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MMP Industries Limited (MMP)

₹491.45 -0.68% last close, 16 Oct

📊 NSE: MMP 🏢 Aluminium and Aluminium Products 📢 Latest filing: 12 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, MMP Industries' revenue was ₹233 Cr (+27.1% year on year, -6.8% on the previous quarter), and net profit ₹14.0 Cr (against a loss a year earlier); the operating margin was 9.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹233	+27.1%	-6.8%
Operating profit	₹21.0	+64.6%	-4.5%
Net profit	₹14.0	from loss	-22.2%
EPS (₹)	5.39	from loss	-23.9%
Operating margin	9.0%	—	—

Full quarterly financials → Results calendar →

MMP delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 47.64% of the MMP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.61%. That is close to its usual level. Volume was 0.2 times its average, well below normal.

47.64%Delivery, 16 Oct

48.61%Own 20-session average

0.2×Volume vs its average

₹491.45NSE close · -0.68%

Delivery in the last 5 sessions: 54.4% · 52.5% · 45.3% · 50.6% · 47.6%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

MMP Industries AGM Approves ₹2 Dividend and Directorial Re-appointments with 99.99% Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Sep 2026, 05:18 PM

MMP Industries Limited held its 53rd Annual General Meeting on September 12, 2026, where all ordinary and special resolutions were approved by shareholders with over 99.99% voting in favour. Key items passed include the declaration of a final dividend of ₹2 per equity share for FY26 and the continuation of Arun Bhandari as Managing Director past 70 years of age until January 31, 2028. Total voter turnout was 75.02% of outstanding shares, led heavily by promoter votes. Lalit Bhandari was also reappointed as Whole Time Director for a 5-year term ending March 31, 2032.

Final dividend of ₹2 per equity share approved for the year ended March 31, 2026
Overall voter turnout of 75.02% across 1,90,57,483 polled votes out of 2,54,02,613 total shares
Arun Bhandari re-appointed as Managing Director (above age 70) up to January 31, 2028, with 99.994% votes in favour
Lalit Bhandari re-appointed as Whole Time Director for 5 years up to March 31, 2032, with 99.995% approval

💡 Track the dividend payout timeline and upcoming Q2FY27 financial earnings along with the progress on the Composite Insulators Phase II expansion scheduled for Q4FY26.

MMP Industries Holds 53rd AGM; Considers ₹2/Share Dividend and Director Appointments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Sep 2026, 05:15 PM

MMP Industries Limited held its 53rd Annual General Meeting on September 12, 2026, via Video Conferencing. Key agenda items placed before shareholders included the adoption of FY26 financial statements and approval of a final dividend of ₹2 per equity share (20%). Ordinary and special resolutions also covered the reappointment and extension of executive directors Arun Bhandari and Lalit Bhandari, as well as the appointment of two independent directors. Final voting results will be released separately following the submission of the scrutinizer's report.

Held 53rd AGM on September 12, 2026, with 40 members present via video conferencing
Proposed final dividend of ₹2 per equity share (20%) for FY 2025-26
Considered continuation of Arun Bhandari as MD up to January 31, 2028 (age above 70 years)
Proposed appointment of Lalit Bhandari as Whole-time Director for a 5-year term up to March 31, 2032
Appointment of Raj Sethia and Dr. Sanjay Arora as Independent Directors for 5-year terms

💡 Track the upcoming disclosure of voting results and scrutinizer report to confirm dividend approval, followed by the record date and payment timelines.

MMP Industries Secures Export Order Worth US$100,000 from Venezuela

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 21 Aug 2026, 01:29 PM

MMP Industries Limited has received an export order valued at approximately US$100,000 (~Rs 0.84 Cr) from a distributor in Venezuela. The contract covers the supply of AAA Conductors, Aluminium Triplex Cables, and Polymer Insulators. While financially immaterial relative to the company's TTM revenue of Rs 873 Cr (<0.1%), it marks geographical diversification into Latin America. Additionally, commercial supplies of Polymer Insulators to Nepal have commenced.

Export order received aggregating to approximately US$100,000 (~Rs 0.84 Cr)
Order placed by a distributor in Venezuela for AAA Conductors, Aluminium Triplex Cables, and Polymer Insulators
Commercial supplies of Polymer Insulators to Nepal have already commenced
Order represents under 0.1% of MMP Industries' TTM revenue of Rs 873 Cr

💡 Track conversion of ongoing discussions and pipeline enquiries in the US and Latin America into larger, material order inflows.

