Date: 12.08.2026

Board Meeting Outcomes

The Board of Directors meeting held on August 12, 2026 considered and approved the following items:

  • Un-Audited Standalone Financial Results for the quarter ended June 30, 2026
  • Adoption of new Memorandum of Association with additional main objects for commodity trading and real estate activities
  • Adoption of new Articles of Association
  • Approval of proposals under Section 180(1)(a) of Companies Act, 2013 for strategic alternatives
  • Noted valuation report of plant and machinery by registered valuer
  • Authorized Company Secretary & CFO for AGM arrangements
  • Approved Directors' Report for FY2025-26
  • Approved Notice of 36th Annual General Meeting scheduled for September 18, 2026
  • Appointed Mr. Kamlesh M. Shah as Scrutinizer for e-voting process

Financial Results (Standalone)

Quarter Ended June 30, 2026 (Unaudited):

  • Revenue from Operations: ₹0.00 crore
  • Other Operating Income: ₹0.00 crore
  • Other Non Operating Income: ₹0.24 crore
  • Total Revenue: ₹0.24 crore
  • Total Expenses: ₹3.03 crore
  • Loss Before Tax: ₹(2.79) crore
  • Net Loss for the period: ₹(2.07) crore
  • Basic EPS: ₹(1.05)
  • Diluted EPS: ₹(1.05)

Comparative Figures:

  • March 31, 2026 (Audited): Net Profit ₹4.45 crore, EPS ₹2.25
  • June 30, 2025 (Unaudited): Net Loss ₹(2.83) crore, EPS ₹(1.43)
  • March 31, 2026 (Audited Year Ended): Net Profit ₹72.60 crore, EPS ₹36.67

Key Expense Components (Q1 FY2027):

  • Employee benefits expense: ₹0.48 crore
  • Finance costs: ₹0.89 crore
  • Depreciation and amortization: ₹1.00 crore
  • Other expenditure: ₹0.57 crore

Material Uncertainty Related to Going Concern

The Board noted the observation made by statutory auditors in their Limited Review Report regarding material uncertainty related to going concern. The Company had decided to close operations of its Iron & Steel Plant at Santej, Kalol, Gandhinagar, Gujarat in July 2025 due to:

  • Age of plant and machinery
  • Technological obsolescence
  • Higher cost of production
  • Continuing losses from operations

The plant operations have remained closed since August 2025. The Company is evaluating various strategic alternatives including:

  • Induction of strategic/financial investors or technology partners
  • Lease, sale, transfer or disposal of plant, machinery and assets
  • Joint ventures, strategic partnerships, technology arrangements
  • Operating/management arrangements and other restructuring

Valuation of Plant and Machinery

The Board noted the Valuation Report dated April 30, 2026 prepared by Mr. Vatsalraj J. Dabhi, IBBI Registered Valuer (Registration No. IBBI/RV/02/2022/15167):

  • Fair Market Value of Plant & Machinery: ₹44,19,50,000 (₹44.195 crore)
  • Valuation Date: March 31, 2026
  • Valuation Approach: Cost Approach - Depreciated Replacement Cost Method
  • Basis: Market Value
  • The valuation is indicative for assessment and does not constitute minimum sale price

Business Diversification Proposals

New Main Objects for Memorandum of Association:

Main Object No. 3 - Commodity Trading and Related Activities:

To carry on business of buying, selling, sourcing, distributing, importing, exporting, trading in agricultural commodities, metals, precious metals, bullion, energy products, freight and merchandise through physical delivery, spot markets or commodity exchanges in India or internationally.

Main Object No. 4 - Real Estate, Construction, Infrastructure and Allied Activities:

To carry on business of acquiring, purchasing, selling, owning, holding, leasing, exchanging, developing and improving land, plots, estates, properties and immovable assets; to act as builders, civil engineers, contractors, developers, colonizers and infrastructure developers.

Asset Monetization Plans

The Board approved proposals for:

  • Sale, lease, development, redevelopment, joint development or other monetisation of Company's land, buildings and immovable assets
  • Objective of unlocking value from existing assets and deploying resources towards strategic investments, business acquisitions, technology upgradation, capital expenditure, working capital and liability reduction

Annual General Meeting

  • 36th AGM scheduled for September 18, 2026
  • Directors' Report for year ended March 31, 2026 approved
  • Special Resolutions to be proposed for MOA/AOA changes and Section 180(1)(a) approvals