Chairman''s Speech at 89th AGM

At the 89th AGM held on 10 September 2025, Chairman Sanjay Bagaria reported broadly stable revenue of Rs. 292.98 crores (vs Rs. 296.78 crores previous year), but profit before tax nearly halved to Rs. 16.35 crores (vs Rs. 32.07 crores) due to pricing pressure, competition, and adverse forex movements impacting input costs. The Chairman noted early signs of revival in private sector CAPEX and said the company has already expanded capacity in its Heavy Engineering and Bauer divisions to be ready for the next growth cycle. A new indigenous product line, industrial gearboxes under the brand 'IC Torque Drive', has received encouraging trial orders from major users and will be manufactured at the Aurangabad plant, with CAPEX to be finalised this year. The Building Material Division is also seeing positive traction domestically and through its European licensing partner Cementos CAPA.