Q2 and H1 results approved, independent director appointed, AGM extension to be sought
Board on 07 Nov 2026 approved unaudited standalone and consolidated Q2/H1 FY27 results.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 861.41 | 3342.53 | −74.2% | 6164.32 | −86% |
| Total income | 861.88 | 3449.20 | −75% | 6175.63 | −86% |
| Profit before tax | (582.60) | 6.42 | — | 7.00 | — |
| Profit after tax | (583.17) | 14.37 | — | 16.99 | — |
| Total comprehensive income | -574.44 | 15.97 | — | 33.67 | — |
| Basic EPS | (0.19) | 0.01 | — | 0.01 | — |
- Total income year ago / YoY change
- 3449.20 (−75%)
- Period
- 30th September, 2026
Also decided at the meeting
- Appointed Mr Vishal Manharbhai Shah (DIN: 11155812) as Additional Director (Non-Executive Independent) from 07 November 2026 for five consecutive years, subject to shareholder approval at the ensuing AGM.
- Approved update an application with the Registrar of Companies under Section 96 of the Companies Act, 2013 for one month's extension for holding the 44th AGM for FY 2025-26.
Auditor's review
Conclusion: Unmodified
- Emphasis of matter: Note 7 relating to contingent liability due to the show cause notice issued by the Nhava Sheva customs authority; the Company has shared an appeal before the appropriate appellate authority.
- Emphasis of matter: Note 9 relating to the Company's business and ancillary ecosystem currently impacted and management's efforts to address the situation; conclusion not modified.
- The interim financial statements of the only foreign subsidiary were not reviewed by us; our conclusion on amounts relating to it is based solely on unreviewed information (total assets Rs 5.04 Lakhs, total revenue NIL).
Notes to the results
- Show Cause Notice dated 18.03.2023 from Commissioner of Customs, Nhava Sheva raising differential customs duty demand of Rs 12,35,86,901/- plus interest and penalties; appeal shared 28.04.2026; contingent liability.
- Income Tax Authority search (February 2024); during the quarter the Company received a demand of Rs 798 lakhs, against which it has preferred an appeal; no provision considered necessary as the demand is contingent.
- Company facing headwinds from supply constraints largely attributable to global disruptions, dampening demand and adversely affecting the EV business; diversifying supplier base and arranging additional working capital facilities.
- Consolidated results include only one foreign subsidiary, Wardwizard Global PTE LTD; total loss amounted to Rs 1,43,670.26/- for the quarter ended 30.09.2026.
Three decisions, one board meeting
The board met on 07 November 2026 and approved three items: the unaudited financial results for the quarter and half year ended 30 September 2026, the appointment of an additional independent director, and a plan to seek more time to hold the annual general meeting.
Results and the auditor's review
- The unaudited standalone and consolidated results for Q2 and H1 were approved by the board, on the audit committee's recommendation.
- The statutory auditors, VCA & Associates, issued a limited review report. Their conclusion: nothing came to their attention that causes them to believe the statement contains any material misstatement, and the review carries no qualification.
- The auditors added an Emphasis of Matter on two notes: Note 6, a customs show cause notice with an appeal pending before the appellate authority, and Note 9, the company's business and ancillary ecosystem currently being impacted. Their conclusion is not modified for these matters.
What the standalone numbers show
All amounts are in lakh, as printed.
- Revenue from operations: 861.41 for the quarter and 7025.73 for the half year.
- Profit/(loss) for the period: (581.53) for the quarter and (562.61) for the half year.
The bracketed figures are losses. Simply put, the company reported a loss for both the quarter and the half year, compared with a profit in the same periods a year earlier.
Contingent liabilities the auditors highlighted
- Customs: a show cause notice dated 18 March 2023 from the Commissioner of Customs, Nhava Sheva, raised a demand for differential customs duty of ₹12,35,86,901/- together with applicable interest and penalties. The company has shared an appeal; based on legal advice it expects a favourable outcome, has made no provision, and treats the matter as a contingent liability.
- Income tax: a search by the Income Tax Authority at the corporate office and manufacturing unit led to a demand of ₹798 lakhs, against which the company has preferred an appeal and made no provision.
Management view on the business
Note 9 says the company faces headwinds from supply constraints, largely due to global disruptions, which have dampened market demand and adversely affected the electric vehicle business and its ancillary ecosystem. The company says it is diversifying its supplier base for critical components and renegotiating, alongside arranging additional working capital facilities.
New independent director
- Mr Vishal Manharbhai Shah (DIN: 11155812) has been appointed as an Additional Director in the Non-Executive Independent Director category with effect from 07 November 2026.
- The term is five consecutive years, on the Nomination and Remuneration Committee's recommendation.
- The appointment is subject to shareholder approval at the ensuing Annual General Meeting.
- The company affirms he is not debarred from holding the office of director by any SEBI order.
Annual general meeting extension
The board proposed update an application with the Registrar of Companies under Section 96 of the Companies Act, 2013, seeking extension of further final time for a period of one month for holding the 44th Annual General Meeting for the financial year 2025-26.
What a reader can take away
- The quarter and half year ended in a loss at the standalone Profit/(loss) for the period line.
- Two government demands are contested and unprovided for, which is why the auditors drew attention to them.
- The director appointment and the AGM extension are procedural, but the extension request means the annual meeting will be held later than originally scheduled.
Also from Wardwizard Innovations & Mobility
Q2 results, new independent director, and plan to seek ROC nod for one-month extension of 44th AGM
7 Nov 2026
Board meeting on 07 Nov 2026 to approve Q2 and H1 FY27 results
4 Nov 2026
More numbers
- Revenue from operations, H1 FY27, standalone (Rs in lakh)7025.73
- Profit/(loss) for the period, Q2 FY27, standalone (Rs in lakh)(581.53)
- Profit/(loss) for the period, H1 FY27, standalone (Rs in lakh)(562.61)
- Differential customs duty demand, Note 6₹12,35,86,901/-
- Income tax demand under appeal, Note 7₹798 lakhs
- Extension of further final time sought for holding 44th AGMone month
- Term of independent director appointmentfive (5) consecutive years
- Total income, latest quarter861.88 (Amount in Lakhs)
- Total income, previous quarter6175.63 (Amount in Lakhs)
- Total income, year-ago quarter3449.20 (Amount in Lakhs)
- Total comprehensive income, latest quarter-574.44 (Amount in Lakhs)
- Total comprehensive income, previous quarter33.67 (Amount in Lakhs)
- Total comprehensive income, year-ago quarter15.97 (Amount in Lakhs)
- Profit after tax, latest quarter(583.17) (Amount in Lakhs)
- Profit after tax, previous quarter16.99 (Amount in Lakhs)
- Profit after tax, year-ago quarter14.37 (Amount in Lakhs)
- Revenue from operations, latest quarter861.41 (Amount in Lakhs)
- Revenue from operations, previous quarter6164.32 (Amount in Lakhs)
- Revenue from operations, year-ago quarter3342.53 (Amount in Lakhs)
- Profit before tax, latest quarter(582.60) (Amount in Lakhs)
- Profit before tax, previous quarter7.00 (Amount in Lakhs)
- Profit before tax, year-ago quarter6.42 (Amount in Lakhs)
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