Key Matters Approved
The Board of Directors at its meeting held on Saturday, 30th May 2026 (07:30 to 08:00 hours IST) approved:
1. Audited Financial Results (Standalone and Consolidated) for Q4 and FY ended 31st March 2026
2. Statement of deviation and variation under Regulation 32(1) for period ended March 31, 2026
3. Rights Issue of equity shares up to ₹100 crores
Financial Results Highlights
Standalone Performance (Amounts in ₹ lakhs):
- Q4 FY26 Revenue from Operations: 11,848.71
- Q4 FY26 Total Income: 11,926.00
- Q4 FY26 Profit Before Tax: 123.02
- Q4 FY26 Net Profit: 62.05
- Q4 FY26 EPS (Basic & Diluted): ₹0.02
- FY26 Revenue from Operations: 24,690.23
- FY26 Total Income: 25,342.75
- FY26 Profit Before Tax: 283.89
- FY26 Net Profit: 195.49
- FY26 EPS (Basic & Diluted): ₹0.07
Consolidated Performance (Amounts in ₹ lakhs):
- Q4 FY26 Revenue from Operations: 11,848.71
- Q4 FY26 Total Income: 11,926.00
- Q4 FY26 Profit Before Tax: 120.56
- Q4 FY26 Net Profit: 59.59
- Q4 FY26 EPS (Basic & Diluted): ₹0.02
- FY26 Revenue from Operations: 24,690.23
- FY26 Total Income: 25,342.75
- FY26 Profit Before Tax: 277.15
- FY26 Net Profit: 188.76
- FY26 EPS (Basic & Diluted): ₹0.06
Rights Issue Details
The Board approved issuing equity shares of face value ₹1 each for an amount not exceeding ₹100 crores through a Rights Issue to eligible shareholders as on a record date to be determined. The specific terms including issue price, rights entitlement ratio, record date, timing, and payment terms will be determined by the Board or a duly constituted Committee.
Subsidiary Information
The consolidated results include subsidiary Wardwizard Global PTE LTD (wholly owned subsidiary, incorporated w.e.f. 19/08/2022) which reported:
- Total assets: ₹4.89 lakhs as at 31st March 2026
- Total revenue: ₹1.46 lakhs for FY26
- Net loss after tax: ₹2.31 lakhs for Q4 FY26 and ₹5.94 lakhs for FY26
The subsidiary's auditor issued a qualified report due to non-receipt of bank confirmation for Singapore Dollar (S$) 115.
Contingent Liabilities and Legal Matters
1. Customs Duty Demand: Show Cause Notice dated 18th March 2023 from Commissioner of Customs, Nhava Sheva, consequent to DRI inquiry, raising demand for differential customs duty of ₹12,35,86,901 (₹12.36 crores) plus interest and penalties. Adjudicating Authority passed order dated 2nd February 2026. Company filed appeal on 28th April 2026. Based on legal advice, company expects favorable outcome and no material financial outflow. Classified as contingent liability with no provision made.
2. Income Tax Search: Search conducted at corporate office and manufacturing unit in February 2024. Company provided full cooperation but has not received written communication from authorities. Financial impact not ascertainable.
Fund Utilization
The company completed a rights issue of 4,01,23,546 equity shares at ₹11 per share, raising ₹44,13,59,006. Amount transferred to share capital: ₹4,01,23,546 (₹1 per share) and securities premium: ₹40,12,35,460. As of 31st December 2025, entire proceeds were fully utilized for working capital purposes and general corporate purposes as stated in the letter of offer dated 10-09-2025.
Other Disclosures
- The company operates in a single segment: Electric Mobility Vehicles and related activities
- Investor complaints: 5 pending at quarter start, 3 new received, 8 resolved during quarter
- Impact of new Labour Codes evaluated and found negligible based on actuarial valuation
- Previous period figures have been regrouped/reclassified for consistency
- Auditors: M/s. VCA & Associates, Vadodara issued unmodified opinion with emphasis on contingent liability matter
- Declaration provided that statutory auditors issued unmodified opinion on annual audited results
Additional Documents Submitted
- Statement of Audited Financial Results (Standalone & Consolidated)
- Independent Auditor's Report on Financial Results
- Declaration on Unmodified Opinion of Statutory Auditor
- Statement of deviation and variation (Annexure A)
- Disclosures required under Regulation 30 (Annexure B)