MMP Industries Schedules 53rd AGM for Sep 12, 2026; Proposes ₹2/Share Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Aug 2026, 12:30 PM

MMP Industries has issued the notice for its 53rd Annual General Meeting (AGM) to be held on September 12, 2026, via video conferencing. Key ordinary business includes the approval of a final dividend of Rs. 2/- per equity share for FY26. Special business includes the continuation and reappointment of Managing Director Arun Bhandari and Whole-Time Director Lalit Bhandari beyond the age of 70, along with the appointment of two independent directors. The register of members will remain closed from September 7 to September 12, 2026, with the remote e-voting cut-off set for September 5, 2026.

53rd AGM scheduled for September 12, 2026, at 11:00 AM via video conferencing.
Proposed final dividend of Rs. 2/- per equity share for the financial year ended March 31, 2026.
Book closure fixed from September 7, 2026, to September 12, 2026 (both days inclusive).
Remote e-voting period runs from September 9 (9:00 AM) to September 11, 2026 (5:00 PM) with cut-off date on September 5, 2026.

💡 Eligible shareholders holding shares on the cut-off date of September 5, 2026, may cast their votes during the e-voting window from September 9 to September 11, 2026.

MMP Industries Sets Sept 5, 2026 as Record Date for Final Dividend and 53rd AGM

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 18 Aug 2026, 12:22 PM

MMP Industries Limited has announced Saturday, September 5, 2026, as the record date to determine member eligibility for the payment of final dividend for FY26, subject to shareholder approval at the 53rd Annual General Meeting. The company's register of members and share transfer books will remain closed from September 7, 2026, to September 12, 2026. The cut-off date for e-voting for the 53rd AGM has also been fixed for September 5, 2026.

Record date for final dividend entitlement for FY26 set as September 5, 2026.
Cut-off date for e-voting at the 53rd AGM fixed as September 5, 2026.
Book closure period scheduled from September 7, 2026, to September 12, 2026 (both days inclusive).
Final dividend disbursement remains subject to approval by shareholders at the AGM.

💡 Shareholders seeking dividend eligibility must hold shares before the ex-dividend date prior to September 5, 2026, and monitor AGM voting resolutions.

MMP Industries Q1 PAT at ₹12.08 Cr; Revenue Grows 26.6% YoY on Post-Fire Recovery

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 02:03 PM

MMP Industries reported a strong turnaround in Q1 FY27 with standalone revenue of ₹232.11 Cr, a 26.6% increase compared to the fire-impacted Q1 FY26. Net profit reached ₹12.08 Cr, recovering from a loss of ₹5.41 Cr in the same period last year. The core Aluminium Powder and Paste segment drove growth, with revenue rising 44.8% YoY to ₹153.81 Cr. The company also refreshed its board by appointing two new independent directors with expertise in venture capital and marketing following the completion of terms for outgoing members.

Standalone Revenue grew 26.6% YoY to ₹232.11 Cr, representing ~26.6% of TTM revenue.
Net Profit turned positive at ₹12.08 Cr vs a loss of ₹5.41 Cr in Q1 FY26.
Aluminium Powder and Paste segment revenue increased to ₹153.81 Cr from ₹106.22 Cr YoY.
Insulator segment remains a drag, reporting a loss of ₹1.46 Cr on revenue of only ₹0.49 Cr.
Appointed Raj Sethia (30+ years experience) and Dr. Sanjay Arora as Additional Independent Directors.

💡 Monitor the progress of the Composite Insulators Phase II expansion scheduled for Q4FY26 and the stabilization of margins in the foil segment as new value-added products are launched.

MMP Q1 FY27: Revenue up 27% to ₹233 Cr; PAT Surges 353% on Low Base and Insurance Credit

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 05:17 PM

MMP Industries reported a strong Q1 FY27 with consolidated revenue growing 27% YoY to ₹232.6 Cr, primarily driven by a 45% surge in the Aluminium Powder segment. EBITDA margins expanded to 9.0% from 7.1% YoY, despite losses in new subsidiaries, due to an improved product mix. PAT reached ₹13.7 Cr, significantly aided by a ₹5.45 Cr net exceptional credit from insurance claims and salvage. The company is executing a major expansion strategy, including a ₹20-25 Cr wire rod facility and ₹85-90 Cr planned for LT Cables over 2-3 years.

Revenue from operations increased 27% YoY to ₹232.6 Cr, led by the Aluminium Powder segment reaching ₹154 Cr.
EBITDA grew 60% YoY to ₹21 Cr with margins improving by 187 bps to 9.0%.
PAT includes a net exceptional credit of ₹5.45 Cr post-tax, primarily from insurance claim receivables.
Planned capex of ₹85-90 Cr for LT Cables over the next 2-3 years represents ~10% of TTM revenue.
Aluminium Conductors and Cables segment revenue declined 42% YoY to ₹17 Cr due to slow government project execution.

