Automobile Corporation of Goa announced its audited financial results for the quarter and year ended 31 March 2026 at its Board of Directors meeting held on May 5, 2026. The results, audited by M/s. BSR & Co. LLP, Chartered Accountants, carry an unmodified audit opinion. The company delivered robust growth across key financial metrics for both the quarter and the full year, driven primarily by its bus body building division.

Full-Year Financial Performance

For the year ended 31 March 2026, Automobile Corporation of Goa recorded strong top-line and bottom-line growth compared to the previous year. Total revenue from operations reached Rs. 93,365.49 lakhs, up from Rs. 66,076.74 lakhs in FY25. Total income, including other income of Rs. 1,750.36 lakhs, stood at Rs. 95,115.85 lakhs against Rs. 67,561.88 lakhs in the prior year. The following table summarises the key financial metrics for FY26 versus FY25:

Total expenses for FY26 were Rs. 85,373.01 lakhs, compared to Rs. 61,311.74 lakhs in FY25. The cost of materials consumed was the largest expense component at Rs. 65,197.93 lakhs, followed by other expenses of Rs. 13,758.65 lakhs and employee benefits expense of Rs. 5,379.27 lakhs. An exceptional loss of Rs. 328.63 lakhs was recorded during the year, representing the incremental impact of the new Labour Codes notified by the Government of India, comprising gratuity of Rs. 242.14 lakhs and long-term compensated absences of Rs. 86.49 lakhs.

Q4 FY26 Quarterly Performance

For the quarter ended 31 March 2026, total revenue from operations stood at Rs. 27,063.97 lakhs, compared to Rs. 20,022.10 lakhs in Q3 FY26 and Rs. 21,686.33 lakhs in Q4 FY25. Net profit for Q4 FY26 was Rs. 2,132.31 lakhs, against Rs. 1,085.83 lakhs in Q3 FY26 and Rs. 1,683.60 lakhs in Q4 FY25. The table below presents a broader performance comparison across periods, including EBITDA and PBT margins:

* Not annualised | # EBITDA is calculated as a % of total income

* Not annualised

Segment-Wise Performance

Automobile Corporation of Goa operates through two primary business segments: the Pressing Division, which manufactures pressed parts, components, sub-assemblies and assemblies for automobiles; and the Bus Body Building Division, which manufactures bus bodies and component parts. The bus body segment remained the dominant revenue contributor for FY26.

Tata Motors Limited contributed Rs. 84,897.21 lakhs to the company's revenue for the year ended 31 March 2026, making it the only party contributing more than 10% to the company's revenue. On an operational note, the company delivered 2,918 bus bodies in the quarter ended 31 March 2026, compared to 2,406 units in the corresponding quarter of the previous financial year.

Balance Sheet and Dividend

As at 31 March 2026, total assets stood at Rs. 45,880.76 lakhs against Rs. 46,526.39 lakhs as at 31 March 2025. Total equity increased to Rs. 30,859.30 lakhs from Rs. 25,374.11 lakhs, reflecting the strong profitability during the year. Reserves (excluding revaluation reserve) grew to Rs. 30,250.44 lakhs from Rs. 24,765.25 lakhs. Current borrowings declined significantly to Rs. 879.80 lakhs from Rs. 8,503.80 lakhs, while cash and cash equivalents rose to Rs. 12,135.36 lakhs from Rs. 3,591.23 lakhs.

The Board of Directors has proposed a final dividend of Rs. 22.50 per equity share (225% on face value of Rs. 10/- each) for FY26, subject to shareholder approval at the 46th Annual General Meeting scheduled for July 22, 2026. If approved, this would result in a cash outflow of approximately Rs. 1,369.94 lakhs. During FY26, dividends paid included an interim dividend of Rs. 5.00 per equity share (cash outflow of Rs. 304.43 lakhs) and a final dividend of Rs. 20.00 per equity share for FY25 (cash outflow of Rs. 1,217.72 lakhs).

