Unaudited Financial Results of the Company and Limited review report of the Company for the quarter ended June 30, 2025, Issue of Warrants and Preferential Issue of shares
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The Board approved unaudited Q1 FY26 results with revenue from operations at Rs. 26.62 crores, up about 16% from Rs. 22.97 crores in Q1 FY25. Net profit after tax rose modestly to Rs. 21.07 lakhs (vs Rs. 19.65 lakhs YoY), with EPS at Rs. 0.19. The company announced a strategic tie-up with WSG Co. Limited, South Korea, which will invest USD 1 million and provide technology and machinery to manufacture Ultra High Purity (UHP) and titanium stainless steel tubes in India. To fund this and other needs, the Board approved a preferential issue totalling about Rs. 24.12 crores: 6.69 lakh convertible warrants to WSG at Rs. 129.33, 5 lakh equity shares to promoter group entity Remi Finance and Investment Pvt Ltd, and about 6.96 lakh shares to non-promoter allottees, all at Rs. 129.33 per share. The 54th AGM is scheduled for August 28, 2025.
The WSG partnership opens a new high-value product line (UHP and titanium tubes) backed by foreign technology, potentially expanding margins. The promoter group's participation signals confidence, though the ~Rs. 24 crore preferential issue will dilute existing shareholders. Q1 results are steady but unspectacular, suggesting the market may focus on the strategic tie-up rather than near-term numbers.