Key Dates

  • Date of Intimation Letter: 14th July 2026
  • AGM Date: 12th August 2026 at 12:00 Noon
  • AGM Mode: Video Conferencing (VC) / Other Audio Visual Means (OAVM)
  • Book Closure Date: 6th August 2026 to 12th August 2026 (both days inclusive)
  • Remote e-Voting Period: 8th August 2026 (9 AM) to 11th August 2026 (5 PM)
  • Cut-off Date for Voting Rights: 5th August 2026

Dispatch Details

The Annual Report and AGM notice were dispatched to shareholders via email by NSDL on 14th July 2026.

AGM Business

Ordinary Business:

1. Adoption of Financial Statements: To receive, consider, and adopt the Audited Financial Statements for the year ended 31st March 2026, together with the Reports of the Directors and Auditors.

2. Reappointment of Director: To appoint a director in place of Mr. H. C. Gupta (DIN:02237957), who retires by rotation and is eligible for reappointment.

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

  • Total Revenue from Operations: ₹6,765.31 Lacs (Previous Year: ₹7,056.86 Lacs)
  • Other Income: ₹10.70 Lacs (Previous Year: ₹74.45 Lacs)
  • Total Revenue: ₹6,776.01 Lacs (Previous Year: ₹7,131.31 Lacs)
  • Profit Before Tax: ₹710.65 Lacs (Previous Year: ₹735.97 Lacs)
  • Tax Expenses (Net): (₹4.85) Lacs (Previous Year: (₹4.15) Lacs)
  • Profit After Tax: ₹715.50 Lacs (Previous Year: ₹740.12 Lacs)
  • Total Comprehensive Income: ₹715.50 Lacs (Previous Year: ₹740.12 Lacs)
  • Balance Profit carried to Balance Sheet: ₹5,560.61 Lacs
  • Earnings Per Share (Basic & Diluted): ₹1.35 (Previous Year: ₹1.39)

Operational and State of Affairs Update

  • The company's Mathura plant is equipped for fabrication and machining for sectors including Chemical & Petrochemical, Cement, Hydro Power, Steel, Sugar, FGD & DeNOX Systems, and Power.
  • Undertook capacity enhancement and modernization initiatives, including installation of new machines and phased replacement/upgradation of aging machinery.
  • Key machinery (CNC Horizontal Boring Machine, Vertical Turret Lathe) is operational and undergoing servicing for enhanced precision.
  • In-house Design and Engineering team remains fully operational.
  • Holds enlistment with Engineers India Limited (EIL) for manufacturing Carbon Steel Pressure Vessels up to 90 mm thickness.
  • Secured enlistment with Projects and Development India Limited (PDIL) for Carbon Steel Pressure Vessels and has applied for an expanded scope.
  • Actively pursuing business with clients like Andritz Hydro, Voith Group, Power Machines, FL Smidth, BHEL, L&T MHI, BPCL, IOCL, GAIL, and other PSUs.
  • Order outlook for FY 2026–27 is positive, with expected inflow of approximately ₹100 Crores.
  • Planning a technical workshop at Mathura to showcase capabilities.
  • Obtained RDSO approval for fabrication of heavy steel girders and railway bridges.
  • Exploring opportunities in ethanol and energy sectors aligned with government policies.

Share Capital and Fundraising

  • Authorized Share Capital: ₹75.00 Crores (7.5 Crore equity shares of ₹10 each)
  • Issued, Subscribed & Paid-up Capital: ₹52.56 Crores (5.31 Crore equity shares of ₹10 each; Calls in arrears: ₹56.17 Lacs)
  • The company had applied for and received 'in principle' approval from BSE on 19th November 2025 for the issuance of 25,00,000 preferential warrants to Mahalaxmi Import Export Private Limited (a promoter group company) at ₹40.80 per warrant (aggregating ₹10.20 Crores).
  • This proposed issue was cancelled as the proposed allottee utilized the funds earmarked for subscription. The company stated it would utilize internal accruals and surplus from the sale of land for growth, as per the plan submitted to BSE.

Dividend

No dividend was declared for the financial year 2025-26. Profits are being retained for company growth.

Board of Directors & KMP

Board Composition as on date:
  • Mr. M. V. Chaturvedi, Chairman (DIN:00086331)
  • Mr. Rakesh Tiwari, Independent Director (DIN:10805204)
  • Mrs. Payal Bharat Sanghavi, Independent Director (DIN:08133682)
  • Mr. Arun Kumar Sharma, Whole Time Director (DIN:09247743)
  • Mr. H. C. Gupta, Director (DIN:02237957) - Retiring by rotation
  • Mrs. Deepa Shridhar Rai, Independent Director (DIN:09373145)
Changes during the year:
  • Mr. K. S. Nalwaya (DIN:01259966) vacated office as Independent Director upon expiry of his term on 16th August 2025.
Key Managerial Personnel (KMP):
  • Mr. Ravindra Chaturvedi, Chief Financial Officer
  • Mrs. Sarada Patro, Company Secretary

Corporate Governance and Committees

  • Four Board Meetings and four Audit Committee meetings were held during the year.
  • The company has constituted Audit, Stakeholders' Relationship, Nomination and Remuneration, and CSR Committees.
  • A meeting of Independent Directors was held on 11th February 2026.
  • Performance evaluation of the Board, its committees, and individual directors was conducted.

