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MITCON Consultancy & Engineering Services Limited Interim / Quarterly Report 2026
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Interim / Quarterly Report
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MITCON
Solutions for Sustainable Tomorrow
MITCON/Secretarial/2026-27/10
May 27, 2026
To,
Listing Department,
National Stock Exchange of India Limited,
Exchange Plaza, Bandra Kurla Complex,
Bandra (East),
Mumbai-400 051
Fax No.: 022-26598237/38
Dear Sir/Madam,
Subject: Outcome of Board Meeting held on May 27, 2026
Ref: Regulation 30 (read with Schedule III Part A) and read with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/84 dated May 20, 2020, Regulation 32 and Regulation 33 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Pursuant to Regulation 30, 33 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Audit Committee and Board of Directors of the Company, at its Meeting held on May 27, 2026, inter alia considered, reviewed, recommended and approved the below mentioned resolutions.
- Audited Standalone and Consolidated Financial Results and Financial Statement for the Quarter and Financial Year ended March 31, 2026.
- Auditor's Report on the Audited Standalone and Consolidated Financial Results for the Quarter and Financial Year ended March 31, 2026.
- Appointment of M/s Galgali and Associates, Chartered Accountants, as Internal Auditors of the Company for the financial year 2026-27.
- Appointment of M/s. Shahane & Co., Chartered Accountants as Tax Auditors for the financial year 2026-27.
Further, as per the requirement of the Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are hereby submitting to the Stock Exchange, Statement of Utilization or Deviation or variation for the Rights Issue of of MITCON Consultancy & Engineering Services Limited, stating that there is no deviation in the use of proceeds from the object stated in the offer documents.
Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith the following:
i. Audited Standalone and Consolidated Financial Results for the Quarter and Financial Year ended March 31, 2026.
ii. Auditor's Report on the Audited Standalone and Consolidated Financial Results for the Quarter and Financial Year ended March 31, 2026.
We hereby confirm that the Auditors have issued unmodified audit reports.
MITCON Consultancy & Engineering Services Limited (IS/ISO 9001:2015 & IS/ISO 37001:2016)
1st Floor, Kubera Chambers, Shivajinagar, Pune 411 005, Maharashtra (INDIA) | +91-20-25533309, 25534322 | [email protected] | CIN: L74140PN1982PLC026933
www.mitconindia.com
MITCON
Solutions for Sustainable Tomorrow
The above results have been approved by the Board of Directors of the Company at their meeting held on May 27, 2026, which commenced at 01:30 P.M. and concluded at 03:40 P.M.
Kindly take the said documents on your records and acknowledge receipt of the same
Thanking you,
Yours faithfully,
For MITCON Consultancy & Engineering Services Limited
ANKITA AGARWAL
Digitally signed by
ANKITA AGARWAL
Date: 2026.05.27
17:01:29 +05'30'
Ms. Ankita Agarwal
Sr. VP – Head of Compliance & Legal
Encl: As above
MITCON Consultancy & Engineering Services Limited (IS/ISO 9001:2015 & IS/ISO 37001:2016)
1^{\mathrm{st}}
Floor, Kubera Chambers, Shivajinagar, Pune 411 005, Maharashtra (INDIA) | +91-20-25533309, 25534322 | [email protected] | CIN: L74140PN1982PLC026933
www.mitconindia.com
CA INDIA
J. SINGH & ASSOCIATES (Regd.) CHARTERED ACCOUNTANTS
505/506/507, HUBTOWN Viva, Shankar wadi, Western Express Highway Between Andheri & Jogeshwari (East) Mumbai-400060 Telephone: - 022-6694617/18 E-mail: [email protected] [email protected]
Independent Auditor's Report
To the Board of Directors of MITCON Consultancy and Engineering Services Limited
Report on the Audit of Standalone Financial Results
Opinion
-
We have audited the accompanying standalone financial results ("the Statement") of MITCON Consultancy and Engineering Services Limited ("the Company") for the quarter and financial year ended March 31, 2026 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
-
In our opinion and to the best of our information and according to the explanations given to us the statement:
(i) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
(ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards ("Ind AS"), and other accounting principles generally accepted in India of standalone net profit and standalone total comprehensive income and other financial information of the Company for the quarter and year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Annual Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Branch Office:
Ahmedabad (Gujrat) • Bangalore (Karnataka) • Chennai (Tamil Nadu) • Hyderabad (Andhra Pradesh) • Hisar (Haryana) • Jaipur (Rajasthan) Kolkata (West Bengal) • New Delhi • Patna (Bihar). Punjab (Mohali) • Ranchi (Jharkhand) • Thiruvananthapuram (Kerala) • Tirunelveli (Tamil Nadu) • Varanasi (U.P.).
Management’s Responsibilities for the Annual Financial Results
These annual standalone financial results have been prepared on the basis of the annual standalone financial statements. The Company's Management and the Board of Directors are responsible for the preparation and presentation of these annual standalone financial results that give a true and fair view of the net profit and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the annual standalone financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Company's financial reporting process
Auditor’s Responsibilities for the Audit of the Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the Annual Standalone Financial Results as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Annual Standalone Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of such controls.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
-
Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
-
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Annual Standalone Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the Financial Results, including the disclosures, and whether the Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
-
Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulation to the extent applicable.
Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in
(i) planning the scope of our audit work and in evaluating the results of our work; and
(ii) to evaluate the effect of any identified misstatements in the Standalone Financial Results.
We communicate with those charged with governance of the Company and such other entities included in the Standalone Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matters
The standalone financial result includes the result for the quarter ended 31st March 2026 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which were subjected to limited review by us, as required by the listing regulations.
Our opinion is not modified in respect of the above matters.
