India Radiators Limited has fixed July 24, 2026, as the record date to determine shareholders eligible to receive equity shares of Mercantile Ventures Limited pursuant to the sanctioned Scheme of Amalgamation. The National Company Law Tribunal (NCLT) sanctioned the scheme on July 08, 2026, approving the merger of India Radiators Limited as the transferor company with Mercantile Ventures Limited as the transferee company. This record date is critical for shareholders to qualify for the share exchange under the approved arrangement.

Under the terms of the scheme, shareholders of India Radiators Limited will receive 10 fully paid-up equity shares of ₹10 each in Mercantile Ventures Limited for every 36 fully paid-up equity shares of ₹10 each held in the transferor company. The appointed date for the amalgamation is January 01, 2025. The scheme will become effective from the date the certified copy of the NCLT order is filed with the Registrar of Companies, Chennai.

Key Details of the Scheme

The amalgamation scheme was proposed under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. The intimation regarding the outcome of the circular resolution passed on July 13, 2026, was submitted to the stock exchange in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

India Radiators Limited reported a widened net loss of ₹147.58 lakh for the financial year ended March 31, 2026, compared to a net loss of ₹84.92 lakh in the previous year. The company's revenue from operations remained flat at ₹6.32 lakh, identical to the figure reported for the financial year ended March 31, 2025. The results were approved by the Board of Directors at a meeting held on May 25, 2026, and are available on the company's website and BSE Limited.

Financial Performance for FY26

For the quarter ended March 31, 2026, the company reported a net loss of ₹23.94 lakh, an improvement from the net loss of ₹36.08 lakh in the corresponding quarter of the previous year. Total income for the quarter stood at ₹1.66 lakh, while total expenses amounted to ₹31.02 lakh. Finance costs for the quarter were reported at ₹21.65 lakh, and other expenses stood at ₹9.37 lakh.

The company's earnings per share (EPS) for the full year ended March 31, 2026, was reported at a loss of ₹16.40, compared to a loss of ₹9.44 in the previous year. The basic and diluted EPS for the quarter ended March 31, 2026, was a loss of ₹2.66.

Assets and Liabilities Position

As of March 31, 2026, the company's total assets stood at ₹1,817.76 lakh, a slight decrease from ₹1,828.34 lakh in the previous year. Non-current assets remained constant at ₹1,802.35 lakh, primarily consisting of property, plant, and equipment. Current assets decreased to ₹15.41 lakh from ₹25.99 lakh in the previous year, driven by a reduction in trade receivables.

On the liabilities side, total equity and liabilities stood at ₹1,817.76 lakh. Equity showed a negative balance of ₹184.60 lakh, a deterioration from the negative balance of ₹37.02 lakh in the previous year. Non-current liabilities increased to ₹1,813.64 lakh from ₹1,749.49 lakh, while current liabilities rose to ₹188.72 lakh from ₹115.87 lakh.

Cash Flow Analysis

The cash flow statement for the year ended March 31, 2026, revealed a net cash flow from operating activities of ₹1.04 lakh, an improvement from the negative cash flow of ₹0.83 lakh in the previous year. There were no cash flows reported from investing or financing activities during the year. The cash and cash equivalents as of March 31, 2026, stood at ₹3.84 lakh, up from ₹2.80 lakh in the previous year.