Annual General Meeting Details

  • Meeting Date: Friday, 25th September 2026
  • Time: 03:00 PM (IST)
  • Mode: Video Conferencing/Other Audio Visual Means
  • Record Date: 18th September 2026
  • Remote e-Voting Period: 22nd September 2026 (09:00 AM) to 24th September 2026 (05:00 PM)

Financial Performance Highlights (FY 2025-26 vs FY 2024-25)

Income Statement (₹ in Lakhs)

  • Revenue from Operations: ₹826.33 (vs ₹595.78) - 38.7% increase
  • Other Income: ₹10.32 (vs ₹0) - Interest on Fixed Deposits
  • Profit Before Tax: ₹149.07 (vs ₹143.78)
  • Tax Expense: ₹38.92 (Current) + ₹1.63 (Deferred) + ₹2.75 (Previous Year's) = ₹43.30
  • Profit After Tax: ₹114.52 (vs ₹106.17) - 7.9% increase
  • EPS: ₹8.47 (Basic & Diluted) vs ₹7.85

Key Metrics

  • EBITDA: ₹172.55
  • EBITDA Margin: 20.88%
  • PAT Margin: 13.85%
  • Net Worth: ₹782.35
  • Return on Capital Employed: 18.82%

Balance Sheet Position (as of 31st March 2026)

  • Total Assets: ₹1,041.68 Lakhs
  • Non-Current Assets: ₹434.24 Lakhs (Property Plant & Equipment: ₹263.31 Lakhs)
  • Current Assets: ₹607.44 Lakhs (Inventories: ₹39.97 Lakhs, Trade Receivables: ₹380.49 Lakhs, Cash: ₹152.77 Lakhs)
  • Current Liabilities: ₹246.68 Lakhs
  • Current Ratio: 2.46

Strategic and Operational Updates

Business Expansion

  • Commenced powder manufacturing for industrial applications
  • Commissioned new plant for heavy metal coating applications
  • Production capacity increased by approximately 1.5 times
  • Enhanced service offerings: Powder Coating, PVDF Coating, Wood Finish Coating

Market Position

  • First approved applicator of AkzoNobel, Jotun, and Asian Paints in architectural coating in eastern India
  • ISO 9001:2015 certified
  • Clients include Infosys, Shyam Steel, Bandhan Bank, Merlin Elements, Ambey Gateways

Board and Management Changes

Director Re-designations (Effective 1st April 2026)

  • Mrs. Navneet Kaur: From Non-Executive Director to Whole-Time Director and Chairperson (approved via Postal Ballot on 13th February 2026)
  • Mr. Harbhajan Singh Thethi: From Whole-Time Director to Non-Executive Director

Current Board Composition

  • Mr. Jagjit Singh Dhillon: Managing Director & CFO (DIN: 07980441)
  • Mrs. Navneet Kaur: Whole-Time Director and Chairperson (DIN: 07980468)
  • Mr. Harbhajan Singh Thethi: Non-Executive Director (DIN: 10416459)
  • Ms. Chetna Gupta: Independent Director (DIN: 02212440)
  • Mr. Jay Kumar Shaw: Independent Director (DIN: 09627535)

Corporate Governance

Board Committees

  • Audit Committee: Mr. Jay Kumar Shaw (Chairperson), Mr. Jagjit Singh Dhillon, Ms. Chetna Gupta
  • Nomination and Remuneration Committee: Ms. Chetna Gupta (Chairperson), Mr. Harbhajan Singh Thethi, Mr. Jay Kumar Shaw
  • Stakeholders Relationship Committee: Ms. Chetna Gupta (Chairperson), Mrs. Navneet Kaur, Mr. Jay Kumar Shaw
  • Internal Complaint Committee: Mrs. Navneet Kaur (Presiding Officer), Mr. Anupam Naskar, Mr. Biswanath Chatterjee, Mrs. Aditi Kohli (External Member)

Meeting Attendance (FY 2025-26)

  • Board Meetings: 5 meetings, all directors attended all meetings
  • Audit Committee: 4 meetings, all members attended all meetings
  • NRC: 1 meeting, all members attended
  • SRC: 1 meeting, all members attended

Dividend and Reserves

  • No dividend recommended for FY 2025-26
  • Profits ploughed back for business requirements
  • No transfer to reserves proposed

Capital Structure

  • Authorized Capital: ₹200.00 Lakhs (20,00,000 equity shares of ₹10 each)
  • Paid-up Capital: ₹135.20 Lakhs (13,52,000 equity shares of ₹10 each)
  • Promoter Holding: Mr. Jagjit Singh Dhillon (45.84%), Mrs. Navneet Kaur (22.93%)
  • All equity shares are in dematerialized form
  • Listing: BSE SME Platform since 6th June 2024

Auditor Appointments

  • Statutory Auditor: M/s JMP Associates, Chartered Accountants (FRN: 324235E)
  • Secretarial Auditor: M/s Mamta Binani & Associates, Practicing Company Secretaries
  • Internal Auditor: M/s AHK & Co., Chartered Accountants
  • All audit reports are unqualified without any adverse remarks

Related Party Transactions

All transactions with related parties were at arm's length and in ordinary course of business, including:

  • Rent paid to Associated Fabricators (Promoter entity): ₹14.40 Lakhs
  • Machine hire charges: ₹1.20 Lakhs
  • Labor charges: ₹13.67 Lakhs
  • Director remuneration: ₹16.70 Lakhs

Employee Information

  • Total Employees: 17 (all male)
  • Median Remuneration Ratio: Mr. Jagjit Singh Dhillon (6.74:1), Mr. Harbhajan Singh Thethi (2.81:1), Mrs. Navneet Kaur (0.49:1)
  • No cases filed under Sexual Harassment of Women at Workplace Act, 2013

Future Outlook

  • Focus on expanding architectural coatings for façades, windows, doors, and aluminum profiles
  • Exploring coating solutions for automotive components, electrical enclosures, machinery, and infrastructure
  • Plans to expand business operations domestically and internationally

Investor Relations Contact

Ms. Heenal Hitesh Rathod, Company Secretary & Compliance Officer