Annual Report

FY26 results: - Revenue 3.88bn INR, -7.0% y-y (FY25: 4.17bn INR) - EBIT 692.8mn INR, +42.4% y-y; EBIT margin 17.8%, +619 bps y-y - PAT 458.3mn INR, +60.5% y-y; PAT margin 11.8%, +496 bps y-y - Cash profit 575.1mn INR, +43.7% y-y - Defence and Space revenue 3.15bn INR (81% of total); Commercial Explosives 729mn INR - Order book at 15.69bn INR, 4.04x FY26 revenue, 95% Defence - Capital expenditure 653.5mn INR; focus on capacity and capability - Final dividend proposed at Rs 0.50/share (record date Sep 23, 2026) - Safety protocols strengthened after April 2025 accident - Management change: No change in Board; Dr. Kumuda Raghavan resigned July 31, 2026 - Apollo Micro Systems to acquire 41.33% shares for ~1,550 Cr INR; open offer for 26% at Rs 698/share - Internal financial controls qualified due to procurement control weaknesses - Outlook: Execute order book, expand defence exports, enhance capacity, maintain safety and governance