Board Meeting Details
The Board of Directors meeting was held on August 12, 2026, commencing at 1:30 PM and concluding at 2:40 PM.
Key Approvals
1. Approved Unaudited Standalone & Consolidated Financial Results along with Limited Review report issued by M/s. Ashok Dhariwal & Co., Statutory Auditor for the quarter ended June 30, 2026
2. Approved appointment of M/s. R J & Associates, Practicing Cost Accountants (Firm Reg. No. 004690, M. No. 35524) as Cost Auditor for financial year 2026-2027, subject to ratification of fees by members at ensuing AGM
Financial Results - Standalone (Quarter Ended June 30, 2026)
- Revenue from Operations: ₹54.60 crore
- Total Revenue: ₹54.60 crore
- Total Expenses: ₹49.90 crore
- Profit before Tax: ₹4.69 crore
- Tax Expense: ₹1.18 crore (Current Tax: ₹0.60 crore, Deferred Tax: ₹0.58 crore)
- Profit after Tax: ₹3.51 crore
- Paid-up Equity Share Capital: ₹98.24 crore (Face Value ₹1 each)
- Basic EPS: ₹0.04
- Diluted EPS: ₹0.04
Financial Results - Consolidated (Quarter Ended June 30, 2026)
- Revenue from Operations: ₹57.20 crore
- Total Revenue: ₹58.40 crore
- Total Expenses: ₹53.71 crore
- Profit before Tax: ₹4.69 crore
- Share in Profit of Joint Venture & Associates: ₹0.02 crore
- Tax Expense: ₹1.18 crore (Current Tax: ₹0.60 crore, Deferred Tax: ₹0.58 crore)
- Profit after Tax: ₹3.52 crore
- Profit attributable to Owners: ₹3.48 crore
- Paid-up Equity Share Capital: ₹98.24 crore
- Basic EPS: ₹0.04
- Diluted EPS: ₹0.04
Capital Structure Changes
1. Rights Issue: Issued 9,71,63,362 Equity Shares of Face Value ₹1 each at issue price of ₹4.86 per share (including premium of ₹3.86 per share) in ratio of 36 Right Equity Shares for every 311 existing shares. Record Date: May 27, 2026. Allotment approved on June 30, 2026.
2. Warrant Conversion: Allotted 1,00,00,000 fully paid-up Equity Shares of face value ₹1 each at issue price of ₹4.71 per share (including premium of ₹3.71 per share) aggregating ₹4.71 crore to Mrs. Mona Viral Shah, Promoter Director. This was executed upon exercise of conversion rights attached to 1,00,00,000 convertible warrants (out of total 2,00,00,000 warrants allotted on June 28, 2025) on preferential basis. Allotment date: July 16, 2026.
Significant Accounting Matters
1. Doubtful Debts: Trade receivables of ₹76.26 crore from overseas customer remain unrealized for substantial period. Company has created provision for doubtful debts of ₹56.89 crore up to March 31, 2026. Company entered into MOU for proposed settlement at substantially reduced value over extended repayment period. Management expects settlement in subsequent quarters of current financial year.
2. Investment: Board approved equity investment of ₹52,000 for 26% stake in Strike Eco Grid Private Limited on April 23, 2026. Strike Eco Grid became Associate Company effective April 24, 2026.
Subsidiary and Associate Information
Consolidated results include:
- 4 subsidiaries with total revenues of ₹3.07 crore and total PAT of ₹0.31 crore for quarter
- 1 Joint Venture and 1 Associate with Group's share of PAT of ₹0.02 crore
- Specific entities: Goldman Hotels & Resorts Private Limited (associate), Strike Eco Grid Private Limited (associate), General Capital and Holding Co. Pvt. Ltd., Shah Agrocorp Private Limited, Western Urja Private Limited, Metcorp Trading LLC, Shah Metacorp Holdings USA INC (joint venture)
Auditor's Emphasis of Matter
Auditor highlighted four key matters in their review report:
1. Long outstanding trade receivables of ₹76.26 crore with provision of ₹56.89 crore
2. Rights issue of 9,71,63,362 shares
3. Conversion of 1,00,00,000 warrants to equity shares for Mona Viral Shah
4. Equity investment in Strike Eco Grid Private Limited
Investor Complaints
Total three investor complaints received and resolved during quarter. No complaints unattended as of June 30, 2026.