Operational and Corporate Developments

The company improved its operational performance in Q4 FY26, delivering 2,918 bus bodies compared to 2,406 units in the corresponding quarter of the previous financial year. As part of its commitment to achieving water neutrality and its Net Zero objectives, the company commenced construction of a lake in March 2026. The company noted that it is experiencing volatility in commodity prices, while its export performance continues to be impacted by the prevailing geopolitical environment. Despite these challenges, the company remains focused on maintaining stable operational and financial performance through operational efficiencies and cost control.

Pursuant to the approval of the National Company Law Tribunal (NCLT), the merger of Tata Motors Finance Limited with Tata Capital Limited was completed on May 8, 2025. Consequent to this restructuring, the shareholding of Tata Capital Limited (formerly known as Tata Motors Finance Limited) was reclassified from "Promoter Shareholding" to "Public Shareholding".

Automobile Corporation of Goa Limited has published newspaper advertisements for its postal ballot notice under Regulations 30 and 47 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company issued a formal communication to BSE Limited on March 18, 2026, confirming the publication of postal ballot notice in Financial Express and Dainik Pudhari newspapers.

Regulatory Compliance and Publication

The company has fulfilled its regulatory obligations by publishing the postal ballot notice in leading newspapers as required under SEBI regulations. The notice details are also available on the company's website at www.acglgoa.com .

Postal Ballot Resolutions

The company is seeking shareholder approval for three key resolutions through remote e-voting:

Voting Schedule and Process

The remote e-voting period is scheduled as follows:

Director Appointments

The company seeks approval for appointing two new Independent Directors:

Dr. Renu Sharma (DIN: 02797298)

Dr. Sharma, aged 61 years, is a distinguished retired Indian Administrative Service officer with 36 years of experience in public administration, governance, and finance. She holds a PhD from Institut d'Etudes Politiques de Paris and has served across diverse domains including Finance, Taxation, Home, Transport, and Urban Development. Her notable achievements include serving as Chief Secretary of Mizoram from 2021-2024 and Deputy Chief of Mission at the Embassy of India, Brussels.

Mrs. Rekha Bagry (DIN: 08620347)

Mrs. Bagry, aged 53 years, is an independent professional with over 20 years of experience in tax and advisory services. She was a partner at PricewaterhouseCoopers Private Limited for 15 years before starting her entrepreneurial journey in May 2019. She specializes in tax and regulatory aspects of mergers and acquisitions, with expertise spanning various industries including beverages, textile, retail, cement, steel, and telecommunications.

Both directors will serve five-year terms from January 20, 2026 to January 19, 2031, not liable to retire by rotation.

Material Related Party Transactions

The most significant resolution involves approval for material related party transactions with Tata Motors Limited (TML) for FY 2026-27:

The proposed transactions include sale of goods, purchase of goods, reimbursement of expenses, deputation charges, warranty expenses, IT support services, and Inter Corporate Deposits. TML, which holds 49.77% shareholding in ACGL directly and indirectly, contributes approximately 85% to 90% of the company's total turnover during the last three financial years.

Financial Context

The proposed transaction value represents 316.30% of the company's annual consolidated turnover for the immediately preceding financial year. TML's financial performance for FY 2024-25 shows:

The Audit Committee has reviewed and approved these transactions, confirming they will be conducted on an arm's length basis and in the ordinary course of business. The company's materiality threshold for related party transactions is ₹66.07 crore, representing 10% of annual consolidated turnover for FY 2024-25.

Regulatory Compliance and Results

All proposed resolutions comply with the Companies Act, 2013, SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, and relevant MCA circulars. The company has appointed Mr. Shivaram Bhat as scrutinizer to ensure fair and transparent conduct of the postal ballot process. Results will be declared on or before Monday, April 20, 2026 and communicated to BSE Limited where the company's shares are listed.