For J Singh & Associates
Chartered Accountants
(Firm Regn. No.: 110266W)
HITESH
JASWANTRAI
PANDYA
Digitally signed by
HITESH JASWANTRAI
PANDYA
Date: 2026.05.27
16:54:44 +05'30'
CA. Hitesh Pandya
(Partner)
(Membership Number: 049727)
UDIN: 26049727CNJPFE2975
Place: Pune
Date: 27th May, 2026
MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED
Regd. Office: First Floor, Kubera Chambers, Shivaji Nagar, Pune 411005
CIN - L74140PN1982PLC026933
Tel No.: 020-25533309 Fax No.: 020-25533206 Website: www.mitconindia.com
Audited Statement of Standalone Financial Results For the Quarter and Year Ended 31st March, 2026
| Sr No. | Particulars | Quarter Ended | Year Ended (Audited) | |||
|---|---|---|---|---|---|---|
| 31-Mar-2026 | ||||||
| (Audited) | 31-Dec-2025 | |||||
| (Unaudited) | 31-Mar-2026 | |||||
| (Audited) | 31-Mar-2026 | |||||
| (Audited) | 31-Mar-2025 | |||||
| (Audited) | ||||||
| 1 | Income from Operations | |||||
| (a) | Revenue from operations | 2,070.96 | 1,143.20 | 1,623.08 | 6,012.05 | 5,119.62 |
| (b) | Other income | 137.18 | 139.12 | 124.72 | 527.28 | 493.28 |
| 2 | Total Income from Operation | 2,208.14 | 1,282.32 | 1,747.80 | 6,539.33 | 5,612.90 |
| 3 | Expenses | |||||
| (a) | Operating Costs | 706.76 | 317.72 | 547.51 | 2,187.91 | 1,420.06 |
| (b) | Change in Inventory | 82.26 | (6.10) | (47.57) | (34.51) | 8.24 |
| (c) | Employee benefits expenses | 674.96 | 447.64 | 598.59 | 2,061.59 | 1,961.19 |
| (d) | Finance costs | 77.85 | 64.89 | 80.75 | 276.34 | 290.14 |
| (e) | Depreciation and amortization expenses | 84.25 | 85.22 | 73.38 | 325.81 | 265.97 |
| (f) | Other expenses | 306.94 | 254.95 | 295.62 | 1,008.81 | 853.25 |
| 4 | Total Expenses | 1,933.02 | 1,164.32 | 1,548.28 | 5,825.95 | 4,798.85 |
| 5 | Profit before exceptional items and tax | 275.12 | 118.00 | 199.52 | 713.38 | 814.05 |
| 6 | Exceptional items | - | - | - | - | - |
| 7 | Profit before Tax | 275.12 | 118.00 | 199.52 | 713.38 | 814.05 |
| 8 | Tax expense | |||||
| Current Tax | 66.50 | 26.50 | 59.75 | 169.75 | 194.85 | |
| Deferred tax charge / (credit) | 12.70 | 6.09 | 9.68 | 34.56 | 93.07 | |
| Taxation adjustment of earlier years | (19.29) | - | (0.01) | (19.29) | (7.51) | |
| Total tax expense | 59.91 | 32.59 | 69.42 | 185.02 | 280.41 | |
| 9 | Profit for the period / year after tax | 215.21 | 85.41 | 130.10 | 528.36 | 533.64 |
| 10 | Other Comprehensive Income (OCI) | |||||
| Items that will not be reclassified to profit and loss | ||||||
| Re-measurement gains/(losses) on defined benefit plans | 7.50 | 10.48 | (8.95) | 17.63 | (11.92) | |
| Income tax relating to Re-measurement gains/(losses) on defined benefit plans | (1.95) | (2.72) | 2.32 | (4.58) | 3.09 | |
| Total other Comprehensive Income (OCI) | 5.55 | 7.76 | (6.63) | 13.05 | (8.83) | |
| 11 | Total Comprehensive Income for the period / year (comprising profit / (loss) and other comprehensive income for the period / year) | 220.76 | 93.17 | 123.47 | 541.41 | 524.81 |
| 12 | Paid-up equity share capital (Face value of share INR 10 each) | 1,741.84 | 1,741.84 | 1,449.88 | 1,741.84 | 1,449.88 |
| 13 | Other equity | 14,151.68 | 11,621.01 | |||
| 14 | Earnings Per Share (Face Value INR 10/- each) | |||||
| a) Basic | 1.24 | 0.49 | 0.92 | 3.03 | 3.77 | |
| b) Diluted | 1.22 | 0.48 | 0.80 | 3.00 | 3.26 | |
| See accompanying notes to the financial results |
MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED
Indalone - Segment wise Revenue, Results and Capital Employed pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
INR in Lakhs
| Particulars | Quarter Ended | | | Year Ended
(Audited) | |
| --- | --- | --- | --- | --- | --- |
| | 31-Mar-2026
(Audited) | 31-Dec-2025
(Unaudited) | 31-Mar-2025
(Audited) | 31-Mar-2026
(Audited) | 31-Mar-2025
(Audited) |
| Segment Revenue | | | | | |
| Consultancy and Training | 2,014.36 | 1,068.24 | 1,230.42 | 4,746.77 | 3,532.42 |
| Project Service | 51.70 | 69.08 | 385.87 | 1,222.93 | 1,551.09 |
| Wind Power Generation | 4.90 | 5.88 | 6.79 | 42.35 | 36.11 |
| Less: Inter Segment Revenue | - | - | - | - | - |
| Income from Operations | 2,070.96 | 1,143.20 | 1,623.08 | 6,012.05 | 5,119.62 |
| Segment Results : | | | | | |
| Profit / (Loss) Before Tax and Interest from each Segment | | | | | |
| Consultancy and Training | 210.55 | 37.46 | 110.74 | 360.83 | 374.24 |
| Project Service | 4.91 | 6.92 | 44.17 | 88.40 | 227.50 |
| Wind Power Generation | 0.33 | (0.61) | 0.64 | 13.21 | 9.17 |
| Total | 215.79 | 43.77 | 155.55 | 462.44 | 610.91 |
| Add: | | | | | |
| Unallocable Income Net of Unallocable Expenditure | 137.18 | 139.12 | 124.72 | 527.28 | 493.28 |
| Finance Costs | (77.85) | (64.89) | (80.75) | (276.34) | (290.14) |
| Total Profit Before Tax | 275.12 | 118.00 | 199.52 | 713.38 | 814.05 |
| Capital Employed | | | | | |
| Total Segment Assets | | | | | |
| Consultancy and Training | 18,424.57 | 19,008.43 | 15,868.45 | 18,424.57 | 15,868.45 |
| Project Service | 2,138.02 | 1,112.30 | 1,562.50 | 2,138.02 | 1,562.50 |
| Wind Power Generation | 39.28 | 28.72 | 37.02 | 39.28 | 37.02 |
| Total | 20,601.87 | 20,149.45 | 17,467.97 | 20,601.87 | 17,467.97 |
| Total Segment Liabilities | | | | | |
| Consultancy and Training | 4,694.44 | 4,477.69 | 4,337.05 | 4,694.44 | 4,337.05 |
| Project Service | 13.91 | 4.54 | 60.03 | 13.91 | 60.03 |
| Wind Power Generation | - | - | - | - | - |
| Total | 4,708.35 | 4,482.23 | 4,397.08 | 4,708.35 | 4,397.08 |
Note: Wind power generation business is subject to Seasonal variations, hence the results for the period are not necessarily comparable with the results of the previous periods performance.
MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED
Standalone Statement of Assets and Liabilities pursuant to regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
| INR in Lakhs | ||
|---|---|---|
| Particulars | Year Ended | |
| 31st Mar 2026 | ||
| (Audited) | 31st Mar 2025 | |
| (Audited) | ||
| I. Non-current assets | ||
| (a) Property, plant and equipment | 2,629.89 | 2,615.27 |
| (b) Capital work-in-progress | 281.85 | 101.90 |
| (c) Right-of-use assets | 361.94 | 409.02 |
| (d) Other intangible assets | 163.36 | 68.06 |
| (e) Intangible asset under development | 39.06 | 20.98 |
| (f) Financial assets | ||
| (i) Investments | 8,481.93 | 8,289.88 |
| (ii) Loans | 1,392.48 | 1,395.48 |
| (iii) Other financial assets | 1,141.65 | 1,489.92 |
| (g) Other non-current assets | 5.49 | 1.54 |
| Subtotal | 14,497.65 | 14,392.05 |
| II. Current assets | ||
| (a) Inventories | 128.93 | 94.42 |
| (b) Financial assets | ||
| (i) Trade receivables | 2,468.24 | 2,417.74 |
| (ii) Cash and cash equivalents | 39.33 | 73.90 |
| (iii) Bank balance other than (ii) above | 262.11 | 43.31 |
| (iv) Other financial assets | 2,906.76 | 287.68 |
| (c) Current tax assets (net) | 200.59 | 54.73 |
| (d) Other current assets | 98.26 | 104.14 |
| Subtotal | 6,104.22 | 3,075.92 |
| Total Assets (I+II) | 20,601.87 | 17,467.97 |
| EQUITY AND LIABILITIES | ||
| I) Equity | ||
| (a) Equity share capital | 1,741.84 | 1,449.88 |
| (b) Other equity | 14,151.68 | 11,621.01 |
| Subtotal | 15,893.52 | 13,070.89 |
| Liabilities | ||
| II. Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 1,170.30 | 1,234.27 |
| (ii) Lease liabilities | 571.35 | 588.56 |
| (iii) Other financial liabilities | 116.12 | 132.39 |
| (b) Deferred tax liability (net) | 244.67 | 205.51 |
| (c) Provisions | 97.15 | 109.13 |
| Subtotal | 2,199.59 | 2,269.86 |
| III. Current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 625.33 | 753.22 |
| (ii) Current maturities of long-term borrowings | 186.45 | 145.39 |
| (iii) Trade and other payables | ||
| a) Total outstanding dues of micro enterprises | ||
| and small enterprises | 171.44 | 96.16 |
| b) Total outstanding dues of creditors other than | ||
| micro enterprises and small enterprises | 607.44 | 522.35 |
| (iv) Other financial liabilities | 198.55 | 45.83 |
| (b) Other current liabilities | 207.44 | 206.27 |
| (c) Provisions | 512.11 | 358.00 |
| Subtotal | 2,508.76 | 2,127.22 |
| Total Liabilities | 4,708.35 | 4,397.08 |
| Total Equity and Liabilities (I+II+III) | 20,601.87 | 17,467.97 |
MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED
Standalone Statement of Cash Flow for the year ended 31 March, 2026
(All amount in rupees lakhs, unless otherwise stated)
| Particulars | For the year ended
31 March, 2026 | For the year ended
31 March, 2025 |
| --- | --- | --- |
| A. Cash flow from operating activities | | |
| Profit before Tax | 713.38 | 814.05 |
| Adjustments for: | | |
| Depreciation & amortisation Exps | 325.81 | 265.97 |
| Provision for doubtful debts (net) | - | 17.67 |
| Provision for - EMD | - | 5.18 |
| Finance cost | 276.34 | 290.14 |
| Commission on Corporate Guarantee | (85.58) | (89.71) |
| Exchange gain on translation of assets and liabilities | (3.81) | - |
| Agreed return on investments | (8.70) | (7.93) |
| Interest income | | |
| On bank deposits | (47.97) | (17.99) |
| On Intercorporate loans and advances | (137.33) | (122.15) |
| On Debentures | (183.22) | (167.34) |
| On others | - | - |
| On Security Deposit | (0.55) | (0.31) |
| On Income Tax Refund | - | (4.69) |
| Operating profit before working capital changes | 848.37 | 982.89 |
| Working capital adjustments: | | |
| (Increase)/ Decrease in financial assets- other current assets | 5.88 | 0.38 |
| (Increase)/ Decrease in financial assets- other non current assets | (3.95) | 0.69 |
| (Increase)/ Decrease in Inventories | (34.51) | 8.24 |
| (Increase)/ Decrease in trade receivables | (46.69) | (475.77) |
| (Increase)/ Decrease in Other Financial Assets | (2,619.08) | (108.64) |
| Increase/(Decrease) In Current Tax Asset | (126.55) | 51.75 |
| (Increase)/ Decrease in Other Financial liabilities | 136.45 | (140.44) |
| Increase/(Decrease) in provisions | 142.13 | 13.73 |
| Increase/(Decrease) in trade and other payables | 160.37 | (365.71) |
| Increase/(Decrease) in other current liabilities | 1.17 | 57.28 |
| Cash (used in)/generated from operations | (1,536.41) | 24.40 |
| Direct taxes paid (Net) | (169.75) | (187.34) |
| Net cash (used in)/from operating activities | (1,706.16) | (162.94) |
| B. Cash flow from investing activities | | |
| Acquisition Of Property, Plant And Equipment | (238.58) | (366.93) |
| Changes In Property, Plant And Equipment | 0.68 | 1.51 |
| Changes In Capital WIP | (179.95) | (101.90) |
| Changes In Intangible Assets under Development | (18.08) | (14.98) |
| Addition of lease assets | - | (84.23) |
| Addition of Intangible Asset | (150.74) | (15.58) |
| Purchases of investment | (192.05) | (170.94) |
| (Increase)/ Decrease in financial assets-Non Current other financial assets | 348.26 | (797.61) |
| Interest received | 369.07 | 312.48 |
| Agreed return on investments | 8.70 | 7.93 |
| Loans and deposit given to related parties | 3.00 | (225.43) |
| Other Comprehensive Income | 17.63 | (11.92) |
| Net cash (used in)/from investing activities | (32.06) | (1,467.60) |
| C. Cash flow from financing activities | | |
| Proceed from long term borrowing | 136.00 | - |
| Repayment of borrowing | (199.97) | (145.21) |
| Increase/(Decrease) In Bank Overdraft account | (127.89) | 422.09 |
| Increase/(Decrease) In Current Borrowings | 41.06 | (14.59) |
| Interest paid (finance cost) | (276.34) | (290.14) |
| Increase/(Decrease) In Lease Liability | (17.21) | 75.89 |
| Proceeds from Issue of shares | 298.49 | 106.79 |
| Proceeds from Issue of shares - Security Premium | 1,970.06 | 705.72 |
| Payment towards Right issue expenses | - | (50.00) |
| Increase / (Decrease )in ESOP Reserve | 12.67 | 6.74 |
| Commission on Corporate Guarantee | 85.58 | 89.71 |
| Net cash (used in)/from financing activities | 1,922.45 | 907.00 |
| Net (decrease)/increase in cash and cash equivalents (A | 184.23 | (723.54) |
| Opening Cash and Cash equivalents | 117.21 | 840.75 |
| Closing Cash and Cash equivalents | 301.44 | 117.21 |
MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED
