Macfos Ltd

Scrutinizer appointment

• Board approved appointment at meeting held on 11 August 2026.
• Appointee: CS Vipin Zavar (CZ & Associates LLP) or, failing him, CS Chirag Chawra.
• Appointment follows Regulation 30 LODR and Section 108 of the Companies Act 2013.
• e-voting facility provided by NSDL.

Business Overview

• ROBU.IN is Macfos' specialized online electronics store with 100,000+ SKUs and 150+ brands.
• Launched Robu.in in 2014; Android app in 2017; iOS app in Jan 2023.
• 50,000+ sq ft warehouse; 280+ team (own+contract) in 2026.
• Revenue grew from ₹16.2cr (2019-20) to ₹312cr (2025-26).
• Adopted Ind AS from 1 Apr 2026; Q1 FY26-27 comparatives restated.
• ROBU 1.0 strengthens core distribution; ROBU 2.0 focuses on proprietary products and drones.
• Growing corporate/educational customer base; expanding product portfolio and supplier network.

Key Operational Highlights

• Q1 TY 2026-27 revenue ₹82.46cr; EBITDA ₹9.75cr; PAT ₹5.82cr.
• YoY comparable growth: revenue +38%, EBITDA +22%, PAT +18%.
• FY2024-25 revenue ₹257.68cr; FY2025-26 ₹311.74cr.
• 3-year CAGR: revenue 58%; EBITDA 53%; PAT 53%.
• ROBU 1.0 and ROBU 2.0 initiatives include expansions, product launches, and ERP modernization.
• Major launches: TFT displays; Raspberry Pi Neo Dev Board.
• Drone and OEM product growth: 650 OEM SKUs added.

Financial Performance

• Q1 TY 2026-27 revenue ₹82.46cr; EBITDA ₹9.75cr; PAT ₹5.82cr.
• FY2025-26 PAT ₹25.61cr; Total comprehensive income ₹25.45cr.
• FY2024-25 revenue ₹257.68cr; FY2025-26 ₹311.74cr.
• 3-year CAGR: revenue 58%; EBITDA 53%; PAT 53%.
• Ind AS adoption from 1-Apr-2026; comparatives restated for Q1 FY25-26.

Strategic Priorities & Outlook

• Long-term opportunity intact; disciplined execution and investments to sustain growth.
• ROBU 1.0: strengthen core distribution, supplier network, and fulfilment speed.
• ROBU 2.0: scale proprietary products, drone ecosystem, and government/defense engagements.
• ERP modernization and scalable IT to improve efficiency and accountability.
• Drone ecosystem growth and in-house product development for differentiation.

Risks & Mitigation

• Uncertain global environment; platform strengthening and disciplined investment emphasized.
• Ongoing supplier network expansion to mitigate supply chain risk.

Governance & Leadership

• Chairman & MD: Atul Maruti Dumbre; WTDs: Binod Prasad and Nileshkumar Chavhan.
• CFO: Binod Prasad; core management team retained.

Ind AS adoption

• Board approved voluntary adoption of Ind AS, effective from 01-Apr-2026.
• First Ind AS reporting period is Q1 FY2026 (01-Apr-2026 to 30-Jun-2026).
• Adoption is voluntary for SME-listed company; irrevocable under Ind AS 101.
• Company will file Ind AS financial results with reconciliation per Reg 33 LODR.
• Reason is to improve comparability and investor transparency.

Board approvals & Q1 FY27 results

• To voluntarily adopt IND AS for financial statements from FY 2026-27 onwards.
• Unaudited standalone and consolidated Q1 FY27 results under IND AS with Limited Review.
• Approve Annual Report for FY 2025-26 and Draft AGM Notice.
• Appoint CZ & Associates LLP as Scrutinizer for AGM eVoting.
• Appoint director replacing Chavhan (DIN 07936897) who retires by rotation.
• Review outstanding statutory liabilities >3 months: TDS, TCS, GST, PF/ESIC, PT.
• Note listing compliances for the quarter ended 30 June 2026.
• Note MSME vendor non-payment cases beyond 45 days.
• Unsettled litigation as of quarter-end with amounts exceeding ₹1 lakh.
• Investor grievances received/resolved/pending in quarter.
• Delays in periodic returns: GSTR3B, GSTR1, GSTR9, GSTR9C; TDS/TCS; PF/ESIC/PT.
• Authorize Directors to file e-Forms with ROC.
• Meeting duration 04:15 PM to 06:30 PM.
• Standalone Q1 FY27: revenue from operations ₹8,133.87 lac; PAT ₹581.95 lac; EPS ₹5.62.
• Consolidated Q1 FY27: revenue from operations ₹8,134.01 lac; PAT ₹581.16 lac.
• Paid-up capital ₹1,035.85 lac; Basic/Diluted EPS ₹5.62.

Financial results & IND AS

• Unaudited standalone and consolidated results for quarter ended 30 June 2026 approved.
• Results prepared under IND AS; includes auditor's limited review report.
• Voluntary adoption of IND AS for FY2026-27.

