Midwest Gold Ltd has appointed Mrs. Soumya Kukreti as an Additional Non-Executive Director effective June 27, 2026. The Board of Directors approved the appointment on the recommendation of the Nomination and Remuneration Committee. Mrs. Kukreti will hold office until the date of the ensuing Annual General Meeting of the company.

Mrs. Soumya Kukreti is a business leader with over 18 years of experience across mining, clean energy, advanced materials, hydrogen technologies, powder metallurgy, and e-mobility. She has been serving as a Whole-time Director of Midwest Limited since 2012. She holds a Bachelor's degree in Commerce from Osmania University and has played a key role in establishing the Group's diamond tools manufacturing operations in Sri Lanka.

The appointment was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 03:30 P.M. and concluded at 04:00 P.M. on June 27, 2026.

Mrs. Kukreti is the spouse of Mr. Deepak Kukreti, Whole-time Director of the company. The disclosure confirmed that she is not debarred from holding the office of Director by any order passed by the Securities and Exchange Board of India or any other authority.

Key Details of Appointment

Midwest Energy Limited returned to profitability in the financial year ended March 31, 2026, reporting a net profit of ₹279.59 lakh compared to a net loss of ₹304.27 lakh in the previous year. Revenue from operations surged to ₹2446.41 lakh from ₹90.71 lakh in FY25, driven primarily by business expansion and the amalgamation of Midwest Energy Private Limited. The board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on May 29, 2026.

Financial Performance

The company's total income for FY26 stood at ₹3199.21 lakh, up from ₹376.07 lakh in the prior year. Total expenses increased to ₹2919.62 lakh from ₹684.22 lakh. For the quarter ended March 31, 2026, the company reported a net profit of ₹22.32 lakh on a total income of ₹614.46 lakh. Earnings per share (EPS) for the year improved to ₹2.47 from a loss of ₹6.69 per share in the previous year.

Standalone Financial Results (FY26)

Audit Qualification

Statutory auditors M/s. MAJETI & CO. issued a qualified opinion on the standalone and consolidated financial results. The qualification relates to the classification of expenditure amounting to ₹2558.10 lakh under "Intangible Assets Under Development." The auditors stated that the company did not provide sufficient appropriate audit evidence to demonstrate that the recognition criteria set out in Paragraph 57 of Ind AS 38 – Intangible Assets were met for such capitalization. Consequently, the auditors were unable to determine whether adjustments were necessary. Management acknowledged that certain supporting documentation and project evaluations may not have been adequately compiled and stated it would strengthen documentation processes going forward.

Consolidated Results

On a consolidated basis, the group reported a net loss of ₹1400.69 lakh for FY26 compared to a net loss of ₹683.83 lakh in the previous year. Total consolidated income for the year was ₹1053.23 lakh, while total expenses stood at ₹2453.92 lakh. The consolidated results also carry the same qualification regarding intangible assets under development.

Consolidated Financial Results (FY26)

Corporate Developments

The company underwent a name change from "Midwest Gold Limited" to "Midwest Energy Limited" effective May 25, 2026, following the amalgamation of Midwest Energy Private Limited. The scheme of amalgamation was approved by the Ministry of Corporate Affairs on March 26, 2026, effective from July 01, 2025. Comparative financial information for the previous period has been restated to reflect this merger. Additionally, the company raised funds through preferential issues during the year, including ₹150 crore in December 2025 and ₹170.15 crore in March 2026, primarily for lending to subsidiaries and general corporate purposes.