AGM Details

The 44th Annual General Meeting will be held on Friday, 14th August 2026 at 11:00 AM IST through Video Conference/Other Audio-Visual Means.

Key Dates:

  • Cut-off date for e-voting: 7th August 2026
  • Remote e-voting period: 10th August 2026 (9:00 AM) to 13th August 2026 (5:00 PM)
  • E-Voting website: https://www.evoting.nsdl.com/

Ordinary Business Agenda

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

2. Declaration of dividend on equity shares for FY 2025-26

3. Re-appointment of Ms. Reena Bhagwati (DIN: 00096280) who retires by rotation

4. Appointment of M/s. TRS & Associates as Statutory Auditors for 5 years from conclusion of 44th AGM till 49th AGM in 2031 at remuneration to be approved by Board

Special Business Agenda

5. Ratification of remuneration of ₹82,500 p.a. plus expenses to M/s. Kiran J. Mehta & Co. as Cost Auditors for FY 2026-27

6. Regularization of Mr. Prakash Dalal (DIN: 09166092) as Non-executive Director appointed effective 29th May 2026

7. Re-appointment of Mr. Shantanu Chitranjan Mehta (DIN: 08930872) as Non-executive Independent Director for second term of 5 years effective 23rd September 2026

Financial Performance Highlights (FY 2025-26)

  • Total Income: ₹17,134.44 lakhs (Previous year: ₹14,053.21 lakhs)
  • Profit Before Tax: ₹1,893.41 lakhs (Previous year: ₹862.22 lakhs)
  • Profit After Tax: ₹1,300.98 lakhs (Previous year: ₹615.82 lakhs)
  • EBIDTA: ₹2,323.06 lakhs (Previous year: ₹1,295.54 lakhs)
  • Dividend Recommended: ₹3.50 per equity share (35%) on 28,80,684 equity shares (Previous year: ₹2.50 per share)
  • Production Achieved: 18,430 metric tons (Previous year: 14,953 metric tons)

Dividend Information

  • Book Closure: 8th August 2026 to 14th August 2026
  • Dividend will be paid electronically within 30 days of declaration
  • TDS will be deducted as per Income Tax Act provisions: 10% for residents (20% if PAN not registered), 20% plus surcharge for non-residents
  • Unclaimed dividends for FY 2018-19 to be transferred to IEPF

Director Changes

  • Mr. Pravin Bhagwati (DIN: 00096799) ceased to be Non-Executive Director due to demise on 1st March 2026
  • Mr. Ashish Makati resigned as CFO effective 12th May 2025
  • Mr. Kamlesh Prajapati appointed as CFO effective 3rd October 2025
  • Ms. Vidisha Rathod resigned as Company Secretary effective 3rd October 2025

Solar Power Operations

The company operates two ground-mounted solar power plants with 4500 kWp capacity each:

  • First plant at Bamroli Village, Patan District
  • Second plant at Balodhar Village, Patan District (commissioned August 2024)
  • Total revenue from solar plants: ₹726.49 lakhs (net of maintenance expenses)
  • Solar power contributes 40% of total power consumption

Corporate Governance

  • Board met 5 times during FY 2025-26
  • All independent directors submitted declarations of independence
  • Company has whistle blower policy and vigil mechanism in place
  • CSR expenditure of ₹20 lakhs during the year

Auditor Information

  • Statutory Auditors: M/s. Mahendra N. Shah & Co. (FRN: 105775W) completed their term
  • New Statutory Auditors Proposed: M/s. TRS & Associates (FRN: 141126W) for 5 years at remuneration of ₹4,00,000 for FY 2026-27
  • Internal Auditors: M/s. Mehta Sheth & Associates (FRN: 106238W)
  • Secretarial Auditors: M/s. Chirag Shah & Associates

Secretarial Audit Observation

The Secretarial Auditor noted that the Company did not comply with Section 203 of Companies Act, 2013 and Regulations 6 and 26A of SEBI LODR Regulations regarding appointment of Key Managerial Personnel (Company Secretary and CFO) beyond prescribed timelines. The Board acknowledged the observation and stated the delay occurred due to challenges in identifying suitable candidates.

Share Capital Structure

  • Authorized Capital: ₹300 lakhs (30,00,000 equity shares of ₹10 each)
  • Paid-up Capital: ₹288.07 lakhs (28,80,684 equity shares of ₹10 each fully paid-up)
  • Dematerialization: 96.47% of shares in dematerialized form

Key Financial Ratios (FY 2025-26 vs FY 2024-25)

  • Debtor Turnover: 6.05 (5.06)
  • Inventory Turnover: 19.02 (20.01)
  • Interest Coverage Ratio: 28.49 (8.45)
  • Current Ratio: 2.04 (1.52)
  • Debt Equity Ratio: 0.15 (0.24)
  • Operating Profit Margin: 9.17% (7.09%)
  • Net Profit Margin: 7.94% (4.59%)
  • Return on Net Worth: 24.7% (13.29%)

E-Voting Arrangements

NSDL appointed as e-voting agency. Detailed instructions provided for shareholders to vote remotely or during the AGM through various methods including demat account login, NSDL e-Voting system, and mobile app.

Important Notes

  • The AGM will be conducted entirely through VC/OAVM without physical attendance
  • No proxy facility available as per MCA circulars
  • Annual report sent electronically to members with registered email addresses
  • Hard copies available on request