Detailed Summary

Financial Performance Highlights (FY 2025-26 vs FY 2024-25)

  • Total Income: ₹13,221.01 Lakhs (prev. ₹12,205.25 Lakhs) - 8.67% increase
  • Profit Before Tax: ₹1,336.61 Lakhs (prev. ₹1,141.34 Lakhs)
  • Net Profit After Tax: ₹974.93 Lakhs (prev. ₹835.07 Lakhs) - 16.74% increase
  • EPS: ₹7.12 (prev. ₹7.88)
  • No dividend declared for FY 2025-26
  • Retained Earnings: ₹974.93 Lakhs proposed to be held as retained earnings

IPO Fund Utilization (as of 31.03.2026)

The company raised ₹27.74 Crore through IPO of 36,99,200 equity shares at ₹75 per share (₹10 face value + ₹65 premium) in FY 2024-25:

  • Working Capital: ₹21.68 Lakhs balance remaining out of ₹21.00 Crore allocation
  • General Corporate Purpose: ₹4.02 Crore fully utilized
  • Issue Expenses: ₹2.72 Crore fully utilized

AGM Details

  • Date: Monday, 28th September, 2026
  • Time: 12:30 PM (IST)
  • Venue: Registered Office at 305, Ashram Avenue, B/H. Kochrab Ashram, Paldi, Ahmedabad, Gujarat, India, 380006

Ordinary Business Agenda

1. Adoption of audited financial statements for FY 2025-26

2. Re-appointment of Mr. Mahendra Ramabhai Patel (DIN:02190228) as Whole Time Director retiring by rotation

3. Re-appointment of Mr. Harshal Mahendra Patel (DIN:10350341) as Whole Time Director retiring by rotation

Special Business Agenda

4. Regularization of Mr. Jay Dineshkumar Shah (DIN:11395464) as Non-Executive Independent Director

5. Re-appointment of Mr. Dipak Padmakant Pandya (DIN:02188199) as Chairman and Managing Director for 3 years from 29th January, 2027 with remuneration not exceeding ₹72 Lakhs yearly

6. Re-appointment of Mr. Mahendra Ramabhai Patel (DIN:02190228) as Whole Time Director for 3 years from 29th January, 2027 with remuneration not exceeding ₹72 Lakhs yearly

7. Re-appointment of Mrs. Mita Dipak Pandya (DIN:07556372) as Whole Time Director for 3 years from 11th June, 2027 with remuneration not exceeding ₹48 Lakhs yearly

8. Alteration of Articles of Association to allow members to waive/forgo dividend rights

9. Approval of Material Related Party Transaction with Nitin Patel & Co (Partnership Firm) for:

  • Sale of goods/rendering services: Up to ₹25 Crore
  • Purchase of goods/availing services: Up to ₹25 Crore
  • Term: Up to one year
  • Value as percentage of turnover: 37.82%

10. Approval of Material Related Party Transaction with Twinsag Enterprise LLP for:

  • Sale of goods/rendering services: Up to ₹50 Crore
  • Purchase of goods/availing services: Up to ₹50 Crore
  • Term: Up to one year
  • Value as percentage of turnover: 75.64%

Director Details and Shareholding (as on 31.03.2026)

  • Dipak Padmakant Pandya (CMD): 25,60,800 shares (18.69%), remuneration ₹72 Lakhs
  • Mahendra Ramabhai Patel (WTD): 25,67,200 shares (18.74%), remuneration ₹72 Lakhs
  • Mita Dipak Pandya (WTD): 24,15,800 shares (17.63%), remuneration ₹16 Lakhs
  • Harshal Mahendra Patel (WTD): 10,000 shares (0.07%), remuneration ₹8 Lakhs
  • Jay Dineshkumar Shah (Ind. Director): 51,200 shares (0.37%), no remuneration

Corporate Structure

  • Authorized Capital: ₹15.00 Crore (1,50,00,000 equity shares of ₹10 each)
  • Paid-up Capital: ₹13.70 Crore (1,36,99,200 equity shares of ₹10 each)
  • Promoter Holding: 73.07% (10,009,600 shares)
  • No subsidiaries, joint ventures or associate companies

Key Financial Ratios

  • Debtors Turnover: 2.50 (prev. 3.53) - decreased by 28.99%
  • Inventory Turnover: 5.39 (prev. 5.86) - decreased by 7.99%
  • Current Ratio: 2.15 (prev. 2.47) - decreased by 12.84%
  • Debt Equity Ratio: 0.20 (prev. 0.12) - increased by 69.40%
  • Operating Profit Margin: 18.34% (prev. 22.43%)
  • Net Profit Margin: 7.37% (prev. 6.86%)

Audit Qualifications

Auditors reported an emphasis of matter regarding valuation of inventories amounting to ₹2,452.59 Lakhs, noting that the company has not maintained detailed records for inventory including project-wise information on costs incurred to date and costs yet to be incurred. This limitation prevented verification of the accuracy of the inventory value.

Other Material Information

  • CSR Expenditure: ₹19.68 Lakhs spent on education, medicine, and community service through Lok Sahyog (CSR Registration No: CSRO0042483)
  • Internal Auditor: M/S J K Hingu & Co, Chartered Accountant
  • Statutory Auditor: M/S S V J K and Associates, Chartered Accountants (FRN: 135182W)
  • Secretarial Auditor: M/S Kinkhabwala & Associates, Practicing Company Secretaries
  • Bankers: ICICI Bank Limited
  • RTA: Cameo Corporate Services Limited
  • No frauds reported by auditors under Section 143(12) of Companies Act, 2013
  • No material orders passed by regulators/courts affecting going concern status
  • Company added manufacturing of engineering/electronic goods used in fabrication work to its main object clause

Voting Information

  • Cut-off date: Friday, 25th September, 2026
  • Scrutinizer: M/S Kinkhabwala and Associates, Practicing Company Secretaries
  • Proxy submission: Must be delivered at Registered Office not less than 48 hours before meeting
  • E-voting: Not mentioned in document