Q2 results approved; ₹170 crore polymer complex capex plan gets in-principle nod
Board granted in-principle approval for a capital expenditure plan of ₹170 crore for an Integrated Polymer Complex at Vadodara, to be built in two phases.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,03,190.38 | 43,833.29 | +135% | 68,987.64 | +49.6% |
| Total income | 1,05,006.73 | 43,843.73 | +140% | 69,755.63 | +50.5% |
| Profit before tax | 10,863.82 | 2,510.48 | +333% | 5,869.28 | +85.1% |
| Profit after tax | 10,788.20 | 2,402.70 | +349% | 5,844.65 | +84.6% |
| Total comprehensive income | 10,790.36 | 2,402.70 | +349% | 5,830.37 | +85.1% |
| Basic EPS | 1.87 | 0.46 | +307% | 1.11 | +68.5% |
- Total Income (Latest)
- 1,05,006.73 lakhs; Year ago 43,843.73 (+140%); Prev qtr 69,755.63 (+50.5%)
- Profit After Tax (Latest)
- 10,788.20 lakhs; Year ago 2,402.70 (+349%); Prev qtr 5,844.65 (+84.6%)
- Period
- 30.09.2026
Also decided at the meeting
- Board took note of the QIP fund utilisation statement for quarter ended September 30, 2026; no deviation or variation from objects in the Placement Document.
- Board took note of the Monitoring Agency Report by CARE Ratings Limited for quarter ended September 30, 2026.
- In-principle approval of capex plan of ₹170 crore for an Integrated Polymer Complex at Vadodara, in two phases (Phase I and Phase II).
Auditor's review
Conclusion: Unmodified
- Emphasis of matter on Note 4(b): PPE verification completed; depreciation shortfall of Rs. 38,092.56 lacs adjusted against Capital Reserve and Rs. 4,548.06 lacs against opening Retained Earnings.
- Emphasis of matter: FY 2025-26 comparative quarterly, half-year and full-year figures restated for the depreciation shortfall.
- Other matter: subsidiary reviewed by other auditor, quarter revenue Rs. 40,410.66 lacs and net profit Rs. 239.31 lacs; conclusion not modified.
Notes to the results
- Exceptional item: short provision of depreciation for last year of 370.08 lakh in quarter ended 30.09.2025; nil in current quarter (Note 4).
- Depreciation shortfall Rs. 38,092.56 lacs (01/04/2018-31/03/2022) adjusted to Capital Reserve; Rs. 4,548.06 lacs (01/04/2022-31/03/2025) to opening Retained Earnings.
- QIP raised ₹ 1,613.97 Crores issuing 7,11,00,000 shares at ₹ 227; ₹ 1,097.78 Cr utilised, ₹ 516.19 Cr unutilised as at 30/09/2026.
- Holding Company discharged from CBI / ED / PLMA matters from criminal consequences, facilitating release of ED attachments on assets.
Results approved
The Board approved the unaudited financial results for the quarter and half year ended September 30, 2026, on both standalone and consolidated basis, after review and recommendation by the Audit Committee. The statutory auditors, Naresh & Co., Chartered Accountants, issued Limited Review Reports with an unmodified conclusion on these results.
Capex plan approved in principle
The Board granted in-principle approval for a capital expenditure plan of ₹170 crore for an Integrated Polymer Complex at Vadodara, to be built in two phases. The complex is to manufacture PVC/FRLS compounds, silane and peroxide cross-linked XLPE compounds, and super-clean XLPE compounds for cables rated up to 400 kV. The update states it is expected to be India's first super-clean cable-grade polymer facility, and would also make the company the only Indian cable manufacturer with a fully integrated value chain, from aluminium rod to 400 kV insulation.
How the quarter and half year looked (consolidated, Rs. in lakh)
- Revenue from operations, quarter: 1,03,190.38
- Total income, quarter: 1,05,006.73
- Net Profit / (Loss) for the period, quarter: 10,788.20
- Basic earnings per share, quarter: 1.87
- Net Profit / (Loss) for the period, half year: 16,632.86
Auditor's emphasis of matter
The auditors drew attention to a completed exercise of physical verification and reconciliation of the company's Property, Plant and Equipment relating to the period before takeover by the new management. This covered reconstruction and updating of the asset register, reconciliation with books of account, allocation of cost and accumulated depreciation, and reassessment of remaining useful lives. To regularise the depreciation shortfall arising from depreciation earlier provided at a flat rate, the company applied retrospective adjustments under Ind AS 8:
- 38,092.56 lacs adjusted against Capital Reserve, for the period 01/04/2018 to 31/03/2022
- 4,548.06 lacs adjusted against the opening Retained Earnings balance as of April 1, 2025, for the period 01/04/2022 to 31/03/2025
The auditors' conclusion is not modified in respect of this matter.
QIP proceeds and monitoring
Under Regulation 32, the Board took note of the statement of utilisation of funds raised through the Qualified Institutions Placement for the quarter ended September 30, 2026, as reviewed by the Audit Committee. There has been no deviation or variation in the utilisation of the QIP proceeds from the objects stated in the Placement Document. The Board also took note of the Monitoring Agency Report for the quarter, issued by CARE Ratings Limited, the monitoring agency appointed under Regulation 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
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More numbers
- Capex plan for Integrated Polymer Complex at Vadodara₹170 crore
- Net Profit / (Loss) for the period, consolidated, half year16,632.86 lakh
- Depreciation shortfall adjusted against Capital ReserveRs. 38,092.56 lacs
- Depreciation shortfall adjusted against opening Retained EarningsRs. 4,548.06 lacs
- Total income, latest quarter1,05,006.73 (₹ in Lakh)
- Total income, year-ago quarter43,843.73 (₹ in Lakh)
- Total income, previous quarter69,755.63 (₹ in Lakh)
- Total comprehensive income, latest quarter10,790.36 (₹ in Lakh)
- Total comprehensive income, year-ago quarter2,402.70 (₹ in Lakh)
- Total comprehensive income, previous quarter5,830.37 (₹ in Lakh)
- Profit after tax, latest quarter10,788.20 (₹ in Lakh)
- Profit after tax, year-ago quarter2,402.70 (₹ in Lakh)
- Profit after tax, previous quarter5,844.65 (₹ in Lakh)
- Revenue from operations, latest quarter1,03,190.38 (₹ in Lakh)
- Revenue from operations, year-ago quarter43,833.29 (₹ in Lakh)
- Revenue from operations, previous quarter68,987.64 (₹ in Lakh)
- Profit before tax, latest quarter10,863.82 (₹ in Lakh)
- Profit before tax, year-ago quarter2,510.48 (₹ in Lakh)
- Profit before tax, previous quarter5,869.28 (₹ in Lakh)
- capex plan for Integrated Polymer Complex₹170 crore
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