Aztec fluids & machinery Limited has informed the stock exchange that its subsidiary company Jet Inks Private Limited has successfully moved out of the Non-Performing Asset (NPA) category, marking a significant development for the group's financial standing.

NPA Status Regularisation

The company announced that ICICI Bank has confirmed the regularisation of Jet Inks Private Limited's account, which was previously tagged under the NPA category. The bank's email communication dated 09th March, 2026, confirmed that the previous NPA classification now holds null and void.

Background of NPA Classification

Jet Inks Private Limited was initially classified as a Non-Performing Asset on 1st August 2025. The classification occurred due to specific procedural circumstances rather than operational issues. The primary reason was the non-renewal of personal guarantee by the erstwhile promoters of Jet Inks Private Limited, whose personal guarantee was continuing with ICICI Bank Limited.

This situation led to the non-renewal of banking limits beyond the prescribed period, triggering the NPA classification under the applicable prudential norms issued by the Reserve Bank of India (RBI). Importantly, the company emphasised that the classification was made on procedural and technical grounds and not due to any payment defaults by the company.

Regulatory Compliance

The announcement was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulatory framework requires listed companies to disclose material information that could impact investor decisions, including changes in subsidiary company status.

The development represents a positive resolution for Aztec Fluids & Machinery Limited, as the subsidiary's exit from the NPA category removes a potential concern for stakeholders and restores normal banking relationships for Jet Inks Private Limited.

Aztec Fluids & Machinery Limited has released its investor presentation for H1 FY26, showcasing resilient financial performance and strategic initiatives aimed at technological sovereignty. The company reported consolidated revenue of ₹48.92 crore for the half year ended September 30, 2025, with robust EBITDA margins of 15.2%.

Financial Performance Highlights

The company demonstrated strong operational metrics across key financial parameters during H1 FY26:

When compared to H2 FY25, the company showed significant improvement with EBITDA growing 45.35% from ₹5.39 crore to ₹7.53 crore, and EBITDA margins expanding by 257 basis points from 12.18% to 15.20%.

Strategic Technological Sovereignty Initiative

Managing Director Pulin Vaidhya outlined the company's next phase of growth defined by 'Technological Sovereignty', involving significant planned CAPEX to establish India's first in-house manufacturing facility for critical components. This backward integration strategy aims to transition from import-sell to manufacture-sell model, potentially delivering 20-30% lower Total Cost of Ownership (TCO) while reducing dependence on external supply chains.

The company has entered into a strategic R&D partnership with a Global Technology Major and is positioning itself for large-scale institutional digitization initiatives, marking a pivot from distributor to technology partner.

Product Portfolio and Revenue Distribution

The company's diversified product portfolio showed balanced growth across segments in H1 FY26:

Market Expansion and Client Wins

The presentation highlighted penetration into Tier-1 verticals with marquee client wins including a Global Beverage Giant, Leading Infrastructure Major, and Strategic African Partner for exports. The company maintains export revenue at 9.23% of total revenue in H1 FY26, demonstrating international market presence.

Aztec Fluids has submitted its first tender to a State-Level Government Body for digitizing critical national supply chain networks, positioning itself for high-volume B2G contracts. The company reported a robust order book as of November 13, 2025, providing clear revenue visibility for H2 FY26.

Jet Inks Acquisition Synergies

The 100% acquisition of Jet Inks is expected to deliver multiple synergies including immediate revenue accretion, strengthened IP and regulatory edge with BIS-compliant legacy, market reach expansion into underserved price-sensitive markets, and improved gross margins from economies of scale in consumables. The acquisition enables cross-selling opportunities and bundled offerings driving higher deal sizes.

Growth Outlook and Targets

Management expressed confidence in achieving double-digit revenue growth targets over the next three years, supported by the company's transition from trading/distribution model to manufacturing/IP-owner model. The company projects EBITDA margin expansion from current levels to 13-15% over three years, driven by higher consumable usage and backward integration benefits.

The presentation emphasized the company's focus on maintaining high customer retention rates and leveraging its position as exclusive distributor for Lead Tech (Zhuhai) Electronic Co. Ltd. in several countries to enhance global reach.

Source: Aztec Fluids & Machinery Limited Investor Presentation