AGM Details

The 17th AGM is scheduled for Wednesday, September 23, 2026 at 3:30 PM IST to be conducted through Video Conferencing/Other Audio-Visual Means. The record date for determining shareholders entitled to vote is September 16, 2026. The register of members and share transfer books will be closed from September 17, 2026 to September 23, 2026 (both days inclusive).

Business to be Transacted

Ordinary Business:

1. Adoption of audited standalone and consolidated financial statements for FY ended March 31, 2026 together with reports of Board of Directors and statutory auditors

2. Re-appointment of Mr. Shalin Ashok Shah (DIN: 00297447) as Director retiring by rotation

3. Appointment of M/s. Keyur Bavishi & Co., Chartered Accountants (Firm Reg. No. 131191W) as statutory auditors for a term of five years from conclusion of 17th AGM until conclusion of 22nd AGM in 2031

Special Business:

4. Regularization of appointment of Mrs. Jhanvi Vikas Sethi (DIN: 08593000) as Non-Executive Independent Director for term from August 14, 2026 to August 13, 2031

5. Approval for material related party transactions with Rhetan TMT Limited not exceeding ₹150 crore during FY 2027-28

6. Approval for material related party transactions with Lesha Industries Limited not exceeding ₹150 crore during FY 2027-28

7. Approval for material related party transactions with Ashoka Metcast Limited not exceeding ₹150 crore during FY 2027-28

8. Approval for material related party transactions with Gujarat Natural Resources Limited not exceeding ₹150 crore during FY 2027-28

Financial Performance Highlights (Standalone)

  • Total Revenue: ₹8.84 crore (FY 2025-26) vs ₹3.09 crore (FY 2024-25)
  • Profit Before Tax: ₹20.64 lakh (FY 2025-26) vs ₹16.41 lakh (FY 2024-25)
  • Profit After Tax: ₹15.65 lakh (FY 2025-26) vs ₹12.23 lakh (FY 2024-25)
  • Reserves & Surplus: ₹50.06 crore (March 31, 2026) vs ₹17.50 crore (March 31, 2025)
  • No dividend recommended for FY 2025-26

Financial Performance Highlights (Consolidated)

  • Total Revenue: ₹15.39 crore (FY 2025-26) vs ₹10.62 crore (FY 2024-25)
  • Profit Before Tax: ₹32.50 lakh (FY 2025-26) vs ₹1.26 crore (FY 2024-25)
  • Profit After Tax: ₹24.53 lakh (FY 2025-26) vs ₹16.91 lakh (FY 2024-25)

Capital Structure Changes

The company issued 16,41,25,000 equity shares of face value ₹1 each at a price of ₹3 per share (including premium of ₹2 per share) through rights issue in the ratio of 13 rights equity shares for every 8 fully paid-up equity shares held. This increased the paid-up share capital from ₹10.10 crore to ₹26.51 crore.

Board Composition and Changes

As of March 31, 2026, the Board comprised:

  • Mr. Ashok C. Shah (Managing Director)
  • Mr. Shalin A. Shah (Non-Executive Director)
  • Mr. Swapnil S. Shimpi (Independent Director)
  • Mr. Kunjan N. Rathod (Independent Director from December 13, 2025)
  • Mr. Yash V. Bodade (Independent Director)
  • Mrs. Deepti G. Gavali (Independent Director until August 07, 2026)

Post year-end changes:

  • Mrs. Deepti G. Gavali resigned effective August 07, 2026
  • Mrs. Jhanvi Vikas Sethi appointed as Additional Independent Director effective August 14, 2026

Key Managerial Personnel

  • Mr. Hirenkumar Tribhovandas Makwana (Chief Financial Officer)
  • Ms. Payal Pandya (Company Secretary & Compliance Officer from May 03, 2025)

Statutory Auditors

M/s. GMCA & Co., Chartered Accountants completed their tenure of two consecutive terms. The Board has proposed appointment of M/s. Keyur Bavishi & Co., Chartered Accountants as statutory auditors for the next five-year term subject to shareholder approval.

Secretarial Auditor

Mr. Chintan K. Patel, Practicing Company Secretary, conducted the secretarial audit for FY 2025-26.

Related Party Transactions

The company entered into various related party transactions during FY 2025-26 with group companies including:

  • Rhetan TMT Limited: Purchases (₹2.72 crore), Sales (₹6.99 crore), Loans (₹32.90 lakh)
  • Lesha Industries Limited: Purchase of services (₹12 lakh), Loans (₹2.70 lakh)
  • Gujarat Natural Resources Limited: Inter-corporate borrowings/advances

Material Subsidiary

The company has one material subsidiary - Adzillow Private Limited (formerly EZI Ventures Private Limited) in which it holds 56.82% stake.

Corporate Governance

The company has established three Board committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders' Relationship Committee

The company complied with mandatory requirements of SEBI LODR Regulations though noted non-compliance with Regulation 24(1) regarding appointment of independent director on board of unlisted material subsidiary.

Voting Arrangements

The company provided remote e-voting facility through CDSL for shareholders to vote on resolutions. The voting period was from September 20, 2026 (9:00 AM) to September 22, 2026 (5:00 PM).