The Board of Directors of the Company decided to hold 45th AGM of the Company on September 8, 2025
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The board approved unaudited Q1 FY26 results with standalone revenue from operations at Rs. 130.93 Cr (up from Rs. 127.89 Cr YoY), but standalone net profit fell to Rs. 11.95 Cr from Rs. 13.52 Cr as expenses grew faster than income. Consolidated net profit dropped more sharply to Rs. 7.91 Cr (from Rs. 10.19 Cr), hurt by a Rs. 4.31 Cr loss at three subsidiaries (DriveSys, NexSteer, Metacast Auto). The board fixed September 8, 2025 as the date for the 45th AGM, to be held via video conferencing, with the register of members closed from September 2 to September 8. Separately, the board approved in-principle the transfer of leasehold rights on the NexSteer factory land and building (~20,234 sq mtrs land, ~13,281 sq mtrs built-up area) at MIDC Supa Parner, Ahmednagar, to another wholly-owned subsidiary DriveSys at arm's length price, subject to statutory approvals.
Margins are clearly under pressure with expenses outpacing revenue growth on a standalone basis, and consolidated earnings hit by losses in the subsidiary businesses. Shareholders should note the related-party restructuring between two wholly-owned subsidiaries, which is exempt from SEBI's RPT approval rules but still represents a realignment of assets toward the new aluminium extrusion venture at DriveSys.