A) Cash and Cash Equivalents
INR in Lakhs
| Particulars | As at
31st Mar 2026 | As at
31st Mar 2025 |
| --- | --- | --- |
| Balance with bank in current account and debit balance
in cash credit Account | 13.54 | 54.63 |
| Cash on Hand | 6.82 | 3.12 |
| Deposit with original maturity of Less than three months
(Lein against Bank Guarantees) | 18.97 | 16.15 |
| Total (A) | 39.33 | 73.90 |
B) Other Bank Balances
| Particulars | As at
31st Mar 2026 | As at
31st Mar 2025 |
| --- | --- | --- |
| Deposits with original maturity of more than three months but less than twelve months | 30.79 | |
| Deposits with original maturity of more than three months but less than twelve months (Lein against Bank Guarantees) | 231.32 | 43.31 |
| Total (B) | 262.11 | 43.31 |
| | | |
| Total Cash & Equivalents (A+B) | 301.44 | 117.21 |
CA INDIA
J. SINGH & ASSOCIATES (Regd.) CHARTERED ACCOUNTANTS
505/506/507, HUBTOWN Viva, Shankar wadi, Western Express Highway Between Andheri & Jogeshwari (East) Mumbai-400060 Telephone: - 022-6694617/18 E-mail: [email protected] [email protected]
Independent Auditor's Report
To the Board of Directors of
MITCON Consultancy and Engineering Services Limited
Report on the Audit of Consolidated Financial Results
Opinion
-
We have audited the accompanying Consolidated Financial Results (“the Statement”) of MITCON Consultancy & Engineering Services Limited (“the Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associates (refer Annexure A for the list of subsidiaries and associates included in the Statement) for the year ended March 31, 2026 (“the Statement”), being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
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In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of report of other auditors on separate audited financial statements and other financial information of a subsidiary, the aforesaid consolidated annual financial results:
(i) includes the results of the holding company and entities as listed in the Annexure ‘A’ to this report;
(ii) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended;
(iii) give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards (“Ind AS”), and other accounting principles generally accepted in India of consolidated net profit and consolidated total comprehensive income and other financial information of the Group and its associate for the quarter and year ended March 31, 2026.
Basis for Opinion
- We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Branch Office:
Ahmedabad (Gujrat) • Bangalore (Karnataka) • Chennai (Tamil Nadu) • Hyderabad (Andhra Pradesh) • Hisar (Haryana) • Jaipur (Rajasthan) Kolkata (West Bengal) • New Delhi • Patna (Bihar). Punjab (Mohali) • Ranchi (Jharkhand) • Thiruvananthapuram (Kerala) • Tirunelveli (Tamil Nadu) • Varanasi (U.P.).
Management’s Responsibilities for the Consolidated Financial Results
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These consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its associate company and the consolidated statement of assets and liabilities and the consolidated statement of cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and its associate companies are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associate companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.
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In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group and its associate companies are responsible for assessing the ability of the Group and its associate companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group and its associate companies or to cease operations, or has no realistic alternative but to do so.
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The respective Board of Directors of the companies included in the Group and its associate companies are responsible for overseeing the financial reporting process of the Group and its associate companies.
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
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Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Consolidated Financial Results.
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As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the Consolidated Financial
Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
- Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group, its associate and jointly controlled company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
- Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulation to the extent applicable.
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Obtain sufficient and appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Consolidated Financial Results of which we are the independent auditors.
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Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Results.
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We communicate with those charged with governance of the Company and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
- We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matters
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We did not audit the financial statement of a subsidiary and two associate companies that are included in the Consolidated Financial Results, whose financial statement reflect total assets of INR 4,745.76 lakhs and total net assets of INR 1,668.55 lakhs as at March 31, 2026, total income of INR 3,658.94 lakhs, total net profit after tax of INR 123.76 lakhs, and total comprehensive income of INR 131.54 lakhs, and net cash inflows of INR 191.70 lakhs for the year ended March 31, 2026, as considered in the Consolidated Financial Results. The financial statement have been audited by other auditor whose report have been furnished to us by the Management and our opinion on the Consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of the subsidiary is based solely on the reports of the other auditor and the procedure performed by us.
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The consolidated financial result includes the result for the quarter ended 31st March 2026 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year
Our opinion on the Consolidated Financial Results is not modified in respect of the above matters.
