Key Dates

  • AGM Date: Friday, September 25, 2026
  • AGM Time: 12:30 PM
  • AGM Venue: Through Video Conferencing (VC)/Other Audio Visual Means (OAVM) with deemed venue at Jakhal Road, Patran, Distt. Patiala, Punjab-147001
  • Book Closure: September 19, 2026 to September 25, 2026 (both days inclusive)
  • E-voting Period: September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM)
  • Cut-off Date for E-voting: September 18, 2026

Board of Directors & Key Managerial Personnel (as of March 31, 2026)

Directors:

  • Mr. Naveen Pawar (DIN: 09691282) - Whole-time Director & Chairman
  • Mr. Akhil Dada (DIN: 02321706) - Independent Director
  • Ms. Avneet Kaur (DIN: 09479099) - Director
  • Ms. Ramneek Kaur (DIN: 10083512) - Independent Director (Resigned on May 8, 2026)
  • Ms. Renu Rawat (DIN: 08161739) - Independent Director (Appointed on May 8, 2026)

Key Managerial Personnel:

  • Mr. Rajesh Kaushik - Chief Financial Officer
  • Ms. Kajal Goel - Company Secretary

Auditors:

  • Statutory Auditors: M/s Jain & Associates, Chartered Accountants (FRN: 001361N) - Resigned on April 27, 2026. M/s Rattan Kaur & Associates, Chartered Accountants (FRN: 022513N) appointed as casual vacancy from April 27, 2026, subject to shareholder approval at AGM for a 5-year term.
  • Secretarial Auditor: M/s P. Chadha & Associates, Company Secretaries

Registrar & Share Transfer Agent: Mas Services Limited, New Delhi

Financial Performance Highlights (Standalone) (₹ in Lakhs)

| Particulars | FY 2025-26 | FY 2024-25 | % Change |

| Revenue from Operations | 166.46 | 426.81 | (61.00%) |

| Other Income | 515.14 | 208.79 | 146.73% |

| Total Income | 681.60 | 635.59 | 7.24% |

| Profit/(Loss) Before Exceptional Items & Tax | 51.31 | (421.54) | 112.17% |

| Exceptional Items (Profit on Sale of Fixed Assets) | - | 227.69 | (100.00%) |

| Profit/(Loss) Before Tax | 51.31 | (193.85) | 126.46% |

| Tax Expense/(Credit) | 17.75 | (103.15) | 117.21% |

| Profit/(Loss) After Tax | 33.57 | (90.69) | 137.00% |

| Earnings Per Share (Basic & Diluted) (₹) | 0.14 | (0.39) | 135.90% |

Operational Review

1. Patran (Punjab) Distillery Unit: Produced 4,908 boxes of Indian Made Foreign Liquor (IMFL). Achieved a turnover of ₹166.46 Lakhs. Did not produce any Punjab Medium Liquor (PML).

2. Bawal (Haryana) Distillery Unit: Did not produce any Country Liquor. No turnover. Other income of ₹12.55 Lakhs.

3. Sugar Mill: Did not commence crushing operations during 2025-26 season due to adverse conditions (low sugar recovery and high sugarcane prices). Other income of ₹435.06 Lakhs.

4. Expansion Plan: Ethanol project for enhancement of existing distillery from 40 KLPD to 105 KLPD has been completed. Trial run of the plant is underway.

Capital Structure

Paid-up Equity Share Capital as at March 31, 2026: ₹23,254.53 Lakhs comprising 2,32,54,527 equity shares of ₹10 each.

Shareholding Pattern (as on March 31, 2026):

  • Promoter & Promoter Group: 74.98%
  • Public: 25.02%

Major Shareholders (>5%):

  • Piccadily Agro Industries Ltd.: 35.87% (83,41,936 shares)
  • Soon-N-Sure Holdings Ltd.: 23.95% (55,69,702 shares)
  • Mr. Siddhartha Sharma: 14.94% (34,75,263 shares)

Preference Share Capital: During the year, the company issued 1,00,00,000 (One Crore) 5% Non-Convertible Cumulative Redeemable Preference Shares of ₹10 each (NCRPS Series 1) aggregating ₹10,00,00,000 on a private placement basis. These are redeemable within 20 years.

AGM Agenda Items

Ordinary Business

1. Adoption of Standalone Audited Financial Statements for FY 2025-26 and reports of Directors and Auditors.

2. Appointment of Mr. Naveen Pawar (DIN: 09691282) as Director who retires by rotation.

Special Business

3. Appointment of Statutory Auditors: To appoint M/s Rattan Kaur & Associates, Chartered Accountants (FRN: 022513N) as Statutory Auditors for 5 years from conclusion of 33rd AGM till 38th AGM. Remuneration proposed at ₹1.25 Lakhs plus taxes for FY 2026-27.

