Financial Performance Highlights

Revenue and Profitability

  • Revenue from Operations (Net of Excise) and Other Income: ₹121.63 crore for FY 2025-26 (₹222.73 crore in FY 2024-25)
  • Net Profit After Tax: ₹53.00 crore for FY 2025-26 (₹10.83 crore in FY 2024-25)
  • Expenses (excluding finance charges and depreciation): ₹43.82 crore (₹207.31 crore in previous year)
  • Finance Charges: ₹20,617 (₹3.92 crore in previous year)
  • Depreciation: ₹2.31 lakh (₹2.00 lakh in previous year)
  • Provision for Tax: Current Tax ₹43.13 lakh, Deferred Tax credit of ₹24.35 crore

Capital Structure

  • Paid-up Equity Share Capital: ₹117.97 crore as on March 31, 2026 (11.797 crore equity shares of ₹10 each)
  • During the year, company issued 85,00,000 equity shares through conversion of 85,00,000 convertible warrants at ₹10 each to India Corporation Limited under Promoter/Promoter Group
  • No shares with differential voting rights, bonus shares, employee stock options or sweat equity shares issued

Dividend and Reserves

  • No dividend recommended for FY 2025-26
  • No specific transfers made to any special reserves account

Subsidiaries and Associates

  • Two Wholly Owned Subsidiaries: Suryam India Minecorp Private Limited (SIMPL) and Simunergy Terranova Private Limited (STPL)
  • One step-down subsidiary: Exclusive Quarries Private Limited (EQPL)
  • Post year-end, SIMPL transferred 9,00,981 equity shares (10% paid-up share capital) of EQPL to Sumanthra Techsoft Private Limited, resulting in EQPL ceasing to be subsidiary
  • No associate companies within meaning of Section 2(6) of Companies Act, 2013

Key Management Changes

Director Changes During FY 2025-26:

  • Appointment of Mr. Raja Kantilal Minesh (DIN: 11141383) as Independent Director w.e.f. June 07, 2025
  • Resignation of Mrs. Vaishali Baria (DIN: 08714945) as Independent Director w.e.f. June 07, 2025
  • Resignation of Mr. Manish Navnit Shah as CFO and KMP w.e.f. August 12, 2025
  • Appointment of Mr. Mohit Kothari as CFO and KMP w.e.f. October 30, 2025
  • Appointment of Mr. Ikerath Joseph Sam (DIN: 00089946) as Executive Director w.e.f. November 14, 2025
  • Resignation of Mr. Ajay Rajawat (DIN: 08702574) as Executive Director w.e.f. December 04, 2025

Post Year-End Changes:

  • Resignation of Mr. Ikerath Joseph Sam as Executive Director w.e.f. April 16, 2026
  • Appointment of Mr. Rishabh Vikash Sareen (DIN: 11685800) as Executive Director w.e.f. April 30, 2026
  • Re-appointment of Mr. Nitin Gujral as Managing Director for 5 years w.e.f. August 08, 2026
  • Resignation of Ms. Jinal Shah as Company Secretary and Compliance Officer w.e.f. August 31, 2026

Board Composition and Meetings

  • Board comprises 6 Directors (3 Executive, 3 Non-Executive Independent)
  • 10 Board meetings held during FY 2025-26
  • Separate meetings of Independent Directors held on November 14, 2025 and February 12, 2026

Auditor Appointments

  • Statutory Auditors: M/s Rakchamps & Co LLP (FRN No. 131094W/W100083) appointed till 45th AGM
  • Secretarial Auditors: M/s Mayank Arora & Co appointed for 5 years from FY 2024-25
  • Internal Auditors: M/s M Borar & Co (Mem. No.: 419704)
  • All auditor reports are unqualified without adverse remarks

Annual General Meeting Details

  • 42nd AGM to be held on Wednesday, September 30, 2026 at 11:45 a.m.
  • Venue: Ground Floor, Runanubandh Hall, Yashwantrao Chavan Centre, Nariman Point, Mumbai-400021
  • Book Closure: September 24, 2026 to September 30, 2026 (both days inclusive)
  • Record Date: September 23, 2026

Agenda Items:

Ordinary Business:

1. Adoption of Audited Standalone Financial Statements for FY 2025-26

2. Re-appointment of Mr. Sourav Sharma (DIN: 08239605) who retires by rotation

Special Business:

3. Re-appointment of Mr. Nitin Gujral (DIN: 08184605) as Managing Director for 5 years with remuneration of ₹5.40 lakh per annum

Remote E-Voting Arrangements

  • Remote e-voting period: September 27, 2026 (9:00 a.m.) to September 29, 2026 (5:00 p.m.)
  • E-voting service provider: NSDL
  • Members can vote through various methods including demat account login, NSDL e-Voting website, or mobile app

Corporate Governance Compliance

  • Company has adopted various policies including Code of Conduct, Insider Trading Code, Whistle Blower Policy, Related Party Transactions Policy
  • Compliance certificate from practicing company secretary received with minor observations
  • No material related party transactions requiring disclosure

Legal and Regulatory Matters

  • Ongoing litigation matters include:
  • Review Application before NCLAT Delhi regarding Royal Refinery Pvt Ltd liquidation
  • Multiple income tax appeals for AY 2012-13 to AY 2024-25 involving substantial amounts
  • FEMA appeal filed by department
  • Writ Petition before Bombay High Court for AY 2016-17
  • No significant material orders passed by regulators affecting going concern status

Shareholding Pattern

  • 99.79% of shares held in dematerialized form as on March 31, 2026
  • Promoter shareholding includes Manoj B Punamiya (13.76%), Lata Manojkumar Punamiya (11.73%), Aman Manojkumar Punamiya (8.48%), Hillview Impex Private Limited (1.29%), and India Corporation Limited (7.21%)

Risk Factors

  • Regulatory changes affecting environmental clearances for mining operations
  • Geopolitical and supply chain disruptions affecting defence segment
  • Commodity price volatility in gold trading
  • Interest rate risks affecting consumer sentiment

Forward-Looking Statements

Management Discussion & Analysis contains forward-looking statements subject to risks including global economic conditions, government policies, regulations, and other incidental factors. Actual results may differ materially from expressed or implied statements.