For J Singh & Associates
Chartered Accountants
(Firm Regn. No.: 110266W)
HITESH
JASWANTRAI
PANDYA
Digitally signed by HITESH JASWANTRAI
PANDYA
Date: 2026.05.27
16:55:22 +05'30'
CA. Hitesh Pandya
(Partner)
(Membership Number: 049727)
UDIN: 26049727IVBQHW1786
Place: Pune
Date: 27th May, 2026
5
Annexure A
List of Entities included in Consolidated Financial Results:
| Sr. No. | Particulars | Relation |
|---|---|---|
| 1 | Krishna Windfarm Developers Private Limited | Material Subsidiary |
| 2 | Shrikhande Consultants Limited | Material Subsidiary |
| 3 | MITCON Credentia Trusteeship Services Limited | Material Subsidiary |
| 4 | MITCON Sun Power Limited | Material Subsidiary |
| 5 | MITCON Envirotech Limited | Wholly Owned Subsidiary |
| 6 | MITCON Biofuel & Green Chemistry Private Limited | Wholly Owned Subsidiary |
| 7 | MITCON Advisory Services Private Limited | Wholly Owned Subsidiary |
| 8 | MITCON Water Limited | Wholly Owned Subsidiary |
| 9 | MITCON Soil Health Limited | Wholly Owned Subsidiary |
| 10 | MITCON Impact Asset Management Private Limited | Step down Subsidiary |
| 11 | MITCON Solar Alliance Limited | Step down Subsidiary |
| 12 | MSPL Unit 1 Limited | Step down Subsidiary |
| 13 | MPSL Unit 2 Limited | Step down Subsidiary |
| 14 | MPSL Unit 3 Limited | Step down Subsidiary |
| 15 | MPSL Unit 4 Limited | Step down Subsidiary |
| 16 | MPSL Unit 5 Limited | Step down Subsidiary |
| 17 | MSPL Unit 6 Limited | Step down Subsidiary |
| 18 | MSPL Unit 7 Limited | Step down Subsidiary |
| 19 | Planeteye Infra-Al Limited | Step down Subsidiary |
| 20 | MITCON Nature Based Solutions Limited | Associate Company |
| 21 | Planeteye Farm-Al Limited | Associate Company |
| 22 | MINVEN Solar 02 Private Limited | Associate Company |
| 23 | MINVEN Solar 03 Private Limited | Associate Company |
MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED
Regd. Office: First Floor, Kubera Chambers, Shivaji Nagar, Pune 411005
CIN - L74140PN1982PLC026933
Tel No.: 020-25533309 Fax No.: 020-25533206 Website: www.mitconindia.com
Audited Statement of Consolidated Financial Results For the Quarter and Year Ended 31st March, 2026
INR In Lakhs
| Sr No. | Particulars | Quarter Ended | Year Ended (Audited) | |||
|---|---|---|---|---|---|---|
| 31-Mar-2026 (Audited) | 31-Dec-2025 (Unaudited) | 31-Mar-2025 (Audited) | 31-Mar-2026 (Audited) | 31-Mar-2025 (Audited) | ||
| 1 | Income from Operations | |||||
| Revenue from operations | 4,523.29 | 2,654.59 | 3,812.61 | 12,566.84 | 11,271.19 | |
| Other income | 76.19 | 45.32 | 59.12 | 200.53 | 254.95 | |
| 2 | Total Income from Operation | 4,599.48 | 2,699.91 | 3,871.73 | 12,767.37 | 11,526.14 |
| 3 | Expenses | |||||
| (a) | Operating Costs | 1,304.48 | 655.52 | 1,373.21 | 3,519.36 | 2,803.57 |
| (b) | Changes in Inventory | 90.27 | (93.70) | (2.21) | (204.64) | 129.14 |
| (c) | Employee benefits expenses | 1,327.76 | 970.96 | 1,149.85 | 4,278.99 | 3,831.95 |
| (d) | Finance costs | 268.78 | 245.87 | 286.45 | 1,058.64 | 1,357.72 |
| (e) | Depreciation and amortization expenses | 253.01 | 249.28 | 237.47 | 980.91 | 910.54 |
| (f) | Other expenses | 593.18 | 451.31 | 533.33 | 1,876.21 | 1,583.47 |
| 4 | Total Expenses | 3,837.48 | 2,479.24 | 3,578.10 | 11,509.47 | 10,616.39 |
| 5 | Profit / (Loss) before Tax, Exceptional Item and Share of Associate (2 - 4) | 762.00 | 220.67 | 293.63 | 1,257.90 | 909.75 |
| 6 | Exceptional items | - | - | - | - | - |
| 7 | Share of Profit/(Loss) of Associate (Net of Tax) | 2.44 | (14.90) | (25.52) | 0.91 | (111.36) |
| 8 | Profit before Tax(after Exceptional Item , Share of Associate and before tax) (5+6+7) | 764.44 | 205.77 | 268.11 | 1,258.81 | 798.39 |
| 9 | Tax expense | |||||
| Current Tax | 137.36 | 62.18 | 87.33 | 337.18 | 274.30 | |
| Deferred tax charge / (credit) | 51.57 | (16.07) | (12.29) | (30.88) | (158.34) | |
| Taxation adjustment of earlier years | 11.08 | - | 22.33 | 11.02 | 28.37 | |
| Total tax expense | 200.01 | 46.11 | 97.37 | 317.32 | 144.33 | |
| 10 | Profit / (Loss) for the period / year after Tax (after Exceptional Item and Share of Associate) (8 - 9) | 564.43 | 159.66 | 170.74 | 941.49 | 654.06 |
| 11 | Other Comprehensive Income (OCI) | |||||
| Items that will not be reclassified to profit and loss | ||||||
| (a) | Re-measurement gains/(losses) on defined benefit plans | 15.03 | 16.61 | (11.32) | 43.86 | (10.18) |
| Income tax relating to Re-measurement gains/(losses) on defined benefit plans | (3.76) | (4.34) | 2.94 | (11.28) | 2.64 | |
| (b) | Equity instruments classified at Fair Value through Other comprehensive income | - | - | - | - | (147.10) |
| Income tax relating to Equity instruments classified at Fair Value through Other comprehensive income | - | - | (26.50) | - | (52.70) | |
| (c) | Other Instruments classified at Fair Value through Other Comprehensive Income | - | - | - | - | - |
| Income tax relating to Other Instruments classified at Fair Value through Other Comprehensive Income | - | - | - | - | - | |
| Total other Comprehensive Income (OCI) | 11.27 | 12.27 | (34.88) | 32.58 | (207.34) | |
| 12 | Total Comprehensive Income for the period / year (comprising profit / (loss) and other comprehensive Income for the period / year) (10+11) | 575.70 | 171.93 | 135.86 | 974.07 | 446.72 |
| 13 | Profit for the period attributable to: | |||||
| Owners of the Company | 472.28 | 135.13 | 169.25 | 808.75 | 555.65 | |
| Non -Controlling Interest | 92.15 | 24.53 | 1.49 | 132.74 | 98.41 | |
| 564.43 | 159.66 | 170.74 | 941.49 | 654.06 | ||
| 14 | Other comprehensive income for the period/year attributable to: | |||||
| Owners of the Company | 8.65 | 10.29 | (34.55) | 23.92 | (208.82) | |
| Non -Controlling Interest | 2.62 | 1.98 | (0.33) | 8.66 | 1.48 | |
| 11.27 | 12.27 | (34.88) | 32.58 | (207.34) | ||
| 15 | Total comprehensive income for the period/ year attributable to: | |||||
| Owners of the Company | 480.93 | 145.42 | 134.70 | 832.67 | 346.83 | |
| Non -Controlling Interest | 94.77 | 26.51 | 1.16 | 141.40 | 99.89 | |