AGM, notices & director matters

• Annual Report for FY2025-26 approved; Draft Notice for 9th AGM prepared.
• M/s CZ & Associates LLP appointed Scr scrutinizer for AGM/eVoting.
• Director to replace retiring Nileshkumar Purushottam Chavhan; eligible for re-appointment at AGM.
• Authorized Directors to file e-Forms with ROC.

Statutory, regulatory & compliance

• Pending statutory liabilities over 3 months: TDS, TCS, GST, PF/ESIC, Professional Tax.
• Listing compliance for quarter ended 30 June 2026 noted.
• MSME vendor non-payment within 45 days flagged for tax impact.
• Unsettled litigation with amounts exceeding INR 1 lakh discussed.
• Investor grievances received; resolved and pending noted.
• Delays in GSTR 3B, GSTR1, GSTR9 and GSTR9C submissions noted.

Dematerialisation status

• No dematerialisation/rematerialisation requests were received during the period.
• Certificate confirms no requests processed by the Registrar and Transfer Agent.

XBRL filing for Bonus Issue

• Non-submission of XBRL filing for the Bonus Issue Board Outcome acknowledged as inadvertent.
• Pending XBRL filing submitted on the exchange platform; Ack: 0907261318043352054.
• Submission date/time: 09/07/2026 13:18:04.
• Company to implement internal checks to ensure XBRL filings within 24 hours.
• Requests exchange to treat clarification as satisfactory and close the matter.
• No material financial impact disclosed.

FY26 results

• Revenue was roughly ₹312 crore in FY26, excluding ₹71 crore bulk sales from H1 FY25.
• EBITDA was ₹39 crore and PAT was ₹25.65 crore in FY26.
• Like-for-like growth was roughly 67% revenue, 103% EBITDA, and 105% PAT.

Business drivers

• Demand remained robust, with more traction from corporate customers and repeat purchases.
• Average order value rose in Q4 due to B2B and B2G year-end budget spending.
• Website and app traffic, order volumes, average order value, and retention showed positive trends.
• Robu 1.0 is the distribution business; Robu 2.0 focuses on proprietary products.
• Robu 2.0 has three brands: SmartElex, SimplyFly, and ProRange.

ROBU 2.0 and margins

• Management targets roughly 10% higher gross margin on proprietary products versus distribution.
• ROBU 2.0 revenue is still small, so management is not giving revenue guidance.
• Drone products have seen the best response; SmartElex is steadily growing.
• Defense engagement is direct, but current volumes are low and revenue impact is limited.
• ProRange additions included sensors, modules, 3D-printing filaments, drone parts, and tools.

Q&A Highlights

• Analysts asked about AI-led demand; management said edge-AI demand is possible, but no strategic shift is needed.
• Analysts asked about memory shortages; management said development boards and drone controllers were impacted.
• Analysts asked about TAM; management said the market is hard to size and cited a 2030 study near ₹10,000 crore.
• Analysts asked about customer mix; management said customers are hobby, education, research, and engineering users.
• Analysts asked about debt; management said debt is used mainly for inventory and banks remain comfortable.
• Analysts asked about warehouse capacity; management said expansion is ongoing, but no capex is planned this year.
• Analysts asked about working capital days; management said it would reply separately with relevant data.
• Analysts asked about B2B/B2C mix; management said B2B revenue share should rise over time, while B2C orders rise faster.

Business

• Macfos operates Robu.in, an e-commerce platform for electronics, robotics, drone, IoT, and DIY components.
• The company serves manufacturers, corporates, educational institutions, researchers, and developers.

Operations

• Robu.in has 1,00,000+ SKUs, 150+ brands, and 210+ vendor tie-ups.
• The company reported 50,000+ sq. ft. warehouse capacity and 280+ staff.
• Average monthly website and app visitors rose to 5,05,250 in FY26.
• Orders served increased to 6,11,000 in FY26, with average order value at ₹12,759.
• Very slow-moving inventory rose to 6.21% of inventory in March 2026.

Financials

• FY26 revenue was ₹311.74 crore, up from ₹257.68 crore in FY25.
• FY26 EBITDA was ₹38.97 crore and PAT was ₹25.65 crore.
• Management said like-for-like FY26 growth was 67% revenue, 103% EBITDA, and 105% PAT.
• FY26 revenue included ₹71.38 crore of one-time bulk sales in H1 FY25 excluded from comparison.

Capital

• No capital structure, debt, or liquidity changes were disclosed in this presentation.

Strategy

• Robu 1.0 focuses on core distribution, faster fulfilment, broader catalogue, and more corporate customers.
• Robu 2.0 focuses on in-house product development, especially drones and related parts.
• Management plans to improve ERP usage, digital innovation, and in-house IT infrastructure.

Risks

• Management said the main challenge is building capability to capture market demand effectively.

Governance

• The presentation identified Atul Maruti Dumbre as Chairman and Managing Director.
• Binod Prasad is Whole Time Director and CFO, and Nileshkumar Purshottam Chavhan is Whole Time Director.