Chairman Letter for investors.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Chairman Man Mohan Malik shared Q3 FY2026 update, noting results were slightly below the previous quarter due to steep 50% US tariffs on Indian imports. The company mentioned diplomatic signals that tariffs may reduce to 18% soon, with order book momentum expected to recover and US clients expressing renewed confidence. On the debt front, One-Time Settlement (OTS) has been concluded with Bank of Baroda and EXIM Bank aligning with SBI and Union Bank settlements; total OTS liability is ₹43 Crores, with ₹21.5 Crores (50%) already deposited. To fund the remaining obligation, the company is pursuing sale of non-core assets and Rajasthan land holdings, along with discussions with potential strategic investors for capital infusion.
Short-term: Marginal Q3 dip and ongoing debt settlement pressure may weigh on sentiment, but 50% debt already paid shows execution. Medium-term: Tariff reduction to 18% (if confirmed) and order book recovery could be a meaningful positive catalyst for export-driven revenue and margins.