Promax Power has scheduled its 9th Annual General Meeting (AGM) for September 30, 2026, in Chandigarh. The Board of Directors approved remote e-voting facilities and proposed the reappointment of key directors in a meeting held on September 7, 2026.

The company reported a sharp decline in profitability for FY26, with net profit falling 63.4% year-on-year to ₹85.67 lakh. Despite the drop in earnings, the engineering, procurement, and construction (EPC) firm achieved its highest-ever revenue from operations, logging ₹7,073.12 lakh, up 6.5% from the previous fiscal year.

Financial Performance

While top-line growth remained positive, margins contracted significantly due to rising operating and project-related costs. Total income increased to ₹7,122.35 lakh from ₹6,680.84 lakh in FY25. Profit before tax (PBT) dropped 64.9% to ₹109.73 lakh.

What the Numbers Show

The divergence between revenue growth and profit contraction highlights margin pressure. While revenue grew by approximately 6.5%, total expenses excluding depreciation and tax rose by roughly 10.1% to ₹7,007.38 lakh. This indicates that cost inflation outpaced revenue generation, squeezing operational efficiency during the period.

Strategic Shifts and Governance

Promax Power is transitioning from a pure-play EPC contractor to a diversified energy solutions provider. The company is advancing plans for solar power asset ownership under independent power producer (IPP) models to create annuity-based revenue streams. It is also exploring battery energy storage systems (BESS) and EV-charging infrastructure through its associate, Promax PlugUp EV Pvt. Ltd.

Key governance updates include:

• Reappointment of Ms. Shweta Bhardwaj as Non-Executive Director.
• Reappointment of Mr. Sanjay Kumar as Independent Director for a second five-year term.
• Reappointment of Mr. Vishal Bhardwaj as Managing Director until August 2031.
• Appointment of M/s Manish Jain & Associates as Statutory Auditors for five years, filling a casual vacancy left by the resignation of M/s Raj Gupta & Co.
• Appointment of M/s Prachi Lad & Associates as Secretarial Auditors for five years.

No dividend was declared for FY26 as the board opted to reinvest profits into core operations and growth initiatives.

AGM Details and E-Voting

The 9th AGM will be held at 11:00 am on Wednesday, September 30, 2026, at First Floor, SCO 69, Sector 38C, Chandigarh. Shareholders can cast their votes electronically via remote e-voting.

The Board approved the Notice of the 9th AGM and the Annual Report for FY25-26. The resolutions require shareholder approval at the meeting.

Promax Power Limited reported a 63.4% decline in net profit to ₹85.67 lakh for the financial year ended March 31, 2026, down from ₹234.26 lakh in the previous year. Revenue from operations increased 6.5% to ₹7,073.12 lakh from ₹6,642.18 lakh in FY25. The Board of Directors approved the audited standalone financial results at a meeting held on May 30, 2026.

The company's total expenses for the year rose to ₹7,012.62 lakh from ₹6,368.04 lakh in the prior year, primarily driven by higher finance costs, which increased to ₹249.24 lakh from ₹183.69 lakh. Profit before tax stood at ₹109.73 lakh, a significant decrease from ₹312.80 lakh in FY25. The statutory auditor, Manish Jain & Associates, issued an unmodified opinion on the financial results.

Financial Performance for FY26

The balance sheet as of March 31, 2026, shows total assets of ₹6,609.26 lakh, a slight decrease from ₹6,679.19 lakh in the previous year. Shareholders' equity improved marginally to ₹3,090.40 lakh from ₹3,004.73 lakh. The company reported cash and cash equivalents of ₹580.19 lakh, down from ₹717.00 lakh at the end of FY25.

Key Financial Ratios and Disclosures

The company reported total financial indebtedness of ₹2,989.90 lakh, comprising long-term borrowings of ₹406.97 lakh and short-term liabilities of ₹2,582.93 lakh. Promax Power confirmed there are no outstanding defaults on loans or debt securities as of the reporting date. The trading window for designated persons will remain closed until 48 hours after the declaration of the results.