💡 Watch for the commercial launch of Lidding Foil in Q3 FY27 and the commissioning of the ₹20-25 Cr wire rod facility in H2 FY27, which are key to margin expansion through backward integration.

27% Revenue Growth in Q1 FY27; Adjusted PAT Surges 82% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 01:44 PM

MMP Industries reported a strong Q1 FY27 with consolidated revenue rising 27% YoY to ₹232.8 Cr, driven by a 45% surge in the Aluminium Powder segment. Adjusted PAT (excluding prior-year exceptional items) grew 82% YoY to ₹13.7 Cr, reflecting improved operational efficiencies and a 187 bps expansion in EBITDA margins to 9.0%. While the Conductors segment declined 42% due to high metal prices and slow infrastructure execution, the company maintained its FY27 revenue growth guidance of 15-18%. New value-added products, including Lidding Foil and LT Power Cables, are scheduled for commercial launch in Q3 FY27.

Aluminium Powder revenue grew 45% YoY to ₹153.8 Cr, supported by strong domestic demand in explosives and AAC blocks.
EBITDA margins improved to 9.0% from 7.14% YoY, despite a ₹1.37 Cr loss from newly incorporated subsidiaries.
Announced a new ₹25 Cr Greenfield Hot Steel Forging project with 3,400 MTPA capacity, funded via internal accruals.
Aluminium Foils segment revenue increased 29% YoY to ₹60.5 Cr with significant improvement in printed foil utilization.
Management expects export growth of 40-50% in FY27, targeting higher-margin markets in Europe and the US.

💡 Watch for the commercial launch of Lidding Foils and LT Power Cables in Q3 FY27, and the progress of BIS certifications, as these value-added products are critical for the guided margin expansion.

MMP Industries Approves Q1 FY27 Results and Refreshes Board with New Independent Directors

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 10 Aug 2026, 01:08 PM

MMP Industries held its third board meeting of FY 2026-27 on August 10, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The company announced a scheduled rotation of its board, with two independent directors resigning upon completion of their terms and two new directors being appointed. Additionally, the board finalized the notice for the 53rd Annual General Meeting and appointed M/s. Deepak Khanuja & Associates as the Cost Auditor for the current financial year.

Approved standalone and consolidated unaudited financial results for the quarter ended June 30, 2026
Appointed Raj Sethia and Sanjay Arora as Additional Non-Executive Independent Directors
Noted the resignation of Mr. Vijay Bapna and Mr. Sunil Khanna following the completion of their terms
Appointed M/s. Deepak Khanuja & Associates as Cost Auditor for FY 2026-27
Convened the 53rd Annual General Meeting (AGM) for shareholder approvals

💡 Investors should review the detailed Q1 FY27 financial statements once published to compare performance against the TTM revenue of Rs 824 Cr and the stated growth target of 24-29%.

MMP Industries Reports Zero Demat/Remat Requests for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Jul 2026, 12:01 PM

MMP Industries has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, Bigshare Services Pvt. Ltd, confirmed that no requests for dematerialization or rematerialization were received during the period from April 1, 2026, to June 30, 2026. The filing notes that 100% of the company's shares are already held in dematerialized form. This is a standard administrative disclosure with no impact on the company's financial health or operations.

Zero requests received for dematerialization or rematerialization during the quarter.
Reporting period covers the three months from April 1, 2026, to June 30, 2026.
Confirmation that 100% of the company's shares are currently held in demat form.
Compliance certificate issued by Registrar Bigshare Services Pvt. Ltd on July 4, 2026.

💡 This is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for material updates on business performance.

MMP Commences Low Tension Power Cable Production; 6,000 MTPA Greenfield Project Underway

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 07 Jul 2026, 06:15 PM

MMP Industries has officially commenced production of Low Tension Power Cables (LTPC) at its Bhandara facility with an initial capacity of 100 MT per month. This pilot phase is designed for product validation and customer approvals, serving as a precursor to a much larger 6,000 MTPA Greenfield facility currently under construction at MIDC Umred, Maharashtra. The expansion marks a strategic shift into value-added electrical infrastructure products, moving beyond core aluminium powders. With TTM revenue at Rs 824 Cr, the successful scale-up of this segment is critical for achieving the company's 24-29% projected growth rate.

Commenced LTPC production at Bhandara facility with an initial capacity of 100 MT per month
Greenfield expansion at MIDC Umred progressing with a planned capacity of 6,000 MTPA
Strategic entry into the power transmission and distribution value chain to improve product mix
Expansion supports the company's stated growth target of 24-29% for the upcoming periods
Construction activities for the Greenfield facility are currently underway as per the execution roadmap

💡 Monitor the construction timeline and commissioning date of the 6,000 MTPA Umred facility, as well as the pace of customer approvals from the initial 100 MT/month pilot production.

