AGM Details

The 34th Annual General Meeting will be held on Tuesday, September 22, 2026 at 04:00 PM (IST) through Video Conferencing/Other Audio-Visual Means.

Key AGM Dates:

  • Cut-off Date for determining eligible voters: September 16, 2026
  • Remote e-voting period: September 19, 2026 (9:00 AM) to September 21, 2026 (5:00 PM)
  • Registrar of Members and Share Transfer Books will remain closed from September 16, 2026 to September 22, 2026

Business to be Transacted

1. Adoption of Audited Standalone and Consolidated Financial Statements for FY ended March 31, 2026

2. Appointment of director in place of Mr. Sadashiv K Shetty (DIN: 00038681) who retires by rotation

Financial Performance Highlights (Standalone)

FY 2025-26 vs FY 2024-25:

  • Revenue from Operations: ₹1,334.75 lakhs (↑77.99% from ₹749.84 lakhs)
  • Total Revenue: ₹1,340.06 lakhs (↑68.26% from ₹796.60 lakhs)
  • Loss Before Tax: ₹(218.28) lakhs (↑36.17% from ₹(160.29) lakhs)
  • Loss After Tax: ₹(214.07) lakhs (↑34.64% from ₹(158.98) lakhs)
  • EBITDA: ₹(181.04) lakhs (↑36.01% from ₹(133.11) lakhs)
  • EBITDA Margin: (13.51%) vs (16.71%) - improvement of 320 bps
  • Net Worth: ₹673.77 lakhs (↓23.88% from ₹885.22 lakhs)
  • EPS: ₹(3.57) vs ₹(2.65)
  • Cash and Cash Equivalents: ₹56.90 lakhs (↓13.80% from ₹66.01 lakhs)

Capital Structure

  • Authorized Share Capital: ₹10,00,00,000 (increased from ₹6,50,00,000)
  • Issued, Subscribed and Paid-up Capital: ₹6,00,00,000 (60,00,000 equity shares of ₹10 each)
  • No dividend recommended for FY 2025-26 due to losses

Subsidiary Information

The company has one 100% wholly owned subsidiary:

  • Mikusu Global Industries Limited (Nigeria) - incorporated August 22, 2025
  • Investment: ₹56.71 lakhs
  • Financials: Paid-up capital ₹0.68 crore, Reserves (₹0.08) crore, Loss of ₹0.08 crore

Corporate Actions

  • Increased authorized share capital from ₹6.50 crore to ₹10.00 crore
  • Incorporated wholly owned subsidiary in Nigeria
  • Appointed Mr. Roshan Raghuram Shetty as Whole-Time Director effective August 12, 2025

Key Management Personnel

  • Mr. Sadashiv K Shetty - Chairman
  • Mr. Raghuram K Shetty - Managing Director
  • Mr. Roshan R Shetty - Whole-Time Director
  • Mr. Raunak R Shetty - Chief Financial Officer
  • Mr. Jay Patel - Company Secretary & Compliance Officer

Auditor Information

  • Statutory Auditor: M/s. N V C & Associates LLP (appointed for 5 years till 38th AGM)
  • Secretarial Auditor: M/s. GMJ & Associates
  • Internal Auditor: M/s. SPSJ & Associates LLP

Other Material Information

  • GST demand of ₹81.09 lakhs for 2017-18 under dispute with Joint Commissioner
  • Professional tax dues of ₹1.11 lakhs outstanding
  • Contingent liabilities: Bank guarantees ₹38.50 lakhs, GST demands ₹84.75 lakhs, NGT cases ₹26.67 lakhs
  • Company transferred 22,291 shares to IEPF during the year

Voting Instructions

The company has provided detailed remote e-voting instructions for shareholders through NSDL, CDSL, and InstaVote platforms. Physical attendance dispensed with due to virtual AGM.