4. Re-appointment of Mr. Naveen Pawar as Whole-time Director: For a period of one year from July 30, 2026 to July 29, 2027. Proposed remuneration is ₹1 per month plus benefits and perquisites as determined by the Board.

5. Increase in Authorised Preference Share Capital: To increase from ₹12,00,00,000 (1.20 Cr shares of ₹10) to ₹20,00,00,000 (2.00 Cr shares of ₹10). Consequently, total Authorised Share Capital will become ₹48,00,00,000 (₹28 Cr Equity + ₹20 Cr Preference). Requires alteration of Clause V of Memorandum of Association.

6. Approval of Related Party Transactions: To approve transactions with M/s Piccadily Agro Industries Limited (a related party) for sale/purchase/supply of goods/materials, buying/selling property, leasing, etc., in ordinary course at arm's length. Maximum value per annum: ₹35.00 Crores for 5 years effective April 1, 2026.

7. Issue of Non-Convertible Redeemable Preference Shares (NCRPS Series 2): To issue up to 1,00,00,000 (One Crore) 5% NCRPS of ₹10 each (aggregating ₹10 Cr) on private placement basis to Promoter/Promoter Group/Strategic Investors. The shares will be cumulative, non-participating, non-convertible, redeemable at par within 20 years, and carry no voting rights. The issue may involve conversion of existing loans.

Corporate Governance & Compliance

  • The company has adopted requisite policies: Code of Conduct, Whistle Blower Policy, Vigil Mechanism, Sexual Harassment Policy, etc.
  • No fraud was reported by the Statutory Auditors u/s 143(12) of the Companies Act, 2013.
  • No material orders were passed by regulators/courts impacting the going concern status.
  • The company has not accepted any deposits from the public.
  • The company's equity shares are listed on BSE Limited. Annual listing fee for 2026-27 has been paid.
  • Dividend: No dividend recommended for FY 2025-26.

Significant Developments

1. Change in Auditors: M/s Jain & Associates resigned as Statutory Auditors on April 27, 2026, due to non-renewal of Peer Review Certificate and personal reasons. M/s Rattan Kaur & Associates were appointed to fill the casual vacancy.

2. Board Changes: Ms. Ramneek Kaur (Independent Director) resigned on May 8, 2026. Ms. Renu Rawat was appointed as Independent Director on May 8, 2026.

3. Ethanol Expansion: The project to enhance distillery capacity from 40 KLPD to 105 KLPD at Patran is complete and under trial runs.

4. VAT Dues: VAT payment of ₹26,85,899 has been delayed due to the expansion program. The company is in the process of depositing it.

Key Financial Figures from Balance Sheet (as at March 31, 2026)

  • Total Assets: ₹11,939.76 Lakhs (Previous Year: ₹9,504.14 Lakhs)
  • Non-Current Assets: ₹9,182.37 Lakhs (PPE: ₹3,122.17 Lakhs; CWIP: ₹5,635.07 Lakhs)
  • Current Assets: ₹2,757.39 Lakhs (Inventories: ₹1,974.52 Lakhs; Trade Receivables: ₹310.79 Lakhs; Cash: ₹65.33 Lakhs)
  • Equity: ₹1,416.00 Lakhs (Share Capital: ₹2,325.45 Lakhs; Other Equity: (₹909.46) Lakhs)
  • Non-Current Liabilities: ₹2,600.75 Lakhs (Borrowings: ₹2,596.52 Lakhs)
  • Current Liabilities: ₹7,923.01 Lakhs (Borrowings: ₹240.00 Lakhs; Trade Payables: ₹5,602.36 Lakhs)

Other Material Information

  • Contingent Liabilities: Existence disclosed for sales tax demands pending in appeals, unassessed tax cases, and estimated contracts on capital account. Amounts are unascertained.
  • Related Party Transactions: Significant transactions with Piccadily Agro Industries Limited. Outstanding balance: ₹5,506.11 Lakhs as at March 31, 2026.
  • Internal Financial Controls: The auditors reported that the company has adequate internal financial controls over financial reporting which were operating effectively.
  • CSR: The company does not qualify for CSR expenditure under Section 135(1) of the Companies Act, 2013.
  • MSME Dues: Principal amount due to Micro and Small Enterprises: ₹5.28 Lakhs (Previous Year: ₹6.59 Lakhs).

Voting Instructions

The company is providing remote e-voting facilities through NSDL. Members can cast their vote from September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM). Instructions for joining the AGM through VC/OAVM are provided in the notice.