💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 3.75% YoY to INR 109.62 Cr in H1 FY26, compared to INR 105.66 Cr in H1 FY25. Segment-specific growth percentages were not disclosed as the company operates in a single reportable segment.

Geographic Revenue Split

Not disclosed in available documents, though the company maintains an international presence through its subsidiary E Mobility Exim Pte Ltd.

Profitability Margins

Net Profit Margin declined from 4.02% in H1 FY25 to 2.35% in H1 FY26. Consolidated Net Profit fell 39.3% YoY to INR 2.58 Cr from INR 4.25 Cr, primarily due to higher interest and operational costs.

EBITDA Margin

EBITDA Margin is approximately 8.2% for H1 FY26, calculated from an operating profit before working capital changes of INR 9.90 Cr on total revenue of INR 109.89 Cr.

Capital Expenditure

The company invested INR 2.33 Cr in the purchase of fixed assets during H1 FY26. Additionally, it completed a strategic investment of INR 12.00 Cr for the acquisition of equity shares in its wholly-owned subsidiary, Shigan Electronics Private Limited.

Credit Rating & Borrowing

Not disclosed. However, consolidated interest expenses rose to INR 3.78 Cr in H1 FY26, representing 3.4% of total revenue.

⚙️ Operational Drivers

Raw Materials

Electronic components, PCBs, and assembly parts for product engineering and electronics manufacturing services, representing 62.7% of total revenue (INR 68.81 Cr).

Capacity Expansion

Not disclosed. Current focus is on the integration of Shigan Electronics Private Limited (incorporated June 2023) to enhance end-to-end design and manufacturing capabilities.

Raw Material Costs

Raw material costs stood at INR 68.81 Cr in H1 FY26, accounting for 62.7% of revenue, up from 64.6% of revenue in the previous full year (FY25).

📈 Strategic Growth

Growth Strategy

Growth is targeted through the full integration of Shigan Electronics Private Limited, acquired for INR 12.00 Cr, to provide end-to-end product engineering and electronics manufacturing services. The company is also leveraging its Singapore-based subsidiary, E Mobility Exim Pte Ltd, for international market reach.

Products & Services

Electronic products, product engineering services, and assembly of electronic components.

Brand Portfolio

Shigan.

New Products/Services

End-to-end design and development of electronic products through the newly integrated electronics manufacturing division.

🌍 External Factors

Industry Trends

The company is positioned within the growing Electronics Manufacturing Services (EMS) and Product Engineering sector in India, focusing on the shift toward localized end-to-end design and assembly.

Competitive Moat

The company's moat is built on its integrated 'design-to-delivery' model following the acquisition of Shigan Electronics, which provides specialized product engineering capabilities that are difficult for pure-play assemblers to replicate.

Macro Economic Sensitivity

Sensitivity to foreign exchange rates resulted in a loss of INR 53.85 Lakhs in H1 FY26.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Taxation Policy Impact

The effective tax rate for H1 FY26 was 22.6%, with a tax expense of INR 75.54 Lakhs on a pre-tax profit of INR 333.59 Lakhs.

Legal Contingencies

The company has 0 pending litigations as of the latest audit report, and there are no material foreseeable losses on long-term contracts.

⚠️ Risk Analysis

Key Uncertainties

Foreign exchange volatility (INR 53.85 Lakhs loss) and rising interest costs (INR 3.78 Cr) are the primary short-term financial uncertainties.

Credit & Counterparty Risk

Consolidated trade receivables stood at INR 38.89 Cr as of September 30, 2025, representing 35.5% of H1 FY26 revenue.