Meeting Details

The 29th Annual General Meeting was held on Thursday, 20th August, 2026 through Video Conferencing/Other Audio-Visual Means from 11:00 A.M. to 11:27 A.M. This was the second AGM as a listed entity and first AGM reporting a complete financial year since listing in July 2025.

Attendance

Directors Present:

  • Mr. Nilesh Natvarlal Patel, Managing Director & Chairman
  • Mr. Dhairya Patel, Whole-time Director
  • Mrs. Kiranben Nileshbhai Patel, Non-Executive Director
  • Ms. Prerana S Bokil, Independent Director
  • Mr. Shashank Garg, Independent Director

Invitees Present:

  • CS Ruchita Patel, Proprietor of Ruchita Patel & Associates (Scrutinizers)
  • CA Yash Bhatt, Statutory Auditor & Partner of Maloo Bhatt & Co, Chartered Accountants

In Attendance:

  • Mr. Ravi Milapchand Jain, CFO
  • Ms. Rashmi Otavani, Company Secretary

Total members attended through VC: 20

Financial Performance Update (FY2025-26)

The Chairman reported:

  • Revenue from operations increased by 24.1% to ₹4,082.24 lakhs (₹40.82 crore)
  • Profit After Tax increased by 67.2% to ₹1,018.27 lakhs (₹10.18 crore)
  • Excluding one-time gain on sale of land, underlying Profit Before Tax grew by 48.2%
  • EBITDA margin stood at 31.7%, representing an increase of 481 basis points over previous year
  • Company maintained debt-free position, funding growth through internal accruals and public issue proceeds

Business Developments

During Financial Year:

  • Received direct purchase order from Honeywell LNG LLC, USA for LNG metering skid to be manufactured at Vadodara facility (March 2026)
  • Engineers India Limited (EIL) approved company as vendor for piping spools

Subsequent to Financial Year:

  • Received ADNOC approval for metering skids
  • Obtained ASME U-stamp certification
  • Incorporated Cryogenic OGS Middle East FZE to strengthen presence in Gulf region
  • Formed Infravolt Engineering to expand precision manufacturing capabilities

Strategic Direction

Company aims to become engineering partner of choice for critical energy infrastructure by expanding integrated solutions, leveraging EIL, ADNOC and ASME approvals, and pursuing opportunities in India, Gulf region and emerging energy transition sector.

Shareholder Queries

Company received email from one member (not present at AGM) raising queries regarding:

  • Utilization of IPO proceeds
  • Financial performance
  • Related party transactions
  • Proposed transactions with Infravolt Engineering Private Limited
  • New subsidiaries
  • Investments
  • Dividend policy
  • Disclosures in Annual Report

Management duly addressed and provided appropriate responses to all queries.

Agenda Items Transacted

1. Approved Audited Financial Statements for financial year ended 31st March, 2026 together with Reports of Board of Directors and Auditors

2. Re-appointed Mrs. Kiranben Nileshbhai Patel (DIN: 03435065) as Director who retires by rotation

3. Granted authority to Board of Directors to approve Material Related Party Transactions with Infravolt Engineering Private Limited (subsidiary company)

Voting Procedures

  • M/s. Ruchita Patel & Associates appointed as Scrutinizer for remote e-voting and meeting e-voting
  • E-voting facility remained available for 15 minutes after meeting conclusion
  • Combined e-voting results with Scrutinizer's Report to be announced upon receipt and intimated to BSE Limited
  • Results to be uploaded on company website

Meeting Conclusion

The meeting concluded at 11:27 A.M. after completing all formal proceedings.