Corporate Structure

Listed on: BSE Limited – SME Platform

Board of Directors

  • Mr. Narendra Rikhabchand Sanghvi (DIN: 02912085) - Non-Executive Director
  • Mr. Darpan Narendra Sanghvi (DIN: 02912102) - Director
  • Ms. Disha Narendra Sanghvi (DIN: 06788323) - Non-Executive Director
  • Mr. Rohit Prakash Bafana (DIN: 00590469) - Independent Non-Executive Director (appointed May 21, 2026)
  • Mr. Sunil Mohan Lulla (DIN: 00110266) - Independent Non-Executive Director
  • Mr. Gaurav Balkrishan Agarwal (DIN: 02531473) - Independent Non-Executive Director

Changes during FY26: Mr. Carlton Gerard Pereira (Non-Executive Director) resigned on February 5, 2026

Key Managerial Personnel

  • Mr. Laxmi Narayan Rathi - Chief Financial Officer
  • Dr. Vijay Aggarwal - Chief Executive Officer
  • Mrs. Aman Sharma - Company Secretary & Compliance Officer (appointed August 11, 2025, replacing Ms. Kruti Shah)

Committee Composition

Audit Committee: Mr. Sunil Mohan Lulla (Chairman), Mr. Narendra Sanghvi, Mr. Gaurav Balkrishan Agarwal

Nomination and Remuneration Committee: Mr. Sunil Mohan Lulla (Chairman), Mr. Narendra Sanghvi, Mr. Gaurav Balkrishan Agarwal

Stakeholders Relationship Committee: Mr. Sunil Mohan Lulla (Chairman), Mr. Narendra Sanghvi, Mr. Gaurav Balkrishan Agarwal

Financial Performance Summary

Standalone Financials (₹ in Thousands)

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

| Revenue from Operations | 91,155.76 | 85,194.16 | +7.0% |

| Other Income | 2,238.55 | 4,485.06 | -50.1% |

| Total Income | 93,394.31 | 89,679.22 | +4.1% |

| Total Expenditure | 83,133.41 | 78,145.83 | +6.4% |

| Profit Before Tax | 10,260.90 | 11,533.39 | -11.0% |

| Current Tax | 1,760.77 | 663.62 | +165.3% |

| Profit After Tax | 8,500.13 | 10,869.77 | -21.8% |

| EPS (Basic & Diluted) | ₹0.82 | ₹1.04 | -21.2% |

Consolidated Financials (₹ in Thousands)

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

| Revenue from Operations | 1,46,142.82 | 1,21,986.56 | +19.8% |

| Other Income | 2,847.95 | 5,728.77 | -50.3% |

| Total Income | 1,48,990.77 | 1,27,715.33 | +16.7% |

| Total Expenditure | 1,29,982.91 | 1,16,921.81 | +11.2% |

| Profit Before Tax | 19,007.86 | 10,793.52 | +76.1% |

| Current Tax | 3,168.14 | 666.80 | +375.1% |

| Profit After Tax | 15,839.72 | 10,126.72 | +56.4% |

| EPS (Basic & Diluted) | ₹1.52 | ₹0.97 | +56.7% |

Capital Structure

Authorized Share Capital: ₹130,000,000 divided into 13,000,000 equity shares of ₹10 each

Paid-up Capital: ₹104,158,800 divided into 10,415,880 equity shares of ₹10 each (unchanged during FY26)

Subsidiary Performance (₹ in Thousands)

Sanghvi Beauty & Salon Private Limited

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

| Turnover | 54,177.06 | 37,437.82 |

| PBT | 9,021.60 | (373.81) |

| PAT | 7,614.23 | (373.81) |

| Net Worth | (34,243.04) | (41,857.27) |

Sanghvi Fitness Private Limited

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

| Turnover | 810.00 | 598.30 |

| PBT | (129.44) | (369.24) |

| PAT | (129.44) | (369.24) |

| Net Worth | (6,441.24) | (6,311.80) |

Sanghvi Brands SL (Private) Limited

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

| Turnover | 0 | 0 |

| PBT | (145.20) | Not disclosed |

| PAT | (145.20) | Not disclosed |

| Net Worth | (3,052.98) | Not disclosed |

Dividend and Reserves

No dividend recommended for FY 2025-26 to retain earnings for business growth.

