Please find attached Outcome of the Board Meeting held on 14th February 2026.
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The board approved standalone and consolidated unaudited financial results for the quarter ended December 31, 2025. It approved setting up a new subsidiary, Last Mile Energy Private Limited, by subscribing to 76% of its paid-up capital (Rs. 1 lakh initial capital) to venture into hydrogen-based products for household and commercial use. The board also approved, subject to shareholder approval, a housing loan scheme of up to Rs. 8 crores for eligible senior employees and KMPs under Section 185 of the Companies Act. Additionally, the board gave in-principle approval for a joint venture with Mangalam LLC in the USA for manufacturing and distributing consumer electronics, with Last Mile Enterprises holding 51%. A postal ballot process has been initiated to seek shareholder approvals.
The company is undergoing a major diversification push into clean energy (hydrogen) and US consumer electronics through new subsidiaries/JVs, which could expand future revenue streams but also adds execution risk. The Rs. 8 crore housing loan arrangement for KMPs is a related party transaction requiring shareholder approval and may draw governance scrutiny.