Midwest Energy Limited shareholders approved four resolutions through a postal ballot conducted via remote e-voting, with the scrutinizer confirming passage on September 10, 2026.

The company secured unanimous support from all voting members for the agenda items, which included a share subdivision, the appointment of two directors, and approval for professional consultancy fees to a related party.

Voting Results Overview

The e-voting facility was open from August 10, 2026, to September 8, 2026. The record date for determining eligible voters was July 31, 2026, with a total of 9,074 shareholders on record. CS Srikant Kumar P served as the independent scrutinizer for the process.

All votes were cast electronically. No invalid votes were recorded across any category.

Key Resolutions Passed

The following resolutions were approved by the members:

• Share Subdivision: An ordinary resolution to subdivide equity shares and amend the Memorandum of Association was passed with 6,260,406 votes in favor and zero against.
• Related-Party Fees: A special resolution approving payment of professional consultancy fees to Mr. Deepak Kukreti, a related party, was passed. This resolution received 249,136 votes in favor from public non-institutional shareholders. Promoter group members did not vote on this item.
• Non-Executive Director Appointment: An ordinary resolution appointing Mrs. Kollareddy Ranganayakamma (DIN: 00033569) as a non-executive director was passed with 6,260,406 votes in favor.
• Independent Director Appointment: A special resolution appointing Mr. Dinabandhu Mohapatra (DIN: 07488705) as an independent director was passed with 6,260,406 votes in favor.

What the Numbers Show

Promoter and promoter group shareholders held 6,011,270 shares, representing approximately 96% of the total shares held by participating voters (6,260,406). This high concentration resulted in promoter votes driving the outcome for the share split and director appointments, while public non-institutional shareholders (holding 249,136 shares) solely determined the result for the related-party fee approval, as promoters abstained from voting on that specific resolution.

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.