Board of directors at its meeting held today, have approved object clause amendment, subject to approval of the shareholders by postal ballot.
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The board approved unaudited financial results for Q2 and H1 FY26 (ended Sep 30, 2025) with an unmodified auditor opinion. H1 FY26 showed a strong turnaround with net profit of Rs 438.90 lakhs versus a loss of Rs 290.86 lakhs in H1 FY25, aided by an exceptional gain of Rs 294.71 lakhs from sale of an asset. Total H1 income stood at Rs 20,431.90 lakhs, slightly lower than Rs 21,075.66 lakhs a year ago. Both Food and Engineering segments returned to profitability. The board also approved entering the hotel and hospitality business by amending the Objects Clause of the MOA, with an estimated capital outlay of up to Rs 25 crore. Shareholder approval will be sought via postal ballot.
The shift into hospitality is a significant diversification move for a company traditionally focused on flour milling, and the Rs 25 crore capex is sizable relative to its Rs 90 crore equity base. The H1 profit turnaround is encouraging, though a sharp rise in inventory (Rs 9,348 lakhs vs Rs 5,171 lakhs) and short-term borrowings signals working capital strain. Shareholders should watch the postal ballot outcome and execution of the new business plan.