Key Financial Figures (Standalone)

  • Total Income: ₹21,925.65 Lacs (FY 2025-26) vs ₹22,325.09 Lacs (FY 2024-25)
  • Profit Before Tax: ₹659.48 Lacs (FY 2025-26) vs ₹744.99 Lacs (FY 2024-25)
  • Net Profit After Tax: ₹474.18 Lacs (FY 2025-26) vs ₹514.96 Lacs (FY 2024-25)
  • Revenue from Operations: ₹21,626.73 Lacs (FY 2025-26) vs ₹22,046.11 Lacs (FY 2024-25)
  • Other Income: ₹298.92 Lacs (FY 2025-26) comprising ₹146.13 Lacs operating income and ₹152.79 Lacs finance income
  • Earnings Per Share (EPS): ₹1.44 (Basic and Diluted) for FY 2025-26 vs ₹1.56 for FY 2024-25

Annual General Meeting Details

  • Date: Wednesday, 30th September 2026
  • Time: 04:00 PM (IST)
  • Mode: Video Conferencing (VC)/Other Audio-Visual Means (OAVM)
  • Record Date: 22nd September 2026
  • Book Closure: 23rd September 2026 to 29th September 2026 (both days inclusive)

Business to be Transacted

Ordinary Business:

1. Adoption of audited financial statements for FY ended March 31, 2026

2. Re-appointment of Mr. Ruchir Patel (DIN: 03185133) who retires by rotation

Special Business:

3. Regularization of appointment of Mr. Bharat Trivedi (DIN: 07820494) as Non-Executive Independent Director for 5 years from September 1, 2026

Board and Management Changes

Resignations during FY 2025-26:

  • Mrs. Ishali Desai (Independent Director) - resigned w.e.f. 30th May 2025
  • Mr. Jashwantbhai Patel (Managing Director) - resigned w.e.f. 1st July 2025
  • Mr. Jayraj Purushottamdas Mehta (Independent Director) - resigned w.e.f. 30th September 2025

Appointments during FY 2025-26:

  • Mr. Jaydeep Prajapati - appointed as Independent Director w.e.f. 6th June 2025

Dividend Declaration

No dividend recommended for FY 2025-26 to conserve resources for future operations and projects.

Capital Structure

  • Authorized Share Capital: ₹1,700.00 Lacs (3,40,00,000 equity shares of ₹5 each)
  • Issued, Subscribed & Paid-up Capital: ₹1,649.90 Lacs (3,29,98,025 equity shares of ₹5 each fully paid)
  • No changes in capital structure during the year

Key Financial Ratios

| Ratio | FY 2025-26 | FY 2024-25 | Change % |

| Debtors Turnover | 7.42 | 6.23 | 19.2% |

| Inventory Turnover | 3.35 | 2.91 | 15.1% |

| Interest Service Coverage Ratio | 2.69 | 2.43 | 10.6% |

| Current Ratio | 1.63 | 1.62 | 0.3% |

| Debt Equity Ratio | 0.43 | 0.53 | -18.9% |

| Net Profit Margin % | 2.19 | 2.34 | -6.1% |

| Return on Net Worth % | 5.05 | 5.77 | -12.6% |

Corporate Social Responsibility (CSR)

  • CSR Obligation: ₹8.06 Lacs (2% of average net profit of ₹403.11 Lacs)
  • CSR Amount Spent: ₹13.00 Lacs
  • Excess Spent: ₹4.94 Lacs (including ₹1.21 Lacs available for set-off from previous year)
  • Focus Areas: Education, Health, Environment, etc.

Auditors and Compliance

Statutory Auditors:

M/S. MAAK & Associates, Chartered Accountants (FRN-135024W) appointed for 5 years till conclusion of 34th AGM

Secretarial Auditor:

CS Chetan B Patel of M/s. Chetan Patel & Associates

Secretarial Audit Observations:

1. Delay in submission of Annual Report for FY 2024-25 under Regulation 34 of LODR Regulations

2. Delay in making entry relating to closure of Trading Window in Structured Digital Database for quarter ended December 31, 2025

3. Investment in Tirupati Development (Uganda) Limited reported as investment despite transfer agreement

4. Form DPT-3 for FY 2025-26 yet to be filed as on date of secretarial audit report

Management Response to Observations:

  • Delays were inadvertent, corrective measures taken for future compliance
  • Investment classification due to pending consideration receipt
  • Continuous follow-up for necessary information for FLA Returns

Subsidiary Information

  • One subsidiary: Tirupati Development (U) Ltd in Uganda
  • Investment carrying value: ₹343.34 Lacs
  • Loan to subsidiary: ₹3,161.86 Lacs
  • Interest on advances discontinued w.e.f. April 1, 2017 due to subsidiary losses

Contingent Liabilities

  • Bank Guarantees: ₹3,152.08 Lacs (Previous Year: ₹4,350.00 Lacs)
  • Disputed Income Tax Demands: ₹1,812.77 Lacs (under appeal)
  • Disputed GST Demands: ₹781.17 Lacs (under appeal)
  • Disputed Service Tax Demands: ₹239.44 Lacs (under appeal)
  • Corporate Guarantee to Ugandan Subsidiary: Nil (Previous Year: ₹3,803.12 Lacs - cancelled)

Contractual Dispute

  • IOCL Andhra Pradesh contract terminated with provisional claim of ₹8.69 crore
  • Settlement reached with contractual settlement provision of ₹480.53 Lacs recognized in expenses

Related Party Transactions

All transactions with related parties were in ordinary course of business at arm's length basis. Significant transactions include:

  • Revenue from sale of products & services: ₹129.94 Lacs
  • Purchase of materials: ₹161.43 Lacs
  • Interest income: ₹56.24 Lacs
  • Interest expense: ₹57.68 Lacs
  • Remuneration to KMP: ₹152.95 Lacs

Employee Benefits

Gratuity Liability:

  • Defined benefit obligation: ₹78.35 Lacs (Previous Year: ₹73.04 Lacs)
  • Expense recognized: ₹11.36 Lacs (Previous Year: ₹38.30 Lacs)
  • Actuarial assumptions: Discount rate 6.50%, Salary escalation 7.00%