| 575.70 | 171.93 | 135.86 | 974.07 | 446.72 | ||
| 16 | Paid-up equity share capital (Face value of share INR 10 each) | 1,741.84 | 1,741.84 | 1,449.88 | 1,741.84 | 1,449.88 |
| 17 | Other equity | 14,048.51 | 11,226.58 | |||
| 18 | Earnings Per Share (Face Value INR 10/- each) | |||||
| a) Basic | 3.24 | 0.92 | 1.21 | 5.41 | 4.63 | |
| b) Diluted | 3.21 | 0.90 | 1.04 | 5.35 | 4.00 |
See accompanying notes to the financial results
MISSOURI CONSULTANCY & ENGINEERING SERVICES
84
MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED
Consolidated - Segment wise Revenue, Results and Capital Employed pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
INR in Lakhs
| Particulars | Quarter Ended | Year Ended (Audited) | |||
|---|---|---|---|---|---|
| 31-Mar-2026 (Audited) | 31-Dec-2025 (Unaudited) | 31-Mar-2025 (Audited) | 31-Mar-2026 (Audited) | 31-Mar-2025 (Audited) | |
| Segment Revenue | |||||
| Consultancy and Training | 3,931.68 | 2,066.27 | 2,873.30 | 9,434.20 | 7,595.89 |
| Project Service | 85.20 | 101.41 | 407.38 | 1,391.57 | 1,809.72 |
| Wind / Solar Power Generation | 506.41 | 486.91 | 531.93 | 1,741.07 | 1,865.58 |
| Less: Inter Segment Revenue | - | - | - | - | - |
| Income from Operations | 4,523.29 | 2,654.59 | 3,812.61 | 12,566.84 | 11,271.19 |
| Segment Results : | |||||
| Profit / (Loss) Before Tax and Interest from | |||||
| Consultancy and Training | 714.83 | 296.01 | 162.11 | 1,321.63 | 790.63 |
| Project Service | 17.93 | 8.37 | 60.46 | 119.63 | 232.75 |
| Wind / Solar Power Generation | 221.83 | 116.84 | 298.39 | 674.75 | 989.14 |
| Total | 954.59 | 421.22 | 520.96 | 2,116.01 | 2,012.52 |
| Add: | |||||
| Unallocable Income Net of Unallocable | 76.19 | 45.32 | 59.12 | 200.53 | 254.95 |
| Finance Costs | (268.78) | (245.87) | (286.45) | (1,058.64) | (1,357.72) |
| Total Profit Before Tax | 762.00 | 220.67 | 293.63 | 1,257.90 | 909.75 |
| Capital Employed | |||||
| Total Segment Assets | |||||
| Consultancy and Training | 13,281.32 | 13,566.98 | 11,255.59 | 13,281.32 | 11,255.59 |
| Project Service | 3,255.87 | 1,152.95 | 1,562.50 | 3,255.87 | 1,562.50 |
| Wind / Solar Power Generation | 15,615.96 | 15,716.13 | 15,808.40 | 15,615.96 | 15,808.40 |
| Total | 32,153.15 | 30,436.06 | 28,626.49 | 32,153.15 | 28,626.49 |
| Total Segment Liabilities | |||||
| Consultancy and Training | 7,374.17 | 8,000.15 | 7,797.38 | 7,374.17 | 7,797.38 |
| Project Service | 1,002.24 | 10.38 | 60.03 | 1,002.24 | 60.03 |
| Wind / Solar Power Generation | 6,484.97 | 5,715.23 | 6,732.83 | 6,484.97 | 6,732.83 |
| Total | 14,861.38 | 13,725.76 | 14,590.24 | 14,861.38 | 14,590.24 |
Note: Solar / Wind power generation business is subject to Seasonal variations, hence the results for the period are not necessarily comparable with the results of the previous periods performance.
MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED
Consolidated Statement of Assets and Liabilities pursuant to regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
INR in Lakhs
| Particulars | Year Ended | |
|---|---|---|
| 31st Mar 2026 | ||
| (Audited) | 31st Mar 2025 | |
| (Audited) | ||
| I. Non-current assets | ||
| (a) Property, plant and equipment | 14,211.69 | 14,650.40 |
| (b) Capital work-in-progress | 691.62 | 369.67 |
| (c) Right-of-use assets | 432.93 | 543.01 |
| (d) Other intangible assets | 875.07 | 740.68 |
| (e) Goodwill on consolidation | 503.96 | 503.96 |
| (f) Intangible asset under development | 51.50 | 20.98 |
| (g) Financial assets | ||
| (i) Investments | 449.76 | 444.61 |
| (ii) Loans | 347.60 | 440.60 |
| (iii) Other financial assets | 2,277.80 | 2,290.78 |
| (h) Deferred tax assets (net) | 844.20 | 535.03 |
| (i) Other non-current assets | 17.16 | 9.73 |
| Subtotal | 20,703.29 | 20,549.45 |
| II. Current assets | ||
| (a) Inventories | 859.60 | 654.96 |
| (b) Financial assets | ||
| (i) Investments | - | |
| (ii) Trade receivables | 6,018.72 | 6,115.99 |
| (iii) Cash and cash equivalents | 1,056.37 | 452.43 |
| (iv) Bank balance other than (iii) above | 555.39 | 304.29 |
| (v) Loans | - | |
| (vi) Other financial assets | 2,261.17 | 172.03 |
| (c) Current tax assets (net) | 497.71 | 192.19 |
| (d) Other current assets | 200.90 | 185.15 |
| Subtotal | 11,449.86 | 8,077.04 |
| Total Assets (I+II) | 32,153.15 | 28,626.49 |
| EQUITY AND LIABILITIES | ||
| I. Equity | ||
| (a) Equity share capital | 1,741.84 | 1,449.88 |
| (b) Other equity | 14,048.51 | 11,226.58 |
| Equity attributable to shareholders of holding company | 15,790.35 | 12,676.46 |
| Non-Controlling Interest | 1,501.42 | 1,359.79 |
| Total Equity | 17,291.77 | 14,036.25 |
| Liabilities | ||
| II. Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 6,044.27 | 7,518.34 |
| (ii) Lease liabilities | 648.61 | 744.24 |
| (iii) Other financial liabilities | 204.39 | 215.40 |
| (b) Other non-current liabilities | ||
| (c) Deferred tax liability (net) | 292.87 | - |
| (d) Provisions | 237.20 | 231.30 |
| Subtotal | 7,427.34 | 8,709.28 |
| III. Current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 1,687.92 | 1,744.38 |
| (ii) Current maturities of long-term borrowings | 1,473.28 | 1,290.24 |
| (iii) Trade and other payables | ||
| a) total outstanding dues of micro enterprises and small enterprises | 307.17 | 191.34 |
| b) total outstanding dues of creditors other than micro enterprises and small enterprises | 1,075.25 | 899.67 |
| (iv) Lease liabilities | ||
| (v) Other financial liabilities | 1,524.44 | 375.08 |
| (b) Other current liabilities | 363.98 | 324.30 |
| (c) Provisions | 1,002.00 | 1,055.95 |
| Sub total | 7,434.04 | 5,880.96 |
| Total Liabilities | 14,861.38 | 14,590.24 |
| Total Equity and Liabilities (I+II+III) | 32,153.15 | 28,626.49 |
MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED
Consolidated Statement of Cash Flow for the year ended 31st March, 2026
(All amount in rupees lakhs, unless otherwise stated)
| Particulars | For the year ended 31st March, 2026 | For the year ended 31st March, 2025 |
|---|---|---|
| A. Cash flow from operating activities | ||
