Aplab Ltd

Aplab Limited trading window closed from 1 October 2026 till the expiry of +d hours after the declaration of Unaudited Financial Results for the second quarter and half year ended 30 September 2026

AGM Details

• 61st AGM held 28 August 2026 via Audio/Video Conference at 11:30 a.m.
• Remote e-voting window: Aug 25–27, plus post-AGM window 15 minutes after 12:31 p.m.
• Scrutinizer appointed for remote e-voting.

Key Resolutions

• Resolution 1: Adopt audited financial statements and related reports.
• Resolution 2: Re-appoint director by rotation (Sanjay N. Mehta).
• Resolution 3: Approve appointment and remuneration of Nishith P. Deodhar as Executive Director for 3 years.
• Resolution 4: Appoint Tanvi Paharia Jain as Non-Executive Director for 5 years.

Voting Results

• Resolution 1 passed with 99.41% in favour, 0.59% against.
• Resolution 2 passed with 99.41% in favour, 0.59% against.
• Resolution 3 passed with 99.41% in favour, 0.59% against.
• Resolution 4 passed with 99.41% in favour, 0.59% against.

Director Changes

• Sanjay N. Mehta re-appointed by rotation as director.
• Nishith P. Deodhar appointed Executive Director (Whole-time) for 3 years.
• Tanvi Paharia Jain appointed Non-Executive, Non-Independent Director for 5 years.

AGM details

• 61st AGM held on 28 August 2026 at 11:30 a.m. via VC/OAVM.
• Scrutinizer's report on e-voting attached.

AGM Details

• Date and time: Aug 28, 2026, 11:30 a.m. IST; mode: VC/OAVM.
• Meeting concluded at 12:31 p.m. IST; e-voting conducted after proceedings.
• Quorum confirmed; directors, auditors, and Scrutinizer attended via VC/OAVM.

Resolutions Placed

• Adoption of audited financial statements for FY 2025-26; ordinary resolution.
• Re-appointment of Sanjay N. Mehta by rotation; ordinary resolution.
• Appointment of Nishith P. Deodhar as Whole-time Director for three years; remuneration terms included; special resolution.
• Appointment of Tanvi Paharia Jain as Non-Executive Director; term to May 2031; special resolution.

Directors / Appointments

• Re-appointment of Sanjay N. Mehta as Director by rotation.
• Nishith P. Deodhar appointed as Executive Director; remuneration terms included.
• Tanvi Paharia Jain appointed as Non-Executive, Non-Independent Director; term to 2031.

Voting Status

• Voting results to be submitted to BSE and disclosed on company/NSDL websites.

Audit & Governance

• No auditor changes disclosed in this AGM summary.

Business overview

• Aplab is an Indian electronics engineering and manufacturing company with four operating groups.
• Four groups: PCCE, TMI, Banking & Business Automation, and Customer Service & Support.
• Transformation driven by cost discipline, capacity utilisation, and manufacturing consolidation.

Financial performance

• FY26 revenue 58.44 crore; PAT 2.52 crore; OPM 10.07%; NPM 4.31%.
• Revenue declined to 58.44 cr from 63.67 cr; debtor days 53; D/E 0.93; interest coverage 2.37x.
• Service revenue 6.58 crore in FY26.

Operations & product development

• TMI revenue rose ~30% YoY; XSP programmable sources launched FY26 end.
• KAAS series in development; customer evaluation ongoing.
• PCCE remains largest revenue vertical; defence/aviation demand steady.
• BA revenue up ~50% YoY; reliance on PSU tenders.

Capital structure & outlook

• No dividend recommended for FY26; resources directed to strengthening the business.
• Debt-equity improved from 2.38 to 0.93; interest coverage 2.37x.
• No explicit FY27 revenue or margin guidance provided.
• Strategic emphasis on services growth and leveraging defence, industrial testing, and banking automation opportunities.

Governance & risk

• R&D remains modest; manufacturing consolidation at Navi Mumbai supports efficiency and quality.

