Key Quantitative Figures

  • Revenue from Operations: ₹3,231.41 lakhs (FY26) vs ₹1,985.62 lakhs (FY25) - 63.85% increase
  • Other Income: ₹54.89 lakhs (FY26) vs ₹20.07 lakhs (FY25)
  • Total Income: ₹3,286.30 lakhs (FY26) vs ₹2,005.69 lakhs (FY25)
  • Total Expenses: ₹2,760.81 lakhs (FY26) vs ₹1,412.79 lakhs (FY25)
  • Profit Before Tax: ₹490.04 lakhs (FY26) vs ₹573.85 lakhs (FY25)
  • Net Profit: ₹361.73 lakhs (FY26) vs ₹422.91 lakhs (FY25)
  • CSR Expenditure: ₹5.00 lakhs for eligible activities through registered trust
  • Employee Strength: 36 permanent employees as of March 31, 2026
  • Share Capital: Authorized ₹20,00,00,000; Paid-up ₹9,00,31,490 comprising 90,03,149 equity shares of ₹10 each
  • Bonus Shares Issued: 72,93,149 equity shares on July 8, 2025
  • IPO Size: 32,40,000 equity shares (completed post-year end on April 13, 2026)
  • Anchor Investment Received: ₹972.55 lakhs as share application money pending allotment as of March 31, 2026

Dates of Action

  • AGM Date: September 28, 2026 at 4:00 PM IST through VC/OAVM
  • Record Date: September 21, 2026 for e-voting
  • Remote e-voting Period: September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM)
  • Annual Report Dispatch: September 5, 2026
  • IPO Listing Date: April 13, 2026 on BSE SME Platform
  • Archit Wadhwa Appointment: May 27, 2026 as Additional Independent Director
  • Financial Year End: March 31, 2026
  • Auditor's Report Date: May 27, 2026

Parties Involved

  • Statutory Auditor: M/s NAVP & Associates, Chartered Accountants (FRN: 025043C)
  • Secretarial Auditor Proposed: M/s APNS and Associates, Company Secretaries (FRN: P2022UP094000)
  • Registrar and Share Transfer Agent: Abhipra Capital Limited
  • E-voting Service Provider: National Securities Depository Limited (NSDL)
  • Stock Exchange: BSE Limited (SME Platform)

Corrigendum Amendments

The corrigendum updates the following pages of the Annual Report:

  • Page 4: Adds Mr. Archit Wadhwa as Additional Independent Director to Board list
  • Page 4: Corrects Ms. Rachana Agarwal's designation from "Chairperson" to "Member" in Stakeholders Relationship Committee
  • Page 4: Adds "First and Second Floor" to registered office address
  • Page 31: Corrects Nomination and Remuneration Policy annexure references to Annexure I & III
  • Page 32: Corrects Declaration of Independent Directors annexure references to Annexure IV, V & VI
  • Page 32: Updates CSR disclosure confirming ₹5.00 lakhs expenditure, no unspent amount
  • Page 34: Deletes disclosure "Annual Report and other compliances on Corporate Social Responsibility"
  • Page 35: Refers Remuneration Policy as "Annexure I"
  • Page 37: Refers Form AOC-2 as "Annexure II"
  • Page 38: Refers Section 197(12) disclosure as "Annexure III"
  • Pages 39, 43, 47: Refers Independent Director declarations as "Annexure IV, V, VI" respectively

Financial Performance Analysis

Profitability Metrics:

  • Net Profit Margin: 11.19% (FY26) vs 21.30% (FY25)
  • Return on Equity: 33.32% (FY26) vs 81.59% (FY25)
  • Return on Capital Employed: 39.72% (FY26) vs 63.50% (FY25)

Liquidity Position:

  • Current Ratio: 3.46 times (FY26) vs 1.84 times (FY25)
  • Cash and Bank Balances: ₹1,401.57 lakhs (FY26) vs ₹465.17 lakhs (FY25)

Leverage:

  • Debt Equity Ratio: 0.032 times (FY26) vs 0.001 times (FY25)
  • Short-term Borrowings: ₹40.27 lakhs (FY26) vs ₹0.83 lakhs (FY25)

Operational Efficiency:

  • Trade Receivables Turnover: 5.25 times (FY26) vs 4.33 times (FY25)
  • Trade Payables Turnover: 4.71 times (FY26) vs 3.22 times (FY25)

Capital Structure Impact

  • Bonus issue of 72,93,149 equity shares increased paid-up capital from ₹171.00 lakhs to ₹900.31 lakhs
  • IPO of 32,40,000 equity shares completed post-year end (April 13, 2026)
  • No ESOPs issued during the year
  • No dividend declared for FY26 to preserve funds for growth opportunities

Business Operations

Revenue Breakdown:

  • Domestic Sales: ₹2,538.33 lakhs (78.55% of total)
  • Export Sales: ₹693.80 lakhs (21.45% of total)

Expense Analysis:

  • Employee Benefit Expenses: ₹172.52 lakhs (FY26) vs ₹97.88 lakhs (FY25)
  • Advertising and Marketing Expenses: ₹1,488.86 lakhs (FY26) vs ₹1,074.07 lakhs (FY25)
  • Other Expenses: ₹1,099.44 lakhs (FY26) vs ₹240.83 lakhs (FY25)

Related Party Transactions

  • Director Remuneration: ₹48.00 lakhs to Divya Gandotra
  • Sales to Macobs Technologies Limited: ₹105.47 lakhs
  • Advances from Macobs Technologies Limited: ₹50.78 lakhs
  • All transactions executed at arm's length in ordinary course of business

Corporate Governance

  • 16 Board meetings held during FY26
  • Board comprises 3 non-executive non-independent directors and 2 independent directors
  • All directors attended AGM
  • Vigil Mechanism Policy, POSH Policy, and Insider Trading Code in place
  • No frauds reported by statutory auditors

Contingent Liabilities

  • GST demand of ₹2.09 lakhs for FY2017-18 and FY2018-19 under dispute (appeal filed)
  • ₹10,429 paid as pre-deposit for appeal
  • No other material contingent liabilities

Subsequent Events

  • Successful completion of IPO and listing on BSE SME platform on April 13, 2026
  • Equity shares listed and traded under scrip code 544747

Auditor's Opinion

  • Unmodified audit opinion issued by M/s NAVP & Associates
  • No qualifications, reservations, or adverse remarks
  • Internal financial controls adequate and operating effectively
  • Going concern basis appropriate

AGM Agenda Items

1. Adoption of financial statements for FY26

2. Re-appointment of Mr. Shivam Bhateja (DIN: 07674360) as director liable to retire by rotation

3. Regularization of Mr. Archit Wadhwa (DIN: 11585779) as non-executive independent director for 5 years

4. Appointment of M/s APNS and Associates as secretarial auditor for 5 years (FY2026-27 to FY2030-31)