Standalone Reserves & Surplus: ₹7,299.74 thousand as of March 31, 2026 (vs. negative ₹1,200.39 thousand previous year)

Consolidated Reserves & Surplus: Negative ₹33,040.73 thousand as of March 31, 2026 (vs. negative ₹48,889.18 thousand previous year)

AGM Details

16th Annual General Meeting: September 18, 2026 at 2:30 PM through Video Conferencing

Business to be transacted:

1. Adoption of audited standalone and consolidated financial statements

2. Re-appointment of Mr. Narendra Rikhabchand Sanghvi as director retiring by rotation

3. Appointment of M/s. Komandoor & Co. LLP as statutory auditors for 5 years

4. Appointment of Mr. Rohit Prakash Bafana as independent director for 5 years (May 21, 2026 to May 20, 2031)

Record Date: September 11, 2026

Register of Members closure: September 12-18, 2026

Auditor Appointments

Outgoing Auditor: M/s. B.K. Khare & Co. (completed two terms)

Incoming Auditor: M/s. Komandoor & Co. LLP (Firm Registration No. 0014205/5200034)

Proposed Audit Fee: ₹280,000 per annum (vs. ₹760,000 paid to outgoing auditor)

Internal Auditor: M/s. Komandoor & Co. LLP

Secretarial Auditor: M/s. H Choudhary & Associates

Key Financial Ratios (Standalone)

| Ratio | FY 2025-26 | FY 2024-25 | Change |

| Current Ratio | 5.45 | 7.11 | -23.37% |

| Return on Equity | 0.08 | 0.11 | -28.86% |

| Inventory Turnover | 21.91 | 20.43 | +7.24% |

| Trade Receivables Turnover | 13.38 | 10.51 | +41.09% |

| Net Profit Ratio | 0.09 | 0.13 | -26.91% |

| Return on Capital Employed | 0.09 | 0.11 | -17.82% |

Employee Information

Total Permanent Employees: 81 as of March 31, 2026

Median Remuneration: ₹60,934.13 (7% increase YoY)

Key Executive Compensation:

  • Dr. Vijay Aggarwal (CEO): ₹5,850,000
  • Mr. Laxmi Narayan Rathi (CFO): ₹5,850,000
  • Mrs. Aman Sharma (CS): ₹240,000

Related Party Transactions

All transactions entered at arm's length price in ordinary course of business. Material transactions include:

  • Rent paid to Ms. Disha N Sanghvi: ₹600,000
  • Sales to Sanghvi Lifestyle Products Pvt Ltd: ₹63,410
  • Advances to subsidiaries: Sanghvi Beauty & Salon (₹51,254,310), Sanghvi Fitness (₹6,745,290)

Contingent Liabilities

Standalone:

  • Goods and Service Tax: ₹380,030 (disputed)
  • Service Tax: ₹4,622,010 (disputed)

Consolidated:

  • Goods and Service Tax: ₹940,090 (disputed)
  • Delhi Value Added Tax: ₹209,360 (disputed)
  • Service Tax: ₹5,794,430 (disputed)

Internal Financial Controls

Auditor reported material weakness in accrual and recording of administrative and other expenses. Except for this, internal financial controls were adequate and operating effectively.

Foreign Exchange Transactions

Foreign Exchange Outgo: ₹3,588.25 thousand (USD 40,369.90) in FY26 vs ₹6,185.22 thousand (USD 71,651.60) in FY25

Utilization of IPO Proceeds

As of March 31, 2026, ₹171.35 million utilized out of ₹189.61 million raised. Major utilization:

  • Business expansion: ₹650.55 million
  • Marketing and sales promotion: ₹500.00 million (fully utilized)
  • Strategic investments: ₹71.42 million
  • General corporate purpose: ₹284.42 million (fully utilized)

Industry Overview

The company operates in spa, salon and wellness industry with portfolio including Spa L'OCCITANE, ELLE Spa & Salon, and Warren Tricomi Salon & Spa. Operations span India, Middle East and Indian Ocean region with 50+ spa, salon and gym partnerships worldwide.

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