Midwest Energy Limited reported a standalone profit after tax (PAT) of ₹279.59 lakh for the financial year ended March 31, 2026, reversing a loss of ₹304.27 lakh in the previous year. On a consolidated basis, however, the group recorded a loss after tax of ₹1,400.69 lakh, widening from a loss of ₹683.83 lakh in FY25.

The company’s standalone revenue from operations surged to ₹2,446.41 lakh from ₹90.71 lakh in FY25, driven by trade sales. Consolidated revenue rose to ₹865.91 lakh from ₹77.58 lakh. The divergence between standalone profitability and consolidated losses highlights significant operational costs within subsidiaries.

Corporate Restructuring and Capital Raise

During FY26, Midwest Energy completed the amalgamation of its wholly-owned subsidiary, Midwest Energy Private Limited, pursuant to a scheme approved by the Regional Director under Section 233 of the Companies Act, 2013. Consequently, the company changed its name from Midwest Gold Limited to Midwest Energy Limited, effective May 25, 2026.

The company raised ₹334.85 crore through preferential allotment of equity shares in two tranches during the year:

• December 2025: Allotted 10 lakh shares at ₹1,500 per share to non-promoters.
• March 2026: Allotted 8.51 lakh shares at ₹2,000 per share to promoters and non-promoters.

An additional allotment of 73,500 shares at ₹2,000 per share occurred post-year-end in April 2026.

Financial Performance

The standalone profit was largely driven by other income, which stood at ₹752.80 lakh, primarily comprising interest income of ₹678.14 lakh. This offset operating expenses, including trade purchases of ₹2,132.59 lakh and finance costs of ₹258.49 lakh.

What the Numbers Show

A critical observation is the heavy reliance on interest income for standalone profitability. Other income constituted approximately 23.5% of total standalone revenue, while interest income alone exceeded the standalone PAT by more than two times. Conversely, consolidated operations incurred employee benefit expenses of ₹641.57 lakh and depreciation/amortization of ₹328.50 lakh, significantly outweighing the consolidated revenue of ₹865.91 lakh. This indicates that while the holding company generated cash yields from investments, the operational subsidiaries remain in a high-cost development phase without commencing commercial production.

Auditor Qualification and Balance Sheet

Statutory auditors Majeti & Co. issued a qualified opinion on both standalone and consolidated financial statements. The qualification relates to ₹2,558.10 lakh classified as "Intangible Assets Under Development." The auditors stated that sufficient evidence was not provided to demonstrate that recognition criteria under Ind AS 38 were met.

As of March 31, 2026, the consolidated balance sheet showed total assets of ₹71,395.51 lakh, with cash and cash equivalents at ₹12,676.34 lakh. Total borrowings stood at ₹30,162.00 lakh, including non-current borrowings of ₹19,805.34 lakh. The company has not declared any dividend for FY26.

Midwest Energy Limited’s Board of Directors approved the appointment of Mrs. Soumya K as Whole-Time Director and Chief Executive Officer on September 7, 2026. The designation change takes effect from September 30, 2026, subject to shareholder approval at the upcoming Annual General Meeting.

The board also scheduled the company’s 36th AGM for Wednesday, September 30, 2026, to be conducted via Video Conferencing or Other Audio-Visual Means. The Register of Members and Share Transfer Books will remain closed from September 24, 2025, to September 30, 2025, inclusive, for the purpose of the meeting.

Leadership Transition

Mrs. Soumya K (DIN: 01760289) moves from her role as Non-Executive Director to a full-time executive position. Her tenure as CEO is fixed for five years, commencing on September 30, 2026. She is the daughter of Mrs. Kollareddy Ranganayakamma, a director at the company.

Mrs. Kukreti brings over 18 years of experience across mining, clean energy, advanced materials, hydrogen technologies, powder metallurgy, and e-mobility. She has served as a Whole-time Director of Midwest Limited since 2012. Her profile highlights key contributions to establishing diamond tools manufacturing operations in Sri Lanka and driving backward integration in the mining business through technology-led development.

AGM Logistics

The remote e-voting period begins on Sunday, September 27, 2026, at 9:00 am and concludes on Tuesday, September 29, 2026, at 5:00 pm. The cut-off date for determining eligibility for e-voting is Wednesday, September 23, 2026.

Mr. Srikant Kumar P, a Practicing Company Secretary, was appointed as the Scrutinizer for the e-voting process. Bigshare Services Private Limited will provide the remote e-voting facility and conduct voting during the AGM.

The Board meeting commenced at 6:00 pm and concluded at 7:00 pm.