MMP Industries Board Approves Working Capital Funding via ECGLS.5 Scheme

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 27 Jun 2026, 12:23 PM

MMP Industries Limited held a Board meeting on June 27, 2026, to approve new financial arrangements for the 2026-27 fiscal year. The Board has authorized seeking financial assistance from banks and financial institutions specifically under the ECGLS.5 scheme. This funding is intended to support the company's working capital requirements. While the specific loan amount was not disclosed in the filing, the move indicates a proactive approach to securing operational liquidity.

Board approved seeking financial assistance under the ECGLS.5 scheme for working capital.
The decision was finalized during the second Board meeting of the FY 2026-27.
The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Funding is aimed at maintaining liquidity for ongoing business operations.

💡 Investors should monitor subsequent filings for the specific quantum of debt and the interest rates to assess the impact on the company's debt-to-equity ratio.

MMP Industries to Close Trading Window from July 1, 2026 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Jun 2026, 05:59 PM

MMP Industries Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This closure is in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially declared to the stock exchanges. This is a standard regulatory procedure for listed companies in India.

Trading window closure effective from Wednesday, July 1, 2026
Applies to all designated persons including insiders and connected persons
Window reopens 48 hours after the declaration of Q1 financial results for the period ending June 30, 2026

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals. Investors should wait for the official announcement of the Q1 earnings date to assess company performance.

MMP Industries Promoters Declare No Share Encumbrance for FY 2025-26

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 12 Jun 2026, 07:18 PM

The Promoter and Promoter Group of MMP Industries Limited have filed their annual disclosure under Regulation 31(4) of the SEBI (SAST) Regulations for the financial year ended March 31, 2026. The lead promoter, Arun Bhandari, along with nine other entities and individuals in the group, confirmed that no new encumbrances or pledges were created on their equity shares during the year. This filing provides transparency regarding the stability of the promoter's shareholding, ensuring that shares have not been used as collateral for loans.

Promoters confirmed zero new encumbrances were created on equity shares during the financial year ended March 31, 2026.
The declaration is a mandatory annual compliance under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The disclosure covers individual promoters including Arun Bhandari and Mayank Bhandari, as well as entities like Star Circlips and Engineering Limited.
The group confirmed full compliance with all disclosure requirements under Regulations 31(1), 31(2), and 31(3).

💡 Investors should take this as a sign of financial health and stability within the promoter group, as unencumbered shares reduce the risk of forced selling. No immediate trading action is required based on this routine compliance filing.

MMP Industries Reports Record FY26 Revenue of ₹825.3 Cr, Up 19% YoY Despite Q1 Disruptions

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 May 2026, 12:59 PM

MMP Industries delivered its highest-ever annual performance in FY26, with consolidated revenue reaching ₹825.3 crore, a 19% YoY increase. The Q4 FY26 revenue grew 12% YoY to ₹249.6 crore, supported by strong momentum in aluminum powders and foils. Management is pivoting towards high-growth power infrastructure segments, including a ₹85-90 crore investment in LT cables and a new polymer insulator business expected to scale in Q3 FY27. Profitability showed resilience with Q4 EBITDA margins improving to 8.6% from 8.3% YoY.

Achieved record annual consolidated revenue of ₹825.3 crore in FY26, growing 19% year-on-year.
Q4 FY26 EBITDA grew 17% YoY to ₹21.5 crore, with margins expanding to 8.6%.
Planned ₹85-90 crore investment over 2.5 years for expansion into LT power cables and covered conductors.
Polymer insulator business (MMP Electricals) expects significant revenue ramp-up from Q3 FY27 post-PGCIL approvals.
Commissioning a 7-MW captive solar power project by Q3 FY27 with a ₹30 crore investment to reduce operational costs.

💡 Investors should track the timely receipt of PGCIL and state utility approvals for the polymer insulator segment in Q2 FY27, as this will be the primary driver for H2 FY27 growth. The company's transition from commodity aluminum products to specialized power infrastructure components suggests potential for long-term margin re-rating.

View All MMP Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The Foil segment delivered a robust 44% YoY revenue growth in Q2FY26, driven by sustained demand in bare and food-grade foil categories. Overall consolidated revenue grew 29% YoY to INR 188.2 Cr in Q2FY26 and 24% YoY to INR 371.9 Cr for H1FY26.

