Nature of the Disclosure
This is a regulatory filing pursuant to Regulation 30 of SEBI LODR, informing the exchanges of the outcome of the Board of Directors meeting held on 14th November 2026. The Board approved the Unaudited Financial Results (standalone and consolidated) for the second quarter and half year ended 30th September 2026.
Key Financial Figures (Standalone)
Profit & Loss (₹ in Lakhs):
- Q2 FY27 (Unaudited): Revenue from Operations: ₹10,066; Total Income: ₹10,552; Loss Before Tax: ₹(193); Loss for the period: ₹(171); EPS: ₹(0.22)
- Q1 FY27 (Unaudited): Revenue from Operations: ₹7,861; Total Income: ₹7,892; Loss Before Tax: ₹(962); Loss for the period: ₹(716); EPS: ₹(0.91)
- Q2 FY26 (Unaudited): Revenue from Operations: ₹7,827; Total Income: ₹8,145; Loss Before Tax: ₹(923); Loss for the period: ₹(772); EPS: ₹(1.36)
- H1 FY27 (Unaudited): Revenue from Operations: ₹17,927; Total Income: ₹18,444; Loss Before Tax: ₹(1,155); Loss for the period: ₹(887); EPS: ₹(1.13)
- H1 FY26 (Unaudited): Revenue from Operations: ₹14,118; Total Income: ₹15,216; Loss Before Tax: ₹(1,952); Loss for the period: ₹(1,394); EPS: ₹(2.45)
- FY26 (Audited): Revenue from Operations: ₹32,325; Total Income: ₹33,736; Loss Before Tax: ₹(4,073); Loss for the year: ₹(3,086); EPS: ₹(5.38)
Balance Sheet (Standalone as of 30th Sep 2026, ₹ in Lakhs):
- Total Assets: ₹92,379
- Total Equity: ₹29,620 (Equity Share Capital: ₹8,243; Other Equity: ₹21,377)
- Total Liabilities: ₹62,759
- Inventories: ₹24,750
- Trade Receivables: ₹17,468
- Borrowings (Non-Current + Current): ₹41,874
Cash Flow (Standalone H1 FY27, ₹ in Lakhs):
- Net Cash from Operating Activities: ₹(9,195)
- Net Cash from Investing Activities: ₹(12,405)
- Net Cash from Financing Activities: ₹22,228
- Net Increase in Cash: ₹628
Key Financial Figures (Consolidated)
Profit & Loss (₹ in Lakhs):
- Q2 FY27 (Unaudited): Revenue from Operations: ₹19,293; Loss for the period: ₹(131); EPS: ₹(0.17)
- H1 FY27 (Unaudited): Revenue from Operations: ₹31,006; Loss for the period: ₹(676); EPS: ₹(0.86)
- FY26 (Audited): Revenue from Operations: ₹32,325; Loss for the year: ₹(3,077)
Balance Sheet (Consolidated as of 30th Sep 2026, ₹ in Lakhs):
- Total Assets: ₹1,10,813
- Total Equity: ₹31,901
- Goodwill: ₹8,783
Significant Events and Updates
1. Subsidiary Acquisition: Pursuant to shareholder approval on 14th March 2026, the company acquired 37,90,250 equity shares (60% stake) in Tulip Compression Private Limited (TCPL) from Gainwell Commosales Private Limited for a consideration of ₹11,901.38 Lakhs. TCPL became a subsidiary effective 8th May 2026. The acquisition resulted in recognition of goodwill amounting to ₹8,873 Lakhs and a non-controlling interest of ₹2,078 Lakhs.
2. Rights Issue: On 9th April 2026, the company issued and allotted 1,20,91,760 partly paid-up equity shares on a rights basis. The first and final call money was payable from 17th July to 31st July 2026. Subsequently, 65,323 shares were forfeited on 8th October 2026 due to non-payment of call money.
3. SEBI Penalty: A SEBI adjudicating officer imposed a penalty of ₹100 lakhs vide order dated 30th May 2024 for matters relating to earlier years. The Securities Appellate Tribunal (SAT) has stayed the operation of this order. No provision has been made in the financial results as the company is hopeful of a resolution in its favour.
4. Exceptional Item: A payment of ₹42 Lakhs was made in Q1 FY27 towards demands of earlier years for West Bengal Entry Tax and VAT/Sales tax under the West Bengal Sales Tax (Settlement of Dispute) Act, 2025. This has been classified as an exceptional item.
5. Deferred Tax Assets: The company has recognized deferred tax assets (net) of ₹10,944 Lakhs as of the reporting date, primarily towards unused tax losses. Management is confident based on projections that sufficient taxable profits will be available to realize these assets.
6. Segment Reporting: The consolidated operations comprise two segments: Material Handling Solutions and Packaging, Erection, Commissioning & O&M of Gas Compressors.
7. Warrant Proceeds Utilization (Annexure-2): The company raised ₹60 Crores through warrants convertible into equity shares on 28th January 2026. As of 30th September 2026, ₹27.84 Crores had been utilized against the original objects: Capital expenditure (₹278.04 Lakhs used of ₹3,600 Lakhs allocated) and Working Capital (₹1,200 Lakhs used of ₹1,200 Lakhs allocated). The audit committee reported no deviation or variation in the use of funds.
8. Related Party Transactions (Annexure-3): The total value of related party transactions during the half-year ended 30th September 2026 was ₹545 Lakhs. This includes loans to and sale/purchase of goods and services with various associate companies like Abhiksha Enterprises, Gainwell Commosales, and Gainwell Engineering.
Capital Structure Impact
The rights issue and subsequent share forfeiture increased the paid-up equity share capital from ₹7,035 Lakhs (as of 31st Mar 2026) to ₹8,243 Lakhs (as of 30th Sep 2026).