Krishanveer Forge Limited has received Permission to Commission (PTC) from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for its 1MWp Solar Power Plant located at Karandewadi in Solapur, Maharashtra. The approval granted on July 02, 2026, is a key regulatory requirement enabling the evacuation of solar power from the facility. Commercial operations will commence following successful testing and inspection by a designated engineer from MSEDCL and the completion of other applicable formalities.

The solar facility, situated at Karandewadi and connected to the Mahim, Solapur substation in Taluka Sangole, has been fully installed and is ready for operations. The project utilizes a single-axis tracker system for the 1.0 MWp (DC) capacity plant. The commissioning of this facility represents a significant step in the company's commitment towards sustainability and the adoption of renewable energy sources.

Regulatory Approval Details

The Permission to Commission is valid for a period of 30 days starting from July 02, 2026. During this window, the company must complete the commissioning process, including the necessary testing and inspection by MSEDCL officials. Once these procedural requirements are met, the commercial evacuation of solar power generated from the plant will begin.

The company informed the stock exchanges regarding this development pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The new solar power plant is expected to contribute to Krishanveer Forge Limited's internal energy requirements and support its long-term environmental objectives.

Krishanveer Forge Limited reported a 102% rise in net profit to ₹113.77 crore for the financial year ended March 31, 2026, compared to ₹56.37 crore in the previous year. Revenue from operations increased to ₹893.05 crore from ₹827.97 crore in FY25. The Board of Directors has recommended a final dividend of ₹3 per equity share, subject to shareholder approval at the ensuing Annual General Meeting.

The company’s profit for the quarter ended March 31, 2026, stood at ₹57.55 crore, a significant increase from ₹14.48 crore in the corresponding quarter of the previous year. This growth was supported by a one-time exceptional gain of ₹34.91 crore arising from the transfer of a piece of land. Additionally, the financial results included an incremental liability of ₹0.75 crore related to the new Labour Codes notified by the Government of India.

Total income for FY26 reached ₹906.02 crore, up from ₹837.56 crore in the prior year. Total expenses for the year were reported at ₹787.81 crore, compared to ₹761.72 crore in FY25. The statutory auditors, M/s. Gokhale, Tanksale & Ghatpande, issued an unmodified opinion on the audited financial results.

The Board also approved the re-appointment of Mr. Nitin Rajore as Whole Time Director for a term of five years effective from December 01, 2026, subject to shareholder approval. Furthermore, M/s. G R Patel & Associates were re-appointed as Internal Auditors for the financial year 2026-27.

Financial Performance for FY26

Key Board Decisions

• Recommended a final dividend of 30%, or ₹3.00 per equity share of ₹10 each, for FY26.
• Re-appointed Mr. Nitin Rajore as Whole Time Director for five years from December 01, 2026.
• Re-appointed M/s. G R Patel & Associates as Internal Auditor for FY27.