Activities: ₹1,737.96 lakhs
  • Net Increase in Cash and Cash Equivalents: ₹128.91 lakhs
  • Cash and Cash Equivalents at beginning: ₹4.83 lakhs
  • Cash and Cash Equivalents at end: ₹133.74 lakhs

IPO Proceeds Utilization

The company made an Initial Public Offering comprising a Fresh Issue of 10,32,000 Equity shares of Face Value of ₹10 each at a premium of ₹134 each and got listed on Bombay Stock Exchange - SME on 30th January 2026.

Total IPO Proceeds: ₹1,486.08 lakhs

Utilization as at 31st March 2026:

  • Purchase of Plant and Machinery: ₹131.19 lakhs utilized out of ₹379.00 lakhs allocated (₹247.81 lakhs unutilized)
  • Prepayment/Repayment of secured loan: ₹217.00 lakhs fully utilized
  • Funding of Working Capital requirements: ₹400.00 lakhs fully utilized
  • General Corporate Purpose: ₹222.91 lakhs fully utilized
  • Offer Related Expenses: ₹267.17 lakhs fully utilized

Total Utilization: ₹1,238.27 lakhs

Unutilized Amount: ₹247.81 lakhs (earmarked for purchase of plant and machinery)

Of the unutilized ₹247.81 lakhs, ₹105.84 lakhs was temporarily invested in fixed deposits with scheduled banks and ₹141.97 lakhs was utilized for interim working capital requirements. Management represented this was short-term and temporary, and the entire ₹141.97 lakhs was subsequently made available prior to approval of financial statements.

Auditor Appointments

  • Internal Auditor for FY26-27: M/s. J A Y A M & Associates LLP, Chartered Accountants (Firm Registration No. 130968W/W100605), Vadodara
  • Secretarial Auditor for FY25-26: M/s. M. Buha & Co., Company Secretaries, Vadodara (Unique Code: S2011GJ168200; Peer Review Certificate No. 7985/2026)

Audit Opinion

Statutory Auditors M/s. S G P S & Associates, Chartered Accountants issued an unmodified opinion with an Emphasis of Matter paragraph relating to utilization of IPO proceeds. The emphasis matter does not constitute a modification of the audit opinion.

Additional Information

  • The company operates as one reportable business segment: engineering and allied manufacturing activities
  • Revenue from "PVC & HDPE Pipes and Fittings" is below quantitative threshold for separate segment reporting
  • Figures for half year ended September 30, 2025 were not previously published as the company was listed on January 30, 2026
  • Previous period figures have been regrouped and reclassified for comparability