Ampvolts Limited (formerly known as Quest Softech (India) Limited) has filed its Statement of Deviation and Variation in utilisation of funds raised, as mandated under Clause 32(1), (2), and (3) of the SEBI (Listing Obligation and Disclosure Requirements), 2015. The filing pertains to the quarter ended March 31, 2026, and was submitted to BSE Limited on May 8, 2026. The statement was reviewed by the Audit Committee and the Board of Directors at their meeting held on the same date.

Fund Raising Details and Compliance Status

Ampvolts raised funds through a Rights Issue (Partly Paid-Up) on February 23, 2024. The company has confirmed that there is no deviation or variation in the utilisation of the funds raised. The following table summarises the key details of the fund-raising and compliance report:

Board and Audit Committee Review

The Statement of Deviation and Variation was placed before the Audit Committee and the Board of Directors of Ampvolts at their meeting held on May 8, 2026. Both bodies reviewed the statement, and no comments or observations regarding deviation or variation were recorded. The filing was signed by Vipul Chauhan, Managing Director (DIN: 01241021), on behalf of the company.

Regulatory Compliance

The submission is in accordance with the requirements of the SEBI (Listing Obligation and Disclosure Requirements), 2015. Since no deviation or variation has been reported, no modified object, modified allocation, or explanation for deviation is applicable for the quarter ended March 31, 2026. The company has confirmed that the funds raised via the Rights Issue have been utilised in line with the originally stated objects.

Ampvolts Limited (formerly known as Quest Softech (India) Limited) announced its audited standalone financial results for the quarter and year ended March 31, 2026, following a Board of Directors meeting held on May 8, 2026. The board approved the results pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory audit was carried out by Bansi Khandelwal & Co., Chartered Accountants (Firm Registration No. 145850W), who issued an unmodified opinion on the financial results.

Financial Performance Overview

Ampvolts delivered a significant improvement in its financial performance for FY26, with revenue from operations rising sharply to ₹2,063.64 lakhs from ₹198.20 lakhs in FY25. Total income for the year, including other income of ₹312.73 lakhs, stood at ₹2,376.37 lakhs compared to ₹297.71 lakhs in the prior year. The company swung to a profit before tax of ₹207.16 lakhs in FY26 from a loss before tax of ₹71.38 lakhs in FY25. Profit after tax for the year stood at ₹155.23 lakhs, compared to ₹46.28 lakhs in FY25.

The following table summarises the key financial metrics for the year and the most recent quarter:

Note: Earnings per equity share for the quarter ended are not annualised.

Segment Performance

The company operates across two business segments — sale of products and sale of services — primarily related to electric vehicle chargers, charging stations, fleet operations for electric passenger cars, and electric commercial trucks. The segment-wise revenue and results for FY26 are presented below:

Balance Sheet Highlights

Total assets of Ampvolts grew to ₹10,471.67 lakhs as at March 31, 2026, compared to ₹6,097.58 lakhs as at March 31, 2025. Non-current assets rose to ₹4,521.54 lakhs from ₹1,700.33 lakhs, driven primarily by an increase in property, plant and equipment to ₹2,573.07 lakhs from ₹449.43 lakhs. Current assets stood at ₹5,950.13 lakhs versus ₹4,397.25 lakhs in the prior year, with trade receivables increasing significantly to ₹1,984.52 lakhs from ₹70.02 lakhs.

Cash Flow Summary

For the year ended March 31, 2026, net cash used in operating activities was ₹2,199.20 lakhs, compared to ₹2,175.49 lakhs in the prior year. Net cash used in investing activities stood at ₹1,402.20 lakhs, while net cash generated from financing activities was ₹3,597.54 lakhs, primarily driven by proceeds from long-term borrowings of ₹2,332.36 lakhs and net short-term borrowings of ₹1,468.66 lakhs. Cash and cash equivalents at the end of the year were ₹16.54 lakhs, compared to ₹20.42 lakhs at the beginning of the year.

Auditor Appointments and Other Disclosures

The board also approved the appointment of MYSP & Associates LLP (formerly known as Madkholkar Bhave Chitale & Associates LLP) as the new Statutory Auditor for a term of five years commencing from FY 2026-27 till FY 2030-31, subject to shareholder approval at the ensuing Annual General Meeting. Mr. Chintan Popat was appointed as Internal Auditor for a term of two years covering FY 2026-27 and FY 2027-28, effective May 8, 2026. The paid-up equity share capital as at March 31, 2026 stood at ₹2,571.09 lakhs, with a face value of ₹10 per share, while other equity (excluding revaluation reserve) was ₹2,506.38 lakhs.