Book Closure & AGM

• Book closure from 22 August 2026 to 28 August 2026 inclusive for the 61st AGM.
• AGM via VC/OAVM on 28 August 2026 at 11:30 a.m.
• Cut-off date for voting eligibility fixed on 21 August 2026 for remote e-voting and AGM voting.

Rights issue proceeds utilisation

• Purpose: confirm utilization of rights issue proceeds and valuation report.
• Mode of fund raising: Rights Issue.
• Issue size: ₹23.88 crore; close date: 3 July 2025.
• Net proceeds for utilization: ₹23.38 crore; issue size: ₹23.88 crore.
• Funds called: ₹6.29 crore received; balance calls pending.
• Deviation: None observed; Monitoring Agency reports no deviation.
• Audit commentary: Monitoring Agency notes no deviations.
• Monitoring agency: Infomerics Valuation and Rating Limited.
• Status of fund utilisation: fully utilized against called amount; future calls may deploy remaining.
• Period of fund raising: 04 June 2025 to 03 July 2025.
• Monitoring agency report notes no deviations; MA confirms true and fair view.
• Objects monitored: working capital, loan repayment, general corporate purposes.
• Progress status: unutilised net proceeds may be deployed in future fiscals.

Financial snapshot

• Total income 6,177.36 lakh; revenue from operations 5,843.53.
• Net profit after tax 251.67; earnings per share 1.69.
• Comprehensive income 360.48; PAT swing from loss year-on-year.
• Equity capital rose to Rs 1,571.25 lakh after rights issue.

Capital and liquidity

• Borrowings declined to 1,870.09 lakh; net debt 1,124.42 after cash.
• Debt-to-equity improved to 0.56 from 0.93.
• Cash and equivalents total 602.56; bank balances 143.11.
• Rights issue added 2.51 crore fully paid shares; equity increased.

Governance and leadership

• Nishith Deodhar appointed Executive Director for 3 years from 1-Jun-2026; remuneration Rs 60 lakh.
• Tanvi Paharia Jain appointed Non-Executive Director for 5 years from 1-Jun-2026.
• Uma Balakrishnan resigned as Independent Director on 19-Jan-2026.
• Sanjay N. Mehta MD; Amrita Deodhar Chairperson & WTD from 1-Sep-2025.
• Auditors Bhargava & Associates; Ind AS opinion clean; secretarial audit notes two observations.

Operations and strategy

• Four segments: PCCE, TMI, BA, SS; PCCE includes KAAS and KW systems.
• West Asia conflict boosts defence-focused PCCE demand.
• TMI added XSP high-efficiency programmable power supplies.
• BA focus on RBI phygital; pilots planned in FY27.
• SS expands support revenue; NSP LLIT UPS launched.

Risks and outlook

• Dependency on defence budget and limited customer base.
• R&D capital intensity and talent recruitment challenges.
• Need for stronger quality, governance, and data controls.

Shareholder matters and corporate actions

• AGM on 28-Aug-2026 via VC; book closure 22-28 Aug.
• Rights issue terms: 1:1 at Rs 19; premium Rs 2.5.
• Fully paid shares after issue: 2,51,40,000; total equity Rs 2,001.45 lakh.
• Dividend for the year not declared.

Financial highlights

• Revenue from operations: Q1 964.20; Q4 7,434.77; Q2 7,544.70; Year 5,843.53.
• Other income: Q1 8.69; Q4 160.84; Q2 19.48; Year 333.83.
• Profit before tax: Q1 -306.06; Q4 -86.35; Q2 -113.42; Year 340.35.
• Items not reclassified to P&L: Q1 60.44; Q4 138.41; Q2 3.00; Year 145.41.
• Tax on these items: Q1 -15.21; Q4 -34.78; Q2 -0.78; Year -36.60.
• Total comprehensive income: Q1 -205.40; Q4 31.16; Q2 87.36; Year 360.48.
• Board reviewed by Audit Committee and approved by Board on 30 July 2026.

Financial results approved

• Unaudited financial results for the quarter ended 30 June 2026 approved.
• Abstract of results to be published in English and Marathi newspapers under LODR.