Precision Wires Approves Q1 FY27 Results, Rs 150 Cr CCD Issue, Capex Hike, & CFO Change
Precision Wires India Limited approved Q1 FY27 un-audited financial results. The Silvassa expansion project capacity is revised to 4620 MT/PA at ₹38 Cr cost. Mrs. Krina Parekh appointed CFO, replacing Mr. Mohandas Pai. The company will issue 37.5 lakh CCDs worth ₹150 Cr and secured a ₹200 Cr working capital facility from IDFC First Bank.
The approval of a significant fundraising of ₹150 crores via CCDs, coupled with the capacity expansion of the Silvassa project and a new working capital facility, are material events that are expected to significantly impact the company's growth and financial structure.
The company announced positive financial results, significant capacity expansion, a substantial fundraising through CCDs for growth, and a new CFO appointment as part of succession planning. The approval of a working capital facility also indicates financial stability.
Precision Wires India Limited announced the outcome of its Board Meeting held on August 10, 2026. The Board approved the un-audited financial results for the quarter ended June 30, 2026.
The company also approved a revision in the capacity of its Silvassa Expansion and Modernization Project to 4620 MT/PA from the previously approved 3920 MT/PA, with a project cost of ₹38 crores. Upon completion of this project, the net effective installed capacity is projected to reach 69,200 MT/PA by the end of FY 2028.
In terms of succession planning, Mr. Mohandas Pai is stepping down as Chief Financial Officer and Key Managerial Personnel due to reaching retirement age. Mrs. Krina Parekh, currently Deputy CFO, has been appointed as the new CFO and KMP, effective immediately. Additionally, Mrs. Asha Morley has been appointed as an Independent Director to the Audit Committee.
The Board further approved the issuance of 37,50,000 Compulsorily Convertible Debentures (CCD) at a face value of ₹400 each, aggregating to ₹150 crores. These CCDs are to be convertible into equity shares within eighteen months, subject to shareholder and other necessary approvals. The proceeds will be utilized for funding expansion, modernization projects, capital expenditure, and working capital needs.
Moreover, the company has secured an unsecured working capital facility of ₹200 crores from IDFC First Bank Limited. The Board meeting commenced at 3:00 PM and concluded at 4:50 PM.
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