JTL Defence Limited (erstwhile RCI Industries & Technologies Limited) reported a significant financial turnaround in its audited standalone and consolidated results for the quarter and year ended March 31, 2026, as approved by its Board of Directors at a meeting held on May 06, 2026. The company, engaged in the manufacturing of metals and metal products, emerged from the Corporate Insolvency Resolution Process (CIRP) — which concluded on December 8, 2025 — and resumed full operations during the year under review. The statutory auditors, R. Bansal & Co., Chartered Accountants, issued an unmodified opinion on both the standalone and consolidated financial results.

Standalone Financial Performance

The company's standalone financials reflect a decisive recovery, with revenue from operations rising sharply to Rs. 1,928.77 lakhs in FY26 from Rs. 97.99 lakhs in FY25. Total income, including other income of Rs. 173.28 lakhs, stood at Rs. 2,102.05 lakhs for FY26, compared to Rs. 117.72 lakhs in FY25. The company posted a standalone net profit of Rs. 26.78 lakhs for FY26, reversing a net loss of Rs. 644.04 lakhs in the previous year. The following table summarises the key standalone financial metrics:

On the expense side, the cost of material consumed for FY26 stood at Rs. 3,288.49 lakhs, while changes in inventories of finished goods, WIP and stock-in-trade provided a credit of Rs. (2,536.44) lakhs. Depreciation and amortisation expense for FY26 was Rs. 481.12 lakhs, and finance costs amounted to Rs. 107.93 lakhs. Total expenses for FY26 were Rs. 2,096.53 lakhs, compared to Rs. 754.77 lakhs in FY25.

Revaluation of Assets and Comprehensive Income

A notable development during the year was the revaluation of the company's Land, Buildings and Plant & Machinery. The revaluation resulted in a gain of Rs. 18,921.26 lakhs on Property, Plant and Equipment (PPE), net of an income tax impact of Rs. (4,762.10) lakhs, yielding total other comprehensive income of Rs. 14,159.16 lakhs for FY26. Consequently, total comprehensive income for FY26 stood at Rs. 14,185.94 lakhs, compared to a total comprehensive loss of Rs. (644.04) lakhs in FY25. This revaluation is also reflected in the standalone balance sheet, where Property, Plant and Equipment increased to Rs. 23,627.89 lakhs as at March 31, 2026, from Rs. 4,213.85 lakhs as at March 31, 2025.

Balance Sheet and Cash Flow Highlights

The standalone balance sheet as at March 31, 2026 shows a marked improvement in the company's financial position following the conclusion of the CIRP. Total assets stood at Rs. 33,046.91 lakhs, up from Rs. 9,141.32 lakhs as at March 31, 2025. Total equity turned positive at Rs. 19,621.04 lakhs, compared to a negative equity of Rs. (15,440.47) lakhs in the prior year, reflecting the impact of the revaluation surplus and the resolution plan.

From a cash flow perspective, net cash used in operating activities for FY26 was Rs. (1,548.43) lakhs, compared to Rs. (839.58) lakhs in FY25. Net cash used in investing activities was Rs. (785.58) lakhs, primarily on account of purchase of property, plant and equipment of Rs. (786.96) lakhs. Cash flow from financing activities was Rs. 2,338.97 lakhs, supported by proceeds from new borrowings of Rs. 5,981.64 lakhs and proceeds from the issue of equity shares under the Resolution Plan of Rs. 1,000.00 lakhs, offset by payment to financial creditors under the Resolution Plan of Rs. (4,514.09) lakhs. Cash and cash equivalents at the end of FY26 stood at Rs. 19.26 lakhs, compared to Rs. 14.30 lakhs at the beginning of the year.

Consolidated Financial Results

The consolidated audited financial results for FY26, which include the wholly-owned subsidiary RCI World Trade Link DMCC, are substantially similar to the standalone results. Consolidated revenue from operations for FY26 was Rs. 1,928.77 lakhs (FY25: Rs. 97.99 lakhs), and consolidated net profit after tax for FY26 was Rs. 26.79 lakhs (FY25: net loss of Rs. 644.04 lakhs). Total consolidated comprehensive income for FY26 was Rs. 14,185.94 lakhs. The auditors noted that the audited financial statements of the subsidiary RCI World Trade Link DMCC were not made available, and the consolidated results in respect of the subsidiary are based on management-certified financial information.

Board Decisions and Corporate Governance Updates

At the Board meeting held on May 06, 2026, the following key decisions were taken in addition to the approval of financial results:

• Re-appointment of Cost Auditors: M/s Balwinder & Associates, Cost Accountants (FRN: 000201), were re-appointed as Cost Auditors of the company for FY 2026-27.
• Policy Updates: The Board approved updates to eight policies, including the Related Party Transaction Policy, Policy for Materiality of Events, Policy for Determining Material Subsidiaries, Prevention of Sexual Harassment (POSH) Policy, Anti-Bribery and Anti-Corruption Policy, Environment, Health Safety Policy, Customer/Consumer Value and Customer Policy, and Terms & Conditions of Appointment of Independent Directors.
• Website Change: The company's official website was changed from www.rciind.com to www.jtldefence.com .

Auditor Emphasis of Matter

The statutory auditors, R. Bansal & Co., while issuing an unmodified opinion, drew attention to several matters:

• Revaluation of PPE: The company carried out a revaluation of Land, Buildings and Plant & Machinery during the year ended March 31, 2026, with the resultant surplus recognised in accordance with Ind AS 16.
• Recovery of Financial Assets: Certain trade receivables and other financial assets outstanding at the time of the CIRP remain subject to ongoing recovery efforts by management.
• Settlement of Liabilities: Gains arising on settlement of certain outstanding liabilities have been transferred to Capital Reserve.
• Taxation Notices: The company has received notices from taxation authorities for periods prior to the NCLT order approving the Resolution Plan; management considers these covered by the immunity granted under the NCLT order. The CIRP was completed on December 8, 2025.
• Long-Standing Investments: Investments in Ace Matrix Solutions Limited, Kay Kay Exim Private Limited, and MetalRod Private Limited, aggregating to Rs. 1,186.17 lakhs as at March 31, 2026, continue to be carried at book value pending balance and shareholding confirmations from the investee companies.

JTL Defence Limited has fulfilled its quarterly regulatory obligations by submitting the mandatory compliance certificate to BSE Limited for the quarter ended March 31, 2026. The submission, made on April 10, 2026, demonstrates the company's adherence to SEBI regulatory requirements.

Regulatory Compliance Details

The certificate was filed in compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. Company Secretary and Compliance Officer Ankit Singla (Membership No: A69926) signed and submitted the document to BSE's Corporate Relationship Department.

Registrar Confirmation

Bigshare Services Pvt. Ltd., serving as the company's Registrar and Transfer Agent, issued the compliance certificate on April 4, 2026. The registrar confirmed that no dematerialization requests were received from shareholders during the period from January 1, 2026, to March 31, 2026.

Company Information

JTL Defence Limited, formerly known as RCI Industries and Technologies Ltd., operates from its registered office in New Delhi. The company maintains its corporate website at www.rciind.com and uses compliance@rciind.com for regulatory communications.

The submission reflects the company's ongoing commitment to maintaining transparency and regulatory compliance with SEBI requirements for listed entities.