MPF Systems Limited

Financial Performance Highlights

FY26 Financial Results (Amount in ₹ Lakhs):

  • Revenue from Operations: ₹445.49 (FY25: ₹0.00)
  • Other Income: ₹0.24 (FY25: ₹0.05)
  • Total Income: ₹445.73 (FY25: ₹0.05)
  • Profit Before Tax: ₹418.52 (FY25: Loss of ₹169.89)
  • Tax Expenses: ₹35.62 (FY25: ₹0.00)
  • Net Profit for the Year: ₹382.90 (FY25: Loss of ₹169.89)
  • Earnings per Share (Basic & Diluted): ₹14.08 (FY25: Loss of ₹6.25)

Key Financial Position:

  • Authorized Share Capital: ₹5,00,00,000 (50,00,000 equity shares of ₹10 each)
  • Paid-up Capital: ₹2,71,93,120 (27,19,312 equity shares of ₹10 each)
  • No dividend recommended for FY26
  • Entire net profit of ₹382.90 lakhs retained in Profit and Loss Account

33rd Annual General Meeting Details

Date: Tuesday, 14th July, 2026 at 12:00 PM IST

Venue: Registered Office at 11-C 2nd Floor, Techniplex II S V Road, Next to Witty International School, Goregaon West Mumbai, Malad, Mumbai, Malad West, Maharashtra-400064

Record Date: 07th July, 2026

AGM Agenda Items:

Ordinary Business:

1. Adoption of audited financial statements for FY26 and reports of Board of Directors and Auditors

2. Re-appointment of Mr. Kurjibhai Premjibhai Rupareliya (DIN: 05109049) who retires by rotation

Special Business:

3. Appointment of M/s Pooja M Patel & Associates as Secretarial Auditor for 5 years from FY26-27 to FY30-31

4. Approval of appointment of Mr. Parshottambhai Premjibhai Rupareliya (DIN: 02944037) as Managing Director for 5 years commencing from 20th June, 2025

5. Regularization of Ms. Nidhi Joshi (DIN: 11612459) as Non-Executive Independent Director

6. Regularization of Mr. Narendrakumar Laxmanbhai Raval (DIN: 11019124) as Non-Executive Independent Director

7. Alteration of Main Object Clause of Memorandum of Association to add travel and tourism business activities

Board and Management Changes

Current Board Composition (as of 31st March 2026):

  • Mr. Kurjibhai Premjibhai Rupareliya - Executive Director
  • Mr. Vivek Kishorbhai Patoriya - Non-Executive Independent Director
  • Ms. Nidhi Prashant Joshi - Additional Non-Executive Independent Director (appointed 16/04/2026)
  • Mr. Narendrakumar Laxmanbhai Raval - Independent Director (appointed 20/06/2026)

Changes during FY26:

  • Mr. Gopalkumar Bhikhalal Baldha resigned as Non-Executive Director w.e.f. 11th April, 2025
  • Mr. Sharang Amar Sharma appointed as Managing Director w.e.f. 13th January, 2026, resigned w.e.f. 20th June, 2026
  • Mr. Piyush Mansukhbhai Savalia resigned as Managing Director w.e.f. 15th January, 2026
  • Ms. Arzoo Raghubhai Rabari resigned as Non-Executive Independent Director w.e.f. 30th January, 2026
  • Ms. Drashti Harshadbhai Delvadiya appointed as CFO w.e.f. 11th April, 2025, resigned w.e.f. 28th February, 2026
  • Mr. Vishnu Deepakbhai Rupareliya appointed as CFO w.e.f. 30th April, 2026

Key Managerial Personnel:

  • Mr. Parshottambhai Rupareliya - Managing Director
  • Mr. Vishnu Deepakbhai Rupareliya - Chief Financial Officer
  • Ms. Sakshi Shah - Company Secretary

Corporate Governance and Compliance

Board Meetings: 9 meetings held during FY26 with maximum gap of 120 days between meetings

Committee Meetings:

  • Audit Committee: 6 meetings
  • Nomination/Remuneration Committee: 2 meetings
  • Stakeholders Relationship Committee: 1 meeting

Auditors:

  • Statutory Auditors: M/s. S K Bhavsar & Co. (appointed till 35th AGM)
  • Secretarial Auditor: Krina Gokulkumar Shah (resigned w.e.f. 18th May, 2026), proposed replacement: M/s Pooja M Patel & Associates
  • Internal Auditor: M/s Kishan Patel and Associates appointed for FY26-27

Compliance Status:

  • Company exempt from corporate governance reporting requirements due to paid-up capital below ₹10 crore and net worth below ₹25 crore
  • No fraud reported during the year
  • No material orders passed by regulators/courts
  • No CSR applicability as thresholds not met

Business Operations and Strategy

Current Business: Generating, accumulating, distributing, installation and supplying Solar Energy, wind, green hydrogen, green ammonia

Proposed Diversification: Addition of travel and tourism business including travel agency services, package tours, transportation, cargo booking

Management Discussion Highlights:

  • Positive outlook for renewable energy sector
  • Opportunities in solar, wind, green hydrogen and green ammonia
  • Focus on evaluating commercially viable opportunities

Related Party Transactions

Transactions during FY26:

  • Salary to Company Secretary: ₹9.30 lakhs
  • Loan from Kurjibhai Rupareliya: ₹6.86 lakhs
  • Outstanding loans: Kurjibhai Rupareliya (₹56.86 lakhs), Piyush M Savaliya (₹210.00 lakhs)

Other Material Information

Shareholding Pattern (as of 31st March 2026):

  • Promoters: 70% (EFC (I) Limited - 15%, Divyeshkumar M. Savalia - 35%, Kurjibhai Rupareliya - 20%)
  • Public: 30%

Employee Strength: 5 employees (3 male, 2 female)

Audit Qualifications:

  • Emphasis of Matter: Significant trade payables without MSME bifurcation disclosure, advances to suppliers remain unconfirmed
  • No audit qualifications in financial statements

Internal Financial Controls: Adequate controls in place and operating effectively

E-voting Details:

  • Remote e-voting period: 11th July, 2026 (9:00 AM) to 13th July, 2026 (5:00 PM)
  • Scrutinizer: M/s. Pooja M Patel & Associates
  • NSDL appointed as e-voting agency