Financial Performance Highlights
Revenue from Operations: ₹15,462.08 lakhs (FY26) vs ₹12,503.26 lakhs (FY25) - growth of 23.66%
Total Revenue: ₹15,499.70 lakhs (FY26) vs ₹12,509.69 lakhs (FY25)
Net Profit: ₹417.76 lakhs (FY26) vs ₹366.27 lakhs (FY25) - growth of 14.06%
EBIT: ₹644.32 lakhs (FY26) vs ₹540.00 lakhs (FY25)
Current Ratio: 3.30 (FY26) vs 3.13 (FY25)
Debt-to-Equity Ratio: 0.02 (FY26) vs 0.26 (FY25)
Earnings Per Share (Basic & Diluted): ₹2.95 (FY26) vs ₹2.99 (FY25)
Capital Structure Changes
Paid-up Share Capital: Increased from ₹1,223.38 lakhs to ₹1,413.93 lakhs during FY26
Share Issuance: Allotted 19,05,597 equity shares on conversion of warrants issued to Promoter Group at ₹134 per share (including premium of ₹124 per share)
Outstanding Warrants: 24,94,403 share warrants remaining with 25% payment received (₹33.50 per warrant), balance 75% (₹100.50 per warrant) payable upon conversion
Business Operations
Primary Business: Trading and manufacturing of textile chemicals, dyes, auxiliaries, plastic granules, and value-added printing products
Key Products: Foil Binder, Zari Binder, Glitter Powder textile printing dyes and chemicals
Employee Strength: 188 employees as of March 31, 2026
Manufacturing Facilities: Operations in Gujarat
Market Position: Leading manufacturer in chemical dyes and textile auxiliaries sector
AGM Details
Meeting Date: August 25, 2026 at 2:00 PM
Venue: Registered Office at Plot No. A/2/12, Road No. 1, Udhana Udyog Nagar Sangh, Udhna, Surat-394210
Cut-off Date: August 18, 2026 for determining voting rights
E-voting Period: August 22, 2026 (9:00 AM) to August 24, 2026 (5:00 PM) through NSDL
Ordinary Business Items
1. Adoption of audited financial statements for FY ended March 31, 2026 with Board and Auditor reports
2. Re-appointment of Mr. Rameshchand Chanduram Bhatia (DIN: 09431185) as Whole Time Director retiring by rotation
Special Business Items
3. Ratification of remuneration of ₹30,000 plus taxes to M/s V.M. Patel & Associates as Cost Auditors for FY27
4. Re-appointment of Mr. Bharat Brijlal Bhatia (DIN: 09095082) as Managing Director for 5 years (Jan 21, 2027 to Jan 20, 2032) at remuneration of ₹7,00,000 per month
5. Re-appointment of Mr. Rameshchand Chanduram Bhatia (DIN: 09431185) as Whole Time Director for 5 years (Jan 21, 2027 to Jan 20, 2032) at remuneration of ₹7,00,000 per month
6. Re-appointment of Mr. Ravi Ashokkumar Bhatia (DIN: 09431186) as Whole Time Director for 5 years (Jan 21, 2027 to Jan 20, 2032) with increased remuneration of ₹2,50,000 per month (from ₹2,00,000)
Material Related Party Transactions (Item 7-10)
Seeking omnibus approval for transactions aggregating:
- ₹221.04 crore with Mr. Bharat Brijlal Bhatia (Managing Director)
- ₹21.04 crore with Mr. Rameshchand Chanduram Bhatia (Whole Time Director)
- ₹40.30 crore with Mr. Ravi Ashokkumar Bhatia (Whole Time Director)
- ₹220.00 crore with M/s Vapchem (Partnership firm where directors are partners)
Transaction Types: Purchase/sale of goods, borrowings, leasing, remuneration
Tenure: From 5th AGM to 6th AGM conclusion
Interest Rates: 8.5-9% per annum on borrowings
Security: Unsecured inter-group transactions
Board and Committee Composition
Board Strength: 6 Directors (3 Executive, 3 Non-Executive Independent)
Board Meetings: 13 meetings held during FY26
Key Committees:
- Audit Committee: Mr. Ravi Jitendra Modi (Chairman), Mrs. Anu Ashish Amodia, Mr. Bharat Brijlal Bhatia - 5 meetings
- Nomination & Remuneration Committee: Mrs. Anu Ashish Amodia (Chairman), Mr. Ravi Jitendra Modi, Mrs. Dhruvi Shyam Kapadia - 3 meetings
- Stakeholders Relationship Committee: Mrs. Dhruvi Shyam Kapadia (Chairman), Mr. Ravi Jitendra Modi, Mr. Bharat Brijlal Bhatia - 4 meetings
- CSR Committee: Mr. Bharat Brijlal Bhatia (Chairman), Mr. Rameshchand Chanduram Bhatia, Mr. Ravi Jitendra Modi - 1 meeting
Corporate Actions
Dividend: No dividend recommended for FY26 to conserve resources for expansion
Bonus Shares: Issued 52,00,000 equity shares as bonus shares in ratio 10:65 in FY22
Key Management Personnel
Managing Director: Mr. Bharat Brijlal Bhatia - remuneration ₹84 lakhs p.a.
Whole Time Directors: Mr. Rameshchand Chanduram Bhatia (₹84 lakhs p.a.), Mr. Ravi Ashokkumar Bhatia (₹24 lakhs p.a.)
CFO: Mr. Sunny Harishkumar Vyaswala - remuneration ₹11.25 lakhs p.a.
Company Secretary: Mrs. Renu Garg (appointed December 1, 2025)
Shareholding Pattern
Promoter Holding: 22.69% (32,08,750 shares)
Public Holding: 77.31% (1,09,30,597 shares)
Top Shareholders:
- Bharat Brijlal Bhatia: 10.81% (15,28,750 shares)
- Rameshchand Chanduram Bhatia: 9.34% (13,20,000 shares)
- Rajesh Liladhar Bhatia: 7.51% (10,62,500 shares)
- Ravi Ashokkumar Bhatia: 2.55% (3,60,000 shares)
Risk Factors Identified
- Regulatory and compliance risk in chemical sector
- Environmental and sustainability risk
- Raw material price volatility and supply chain risk
- Technology and innovation risk
- Customer and market risk tied to textile industry performance
- Operational and safety risk in chemical manufacturing
- Cybersecurity and IT risk
Important Dates
Financial Year End: March 31, 2026
AGM Date: August 25, 2026
Book Closure: Not specified
E-voting Period: August 22-24, 2026
Board Approval Date: July 31, 2026 (for most resolutions)
Bankers and Professional Partners
Banker: State Bank of India, Specialized Commercial Branch, Surat
Registrar & Share Transfer Agent: Bigshare Services Private Limited, Mumbai
Legal Counsel: Not specified