Midwest Gold Ltd

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.

Appointments/Resignations

• Deepak Kukreti resigns as Whole-time Director, effective 28 July 2026.
• Kothamasu Sri Surya Pratap resigns as Non-Executive Independent Director, effective 28 July 2026.
• Rajyalakshmi Ankireddy resigns as Non-Executive Independent Director, effective 28 July 2026.
• Sasikanth Rao resigns as Non-Executive Director, effective 28 July 2026.
• Dinabandhu Mohapatra appointed Additional Director, Non-Executive Independent, effective 28 July 2026, for five-year term (pending approval).
• Kollareddy Ranganayakamma appointed Additional Director, Non-Executive, effective 28 July 2026, subject to approval.

CFO Changes

• Ramakrishna Venkatachala resigns as Chief Financial Officer, effective 29 July 2026.
• Rama Devi Dasari appointed CFO, effective 29 July 2026.

Related Party Transactions

• Approves related-party consultancy fees to Deepak Kukreti up to Rs 12.5 lakh/month plus GST, subject to postal ballot.

Shareholder/Postal Ballot Actions

• Notice of Postal Ballot approved for shareholder approval of special businesses.

Event

• Commencement of commercial production at 1.2 GWh BESS facility in Bengaluru.

Facility details

• Integrated Cell-to-Container manufacturing enables modules, trays, racks and containerised BESS.
• Annual capacity 1.2 GWh; scalable from 3 kWh to 6 MWh (48V–1500V).

Standards & scope

• UL 1973, UL 9540 and UL 9540A compliant products.
• End-to-end production of modules, trays, racks and containerised systems.

Applications

• Targets commercial, industrial, renewable and utility-scale applications.

Impact & outlook

• Strengthens indigenous manufacturing and expands domestic and international markets.
• Supports India's clean energy transition and grid resilience.

Regulatory / disclosure

• Annexure A details event under Regulation 30; date of occurrence July 20, 2026.

Certificate submission

• Certificate under Reg 74(5) attached; no details on demat/remat processing are included.

MoU participants and purpose

• Parties: Midwest Energy Limited, Midwest Limited, NFTDC, and PERMINAS.
• Framework to evaluate collaboration across the rare earth value chain in Indonesia.

Scope and governance

• Joint working group to plan and monitor project implementation.
• Scope includes upstream exploration, mining, processing, refining, and magnet production.

Contributions and access

• Midwest Energy to provide magnet plant technology and operations expertise.
• Midwest Limited to contribute exploration, mining, processing, and environmental studies.
• NFTDC to provide technology and services across the value chain.
• PERMINAS to provide access to critical minerals and rare earth resources.

Commercial terms and related disclosures

• No monetary commitment specified in the MoU.
• Midwest Limited is a group company; related party considerations apply.
• This is the first structured collaboration with a Southeast Asian state-owned enterprise.

Share split and MOA amendment

• Approved 1:10 equity share split; face value Rs10 to Rs1, subject to shareholders' approval.
• Approved consequential alteration of Clause V of MOA to reflect the split, subject to approval.
• Record date for eligibility to be intimated separately.
• Annexure-I contains details under Regulation 30.

Capital structure pre- and post-split

• Pre-split authorized capital: 2,00,00,000 shares; post-split: 20,00,00,000 shares.
• Issued capital pre-split: 1,29,72,196; post-split: 12,97,21,960.

FY26 consolidated results

• 📊 Revenue from operations rose to ₹865.91 lakh in FY26 from ₹77.57 lakh.
• 📊 Total income increased to ₹1,053.23 lakh in FY26 from ₹113.84 lakh.
• 📊 Consolidated loss before tax widened to ₹1,400.69 lakh from ₹684.57 lakh.
• 📊 Consolidated EPS was -₹12.67, versus -₹12.36 last year.
• 📊 Other expenses rose to ₹1,128.13 lakh; employee costs were ₹641.57 lakh.
• 📊 Finance costs increased to ₹259.53 lakh from ₹236.85 lakh.

Quarterly performance

• 📊 Q4FY26 revenue from operations was ₹575.98 lakh, versus ₹120.43 lakh in Q3FY26.
• 📊 Q4FY26 total income was ₹688.87 lakh, versus ₹143.65 lakh in Q3FY26.
• 📊 Q4FY26 loss before tax was ₹345.12 lakh, versus ₹325.21 lakh in Q3FY26.
• 📊 Q4FY26 EPS was -₹3.05, versus -₹2.61 in Q3FY26.

Segment performance

• 📊 Renewable energy and power storage systems generated ₹2,525.90 lakh revenue in FY26.
• 📊 Rare-earth materials and magnets reported nil FY26 segment revenue.
• 📊 FY26 segment loss was ₹1,072.20 lakh before interest and tax.
• 📊 Segment assets were ₹48,848.17 lakh for renewable energy and power storage systems.
• 📊 Segment assets were ₹22,091.68 lakh for rare-earth materials and magnets.

Balance sheet and cash

• 📊 Consolidated total assets rose to ₹71,395.14 lakh from ₹20,206.79 lakh.
• 📊 Equity increased to ₹39,823.47 lakh from ₹8,727.85 lakh.
• 📊 Cash and cash equivalents rose to ₹12,676.34 lakh from ₹3,931.41 lakh.
• 📊 Current borrowings increased to ₹10,353.38 lakh from ₹2,875.57 lakh.
• 📊 Non-current borrowings increased to ₹19,808.62 lakh from ₹7,720.11 lakh.

Capex and funding

• 🧱 FY26 capex included ₹19,584.03 lakh on property, plant and equipment.
• 🧱 Capital advances were ₹11,816.05 lakh; intangible development spend was ₹811.82 lakh.
• 📍 The company raised ₹170.15 crore through preferential allotment of 8,50,750 shares.
• 📍 ₹80 crore of preferential proceeds were used to repay unsecured loans.
• 🧱 Planned use of proceeds includes land, building, plant, equipment, and machinery for a magnet facility.

Audit and accounting

• 🗒️ Auditors issued a qualified opinion on standalone and consolidated FY26 results.
• ⚠️ Qualification relates to ₹2,558.10 lakh capitalised as intangible assets under development.
• 🗒️ Auditors said sufficient evidence was not provided for Ind AS 38 recognition criteria.
• 🗒️ The amalgamation of Midwest Energy Private Limited was accounted for as common-control merger.
• 🗒️ Comparative financials were restated from the appointed date of 1 July 2025.

Business model

• 📍 The company manufactures sintered permanent rare earth magnets.
• 📍 Consolidated operations also include renewable energy and power storage systems.
• 📍 Subsidiaries include Midwest Energy Devices, Christian Michelsen Energy, and Good Energy entities.