Managements discussion and analysis of the financial condition and results of operations include forward looking statements based on certain assumptions and expectations of future events. The Company cannot assure that these assumptions and expectations are accurate. Although the Management has considered future risks as part of the discussions, future uncertainties are not limited to Management perceptions.
1) Business Review, Industrial Review and Future Outlook
The management of the Company has a majority stake in The Motwane Manufacturing Company Private Limited (MMCPL). MMCPL is engaged in test and measurement equipments, access control equipments and underground cable fault equipments for which the progress has been satisfactory.
2) Opportunities, Threats, Risks and Concerns
MMCPL specialized in designing & manufacturing state-of-the-art Electrical Test & Measurement Products, Entrance Security Control Products. MMCPLs R&D department is actively engaged in developing new products for domestic markets.
The Management of the Company meets frequently to take the stock of all the impending and immediate threats to the business and takes necessary steps for positioning of the Company to meet the same in time. Any major threats affecting the Company in general and business environment indirectly affecting the functioning of the Company are discussed with the Board from time to time.
3) Segment Wise/Product Wise Performance
The material subsidiary i.e MMCPL is engaged in 2 segments i.e Electrical and ElectroMechanical. MMCPL has recorded operational revenue of INR 7,751.34 Lakhs during the financial year under review.
4) Internal Control Systems and their adequacy
The Company has adequate internal control systems in place with reference to the financial statements and the size of its business operations. The Audit Committee of the Board periodically reviews the internal control systems with the management, Internal Auditors and Statutory Auditors and the adequacy of internal audit function, significant internal audit findings and follow-ups thereon.
5) Financial Performance/Overview of Operations
During the year under review, the revenue from operation of the Company was NIL.
Subsidiary Company and Consolidated Statements
Your Company has one material subsidiary i.e The Motwane Manufacturing Company Private Limited (MMCPL). During the financial year 2025-26, total revenue of MMCPL was INR 7,857.32 Lakhs as compared to INR 6,271.70 Lakhs of previous financial year. The Company made a profit of INR 47.83 Lakhs as compared to profit of INR 104.98 Lakhs of previous financial year.
The Consolidated Financial Statements of your Company for the financial year 2025-26, are prepared in compliance with applicable provisions of the Companies Act, 2013, Accounting Standard and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Consolidated Financial Statements have been prepared on the basis of audited financial statements of the Company, its subsidiary, as approved by their respective Board of Directors.
Pursuant to sub-section (3) of section 129 of the Act, the statement containing the salient features of the financial statement of Companys subsidiary are given in AOC-1 as Annexure to the financial statements. Brief particulars about the business of the Subsidiary are given hereunder.
6) Material Developments In Human Resources/Industrial Relations, Including Number Of People Employed
The human resource plays a vital role in the growth and success of an organization. The Company has maintained cordial and harmonious relations with its employees.
During the year under review, various training and development workshops were conducted to improve the competency level of employee with an objective to improve the operational performance of individuals. The Company has built a competent team to handle challenging assignments and projects.
The Company has five (05) permanent employees as on March 31, 2026.
7) Details of Significant Changes:
| Ratios | 2026 | 2025 | Reason for significant change |
| Debtors Turnover ratio | 1.68 | - | The ratio is not comparable with the previous year as there were no sales during FY 2024-25. |
| Interest coverage ratio | (194.32) | 100.57 | The ratio turned negative due to the loss incurred during the year. The adverse result is mainly attributable to the unrealised loss arising from fair valuation and increase in other expenses. The Company has negligible interest cost and very low debt. |
| Current ratio | 3.60 | 46.58 | The ratio declined significantly due to a substantial increase in current liabilities, despite an increase in current assets. However, the current ratio remains healthy at 3.60 times. |
| Debt equity ratio | 0.003 | 0.004 | The ratio remains very low, indicating negligible dependence on debt financing. The marginal |
| Ratios | 2026 | 2025 | Reason for significant change |
| reduction is not significant. | |||
| Operating Profit Margin | (0.36) | - | The negative operating margin is primarily attributable to the adverse impact of the unrealised fair valuation loss and increase in other expenses during the year. |
| Net Profit Margin % | (0.40) | - | The Company incurred a loss during the year, mainly due to the unrealised loss arising from fair valuation and increase in other expenses, resulting in a negative net profit margin. |
| Return on Net worth % | -3.31% | 2.09% | The ratio declined and turned negative due to the loss incurred during the year, principally on account of the unrealised fair valuation loss and higher other expenses. |
| EPS | (2.00) | 1.30 | EPS declined due to the loss incurred during the year, primarily resulting from the unrealised fair valuation loss and increase in other expenses. |
Cautionary Statement:
This report contains forward-looking statements based on the perceptions of the Company and the data and information available with the company. The company does not and cannot guarantee the accuracy of various assumptions underlying such statements and they reflect Companys current views of the future events and are subject to risks and uncertainties. Many factors like change in general economic conditions, amongst others, could cause actual results to be materially different.
On Behalf of the Board of Directors For Nagpur Power And Industries Limited
Place: Mumbai Date: 13th August 2026
Registered Office: Nirmal, 20th Floor, Nariman Point, Mumbai 400021 CIN: L40100MH1996PLC104361 Email: npil_investor@khandelwalindia.com Website:
Sd/- Gautam Khandelwal Chairman & Director DIN 00270717
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