Income from Operations: ₹86,363 (FY26) vs ₹1,144,880 (FY25)
Other Income: ₹1,307,031 (FY26) vs ₹1,883,846 (FY25)
Exceptional Items: ₹102,251,735 (profit from asset sales in FY26) vs ₹0 (FY25)
Total Income: ₹103,645,129 (FY26) vs ₹3,028,727 (FY25)
Profit/(Loss) before Tax: ₹63,662,654 (FY26) vs (₹2,002,337) (FY25)
Profit/(Loss) after Tax: ₹63,662,654 (FY26) vs (₹2,002,337) (FY25)
Earnings Per Share: ₹0.015 (basic) for FY26
Operational Highlights
Textile Division at Palsana remained non-operational since July 2023. During FY26, sold land and building; remaining plant and machinery to be disposed as scrap.
Wind Power Division plant and machinery disposed during the year. Shareholders approved proposal to lease the Wind Power Division at Dhank.
Agro Division at Bhavnagar remained closed since 1998; process ongoing to sell land and building.
Asset Sales Details
Textile Division Land & Building at Palsana: Sold to Shantilon Poly Private Limited (related party) for ₹10 crore after tender process. Sale approved by shareholders at AGM on 28th June 2025. Sale deed executed on 15th July 2025.
Wind Power Division Plant & Machinery at Dhank: Sold as scrap for ₹85 lakhs after unsuccessful tender processes. Board approved on 22nd July 2025.
Textile Division Plant & Machinery at Palsana: Partial disposal as scrap for ₹7.485 lakhs; balance in process.
Total Exceptional Income: ₹102.25 crore from these disposals.
Capital Structure
Paid-up Equity Capital: ₹4,23,54,430 (42,35,443 equity shares of ₹10 each)
No change in share capital during the year.
Corporate Actions and Changes
Board Changes:
Resignations:
Mr. Harsukhbhai Mohanbhai Gondalia (Non-Executive Non-Independent Director) w.e.f. 29th May 2025
Mr. Haribhai Becharbhai Malvia (Non-Executive Non-Independent Director) w.e.f. 30th December 2025
Mr. Parth Mahendrakumar Pandya (Independent Director) w.e.f. 14th August 2026
Appointments:
Mr. Hiren Hasmukh Shah (Independent Director) w.e.f. 31st May 2025
Mrs. Nishtha Harivanshi Pamnani (Independent Director) w.e.f. 31st May 2025
Mr. Shyamalbhai J Mashruwala (Additional Director, Non-Executive Non-Independent) w.e.f. 29th August 2026 - proposed for appointment as Director at AGM
Key Managerial Personnel Changes:
CFO Resignations:
Mr. Sarojnath Awadhesh Mishra w.e.f. 20th June 2025
Mr. Vinod Pandurang Jadhav w.e.f. 18th May 2026
CFO Appointment: Mr. Parth Pareshkumar Jariwala w.e.f. 14th August 2026
Company Secretary: Ms. Swati Joshi continued in office
AGM Details
43rd Annual General Meeting to be held through VC/OAVM on 26th September 2026 at 12:30 PM
Ordinary Business: Adoption of financial statements; Re-appointment of Mr. Prabhudas Mohanbhai Gondalia as Director retiring by rotation
Special Business: Appointment of Mr. Shyamalbhai J Mashruwala as Non-Executive Non-Independent Director
Regulatory and Legal Matters
NCLT Case: Petition filed by Procon Financial & Investment Private Limited (shareholder) dismissed by NCLT Ahmedabad Bench on 25th August 2025. Appeal pending before NCLAT.
Auditor Qualifications: Statutory auditors highlighted material uncertainty regarding going concern due to accumulated losses, negative net worth, and current liabilities exceeding current assets by ₹27.54 crore. Also noted non-provision of certain liabilities and doubtful assets totaling ₹115.42 crore.
SEBI Compliance: Notice and Annual Report sent electronically as per SEBI circulars. Company exempt from certain corporate governance provisions due to size.
Other Significant Disclosures
Registered Office Shift: Approved by shareholders via postal ballot (results declared 14th October 2025) from Palsana to Surat within Gujarat.
MOA Alteration: Approved to enable leasing of company's properties to third parties.
No Dividend recommended due to carried forward losses.
No Deposits accepted during the year under Section 73 of Companies Act, 2013.
Internal Financial Controls considered adequate by auditors.
Related Party Transactions: Disclosed with Shantilon Poly Private Limited, Milan Textiles, etc., including asset sales and lease rentals.
Auditors
Statutory Auditors: M/s Ashish Bhoola & Co. (Chartered Accountants) appointed till 47th AGM in 2030
