Financial Performance Summary

FY 2025-26 Financial Results (₹ in Lakhs):

  • Revenue from Operations: ₹17,800.98 (FY25: ₹13,271.85) - 34.1% increase
  • Other Income: ₹9.40 (FY25: ₹28.24) - 66.7% decrease
  • Total Revenue: ₹17,810.39 (FY25: ₹13,300.09) - 33.9% increase
  • Total Expenses: ₹17,066.13 (FY25: ₹12,372.26) - 37.9% increase
  • Profit Before Tax: ₹744.26 (FY25: ₹927.83) - 19.8% decrease
  • Current Tax: ₹178.43 (FY25: ₹235.39) - 24.2% decrease
  • Deferred Tax Expense: ₹28.48 (FY25: ₹3.20 income)
  • Profit After Tax: ₹594.31 (FY25: ₹689.24) - 13.8% decrease

Key Financial Position (as of March 31, 2026):

  • Share Capital: ₹848.11 lakh (84,81,100 equity shares of ₹10 each)
  • Reserves and Surplus: ₹4,819.48 lakh
  • Total Shareholders' Funds: ₹5,667.59 lakh
  • Long-term Borrowings: ₹829.78 lakh
  • Current Liabilities: ₹3,882.21 lakh
  • Total Assets: ₹10,385.40 lakh
  • Inventories: ₹4,336.58 lakh
  • Trade Receivables: ₹2,981.01 lakh
  • Cash and Cash Equivalents: ₹12.41 lakh

Capital Structure Changes

IPO Details:

  • Date: September 24, 2025
  • Shares Issued: 25,44,000 equity shares of ₹10 each
  • Issue Price: ₹120 per share (including securities premium of ₹110 per share)
  • Amount Raised: ₹3,052.80 lakh
  • Utilization: For the purpose for which they were raised (as per auditor verification)

Shareholding Pattern (as of March 31, 2026):

  • Promoters' Holding: Sanket Deora (2.72%), Sanjay Deora (2.13%), Sneha Deora (2.63%)
  • Sampat Heavy Engineering Ltd.: 24.36%
  • Ekta Deora: 31.84%
  • Core Inc.: 3.54%

Corporate Governance and Compliance

Board Composition:

  • Sanket Sanjay Deora (Managing Director, DIN: 01417446)
  • Sanjay Vimalbhai Deora (Executive Director, DIN: 01010427)
  • Virenkumar Ghanshyambhai Patel (Non-Executive Director, DIN: 10672120)
  • Monika Gaurav Gupta (Independent Director, DIN: 07224521)
  • Niki Nitin Thakkar (Independent Director, DIN: 10663415)

Key Managerial Personnel:

  • Bhushan Pramod Puranik (Company Secretary and Compliance Officer)
  • Shashank Shekhar Chaturvedi (Chief Financial Officer)

Board Meetings:

14 meetings held during FY26 on: 30/06/2025, 01/07/2025, 16/07/2025, 04/08/2025, 22/08/2025, 28/08/2025, 01/09/2025, 09/09/2025, 22/09/2025, 27/09/2025, 14/11/2025, 18/12/2025, 28/02/2026, 28/03/2026

Committee Composition:

  • Audit Committee: Ms. Niki Nitin Thakkar (Chairperson), Ms. Monika Gaurav Gupta, Mr. Sanket Sanjay Deora
  • Stakeholders Relationship Committee: Mr. Virenkumar Ghanshyambhai Patel (Chairperson), Ms. Monika Gaurav Gupta, Ms. Niki Nitin Thakkar
  • Nomination and Remuneration Committee: Ms. Monika Gaurav Gupta (Chairperson), Mr. Virenkumar Ghanshyambhai Patel, Ms. Niki Nitin Thakkar

Auditor Observations and Qualifications

Statutory Auditors (M/s. S. N. Shah & Associates):

1. Non-availability of Audit Trail Records: Company could not provide audit trail (edit log) records for the entire year due to configuration and data-migration constraints

2. Variation in Bank Stock Statements: Variance of more than 10% between quarterly stock statements filed with Union Bank of India and books of account for September 2025 (12.72%) and March 2026 (12.43%)

3. Delay in CSR Transfer: ₹13.18 lakh unspent CSR amount for FY26 not transferred to Schedule VII fund within six months of financial year end

The auditors expressed an unmodified (unqualified) opinion on the financial statements despite these observations.

Secretarial Auditor (M/s. Utkarsh Shah & Co.) Observations:

1. CSR Non-compliance: ₹13.18 lakh unspent CSR amount not transferred to specified fund

2. PIT Regulations Non-compliance: Company had not maintained/updated Structured Digital Database as required under Regulation 3(5) of SEBI (PIT) Regulations, 2015

Corporate Social Responsibility (CSR)

  • CSR Obligation for FY26: ₹13.17 lakh (2% of average net profit)
  • Actual CSR Spend: ₹13.18 lakh
  • Unspent Amount: ₹13.18 lakh (not transferred to Schedule VII fund as required)
  • Shortfall Reason: Focus on IPO-related activities and capital expansion constrained identification of suitable CSR projects

Related Party Transactions

Significant transactions with related parties during FY26:

  • Purchase from Indus Aluminium Recyclers Limited: ₹134.50 lakh
  • Sale to Indus Aluminium Recyclers Limited: ₹1,740.16 lakh
  • Sale to Deora Wires N Machines Private Limited: ₹66.27 lakh
  • Corporate guarantee for Deora Wires and Machinery Pvt. Ltd.: ₹300.00 lakh (sanction limit), ₹129.36 lakh outstanding

Contingent Liabilities

  • Income Tax demands: ₹5.54 lakh
  • GST demands of earlier years: ₹1,541.23 lakh (disputed and pending adjudication)
  • Corporate guarantees: ₹300.00 lakh

AGM Details

  • 27th Annual General Meeting to be held on September 26, 2026 at 3:00 PM through Video Conferencing/Other Audio-Visual Means
  • Ordinary Business: Adoption of financial statements, reappointment of director retiring by rotation
  • Special Business: Appointment of secretarial auditor for 5 years, ratification of cost auditor remuneration

Dividend and Reserves

  • No dividend recommended for FY26
  • No amount transferred to reserves

Industry Outlook and Management Discussion

  • Indian aluminium market valued at USD 13.54 billion in 2025, expected to reach USD 29.61 billion by 2035
  • Company operating in aluminium products manufacturing segment
  • Opportunities: Rising domestic demand, electric vehicles, value-added products
  • Threats: Price volatility, rising input costs, competition