AGM Details

  • AGM Date: Wednesday, 23rd September 2026 at 11:00 AM IST
  • Mode: Video conferencing/other audio-visual means
  • Record Date: Wednesday, 16th September 2026 for determining eligibility to attend and vote
  • Business:

1. Adoption of audited financial statements for FY ended 31st March 2026

2. Re-appointment of Mr. Yogesh Omprakash Nimodiya (DIN: 06851606) as director liable to retire by rotation

Financial Performance (Standalone)

Key Financial Figures (₹ in Lakhs)

| Particulars | 31.03.2026 | 31.03.2025 |

| Revenue from Operations | 9,020.56 | 13,435.66 |

| Other Income | 68.27 | 34.41 |

| Total Revenue | 9,088.82 | 13,470.07 |

| EBITDA | 118.00 | 499.29 |

| Finance Cost | 25.87 | 47.86 |

| Depreciation & Amortization | 3.59 | 2.08 |

| Profit Before Tax | 88.54 | 449.35 |

| Current Tax Expense | 22.53 | 115.76 |

| Deferred Tax | (0.09) | (2.67) |

| Short Provision for tax | 0.50 | - |

| Profit After Tax | 65.61 | 336.26 |

Capital Structure

  • Authorized Capital: ₹850.00 lakhs (85,00,000 equity shares of ₹10 each)
  • Paid-up Capital: ₹510.36 lakhs (51,03,600 equity shares of ₹10 each) - unchanged during FY26
  • Reserves & Surplus: ₹2,106.42 lakhs (including securities premium ₹1,122.03 lakhs)

Dividend and Reserves

  • No dividend recommended for FY 2025-26
  • No amount transferred to reserves during the year

Business Operations

  • Business: Contract manufacturing and trading of yarn, fabric and cotton bales
  • Products: Used for garments & home furnishings
  • Operations: Trading of cotton bales and manufacturing cotton yarn through out-sourcing model (job-work)
  • No change in nature of business during FY26

Board and Management

Current Board Composition

  • Mr. Abhay Shriram Asalkar - Chairman & Managing Director (DIN: 06851614)
  • Mr. Yogesh Omprakash Nimodiya - Executive Director & CFO (DIN: 06851606)
  • Mr. Sandeep Vitthalrao Deore - Non-Executive Director
  • Mr. Vijendra Kamalrao Deshmukh - Non-Executive Independent Director
  • Mrs. Bhavisha Kunal Chauhan - Non-Executive Independent Director

Key Managerial Personnel

  • Mr. Abhay Shriram Asalkar - Managing Director
  • Mr. Yogesh Omprakash Nimodiya - Chief Financial Officer
  • Mr. Mahendra Singh Rajpoot - Company Secretary & Compliance Officer

Board Meetings

  • 5 Board meetings held during FY26
  • All directors attended majority of meetings except some absences by independent directors

Director Re-appointment Details

Mr. Yogesh Omprakash Nimodiya

  • Date of Birth: 12/05/1975
  • Initial Appointment: 24/10/2019
  • Current Term Appointment: 30/08/2023
  • Qualifications: Master of Business Administration
  • Experience: 27 years in Sales & Marketing
  • Current Remuneration: ₹12.00 lakhs per annum
  • Shareholding: 16,82,670 equity shares as on 31.03.2026
  • Other Directorships: Piotex Textech Private Limited, Piotex Ventures Private Limited

IPO Proceeds Utilization

Total funds raised: ₹1,447.22 lakhs

| Purpose | Amount Raised (₹ lakhs) | Amount Utilized (₹ lakhs) | Unutilized (₹ lakhs) |

| Working Capital | 1,051.05 | 1,051.05 | Nil |

| General Corporate Purposes | 270.92 | 270.92 | Nil |

| Issue Related Expenses | 125.25 | 125.25 | Nil |

| Total | 1,447.22 | 1,447.22 | Nil |

Related Party Transactions

Significant transactions with related parties during FY26:

  • Loan/Business Advances given: ₹749.74 lakhs
  • Interest Received: ₹66.31 lakhs
  • Rent Paid: ₹2.40 lakhs
  • Technical Consultancy Services: ₹9.00 lakhs
  • Remuneration to Directors: ₹24.00 lakhs
  • Reimbursement of Expenses: ₹5.77 lakhs

Tax Matter

  • Income tax demand of ₹506.12 lakhs for AY 2024-25 raised by Income Tax Department
  • Company contesting the matter before appellate authorities
  • No provision made in financial statements as management believes demand is not tenable
  • Disclosure treated as contingent liability

Internal Controls and Auditors

  • Statutory Auditor: M/s. S V J K & Associates, Chartered Accountants
  • Secretarial Auditor: M/s. Nirav Shah & Associates, Practicing Company Secretaries
  • Internal Auditor: Mr. Krushnarao Makode, Chief Accountant (employee of the company)
  • Auditors confirmed no fraud reported under Section 143(12) of Companies Act, 2013
  • Internal financial controls found adequate and operating effectively

Corporate Governance

  • Compliance with SEBI LODR Regulations, Companies Act 2013, and Secretarial Standards
  • Whistle Blower Policy and Vigil Mechanism in place
  • Code of Conduct affirmed by all directors and senior management
  • No material orders passed by regulators/courts impacting going concern status

Employee Information

  • Total permanent employees: 9
  • Median remuneration: ₹3.12 lakhs
  • No sexual harassment complaints received or pending
  • Ratio of director remuneration to median employee: 3.85

Key Ratios and Changes

Significant changes in financial ratios FY26 vs FY25:

  • Debt-Equity Ratio: 0.00 (from 0.09) - due to loan repayments
  • Return on Equity: 2.54% (from 19.27%) - due to lower profitability
  • Inventory Turnover: 123.49 (from 294.57) - due to inventory increase
  • Net Profit Ratio: 0.73% (from 2.50%) - due to revenue decline

Contingent Liabilities

1. Income tax demand: ₹506.12 lakhs (under dispute)

2. Risk of leasehold land resumption: ₹252.20 lakhs (remote probability)

Capital Commitments

1. Minimum committed investment under MIDC agreement: ₹1,747.80 lakhs

2. Factory construction contracts: Amount to be finalized

Voting Arrangements

  • Remote e-voting period: 20th September 2026 (9:00 AM) to 22nd September 2026 (5:00 PM)
  • Scrutinizer: CS Nirav Shah, Practicing Company Secretary
  • Results to be posted on company website and communicated to BSE

#Tags: #PiotexIndustries #AGM2026 #AnnualReport #SEBIDisclosure #RegulatoryCompliance #FinancialResults #TaxDispute #CorporateGovernance