| Profit before Tax | 1,257.90 | 909.75 |
| Adjustments for: | ||
| Depreciation & amortisation | 980.91 | 910.54 |
| (Gain) / Loss on disposal of assets & Others | 3.99 | |
| Bad debts and irrecoverable balances written off | 30.26 | - |
| Provision for doubtful debts and advances (net) | 12.79 | 17.67 |
| Provision for - EMD | 5.18 | |
| (Gain) / Loss on sale of Investment | (3.83) | |
| Exchange gain on translation of assets and liabilities | (2.93) | 3.71 |
| Sundry Provisions and Credit Balances no longer required, written back | (2.81) | - |
| Finance cost | 1,058.64 | 1,357.72 |
| Financial guarantee income | (0.66) | |
| Interest income | ||
| - On bank deposits | (73.01) | (41.45) |
| - On Intercorporate loans and advances | (52.42) | (24.22) |
| - On Debentures | (67.13) | |
| - On others | (1.09) | - |
| - On Income Tax Refund | (17.80) | |
| - On Security Deposit | (5.26) | (8.71) |
| Operating profit before working capital changes | 3,202.98 | 3,044.76 |
| Working capital adjustments: | ||
| (Increase)/ Decrease in financial assets- other current asset | (2,089.14) | (122.10) |
| (Increase)/ Decrease in inventories | (204.64) | 129.14 |
| (Increase)/ Decrease in trade receivables | 57.15 | (590.20) |
| Increase/ (Decrease) in other financial liabilities | 1,138.35 | (168.55) |
| (Increase)/ Decrease in Other Assets | (325.14) | 193.76 |
| Increase/ (Decrease) in provisions | (48.05) | 169.60 |
| Increase/ (Decrease) in trade and other payables | 291.41 | (290.22) |
| Increase/ (Decrease) in other current liabilities | 42.49 | (160.09) |
| Cash (used in)/generated from operations | 2,065.41 | 2,206.10 |
| Direct taxes paid (Net) | (337.18) | (144.33) |
| Net cash (used in)/from operating activities | 1,728.23 | 2,061.77 |
| B. Cash flow from investing activities | ||
| Expenditure on acquisition of Property, Plant & Equipment | (353.30) | (1,486.17) |
| Changes In Property, Plant And Equipment | (17.76) | 135.99 |
| Changes In Capital WIP | (321.95) | 417.13 |
| Addition of Other Intangible assets | (232.17) | (73.53) |
| Changes Other Intangible assets | (3.48) | (65.01) |
| Changes In Intangible Assets under Development | (30.52) | (14.98) |
| Addition of Lease Assets | 40.20 | (47.34) |
| Purchases of investment | (5.15) | 3,559.81 |
| Investment in Fixed Deposits and other deposits | 12.98 | (743.87) |
| Interest Income | 131.78 | 159.31 |
| Non controlling interest | 0.23 | (240.89) |
| Other Comprehensive Income | 32.58 | (207.33) |
| Net cash (used in)/from investing activities | (746.56) | 1,393.12 |
| C. Cash flow from financing activities | ||
| Interest expenses (finance cost) | (1,058.64) | (1,357.72) |
| Proceeds from loan raised | 194.20 | |
| Repayment of borrowing | (1,541.69) | (3,122.38) |
| Proceeds from issue of equity shares | 298.49 | 106.79 |
| Loans repaid by related parties | 93.00 | (311.38) |
| Repayment of lease liability | (95.63) | 30.10 |
| Share of Associates | 0.91 | (111.36) |
| Proceeds from Issue of shares - Security Premium | 1,970.06 | 705.72 |
| Payment towards Right issue expenses | (50.00) | |
| Increase in ESOP Reserve | 12.67 | 6.74 |
| Financial Guarantee Income | 0.66 | |
| Net cash (used in)/from financing activities | (126.63) | (4,102.83) |
| Net (decrease)/increase in cash and cash equivalents (A | 855.04 | (647.94) |
| Opening Cash and Cash equivalents | 756.72 | 1,404.66 |
| Closing Cash and Cash equivalents | 1,611.76 | 756.72 |
MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED
A) Cash and Cash equivalents
INR in Lakhs
| Particulars | As at 31st March 2026 | As at 31st March 2025 |
|---|---|---|
| Balance with bank in current account and debit balance in cash credit Account | 1,020.58 | 426.90 |
| Cash in Hand | 16.81 | 9.37 |
| Deposit with original maturity of less than three months (Lein against Bank Guarantees) | 18.98 | 16.16 |
| Total (A) | 1,056.37 | 452.43 |
B) Other Bank Balances
| Particulars | As at 31st March 2026 | As at 31st March 2025 |
|---|---|---|
| Deposits with original maturity of more than three months but less than twelve months | 34.22 | |
| Deposits with original maturity of more than three months but less than twelve months (Lein against Bank Guarantees) | 521.17 | 304.29 |
| Total (B) | 555.39 | 304.29 |
| Total Cash & Equivalents (A+B) | 1,611.76 | 756.72 |
MITCON CONSULTANCY & ENGINEERING SERVICES LIMITED
NOTES:
-
The Standalone / Consolidated audited financial results for the quarter and year ended 31st March 2026 ("the financial results") of MITCON Consultancy & Engineering Services Limited ("the Company"), its subsidiaries (collectively referred as the group) and Associate companies have been prepared in accordance with Indian Accounting Standards ("Ind AS") notified under Section 133 of the Companies Act 2013 ("the Act") read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended)
-
The audited Standalone / Consolidated financial results for the quarter and year ended 31st March 2026 have been reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors of the Company in their respective meetings held on 27th May, 2026.
-
The Standalone / Consolidated financial results for the quarter and year ended 31st March 2026 have been audited by the statutory auditors of the Company, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. The statutory auditors have expressed unmodified opinion on these financial results for the quarter and year ended 31st March 2026.
-
These Standalone / consolidated financial results shall be filed with the National Stock Exchange of India Limited ("NSE") and shall be available on the Company's website (www.mitconindia.com) or on the website of NSE (www.nseindia.com).
-
During the year ended 31st March, 2026, a wholly owned subsidiary company namely MITCON Sun Power Ltd has sold 23% of its stakes to Valtustech India Private Limited in its wholly owned subsidiary namely MITCON Impact Asset Management Private Ltd approved by the Board on 10th November 2025. Post sale, shareholding of MITCON Sun Power Ltd is 77%.
