Results for the quarter and financial year ended 31.03.2026
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Ampvolts Limited reported revenue from operations of ₹2,063.64 lakhs for FY26, a massive jump from ₹198.20 lakhs in FY25, driven by EV charger sales and charging station/fleet operations. Profit after tax (PAT) grew to ₹155.23 lakhs from ₹46.28 lakhs in the prior year. The company turned profitable from a pre-tax loss of ₹71.38 lakhs in FY25 to a profit of ₹207.16 lakhs in FY26. However, operating cash flow was deeply negative at ₹-2,199.20 lakhs due to a sharp rise in trade receivables (from ₹70 lakhs to ₹1,985 lakhs) and heavy capex of ₹2,505 lakhs on PPE. Total borrowings surged to approximately ₹4,936 lakhs (long-term ₹2,332 lakhs + current ₹2,604 lakhs). The company also changed its statutory auditor from Bansi Khandelwal & Co. to MYSP & Associates LLP, and appointed a new internal auditor.
While the company has shown extraordinary top-line and bottom-line growth, the deeply negative operating cash flow and sharply rising receivables and debt levels raise red flags about working capital management and cash conversion quality, which investors should closely monitor.