Padmavir Hospitality LLP has announced the conversion of warrants into equity shares of Power & Instrumentation (Gujarat) Limited through preferential allotment. The conversion was approved during a board meeting held on February 12, 2026, with the disclosure filed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Warrant Conversion Details

The promoter group entity converted 6,12,000 warrants into equity shares, significantly increasing its stake in the target company. The conversion represents 3.17% of the total share capital and 2.89% of the diluted share capital.

Shareholding Position Analysis

The conversion has altered Padmavir Hospitality's shareholding structure in Power & Instrumentation (Gujarat) Limited. Before the conversion, the entity held 7,88,000 equity shares representing 4.21% of total share capital.

Company Capital Structure

Following the warrant conversion, Power & Instrumentation (Gujarat) Limited's equity share capital has increased from Rs. 18,70,09,000 to Rs. 19,31,29,000, comprising 1,93,12,900 equity shares of Rs. 10.00 each. The total diluted share capital, assuming full conversion of all outstanding warrants, stands at Rs. 21,16,89,000 representing 2,11,68,900 equity shares.

Warrant Terms and Conditions

The converted warrants were fully convertible warrants, each exchangeable for one fully paid-up equity share with a face value of Rs. 10.00. The warrants carried an issue price of Rs. 83.75 per warrant and had a conversion period of 18 months from the date of allotment.

Regulatory Compliance

Padmavir Hospitality LLP, identified as a promoter group entity, submitted the required disclosure to both the National Stock Exchange of India Limited and BSE Limited. The company trades under the scrip symbol PIGL on NSE and scrip code 543912 on BSE. The disclosure ensures compliance with SEBI regulations governing substantial acquisition of shares and takeovers.

Power & Instrumentation (Gujarat) Limited announced its unaudited financial results for the quarter ended December 31, 2025, demonstrating robust performance across key metrics. The company's Board of Directors approved both standalone and consolidated results during their meeting held on February 13, 2026.

Standalone Financial Performance

The company delivered impressive standalone results for Q3FY26, showing consistent growth momentum:

For the nine-month period, the company achieved net profit of ₹1,038.31 lakhs compared to ₹864.04 lakhs in the corresponding period, representing a growth of 20.18%. Nine-month revenue from operations reached ₹15,376.82 lakhs versus ₹11,375.75 lakhs in the previous year.

Consolidated Results

The consolidated financial results reflect the company's expanded operations following the acquisition of Peaton Electrical Company Limited:

Strategic Acquisition Impact

During the quarter ended September 30, 2025, the company significantly increased its stake in Peaton Electrical Company Limited through acquisition of an additional 35.82% equity shareholding for ₹12.54 crore. This strategic move raised the total holding from 15.24% to 51.06%, making PECL a subsidiary with effect from September 11, 2025.

Regulatory Compliance and Labour Code Impact

The company has addressed the impact of new Labour Codes notified by the Government of India on November 21, 2025. These codes consolidate 29 existing labour laws and have resulted in exceptional items of ₹4.43 lakhs in standalone results and ₹6.32 lakhs in consolidated results, primarily due to changes in gratuity calculations arising from revised wage definitions.

Operational Highlights

The company operates primarily in the electrical contracting segment and maintains its ISO 9001:2015 certification. The financial results were reviewed by the audit committee and approved by the Board of Directors, with statutory auditors MAAK & Associates providing limited review reports for both standalone and consolidated results.