Board approves September quarter results; proposes ₹30.00 crores re-allocation of preferential proceeds
Board meeting (Oct 19, 2026) approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, with Limited Review Reports from the Statutory Auditors.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Total income | 23.01 | 2.06 | — | 24.86 | −7.4% |
| Profit before tax | (592.40) | (351.09) | −68.7% | (421.79) | −40.4% |
| Profit after tax | (588.81) | (344.86) | −70.7% | (415.45) | −41.7% |
| Total comprehensive income | (588.52) | (342.99) | −71.6% | (415.15) | −41.8% |
| Basic EPS | (0.38) | (0.22) | −72.7% | (0.27) | −40.7% |
- Profit after tax YoY change
- −70.7%
- Period
- 30-Sep-26
Also decided at the meeting
- Approved and recommended for shareholders' approval (special resolution) variation in objects of the Preferential Issue of 1,50,00,000 warrants (₹48,82,50,000) and re-allocation of unutilised proceeds.
- Proposed re-allocation of ₹30.00 crores of balance warrant consideration (₹36.62 crores): ₹15.00 crores to capital expenditure and ₹15.00 crores to repayment of loan; ₹6.62 crores stays for original objects.
Notes to the results
- Group incurred INR 2.22 crores in the half year on importing machinery, capitalised under CWIP (INR 0.45 crores in Q1, INR 1.77 crores in Q2).
- Employee compensation expense of INR 1.80 crores recognised for RSUs granted (INR 0.89 crores in Q1, INR 0.91 crores in Q2).
Board meeting outcome
The Board of Directors met on October 19, 2026 from 03:00 p.m. to 6:00 p.m. and approved two things: the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, along with the Limited Review Reports issued by the Statutory Auditors, and a change in how money already committed in the Preferential Issue is to be spent.
The second item is not a fresh fund raise. It is a proposal to shareholders to vary the objects of an issue already made and to re-allocate the unutilised portion, by way of a special resolution at the ensuing General Meeting or through postal ballot.
The Preferential Issue, and what is being changed
On September 26, 2026 the Board allotted 1.5 crore convertible warrants to N. K. Family Private Trust, an entity belonging to the Promoter Group, at ₹32.55 per warrant, aggregating ₹48,82,50,000.
- Upfront consideration received on allotment of warrants: 12,20,62,500
- Balance consideration receivable on conversion of warrants: 36,61,87,500, within 18 months from allotment
The proceeds were intended to be utilised towards working capital requirements.
Revised proposed allocation (total 48,82,50,000)
- Working capital requirements: 18,82,50,000, within 18-21 months, subject to requisite approvals
- Capital Expenditure: 15,00,00,000, within 18-21 months, subject to requisite approvals
- Repayment of existing borrowings availed: 15,00,00,000, within 18-21 months, subject to requisite approvals
In words: of the ₹36.62 crores expected on conversion, the company proposes to re-allocate ₹30.00 crores — ₹15.00 crores towards capital expenditure and ₹15.00 crores towards repayment of loan — while ₹6.62 crores continues towards the original objects.
The stated reason is to align utilisation with current business requirements and operational priorities, and to deploy capital efficiently. The company notes the re-allocation is confined to these proceeds and does not involve any fresh fund raising beyond the consideration receivable under the existing Preferential Issue. Separately, the company has utilised ₹7,50,00,000 towards mobilisation advances to suppliers up to September 30, 2026.
Financial results: standalone (Amount in Lakhs)
- Revenue from operations: 73.66 for the quarter, 134.99 for the half year
- Total Income from operations: 116.67 for the quarter, 254.26 for the half year
- Total Expenses: 671.73 for the quarter
- Profit/(Loss) before tax: (555.05) for the quarter, (916.84) for the half year
- Profit/(Loss) after tax: (551.10) for the quarter, (907.03) for the half year
- Basic/Diluted EPS: (0.36) for the quarter, (0.59) for the half year
Financial results: consolidated (Amount in Lakhs)
- Revenue from operations: 23.01 for the quarter, 47.87 for the half year
- Total Expenses: 615.42 for the quarter
- Profit/(Loss) before tax: (592.40) for the quarter, (1,014.19) for the half year
- Profit/(Loss) for the period: (588.81) for the quarter, (1,004.26) for the half year
- Basic/Diluted EPS: (0.38) for the quarter, (0.65) for the half year
Two expense notes worth knowing
- The company capitalised INR 2.10 crores of import and other directly attributable costs for bringing machinery to its intended location and condition under Capital Work-in-Progress in the half year, of which 0.45 crores fell in the June quarter and 1.65 crores in the September quarter. The consolidated figure is INR 2.22 crores.
- Employee compensation expense of ₹1.80 crores was recognised in the half year on Restricted Stock Units granted to eligible employees, including 0.89 crores in the June quarter and 0.91 crores in the September quarter.
How to read this
Two separate things are happening in this update. One is a set of quarterly numbers where expenses sit well above income at both standalone and consolidated level, producing losses for the quarter and the half year. The other is a decision to redirect part of the promoter-group warrant money away from working capital and towards capital expenditure and loan repayment, which indicates where the company sees its immediate priorities. The variation will need shareholder approval, so the next step is the notice of the General Meeting or postal ballot.
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Board meeting on October 19, 2026 to consider and approve September quarter results
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27 Sep 2026
More numbers
- Preferential issue size (warrants allotted)₹48,82,50,000
- Upfront consideration received on allotment of warrants12,20,62,500
- Balance consideration receivable on conversion of warrants36,61,87,500
- Convertible warrants allotted to N. K. Family Private Trust1,50,00,000
- Issue price per warrant₹32.55
- Aggregate amount proposed to be re-allocated₹30.00 crores
- Profit/(Loss) after tax, standalone, half year (Rs. in lakhs)(907.03)
- Profit/(Loss) for the period, consolidated, half year (Rs. in lakhs)(1,004.26)
- Total income, latest quarter23.01 (Amount in Lakhs)
- Total income, year-ago quarter2.06 (Amount in Lakhs)
- Total income, previous quarter24.86 (Amount in Lakhs)
- Total comprehensive income, latest quarter(588.52) (Amount in Lakhs)
- Total comprehensive income, year-ago quarter(342.99) (Amount in Lakhs)
- Total comprehensive income, previous quarter(415.15) (Amount in Lakhs)
- Profit after tax, latest quarter(588.81) (Amount in Lakhs)
- Profit after tax, year-ago quarter(344.86) (Amount in Lakhs)
- Profit after tax, previous quarter(415.45) (Amount in Lakhs)
- Profit before tax, latest quarter(592.40) (Amount in Lakhs)
- Profit before tax, year-ago quarter(351.09) (Amount in Lakhs)
- Profit before tax, previous quarter(421.79) (Amount in Lakhs)
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