-
The Right issue proceeds received during the year have been fully utilised for Rs.2268.55 lakhs as at 31st March 2026. Thus the total right issue proceeds of Rs.3074.40 lakhs (Rs.805.85 during FY 2024-25) have been fully utilised. There is no deviation in the use of proceeds from the object stated in the offer document.
-
The Employee Stock Option Plan (ESOP) 2021, issued by the Company vested during the year / period and partly paid Right issue of Equity Shares have a potential dilutive effect on Earning per Share (EPS). Hence, they have been considered for computing diluted Earnings Per Share during the year / period.
-
During the year ended 31st March, 2026, MITCON Consultancy & Engineering Services Limited, acquired 49% stake in MINVEN Group SPVs viz., MINVEN Solar 02 Private Limited and MINVEN Solar 03 Private Limited for consideration of Rs.86400/- each, formed for implementing an aggregate of 32 MW Solar Power Project under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 - Scheme launched for implementation of feeder level solarisation under component C of PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Uthan Mahabhiyan) Scheme in Maharashtra. The acquisition of MINVEN approved by Board on 26th March 2025. The share purchase agreement approved by Board on 16th March 2026. The financials of companies consolidated as per IND As 28 using equity method.
-
During the year ended 31st March, 2026, MITCON Water Ltd incorporated on 5th September 2025 and MITCON Soil Health Ltd incorporated on 9th September 2025 as wholly owned subsidiaries with authorised and paid up capital of Rs.1 Lakh each. Paid up capital has been introduced on 27th October 2025. The Board approved the incorporation of companies on 28th July 2025.
-
The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes viz the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the "Codes"). The Codes have been made effective from November 21, 2025. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The incremental financial impact of these changes, assessed by the Company, on the basis of the information available, consistent with the guidance provided by the Institute of Chartered Accountants of India, has been provided in the financial statement as at 31st March 2026. There is no material impact.
-
The figures for the quarter ended 31st March 2026 and 31st March 2025 are balancing figures between audited figures in respect of full financial year and the unaudited published figures up to nine months period for the financial year.
-
Figures for the previous period / year have been rearranged / regrouped, wherever considered necessary to correspond with the figures of the current period / year.
-
All figures of financials have been rounded off to nearest lakhs rupees.
For & on behalf of the Board of Directors
A
Date: May 27, 2026
Place: Pune
Anand Chalwade
Managing Director
DIN-02008372
D
CA
INDIA
J SINGH & ASSOCIATES (Regd.)
CHARTERED ACCOUNTANTS
505/506/507, HUBTOWN Tn, Shankar wadi,
Western express Highway,
Between Andheri & Jogeshwari (East),
Mumbai - 400 060.
Tel : 022-66994617/18/19 | 28361081
Web : cajsingh.com
Email: [email protected]
MITCON Consultancy & Engineering Services Ltd
(Rupees in Lakhs)
Certificate of Utilisation of Right Issue Proceeds for the year ending as on 31st March 2026
| Sr No. | Particulars | Application Money received during FY2024-25 | 1st & Final call received during FY2025-26 | Total proceeds of Right Issue Amount |
|---|---|---|---|---|
| A) | Total Proceeds Received from Fully paid Equity shares * | 805.85 | 2268.55 | 3074.40 |
| B) | Details of Expenses incurred | (Rupees in Lakhs) | ||
| Sr No. | Object of the Right Issue | Total Right Issue Amount | Actual Amount Utilised up to 31st March 2025 | Actual Amount Utilised in FY2025-26 |
| 1. | Investment in its Wholly Owned Subsidiary Company viz. MITCON Sun Power Limited; | 591.00 | 247.25 | 343.75 |
| 2. | To finance the upgradation of Environment Laboratory; | 53.09 | 25.00 | 28.09 |
| 3. | Investment in its Joint Venture Company viz. MITCON Nature Based Solutions Limited; | 243.00 | 150.00 | 93.00 |
| 4. | To invest in Front End Engineering Design Development; | 149.91 | 65.00 | 84.91 |
| 5. | To finance the acquisition of instruments for training; | 21.60 | 16.85 | 4.76 |
| 6. | To carry out the capital expenditure for refurbishment of office space; | 130.87 | 100.00 | 30.87 |
| 7. | Part-funding the incremental working capital requirements and | 1,250.00 | 110.00 | 1,140.00 |
| 8. | General corporate purposes (GCP)* | 584.93 | 41.75 | 543.18 |
| Net Proceeds from Issue | 3,024.40 | 755.85 | 2,268.55 | |
| 9. | Issue expenses | 50.00 | 50.00 | - |
| Total (including issue expenses) | 3,074.40 | 805.85 | 2,268.55 | |
| *Rights issue size as per Letter of Offer of Rs.3223.40 lacs reduced to Rs 3074.40 lacs on account of unsubscribed portion of Rs 149 lacs in respect of first call payment and equivalent amount reduced from General Corporate Purpose (GCP) for Objects and Utilisation. | ||||
| Total Cumulative Utilised amount | 3,074.40 | |||
| --- | --- | --- | --- | --- |
| Bank Balance as on 31/03/2026 (Unutilised funds) | ||||
| 1 | Axis Bank Excro- Account | - | ||
| 2 | ICICI Bank Account No- 003905031447 | 1.00 | ||
| 3 | Linked Term Fixed Deposit with ICICI Bank | 30.78 | ||
| 4 | Less Interest received | 31.78 | ||
| Total unutilised Bank Balance (1+2+3+4) | - | |||
| Amount actually received | 3,074.40 |
We hereby certify that the actual right issue proceeds utilisation made by the Management of the Company except the estimation made by the management of the Company in the statement above. The above right issue amount is verified with the books of account and found to be correct. The certificate is issued on the specific request of the Management of the Company.
For J Singh & Associates
Chartered Accountants
(Firm's Registration No.110266W)
HITESH
JADWANTRAI
PANDYA
Digitally signed by HITESH
JADWANTRAI PANDYA
Date: 2020.03.27 19:53:56
1:47:59
CA Hitesh Pandya
(Partner)
(Membership No. 049727)
UDIN: 26049727AGCKDM4679
Date: 27th May, 2026
Place: Pune
Branch Office :
• Ahmedabad (Gujrat) • Banglore (Karnataka) • Bhopal (M. P.) • Bhubaneshwar (Orrisa) • Chandigarh (Punjab) • Chennai (Tamilnadu) • Hyderabad (Telangana) • Jaipur (Rajasthan) • Kolkata (West Bengal) • Lucknow (U. P.) • New Delhi (NCR) • Patna (Bihar) • Ranchi (Jharkhand) • Raipur (Chattisgarh) • Surat (Gujrat) • Thiruvananthapuram (Kerla) • Varanasi (U.P.) • Vishakhapatnam (A. P.) • Vijaywada (A.P.)