Amalgamated Electricity Company Limited reported a net loss of ₹33.49 lakh for the financial year ended March 31, 2026, as total liabilities exceeded total assets by ₹72.77 lakh. The company's ability to continue as a going concern is dependent upon future operations and the availability of substantial financial support, according to the independent auditor's review report. The board approved the audited standalone financial results for the quarter and year ended March 31, 2026, during a meeting held on May 30, 2026.

The company reported a total income of ₹1.62 lakh for the year, compared to ₹1.31 lakh in the previous year. Total expenses for FY26 stood at ₹35.11 lakh, a significant increase compared to ₹11.20 lakh in FY25. For the quarter ended March 31, 2026, the company recorded a net loss of ₹8.04 lakh on a total income of ₹0.37 lakh. Basic and diluted earnings per share for the year were reported at -₹1.21, compared to -₹1.08 in the prior year.

Financial Results Summary

M/s. Vatsaraj & Co., Chartered Accountants, issued the audit report for Financial Year 2025-26 with an unmodified opinion. However, the independent auditor's review report highlighted a material uncertainty regarding the company's going concern status due to the negative net worth. The report noted that the company's total liabilities exceeded its total assets, raising doubts about its ability to continue operations without significant financial support.

The board appointed NKS & Associates, Chartered Accountants, Bengaluru, as internal auditors for conducting the internal audit for the financial year 2026-27. The meeting, which commenced at 3.00 p.m. and concluded at 4.00 p.m., was held pursuant to Regulation 30, 33, and Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Amalgamated Electricity Company Limited convened a Board of Directors meeting on May 18, 2026, at its registered office in Mumbai. The meeting commenced at 4.00 P.M. and concluded at 4.35 P.M., during which the board approved a series of key corporate governance decisions, including multiple appointments and a significant promoter reclassification, all disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Appointments Approved by the Board

The board approved three distinct appointments at the meeting, strengthening the company's secretarial and compliance framework. The following table summarises the appointments made:

Whole-time Company Secretary

Mr. Abhijit K.R. has been appointed as the Whole-time Company Secretary of the company effective May 18, 2026. He is an Associate Member of the Institute of Company Secretaries of India and brings 10 years of experience as a Company Secretary. No relationships between directors were disclosed in connection with this appointment.

Company Secretary Consultant

M/s Anushree Keshav & Associates, represented by Ms. Anushree Keshav, a Practising Company Secretary, has been appointed as Company Secretary consultant effective May 18, 2026. Ms. Keshav is an Associate Member of the Institute of Company Secretaries of India with 16 years of experience as a Company Secretary. No relationships between directors were disclosed in connection with this appointment.

Secretarial Auditor

M/s Sharvari Kulkarni and Associates, Practising Company Secretaries, represented by Ms. Sharvari Sham Kulkarni, has been appointed as Secretarial Auditor for conducting the Secretarial Audit of the company for financial year 2025-26, effective May 18, 2026. Ms. Kulkarni is an Associate Member of the Institute of Company Secretaries of India with 10 years of experience as a Company Secretary. No relationships between directors were disclosed in connection with this appointment.

Promoter Reclassification of Apurva Investments Company Private Limited

The board also approved the reclassification of Apurva Investments Company Private Limited (CIN: U65923MH1982PTC026040) from "Promoter Group" to "Promoter" of the company. The key details of this reclassification are as follows:

Apurva Investments Company Private Limited had historically been classified as part of the Promoter Group in various statutory filings under the Companies Act, 2013 and SEBI regulations, owing to the association of its earlier shareholders with the then-existing promoter/promoter group entities of the company. On the request of all other Promoters and Promoter Group, the company filed a reclassification application under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to reclassify certain entities from "Promoter" or "Promoter Group" to "Public." The board noted a letter dated May 16, 2026, received from Apurva Investments Company Private Limited confirming its willingness to be reclassified from "Promoter Group" to "Promoter."

Board Meeting Details

The disclosures were made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023. The outcome was communicated to the Bombay Stock Exchange by Aradhana Kurup, Director, on behalf of Amalgamated Electricity Company Limited.