Key Financial Figures (₹ Million)

  • Revenue from operations: 6311.62 (Previous year: 6035.90)
  • Other Income: 48.12 (Previous year: 35.63)
  • Profit before depreciation, finance cost and tax: 378.08 (Previous year: 477.88)
  • Depreciation & amortization: 66.12 (Previous year: 46.88)
  • Finance cost: 10.03 (Previous year: 22.79)
  • Profit before tax: 311.96 (Previous year: 408.21)
  • Tax expense: 77.90 (Previous year: 102.44)
  • Profit after tax: 234.06 (Previous year: 305.76)
  • Earnings per share: ₹5.89 (Previous year: ₹7.72)
  • Total assets: 2869.39 (Previous year: 2899.33)
  • Net worth: 1946.61 (Previous year: 1778.55)

Dividend Information

  • Interim dividend declared: ₹1.515 per equity share (15.15%)
  • Dividend amount: ₹60 million
  • Record date: April 10, 2025
  • Payment date: April 30, 2025
  • No final dividend recommended for FY 2025-26

Annual General Meeting Details

  • Date: Friday, September 18, 2026
  • Time: 4:00 PM IST
  • Mode: Video Conferencing/Other Audio Visual Means without physical presence
  • Deemed venue: Registered office at Kolhapur, Maharashtra
  • Cut-off date for e-voting: September 10, 2026
  • Remote e-voting period: September 15-17, 2026

AGM Agenda Items

Ordinary Business

1. Adoption of audited standalone financial statements for FY 2025-26 with reports of directors and auditors

2. Reappointment of Mr. Mahesh Sajandas Dulhani (DIN: 01810089) who retires by rotation

3. Appointment of PPC & Co, Chartered Accountants (FRN: 136439W) as statutory auditors for 5 years

Special Business

4. Reappointment of Mr. Yatiraj Shivpratap Marda (DIN: 10174363) as non-executive independent director for second term of 5 years (June 20, 2026 to June 19, 2031)

5. Reappointment of Mr. Amar Sampatrao Thorat (DIN: 02223782) as non-executive independent director for second term of 5 years (August 2, 2026 to August 1, 2031)

Board Composition Changes

  • Mr. Shankar Laxmandas Dulhani resigned as Chairman & Executive Director effective June 5, 2026
  • Mr. Rajesh Sujandas Dulhani appointed as Chairman & Executive Director effective June 8, 2026
  • Ms. Vidhi Bharat Oswal appointed as Company Secretary & Compliance Officer effective June 7, 2025
  • Mr. Maniklal Karmakar retired as Independent Director effective June 19, 2026
  • Mrs. Pallavi Ashish Korgaonkar reappointed as Independent Woman Director for second term (September 9, 2025 to September 8, 2028)

Share Capital Structure

  • Authorized capital: ₹410 million (41,000,000 equity shares of ₹10 each)
  • Paid-up capital: ₹396 million (39,599,800 equity shares of ₹10 each)
  • Promoter holding: 74.98% as of March 31, 2026
  • 100% shares held in dematerialized form

Business Diversification

  • Shareholders approved amendment to Memorandum of Association to include real estate development as additional object
  • Special resolution passed via postal ballot concluded January 1, 2026 with 99.95% votes in favor
  • No specific real estate projects undertaken as of report date
  • Company maintains net debt-free status with healthy cash reserves

Operational Highlights

  • Sourced from over 900 weavers with approximately 300,000 SKUs
  • Serves approximately 13,000 active B2B customers
  • Product mix dominated by sarees with supplementary offerings including kurtis, dress materials, lehengas
  • First exclusive retail outlet (15,000 sq. ft.) launched in Kolhapur in June 2025
  • Pilot entry into men's ethnic wear segment during festive season

Corporate Governance

  • Board comprises 8 directors (4 executive, 4 non-executive independent)
  • 7 board meetings held during FY 2025-26
  • Committees: Audit, Nomination & Remuneration, Stakeholders' Relationship, CSR, Internal Complaint
  • Whistleblower policy and vigil mechanism established
  • No sexual harassment complaints received during the year

Auditor Information

  • Statutory Auditors: Sanjay Vhanbatte & Company (completing term at AGM)
  • New Statutory Auditors proposed: PPC & Co, Chartered Accountants (FRN: 136439W) for 5 years
  • Internal Auditors: M/s. Ajit M. Joshi and Associates
  • Secretarial Auditors: M/s. NAM & Associates

Auditor Qualifications

Statutory auditors issued qualified opinion noting:

  • Company has not maintained stock records giving quantitative details of goods dealt during the year
  • Closing inventory taken as per physical counting and related procedures

Management response: Qualification relates to process of recording stocks, while stock has been physically verified

CSR Activities

  • CSR obligation: ₹74.04 million (2% of average net profit)
  • Amount transferred to unspent CSR account: ₹74.04 million on April 23, 2026
  • Ongoing projects with Samarth Yuva Foundation, Kai Shri Marutirao Salokhe Vrudha Va Ardhangvayu Grastha Seva Mandal, Siddhagiri Gurukul Foundation

Related Party Transactions

All related party transactions entered during the financial year were on arm's length basis and in ordinary course of business. Transactions include sales/purchases with Aavali Sadi Depot, remuneration to directors and relatives, and transactions with partnership firms.

Key Managerial Personnel

  • Mr. Vinod Shevakram Dulhani: CEO & Managing Director
  • Mr. Mahesh Suwalal Vyas: Chief Financial Officer
  • Ms. Vidhi Bharat Oswal: Company Secretary & Compliance Officer

Registrars and Share Transfer Agents

Bigshare Services Private Limited, Mumbai

Bankers

HDFC Bank Ltd., Kolhapur and ICICI Bank, Kolhapur

Important Dates

  • Book closure: September 11-18, 2026
  • Dividend payment dates for unclaimed dividends:
  • FY 2024-25: Transfer to IEPF by March 21, 2032
  • FY 2025-26: Transfer to IEPF by May 10, 2032