Financial Performance Highlights

For FY ended 31st March 2026:

  • Total Income: ₹3,181.16 lakhs (previous year: ₹2,371.29 lakhs)
  • Revenue from Operations: ₹3,040.32 lakhs (previous year: ₹2,282.20 lakhs)
  • Profit Before Tax: ₹703.48 lakhs (previous year: ₹740.37 lakhs)
  • Profit After Tax: ₹522.29 lakhs (previous year: ₹550.30 lakhs)
  • EPS (Basic & Diluted): ₹5.49 (previous year: ₹7.30)
  • EBITDA Margin: 19.81% (previous year: 30.17%)
  • Net Profit Margin: 17.18% (previous year: 24.11%)

IPO and Capital Structure

During FY 2025-26:

  • Issued and allotted 30,08,000 equity shares of face value ₹10 each at issue price of ₹72 per share
  • Securities premium of ₹62 per share received
  • Paid-up equity share capital increased from ₹75,41,040 to ₹1,05,49,040
  • Listed on BSE SME platform effective 6th August, 2025
  • Authorized Share Capital: ₹11,00,00,000
  • All shares are dematerialized as on 31st March, 2026

Dividend and Reserves

  • No dividend recommended for FY 2025-26 to strengthen financial position
  • Transferred ₹2,119.93 lakhs to Reserves & Surplus
  • Profits retained in Statement of Profit and Loss
  • Securities premium credited to Securities Premium Account

Directors and Key Managerial Personnel

Board Composition as on 31st March 2026:

  • Mr. Mehul Pravinchandra Joshi (Managing Director, DIN: 00178766)
  • Mrs. Bhakti Mehul Joshi (Whole-Time Director, DIN: 02376755)
  • Mrs. Jyoti Abhay Jain (Non-Executive Independent Director, DIN: 07921550)
  • Mrs. Khyati Chetan Gandhi (Non-Executive Independent Director, DIN: 02781483)
  • Mr. Hiral Rasikbhai Joshi (Non-Executive Non-Independent Director, DIN: 10998386)

Appointment of Additional Director:

  • Mr. Tejas Harish Joshi (DIN: 11917872) appointed as Additional Director on 5th September, 2026
  • Resolution for his appointment as Director included in AGM notice

Key Managerial Personnel:

  • Mr. Mehul Pravinchandra Joshi (Managing Director)
  • Mrs. Bhakti Mehul Joshi (Whole-Time Director)
  • Mrs. Rashmi Rajendra Parab (Chief Financial Officer)
  • Mrs. Shilpa Karan Mehta (Company Secretary)

Board and Committee Meetings

Board Meetings: 6 meetings held during FY 2025-26 on 19th May 2025, 16th July 2025, 2nd August 2025, 4th August 2025, 12th November 2025, and 28th February 2026

Committee Meetings:

  • Audit Committee: 4 meetings
  • Nomination and Remuneration Committee: 2 meetings
  • Stakeholders Relationship Committee: 2 meetings
  • Separate meeting of Independent Directors held on 12th November 2025

Corporate Governance and Policies

The company has adopted various policies including:

  • Archival Policy
  • Code of Conduct
  • Whistle Blower Policy
  • Related Party Transactions Policy
  • CSR Policy
  • 16 other governance policies

All policies available on company website www.mehulcolours.com

CSR Activities

  • CSR spending obligation: ₹10.84 lakhs (2% of average profit of preceding 3 years)
  • Actual CSR expenditure: ₹10.84 lakhs on healthcare initiatives in Madhya Pradesh through Well Wisher Education and Social Welfare Society
  • No unspent CSR amount
  • CSR Committee not formed as spending below ₹50 lakhs threshold

Auditors and Reports

Statutory Auditors: Y M S & Co LLP, Chartered Accountants (FRN: 143858W/W100859)

  • Appointed for 5 years until 35th AGM
  • Audit Report dated 30th May 2026 with no qualifications

Internal Auditors: N A Jain & Associates

Secretarial Auditors: H. Roshan & Associates

  • Secretarial Audit Report with no qualifications, reservations or adverse remarks

Utilization of IPO Proceeds

  • Raised ₹21.66 crores through IPO
  • No deviation or variation from objects stated in Prospectus

Related Party Transactions

Transactions entered with related parties in ordinary course of business at arm's length:

  • Director remuneration: ₹65.00 lakhs
  • Rent payments: ₹62.40 lakhs
  • Key managerial personnel remuneration: ₹6.98 lakhs

Foreign Exchange Transactions

  • Foreign exchange earnings: USD 4,60,533 (₹409.39 lakhs)
  • Foreign exchange expenditure: USD 15,792 (₹13.96 lakhs)
  • Unhedged foreign currency exposure: Trade receivables of USD 2,29,846.90 (₹217.55 lakhs)

Employee Strength

  • 34 permanent employees (excluding Managing Director and Whole-Time Director)
  • Median employee remuneration: ₹2,67,499
  • No complaints under Sexual Harassment Act

31st Annual General Meeting

  • Scheduled for Wednesday, 30th September 2026 at 12:30 PM
  • To be held through video conferencing/audio-visual means
  • Business includes adoption of financial statements, appointment of directors

Key Financial Ratios

Significant changes (25% or more) in key ratios:

  • Inventory Turnover Ratio: Improved from 5.22 to 7.92 times
  • Current Ratio: Improved from 6.03 to 9.92 times
  • Trade Payables Turnover Ratio: Improved from 16.96 to 40.13 times
  • Return on Equity: Declined from 32.26% to 12.66%
  • Return on Capital Employed: Declined from 43.53% to 16.30%

Contingent Liabilities

  • GST dispute: ₹4.13 lakhs
  • TDS default: ₹1.97 lakhs (including interest)

Capital Structure Impact

The IPO resulted in:

  • Increase in net worth to ₹4,126.79 lakhs (previous year: ₹1,706.06 lakhs)
  • Reduction in return ratios due to increased capital base
  • Strengthened liquidity position with cash and bank balances of ₹1,433.05 lakhs