Meeting held on Tuesday, 11th November 2025 has approved Unaudited Financial Results for the second quarter & half year ended 30th September, 2025 along with limited review report.
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On the reaction day the stock moved in line with Nifty Microcap 250 and 0.5 pts more than its Electrodes & Refractories peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Board approved unaudited financial results for Q2 FY26 showing revenue from operations of Rs. 4,592.97 lakhs (up ~3.7% YoY from Rs. 4,430.60 lakhs) and profit after tax of Rs. 877.52 lakhs (down ~1.6% YoY). For the half-year, revenue rose modestly to Rs. 8,847.31 lakhs but PAT fell ~13.5% to Rs. 1,454.75 lakhs versus Rs. 1,681.22 lakhs in H1 FY25. Operating cash flows remained healthy at Rs. 1,192.70 lakhs and the company carries virtually no debt. The Board also revised several policies (CSR, Insider Trading, Risk Management, RPT Materiality, Independent Director terms, Audit Committee terms). A key note: parent Morgan Advanced Materials has signed an SPA with Vesuvius Plc to divest its 75% stake in the company for Rs. 65,394 lakhs via share swap with Foseco India Ltd, with NSE/BSE in-principle approvals received on Nov 3-4, 2025. Auditor Deloitte Haskins & Sells LLP issued an unqualified review report.
Results show stable top-line growth but clear margin pressure at the half-year level, with PAT down ~13.5% despite revenue rising. The bigger story is the pending change of control to the Vesuvius Group/Foseco India, which represents a transformative event for shareholders and could materially reshape the company's strategy and shareholder structure once completed.