Auditors

  • Statutory Auditors: M/s. RHAD & Co. (FRN:102588W). Their appointment was made for a 5-year term at the 35th AGM (until the 40th AGM). No resolution for ratification is proposed as the requirement was done away with by MCA.
  • Secretarial Auditor: Ms. Neeta H. Desai (M/s ND and Associates) (COP No: 4741). Appointed for a 5-year term from the conclusion of the 38th AGM till the 43rd AGM.
  • Internal Auditor: Mr. Shivkumar Sharma, Chartered Accountant, for FY 2025-26. Mr. Shivkumar Sharma & Associates appointed w.e.f. 20th May 2026 for FY 2026-27.
  • All auditors' reports are unmodified without any qualifications.

Secretarial Audit Report Findings

  • The Secretarial Audit Report by M/s ND & Associates for FY 2025-26 states overall compliance with applicable laws.
  • Noted that 96.49% of promoter shareholding is dematerialized as of 31st March 2026, with the remainder in process.
  • Noted that CSR spending for FY 2024-25 was done in FY 2025-26.

CSR (Corporate Social Responsibility)

  • Average Net Profit of last 3 years: ₹580.12 Lacs
  • Mandatory CSR Obligation (2%): ₹11.60 Lacs
  • Amount Spent during FY 2025-26: ₹11.92 Lacs
  • Activity: Promotion of Education by distribution of Desk & Benches at various schools in Mathura district and construction of rooms in Janaki Bai Girls School, Mathura, Uttar Pradesh.
  • CSR Committee: Mr. M. V. Chaturvedi (Chairman), Mr. Rakesh Tiwari, Mrs. Payal Sanghavi

Contingent Liabilities

  • Claims against company not acknowledged as debt: ₹236.57 Lacs
  • PF Dept. demand (interest & damages): ₹173.69 Lacs (under adjudication before High Court, Allahabad)
  • GST Dept. demand (including interest & penalty): ₹2,159.00 Lacs (₹21.59 Crore). A demand was received on 17th January 2024 pertaining to the sale of a leasehold property in FY 2017-18. The company has filed an appeal before the Deputy Commissioner (Appeal), GST department on 13th March 2025. The matter is sub judice.

Related Party Transactions

All related party transactions were conducted at arm's length and in the ordinary course of business. Key transactions included:

  • Remuneration to Directors/KMP.
  • Rent paid to Mrs. Anita Chaturvedi (relative of director): ₹9.60 Lacs
  • Loan repayment to Seftech Phosphate Pvt. Ltd. (related company): ₹693.88 Lacs; Balance payable: ₹3,294.16 Lacs
  • Sales to Seftech Phosphate Pvt. Ltd.: ₹215.84 Lacs
  • Rent received from R. A. Agro Products (related firm): ₹4.00 Lacs

Other Key Disclosures

  • Dematerialization: 69.20% of the equity share capital was dematerialized as of 31st March 2026.
  • Listing: Shares are listed on BSE (Scrip Code: 500028).
  • Registrar & Share Transfer Agent: Purva Sharegistry India Private Limited.
  • Bankers: Bank of India, Bank of Baroda, HDFC Bank Ltd.
  • Vigil Mechanism/Whistle Blower Policy: In place. No denials of access to the Audit Committee.
  • Policy on Sexual Harassment: In place. No complaints were received during the year.
  • Internal Financial Controls: The Board states that adequate internal financial controls were in place and operating effectively.
  • No material orders were passed by regulators/courts impacting the going concern status.
  • No fraud was reported by the auditors under Section 143(12) of the Companies Act, 2013.

Capital Structure Impact

No change in share capital during the year. The cancelled preferential warrant issue would have resulted in a potential dilution of approximately 4.7% upon conversion, but it did not proceed.

Cash Flow Implications

As per the Cash Flow Statement:

  • Net cash generated from operating activities: ₹1,272.32 Lacs
  • Net cash used in investing activities: (₹121.64) Lacs
  • Net cash used in financing activities: (₹628.71) Lacs
  • Net increase in cash and cash equivalents: ₹521.96 Lacs
  • Cash and cash equivalents at end of year: ₹665.19 Lacs

Forward-Looking Statements

Management commentary indicates a positive order outlook for FY 2026-27 (~₹100 Cr), ongoing efforts to upgrade infrastructure and technical capabilities, and exploration of new opportunities in railways, ethanol, and energy sectors. No specific quantified financial guidance is provided.

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