Outcome of Board Meeting held on 28th May 2026 is enclosed.
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Magna Electro Castings reported FY2026 revenue of Rs 19,643.75 Lakhs, up 11.3% from Rs 17,644.92 Lakhs in FY2025. However, profit after tax declined 20.1% to Rs 1,847.45 Lakhs from Rs 2,311.70 Lakhs, primarily due to near-doubling of depreciation (Rs 887.38 vs Rs 462.39 Lakhs) and tripling of finance costs (Rs 98.52 vs Rs 26.98 Lakhs) after commissioning the new Third Moulding Line in June 2025. The Board recommended a final dividend of Rs 5 per share (50%). Statutory auditors issued an unmodified (clean) opinion. Key board decisions include re-appointment of Managing Director and Whole-Time Director, continuation of a Non-Executive Director post age 75, and approval of material related party transaction with Samrajyaa Precision Machining Private Limited.
Despite revenue growth, profit declined significantly due to higher depreciation and finance costs from the new moulding line expansion. The dividend and clean audit are positive signals, but investors should note the PAT decline and increased debt levels.