Midwest Gold Ltd

Record Date and share split details

• Sub-division of equity shares from Rs 10 to Rs 1 (10-for-1 split).
• Record Date: Friday, 25 September 2026.
• Approval: split approved by equity shareholders via Postal Ballot on 08 September 2026.
• New allotment: each existing Rs 10 share becomes one Rs 1 share; ranking pari-passu.
• No book closure or payment timelines specified.

Resolutions and outcomes

• Purpose: Seek member approval for resolutions set out in Postal Ballot Notice dated 28 July 2026.
• Resolution 1, Ordinary: Approve sub-division of equity shares and MOA amendment; passed 100% in favor.
• Resolution 2, Special: Payment of professional fees to Mr. Deepak Kukreti, related party; approved.
• Resolution 3, Ordinary: Appoint Mrs. Kollaredy Ranganayaka as Director; term/experience details not disclosed; passed.
• Resolution 4, Special: Appoint Mr. Dinabandh Mohapatra as Independent Director; term/experience details not disclosed; passed.

AGM Details

• Date and time: 30 September 2026 at 01:00 PM IST via VC/OAVM.
• Record/book closure: Sep 24–30, 2026 (inclusive).
• Voting eligibility: Members as on Sep 23, 2026 eligible to vote.

Resolutions

• Ordinary resolution: adopt audited standalone and consolidated financial statements for FY 2025-26.
• Ordinary resolution: reappoint Baladari Satyanarayana Raju as Director, retiring by rotation.
• Special Business: appoint Soumya K as Wholetime Director and CEO for 5 years from Sep 30, 2026.

Voting & Scrutiny

• Remote e-voting window: Sep 27–29, 2026; AGM via VC/OAVM.
• Scrutinizer appointed; results declared within two days and posted on company and Bigshare sites.

Financial performance

• Standalone revenue rose to 3,199.21 Lakhs in FY2025-26 from 376.07.
• Standalone PBT and PAT both 279.59 Lakhs; improved profitability vs prior year.
• Consolidated revenue 1,053.23 Lakhs; PBT (1,400.69) Lakhs; PAT (1,406.08) Lakhs.
• Standalone EPS 2.47; Consolidated EPS (11.15) Rs per share.
• Total standalone comprehensive income 279.59 Lakhs; consolidated at (1,394.14) Lakhs.
• YoY revenue expansion driven by amalgamation-related activity; earnings remain negative on a consolidated basis.

Capital structure & funding

• Preferential equity raise: Rs 334.85 Crore; 1,924,250 shares issued.
• Paid-up capital increased to Rs 12.98 Crore (1,29,72,196 shares).
• Authorised share capital raised to Rs 83 Crore after amalgamation.
• Consolidated borrowings totalling Rs 30,162.00 Lakhs; net debt to total capital 17.07%.
• Director loans Rs 5,100.00; promoter loan Rs 375.00; loans from Midwest Limited Rs 2,592.97.
• Dividend for FY2025-26 not declared.

Mergers & corporate actions

• Scheme of Amalgamation: Midwest Energy Private Limited merged with Midwest Gold Limited.
• Name changed to Midwest Energy Limited; ROC approval 25 May 2026; BSE approval 7 July 2026.
• Amalgamation treated as common-control; no cash consideration; capital reserve recognized.

Business developments & operations

• Land acquisition: ~20 acres in Telangana for magnet facility; Rs 62.25 Crore.
• CWIP stood at 16,391.31 Lakhs; total non-current assets 45,549.21.
• Nine subsidiaries including Midwest Advanced Materials, Midwest Energy Devices, US entity, and Sri Lanka units.
• FY26 revenue concentrated: 83% from a single customer; two customers accounted for >30% in FY25.
• Geographic mix: India revenue 515.15; Rest of World 350.75 (FY26).

Governance & board

• Soumya K appointed as Wholetime Director and CEO from Sept 30, 2026.
• Rama Devi Dasari appointed CFO around July 29, 2026; several KMP changes during year.
• Independent Directors and three board committees in place; Independent Directors meet separately.
• Auditors Majeti & Co. with a qualified opinion on IAUD; internal control weakness in IAUD.

Audit, risk & controls

• Auditor's report notes a material weakness in internal controls over Intangible Assets Under Development.
• Management is strengthening documentation for capitalization under Ind AS 38; going concern disclosed.
• Secretarial audit: CS Munesh Kumar Gaur; no qualifications; annual compliance reported.

Related party transactions

• Subsidiary loans total 10,261.77 Lakhs; interest-free loans to directors and promoter loans exist.
• Corporate guarantees to Canara Bank (4,829.14 Lakhs) and HDFC Bank (1,993.28 Lakhs).
• Intercompany funding to subsidiaries supports project execution and CWIP growth.

Risk factors & outlook

• Project-stage company; relying on equity, debt and funding for capital expenditure.
• Significant revenue concentration risk from a single customer; market and regulatory risk persist.
• Going concern basis maintained; substantial CWIP and pre-operative expenditure subject to execution risk.

Key Decisions

• Directors' Report for FY 2025-26 approved.
• AGM for FY 2025-26 scheduled for Sep 30, 2026 at 1:00 PM via VC/OAVM.
• Register of Members and Share Transfer Books closed Sep 24-30, 2025 for AGM.
• Soumya Kukreti named Whole-Time Director and CEO for five years from Sep 30, 2026, subject to approval.
• Scrutinizer appointed: Mr. Srikant Kumar P for remote e-voting and AGM.
• Bigshare Services Private Limited appointed for remote e-voting facility.
• Cut-off date for e-voting eligibility fixed as Sep 23, 2026.
• E-voting period: Sep 27, 2026 9:00 AM to Sep 29, 2026 5:00 PM.
• Brief profile: Soumya Kukreti, 18+ years in mining/clean energy; WTD since 2012; Commerce degree.

Board approvals

• Approved unaudited standalone and consolidated results for quarter ended June 30, 2026.
• Took note of the Limited Review Report by Majeti & Co.

Internal Auditor appointment

• Appointed M/s Eswaraiah & Co. as Internal Auditor for FY 2026-27.
• Appointment date: August 10, 2026; term: FY 2026-27.
• Profile: Hyderabad-based CA firm with 30+ years' experience.
• Disclosure of relationships: Not Applicable.