Meeting Details

The 34th Annual General Meeting was held on Wednesday, September 23, 2026 through Video Conferencing (VC) / Other Audio Visual Means (OAVM) using the electronic platform Instameet by MUFG Intime India Pvt. Ltd. The meeting commenced at 01:00 PM (IST) and concluded at 01:45 PM (IST), including time allowed for e-voting at the AGM.

Attendance

Board of Directors Present:

  • Mr. Lalit Mehta, Chairman & Managing Director (DIN: 00216681) - from Corporate Office, Mumbai
  • Mr. Rajesh Mehta, Executive Director (DIN: 00216731) - from Corporate Office, Mumbai
  • Mr. Megh Mehta, Executive Director (DIN: 07287394) - from Corporate Office, Mumbai
  • Mr. Manishkumar Pipalia, Non-Executive Independent Director (DIN: 00376313), Chairperson of Audit Committee - from office, Mumbai
  • Mr. Sachin Kothary, Non-Executive Independent Director (DIN: 10470497), Chairperson of Nomination and Remuneration Committee - from residence, Mumbai
  • Ms. Megha Jain, Non-Executive Independent Director (DIN: 10727038), Chairperson of Health, Safety and Sustainability Committee - from residence, Mumbai
  • Mr. Piyush Dharod, Non-Executive Independent Director (DIN: 11119391), Chairperson of Stakeholders Relationship Committee, Risk Management Committee and CSR Committee - from residence, Mumbai

Other Attendees:

  • Mr. Aqueel Mulla, Practicing Company Secretary and Scrutinizer of 34th AGM - from Corporate Office, Mumbai
  • Mr. Nishant Kankaria, Company Secretary and Compliance Officer - from Corporate Office, Mumbai
  • Mr. Mulesh Savla, Statutory Auditors, Partner – Shah & Savla LLP, Chartered Accountants - from their office, Mumbai
  • 39 Members attended through Video Conferencing
  • No proxies present as the AGM was conducted through VC/OAVM means

Financial Performance Highlights

The Chairman reported that for FY26:

  • Revenue: ₹289.72 Crores (compared to ₹285.86 Crores in previous financial year)
  • EBIDTA: ₹-3.94 Crores (compared to ₹11.87 Crores in previous financial year)
  • Capex spent during financial year: ₹6.29 Crore

Business Updates and Strategy

The company has decided to add new products to its existing range to boost growth. Post expansion, the company expects substantial growth in production and sales and will be able to cater to requirements of local manufacturers and meet export demands.

Voting Process and Resolutions

Remote e-voting was available from September 20, 2026 to September 22, 2026. E-voting facility remained open for 15 minutes after the conclusion of the meeting.

Resolutions proposed for voting:

Ordinary Business:

1. To receive, consider and adopt the Audited Standalone Financial Statements for year ended March 31, 2026, with Directors' and Auditors' Reports (Ordinary Resolution)

2. To appoint a Director in place of Mr. Megh Mehta (DIN: 07287394), who retires by rotation and offers himself for re-appointment (Ordinary Resolution)

Special Business:

3. Appointment of Statutory Auditor (Ordinary Resolution)

4. Ratification of Cost Auditors remuneration (Ordinary Resolution)

Auditor Reports

The Statutory Auditors report was unqualified for FY25-26. The Secretarial Auditors Report was qualified for FY25-26 and was read at the AGM by Dr. Aqueel Mulla, Practising Company Secretary.

Results Announcement

The combined results of remote e-voting and e-voting at the meeting will be announced and intimated to the Stock Exchanges and uploaded on the company's website within 2 working days of the meeting conclusion.

Q&A Session

One shareholder, Mr. Keshav Garg, raised questions about the future prospects of the company, which were satisfactorily replied by the Chairman.