Tunwal E-Motors Limited reported a 55% year-on-year increase in revenue from operations to ₹276.84 crore for the financial year ended March 31, 2026, driven by expanding market presence and deeper distribution reach. Profit After Tax (PAT) rose to ₹12.73 crore, while the company's consolidated net worth strengthened to ₹125.74 crore, providing a foundation for future growth initiatives. The audited standalone and consolidated financial results were approved by the Board of Directors at a meeting held on May 25, 2026.

Financial Performance

The company’s total income for FY26 stood at ₹278.26 crore, up from ₹184.87 crore in the prior year. Total expenses for the period were ₹261.24 crore, compared to ₹169.57 crore in FY25. The earnings per share (EPS) for the year was ₹2.21. The profit before tax for the year was ₹17.02 crore, compared to ₹15.30 crore in the previous year.

Corporate Governance and Appointments

The Board appointed M/s. Brijesh S. Chandak, Chartered Accountants, as Internal Auditors for the financial year 2026-2027. Additionally, Pushpak B Mundada & Associates, Chartered Accountants, were appointed as Tax Auditors for the same period. Both appointments were effective from May 25, 2026, based on the recommendation of the Audit Committee. The Board accepted the resignation of Mr. Nagraj Mujumdar as an Independent Director with effect from May 25, 2026, citing pre-occupation with other personal commitments.

Credit Rating Upgrade

CRISIL Ratings Limited upgraded the company’s credit rating for fund-based facilities to CRISIL BBB-/Stable for an enhanced amount of ₹60.00 crore. This is an upgrade from the earlier ACUTE BB-rating for facilities amounting to ₹15.00 crore. The rating action reflects an improvement in the company's credit profile.

IPO Fund Utilization

The company confirmed that there were no deviations in the utilization of proceeds raised from its Initial Public Offer (IPO). Out of the gross proceeds of ₹817.15 crore, ₹806.58 crore had been utilized as of March 31, 2026. The remaining funds are allocated for research and development purposes.

Tunwal E-Motors Limited convened a Board of Directors meeting on Wednesday, May 13, 2026, commencing at 3:30 PM and concluding at 4:50 PM. Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the board approved several key governance measures, including the appointment of two Additional Independent Non-Executive Directors and the reconstitution of multiple board committees.

New Director Appointments

Acting on the recommendation of the Nomination and Remuneration Committee, the Board approved the appointment of two individuals as Additional Independent Non-Executive Directors, subject to shareholders' approval. Both appointees are not liable to retire by rotation and will serve for a period of 5 (Five) years each, effective May 13, 2026.

Director Profiles

Mr. Vijay Kumar Garg is a qualified Chartered Accountant with more than 14 years of experience in internal controls, implementation of ERP systems, direct and indirect taxation, audit, and finance. He completed his Bachelor of Commerce degree from Jiwaji University in the year 2003, became an Associate Member of the Institute of Chartered Accountants of India (ICAI) in 2011, and a Fellow Member of ICAI in 2016. He has also completed the Post Qualification Course in Information Systems Audit in the year 2018. Mr. Garg was previously associated with Jyothy Laboratories Limited and is presently a Partner at Vijay Garg & Co. He has successfully passed the Independent Directors Examination conducted by the Indian Institute of Corporate Affairs (IICA) in the year 2021 and has served as an Independent Director of Adeshwar Meditex Limited, a company listed on BSE Limited. He possesses significant expertise in corporate finance, internal audit, taxation, ERP implementation, compliance, and corporate governance.

Ms. Kiran Deora is a qualified professional with an academic background in Science and Biotechnology. She completed her Bachelor of Science in 2009 from the University of Rajasthan and her Master of Biotechnology in 2011 from Jaipur National University, Rajasthan. She has successfully passed the Independent Director Examination conducted by the Indian Institute of Corporate Affairs (IICA) in 2026. Both directors have confirmed that they are not related to any of the existing Directors and Key Managerial Personnel of the Company, are not debarred from holding the office of Director by any SEBI order or any other authority, and are not disqualified under Section 164 of the Companies Act, 2013.

Reconstitution of Board Committees

Alongside the new appointments, the board approved the reconstitution of its key committees effective May 13, 2026. The updated composition of each committee is detailed below.

Audit Committee:

Nomination and Remuneration Committee:

Stakeholder Relationship Committee:

Corporate Social Responsibility (CSR) Committee:

Updated Board Composition

Following the appointments, the reconstituted Board of Directors of Tunwal E-Motors Limited comprises eight members as of May 13, 2026.

The disclosures were made pursuant to Regulation 30 read with Schedule III of the SEBI LODR Regulations and SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/015 dated November 11, 2024. The outcome was signed by Mr. Jhumarmal Pannaram Tunwal, Managing Director (DIN: 07486090), on behalf of Tunwal E-Motors Limited.