Annual Report 2025-26

FY2026 results (audited): Standalone: Revenue 29.5bn -5.2% y-y (31.2bn) PAT -3.1bn (loss) worse than -2.6bn Consolidated: Revenue 29.5bn -5.2% y-y (31.2bn) PAT -1.9bn (loss) worse than -0.3bn Dividend: No dividend recommended for FY2026 due to insufficient free cash. Commentary: The company faced challenging business environment with inflationary pressures and sector headwinds. Tea division revenue declined 15.9% due to lower volumes and realizations, with higher losses. Engineering division revenue declined 10.7% with lower profitability. Electrical division revenue grew 17.2% but profit before tax declined due to provisions and absence of prior year compensation. The group’s share of profit from associate Veedol Corporation cushioned consolidated losses. The company is pursuing closure of two subsidiaries and continues to face penalties for non-compliance with SEBI board composition regulations. The company has significant provisions for doubtful debts and delayed statutory payments. Capital expenditure was 7.13 crore. The company maintains a risk management framework and continues efforts on operational efficiency and sustainability. All figures are in INR crores converted to billions as appropriate, with standalone revenue less than or equal to consolidated revenue, and PAT consistent with reported losses.