Midwest Energy Limited Company Secretary resigns effective May 31

Midwest Energy Limited announced that Mr. Girdhar Agarwal has resigned from his position as Company Secretary and Compliance Officer. The resignation is effective from the closing of business hours on May 31, 2026, due to personal reasons. The company informed the BSE Limited regarding this change in Key Managerial Personnel.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has enclosed the resignation letter and necessary details as required by the regulations, including references to SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Mr. Girdhar Agarwal requested the Board to accept his resignation effective May 31, 2026, and to file the requisite forms with the Registrar of Companies in Hyderabad. He thanked the Board members for their support during his tenure.

Resignation Details

Sr. No.	Details of events	Information
1.	Reason for change	Resignation of Mr. Girdhar Agarwal (M. No.: A79826) from the post of Company Secretary & Compliance Officer due to personal reasons.
2.	Date of cessation	With effect from the closing of business hours of May 31, 2026.
3.	Brief profile	Not Applicable
4.	Disclosure of relationship between Directors	Not Applicable

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.83%	-16.83%	-4.48%	+15.80%	+524.11%	+30,029.67%

Midwest Energy Limited reported a standalone net profit of ₹279.59 lakh for the financial year ended March 31, 2026, reversing a net loss of ₹304.27 lakh in the previous year. The company's board approved the audited standalone and consolidated financial results at a meeting held on May 29, 2026. However, statutory auditors M/s. MAJETI & CO. issued a qualified opinion regarding the capitalization of expenditure under "Intangible Assets Under Development" amounting to ₹2,558.10 lakh, citing insufficient audit evidence to demonstrate that recognition criteria under Ind AS 38 were met.

The standalone financial statements show total income for FY26 at ₹3,199.21 lakh, a significant increase from ₹376.07 lakh in the prior year. This rise was primarily driven by revenue from operations, which grew to ₹2,446.41 lakh from ₹90.71 lakh. The company's total assets stood at ₹52,568.48 lakh as of March 31, 2026, while equity share capital increased to ₹1,289.87 lakh following preferential allotments during the year.

In contrast, the consolidated financial results for the group reflected a net loss of ₹1,400.69 lakh for FY26, widening from the net loss of ₹683.83 lakh in the previous year. Consolidated total income for the year was ₹1,053.23 lakh. The group reported total consolidated assets of ₹71,395.14 lakh. The auditors noted that the qualification regarding intangible assets applied to the consolidated financial statements as well, with the same amount of ₹2,558.10 lakh classified under development costs.

The board also approved the raising of funds through preferential issues. The company allotted 10,00,000 equity shares at ₹1,500 per share in December 2025, raising ₹150 crore, and subsequently allotted 8,50,750 equity shares at ₹2,000 per share in March 2026, raising ₹170.15 crore. Proceeds were utilized for loans to subsidiaries, acquisition of assets, and repayment of unsecured loans. The trading window closure period notified earlier remains in effect until 48 hours after the financial results are declared.