Financial Performance Highlights

Standalone Financials (FY 2025-26 vs FY 2024-25):

  • Revenue from Operations: ₹4,293.24 lakhs (Previous Year: ₹3,656.07 lakhs)
  • Profit Before Tax: ₹167.37 lakhs (Previous Year: ₹253.75 lakhs)
  • Profit After Tax: ₹131.98 lakhs (Previous Year: ₹694.15 lakhs) - decrease of 82%
  • Total Comprehensive Income: Loss of ₹5,393.56 lakhs (Previous Year: Profit of ₹706.09 lakhs)
  • Earnings Per Share (Basic & Diluted): ₹0.12 (Previous Year: ₹0.62)

Consolidated Financials (FY 2025-26 vs FY 2024-25):

  • Revenue from Operations: ₹9,333.69 lakhs (Previous Year: ₹7,218.53 lakhs)
  • Profit After Tax: ₹204.17 lakhs (Previous Year: ₹1,626.54 lakhs) - decrease of 87.5%
  • Total Comprehensive Income: Loss of ₹5,839.78 lakhs (Previous Year: Profit of ₹1,259.93 lakhs)

Segment Reporting (IND AS 108):

The company operates three reportable segments with total segment profit of ₹1,112.51 Lakhs:

  • Rent and Maintenance of immovable properties: Segment profit of ₹389.04 Lakhs
  • Manpower Services: Segment profit of ₹198.97 Lakhs
  • Investment activities: Segment profit of ₹301.08 Lakhs

Key Corporate Developments

Scheme of Amalgamations:

1. India Radiators Limited with Mercantile Ventures Limited:

  • NCLT order dated 2nd July 2026, effective from 23rd July 2026
  • Appointed date: 1st January 2025
  • Record date: 24th July 2026
  • Share exchange ratio: 10 equity shares of Mercantile Ventures for every 36 equity shares of India Radiators
  • Allotted 1,53,161 equity shares of ₹10 each, increasing paid-up capital

2. Walery Security Management Limited with i3 Security Private Limited:

  • NCLT order dated 13th July 2026
  • Appointed date: 1st January 2024
  • Waiting for filing of Form INC-28 with ROC for effectiveness

Subsidiary Financials (As of March 31, 2026)

The company provided financial details for four subsidiaries showing mixed performance:

  • Mercantile Ventures Limited: Profit after tax of ₹113.99 Lakhs
  • i3 Security Private Limited: Loss after tax of (₹147.58) Lakhs
  • Walery Security Management Limited: Profit after tax of ₹20.21 Lakhs but comprehensive loss of (₹2,066.20) Lakhs
  • India Radiators Limited: Minimal turnover with provision for taxation of (₹5.41) Lakhs

AGM Business Items

Ordinary Business:

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

2. Re-appointment of Mr. K Gopalakrishnan (DIN: 00621061) who retires by rotation

Special Business:

3. Approval of Material Related Party Transactions with SPIC:

  • Maximum value: ₹20 crores
  • Transactions: Lease rentals, maintenance, housekeeping, manpower supply and security services
  • Period: From 25th AGM to 26th AGM in 2027
  • FY 2025-26 actual transactions: ₹1667.84 lakhs
  • Represents 21.43% of company's annual consolidated turnover

4. Re-appointment of Mr. E N Rangaswami as Whole-time Director:

  • Period: 5th December 2026 to 4th December 2029 (3 years)
  • Remuneration: ₹85 lakhs per annum (current: ₹65 lakhs per annum)
  • Age: 70 years, requiring special resolution

Regulatory Compliance & Auditor Qualifications

Statutory Auditors (M/s. Venkatesh & Co):

Qualified Opinion on Consolidated Financial Statements:

  • Subsidiary Walery Security Management holds 2.20 crores redeemable cumulative preference shares of ₹10 each (₹22 crores)
  • Dividends unpaid since FY 2019-20
  • Absence of valuation reports to assess arm's length nature and carrying value

Employee Benefits:

  • Net gratuity cost: ₹113.34 Lakhs (Previous year: ₹180.52 Lakhs)
  • Discount rate assumption: 7.36%

Relationship with Struck Off Companies:

  • No outstanding transactions with struck-off companies
  • 45 struck off companies hold 252,286 shares representing 0.2251% of total shareholding

AGM Logistics

  • Date: Thursday, 24th September 2026 at 11:00 AM
  • Mode: Video Conferencing/Other Audio Visual Means
  • Record Date: 17th September 2026
  • Remote e-voting: 21st September (9:00 AM) to 23rd September 2026 (5:00 PM)
  • Scrutinizer: M/s. KRA & Associates

Other Significant Information

  • CSR Expenditure: ₹10.81 lakhs spent on construction of toilets for government school
  • Employee Strength: 1 permanent employee on rolls as of 31st March 2026
  • No dividend recommended for FY 2025-26
  • No foreign exchange earnings or outgo
  • No deposits accepted or renewed during the year