Annual General Meeting Details
- Date: Friday, July 31, 2026 at 11:00 AM
- Mode: Video Conferencing (VC) / Other Audio Visual Means (OAVM)
- Cut-off date: Friday, July 24, 2026 for determining voting rights
- Remote e-voting period: July 28, 2026 (9:00 AM) to July 30, 2026 (5:00 PM)
- Scrutinizer: Ms. Ruchita Patel, Company Secretary in Practice
Financial Performance Highlights (FY 2025-26)
- Sales and other Income: ₹22,969.63 lakhs (Previous year: ₹18,322.42 lakhs)
- Profit before depreciation, amortization and exceptional items: ₹4,637.04 lakhs (PY: ₹2,781.19 lakhs)
- Depreciation and amortization: ₹496.64 lakhs (PY: ₹387.92 lakhs)
- Profit before tax: ₹4,140.40 lakhs (PY: ₹2,393.27 lakhs)
- Provision for tax: ₹972.42 lakhs (PY: ₹593.69 lakhs)
- Provision for deferred tax: ₹52.03 lakhs (PY: -₹2.94 lakhs)
- Profit after taxation: ₹3,115.95 lakhs (PY: ₹1,802.52 lakhs)
- Total turnover: ₹22,376.69 lakhs (25.32% increase from PY ₹17,855.87 lakhs)
Dividend Information
- Interim dividend declared: ₹12.00 per equity share (120%) for FY 2025-26 on March 2, 2026
- Board recommendation: Interim dividend to be considered as final dividend for FY 2025-26
- Dividend payment: Already paid after deduction of tax at source
- Total dividend payout: ₹2,907.86 lakhs (including DDT)
- Previous year dividend: ₹11.00 per share (₹5.00 interim + ₹6.00 final)
Director Appointments and Remuneration Resolutions
Item 4 & 5: Mr. Ajay Naishad Desai (DIN: 00452821)
- Current term: March 1, 2022 to February 28, 2027
- Proposed re-appointment: March 1, 2027 to February 28, 2030 (5 years)
- Remuneration revision effective: August 1, 2026 to February 28, 2027
- Salary: Not exceeding ₹30.00 lakhs per month
- Total remuneration ceiling: ₹360.00 lakhs per annum (increased from ₹240.00 lakhs)
- Continuation approved: Despite attaining age of 70 during tenure
Item 6 & 7: Mr. Ajay Nalin Parikh (DIN: 00453711)
- Current term: August 1, 2023 to July 31, 2028
- Continuation approved: Despite attaining age of 70 during tenure
- Remuneration revision effective: August 1, 2026 to July 31, 2028
- Salary: Not exceeding ₹30.00 lakhs per month
- Total remuneration ceiling: ₹360.00 lakhs per annum (increased from previous limits)
Item 2: Mr. Ameet Nalin Parikh (DIN: 00007036)
- Re-appointment: Director retiring by rotation
Director Background and Qualifications
Mr. Ajay Naishad Desai
- Age: 67 years
- Qualifications: B.E. (Electrical Engineering)
- Experience: 43+ years in process and equipment design for food/pharmaceutical industries
- Shareholding: 9,21,935 equity shares
- Current remuneration: ₹20.00 lakhs per month (from April 1, 2026)
Mr. Ajay Nalin Parikh
- Age: 69 years
- Qualifications: B.E. (Mechanical Engineering)
- Experience: 43+ years in design, engineering and manufacturing
- Shareholding: 4,66,049 equity shares
- Current remuneration: ₹20.00 lakhs per month (from April 1, 2026)
Cost Auditor Remuneration (Item 8)
- Appointment: M/s. Diwanji & Co., Cost Accountants
- Remuneration: ₹70,000 per annum for FY 2026-27
- Additional: Applicable taxes and reimbursement of out-of-pocket expenses
Corporate Governance
Board Composition
- Total directors: 7
- Executive directors: 2 (Ajay Desai, Ajay Parikh)
- Non-executive directors: 2 (Ameet Parikh, Ajit Bubber)
- Independent directors: 3 (Nimish Patel, Deepti Sharma, Paresh Rajda)
Board Meetings
- Meetings held: 5 during FY 2025-26
- Dates: May 13, 2025; July 16, 2025; November 11, 2025; February 2, 2026; March 2, 2026
- Attendance: Majority directors attended all meetings
Committee Structure
- Audit Committee: Paresh Rajda (Chair), Nimish Patel, Ameet Parikh, Deepti Sharma
- Nomination and Remuneration Committee: Nimish Patel (Chair), Deepti Sharma, Paresh Rajda, Ameet Parikh
- CSR Committee: Deepti Sharma (Chair), Ajay Parikh, Ameet Parikh
- Stakeholders Committee: Deepti Sharma (Chair), Ajay Desai, Ajay Parikh
- Risk Management Committee: Ameet Parikh (Chair), Ajay Parikh, Deepti Sharma
Key Managerial Personnel Changes
- CS Prerna Bokil: Resigned as Company Secretary & Compliance Officer effective May 31, 2025
- CS Dharaben Thakar: Appointed as Company Secretary & Compliance Officer effective June 2, 2025
- CFO: Mr. Rajendra K. Bhavsar continued
Share Capital and Ownership
- Equity share capital: ₹1,615.48 lakhs (1,61,54,800 shares of ₹10 each)
- Promoter holding: 49.95%
- Dematerialized shares: 89.29% of total shares
- Physical shares: 10.71% of total shares
CSR Activities and Expenditure
- CSR obligation: ₹59.70 lakhs (2% of average net profit)
- CSR spent: ₹59.95 lakhs
- Key initiatives:
- Skill development with KJIT, Savli: ₹34.95 lakhs
- Donation to Charutar Arogya Mandal (healthcare): ₹4.00 lakhs
- Donation to Akshar Trust (education): ₹5.00 lakhs
- Donation to Dhiram Trust (vocational skills): ₹5.00 lakhs
- Donation to Lagni Foundation (meals): ₹3.00 lakhs
- Donation to Udayan Care (vocational skills): ₹5.00 lakhs
- Donation to Vcare (healthcare): ₹2.00 lakhs
- Donation to Fortess (education): ₹1.00 lakhs
Internal Financial Controls and Audit
- Statutory auditors: VRCA & Associates, Chartered Accountants
- Audit opinion: Unmodified opinion without qualifications
- Internal auditors: Sharp & Tannan, Chartered Accountants
- Secretarial auditors: Ruchita Patel & Associates, Company Secretaries
- Cost auditors: K.H. Shah & Co. for FY 2025-26
Key Operational Highlights
- Industry: Engineering manufacturing food processing plant, machinery and dairy equipment
- Export earnings: ₹2,688.59 lakhs (PY: ₹2,977.74 lakhs)
- Employee strength: 228 employees (215 male, 13 female)
- Solar power capacity: 451.46/529 kWp installed
- Bankers: Bank of Baroda, Halol
Risk Management Framework
The company identified and mitigated several key risks:
- Commodity price risk (raw materials like steel)
- Foreign exchange risk
- Interest rate risk
- Human resources risk
- Competition risk
- Compliance risk
- Industrial safety risk
Important Dates and Compliance
- Financial year ended: March 31, 2026
- Annual report submission: July 9, 2026
- AGM notice date: May 7, 2026
- Book closure: Not required as per SEBI regulations
- Dividend payment: Already processed