Geographic Revenue Split

Not explicitly disclosed by region, however, the company reported record export orders secured in Q2FY26 for execution in H2FY26, with a strategic focus on European partners expecting demand surges by 2027.

Profitability Margins

Gross Margin stood at 20.7% in Q2FY26, down 309 bps YoY from 23.8%. PAT Margin for Q2FY26 was 3.72%, a slight decline of 28 bps YoY from 4.01%. H1FY26 PAT margin dropped significantly to 0.43% from 5.70% due to a fire-related exceptional loss.

EBITDA Margin

Consolidated EBITDA margin was 7.12% in Q2FY26, a decrease of 107 bps YoY from 8.18%. EBITDA grew 13% YoY to INR 13.4 Cr, but margins were squeezed by a INR 0.68 Cr loss in the new MMP Electricals subsidiary and higher raw material costs.

Capital Expenditure

The company has planned an investment of INR 45 Cr for fiscal 2026, which will be partly debt-funded to support capacity expansions including the Composite Insulators Phase II project.

Credit Rating & Borrowing

Crisil ratings are currently 'BBB+/Watch Developing' (placed on watch following a fire incident). Previous ratings were 'BBB+/Positive'. Interest coverage ratio was healthy at 6.43 times as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Aluminium ingots and aluminium foils are the primary raw materials, accounting for 75-80% of the total cost of sales.

Import Sources

Not specifically disclosed, though the company maintains strategic supply ties with domestic majors like Hindalco for foil stock.

Key Suppliers

Hindalco is specifically identified as a key supplier for foil stock, ensuring availability for higher capacity utilization.

Capacity Expansion

Composite Insulators Phase II expansion is currently underway and is expected to be commissioned in Q4FY26 to drive future revenue growth.

Raw Material Costs

Raw material costs (Cost of Material Consumed) rose to INR 158.4 Cr in Q2FY26 compared to INR 126.4 Cr in Q2FY25, representing approximately 84% of revenue. The company manages volatility with a 3-4 month price pass-through lag.

Manufacturing Efficiency

The company targets higher capacity utilization in H2FY26 following the resolution of manpower shortages caused by the fire incident which lasted until mid-August 2025.

📈 Strategic Growth

Expected Growth Rate

24-29%

Growth Strategy

Growth will be achieved through the commissioning of the Composite Insulators Phase II expansion in Q4FY26, ramping up the new MMP Electricals subsidiary, and executing record export orders. The company is also shifting focus toward high-margin value-added products like lidding and tagger foils.

Products & Services

Pyro and flake aluminium powder, atomised aluminium powder, aluminium paste, aluminium conductors, bare foil, food-grade foil, and composite insulators.

Brand Portfolio

MMP

New Products/Services

Lidding foil and tagger foil are new value-added launches expected to improve the product mix and margins in H2FY26.

Market Expansion

Strategic focus on the European market with partnerships expected to yield significant demand increases starting in 2027.

Market Share & Ranking

Not disclosed as a specific percentage, but identified as a 'leading manufacturer' in the aluminium powder and foil segments.

Strategic Alliances

Joint ventures and associates include Toyal MMP India Private Limited (26% stake) and Star Circlips & Engineering Limited (26.06% stake).

🌍 External Factors

Industry Trends

The industry is shifting toward specialized aluminium applications in food packaging and power infrastructure. MMP is positioning itself by expanding into composite insulators and high-end pharmaceutical foils.

Competitive Landscape

Competes with other aluminium product manufacturers, maintaining an edge through diversified segments (powder, foil, and conductors).

Competitive Moat

Moat is built on 30+ years of promoter experience, established relationships with blue-chip clients like UltraTech and Torrent Pharma, and technical expertise in atomised powder manufacturing.

Macro Economic Sensitivity

Highly sensitive to global aluminium price volatility (LME) and domestic demand in the construction (cement) and pharmaceutical sectors.

Consumer Behavior

Increasing demand for food-grade packaging and pharmaceutical foils is driving the 44% growth in the foil division.

Geopolitical Risks

Potential trade barriers or shipping disruptions affecting the growing export business to Europe.

⚖️ Regulatory & Governance

Industry Regulations

Complies with the Companies Act 2013, Secretarial Standards, and SEBI Listing Obligations (LODR) for transparency and governance.

Environmental Compliance

The company has adopted a formal CSR policy and is investing in a Solar Park to meet sustainability goals.

Taxation Policy Impact

Effective tax expense for Q2FY26 was INR 1.9 Cr on a PBT of INR 8.9 Cr (approx. 21%).

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the full recovery and insurance settlement from the fire incident in the Powder division, which resulted in a INR 17.3 Cr exceptional loss in H1FY26.