Q2 results, new independent director, and plan to seek ROC nod for one-month extension of 44th AGM
Board meeting on 07 November 2026 approved the unaudited Q2 and half year FY2026-27 results (standalone and consolidated); the auditor's review report carries no qualification.
By ScoutQuest · · 3 min read
- Quarter Loss
- Loss of Rs. 581.53 lakhs for the quarter
- Half Year Loss
- Rs. 562.61 lakhs for the half year
- Equity Share Capital
- Rs. 3008.17 lakhs as at 30 September 2026
The board met on Saturday, 07 November 2026 and approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The statutory auditors, VCA & Associates, Chartered Accountants, Vadodara, issued a Limited Review Report that carries no qualification.
Results at a glance
- The company reported a loss of Rs. 581.53 lakhs for the quarter ended 30 September 2026. In the immediately preceding quarter ended 30 June 2026 it had reported a profit of Rs. 18.92 lakhs, and in the quarter ended 30 September 2025 a profit of Rs. 17.45 lakhs.
- For the half year ended 30 September 2026, the loss was Rs. 562.61 lakhs.
- Equity share capital stood at Rs. 3008.17 lakhs as at 30 September 2026.
- The company operates in a single segment, Electric Mobility Vehicles, and sells through a dealership network.
Board change
- Mr Vishal Manharbhai Shah (DIN: 11155812) has been appointed an Additional Director in the category of Non-Executive Independent Director with effect from 07 November 2026, for a period of five consecutive years.
- The appointment follows the recommendation of the Nomination and Remuneration Committee and is subject to the approval of shareholders at the ensuing Annual General Meeting.
- The company affirmed that he is not debarred from holding the office of Director by virtue of any SEBI order or any other such authority.
Annual General Meeting
- The board approved a proposal to file an application with the Registrar of Companies under Section 96 of the Companies Act, 2013, seeking an extension of further final time for a period of one month for holding the 44th Annual General Meeting for the financial year 2025-26.
Contingent liabilities flagged by the auditor
- Customs: a Show Cause Notice dated 18 March 2023 from the Commissioner of Customs, Nhava Sheva, following a Directorate of Revenue Intelligence inquiry of 25-26 March 2022, raised a demand for differential customs duty of Rs. 12,35,86,901 together with applicable interest and penalties. The Adjudicating Authority passed an order dated 2 February 2026, communicated to the company on 16 February 2026, and the company has shared an appeal before the appropriate appellate authority dated 28.04.2026.
- Based on legal advice, the company says it is confident of a favourable outcome and does not expect any material financial outflow. The matter is classified as a contingent liability and no provision has been made.
- Income tax: following a search in February 2024 at the corporate office and manufacturing unit, the company received a demand of Rs. 758 lakhs during the quarter and has preferred an appeal. No provision is considered necessary and the demand is stated to be contingent in nature.
Management's comment on the business
- The company says it is facing headwinds arising from supply constraints, largely attributable to global disruptions, which have dampened market demand and adversely affected the electric vehicle business and its ancillary ecosystem.
- It remains hopeful of an improvement in business sentiment and a reduction in disruptions in the ensuing quarter, and says it is diversifying its supplier base for critical components, renegotiating, and arranging additional working capital facilities.
Other points
- One new investor complaint was received during the quarter and the same was resolved and disposed of during the quarter, with none pending at the beginning of the period.
- The results were reviewed by the Audit Committee and approved by the board at the meeting held on 07.11.2026.
The headline of the exchange update focuses on the proposal to seek more time for the 44th AGM. The update also contains the quarterly numbers, the board change and two contingent tax-related demands, all of which a reader may want to weigh together.
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More numbers
- Loss for the quarter ended 30 September 2026(581.53) lakhs
- Loss for the half year ended 30 September 2026(562.61) lakhs
- Differential customs duty demanded (contingent liability)Rs. 12,35,86,901
- Income tax demand received during the quarter758 lakhs
- Equity share capital as at 30 September 20263008.17 lakhs
- New investor complaints received during the quarter1
- Term of independent director appointmentfive (5) consecutive years
- Extension sought for holding the 44th AGMone month
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