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The board approved audited standalone financial results for FY25, showing total revenue of Rs. 18,488.48 lakhs and net profit of Rs. 1,714.59 lakhs (EPS Rs. 35.47), compared to negligible revenue and a Rs. 43.47 lakh loss in FY24. Statutory auditor Manubhai & Shah LLP issued an unmodified opinion on the results. The board also approved issuing up to 38,50,000 convertible warrants on a preferential basis (25 lakh to promoter JHV Commercials LLP and 13.5 lakh to non-promoters), and up to 16,000 optionally convertible debentures (OCDs) of Rs. 1 lakh face value aggregating Rs. 160 crore to non-promoters, carrying an 18% half-yearly coupon. An EGM is scheduled for June 28, 2025 to seek shareholder approval. Additionally, M/s Punit Patel & Associates were reappointed as internal auditors for FY26, and Company Secretary Amol Dhakorkar resigned effective June 16, 2025.
Existing shareholders face significant potential dilution from the 38.5 lakh warrants plus the Rs. 160 crore OCDs (convertible into equity at 3x EBITDA valuation). While headline profitability has surged dramatically year-on-year, negative operating cash flow of Rs. 5,562.66 lakhs signals heavy working capital strain, which the fresh capital raise appears aimed at addressing.