Key Financial Performance (Standalone)

Financial Results (₹ in Lakhs):

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

| Revenue from Operations | 645.54 | 1,057.93 |

| Other Income | 4.53 | 10.66 |

| Total Revenue | 650.07 | 1,068.59 |

| EBITDA | (56.66) | 319.62 |

| Finance Cost | 59.47 | 67.70 |

| Depreciation | 72.70 | 48.64 |

| Profit Before Exceptional Items and Tax | (188.84) | 203.28 |

| Less: Exceptional Items | 5.69 | (576.68) |

| Profit Before Tax | (194.53) | (373.40) |

| Tax Expenses | (12.57) | (16.76) |

| Profit After Tax | (181.96) | (356.64) |

Operational Highlights:

  • The company operates in transportation of cargo and lighterage operation in inland water limits of Indian ports
  • Owns 8 vessels ranging between DWT 150 tons to DWT 3500 tons
  • No change in nature of business activity during the reporting year
  • Revenue decline attributed to market conditions

AGM Details

  • Date: Tuesday, 29th September, 2026
  • Time: 04:00 PM
  • Mode: Video Conference/Other Audio Visual Means
  • Deemed Venue: Registered Office at 404, Abhay Steel House, 4th Floor, Baroda Street, Mumbai-400009

Business to be Transacted

Ordinary Business:

1. Adoption of audited standalone financial statements for FY 2025-26

2. Re-appointment of Ms. Anjali Shahi as Non-Executive Non-independent Director

Special Business:

3. Approval of Related Party Transactions: Seeking member approval for transactions with related parties up to ₹60 lakhs aggregate value:

  • India First Logistics Limited: Loans & Advances to Shahi Shipping Ltd (Common Director and Common Promoter)
  • Shahi Gasol LLP: Loans & Advances to Shahi Shipping Ltd (Common Director and Common Promoter)

4. Re-appointment of Mr. Omprakash Ramdin Singh as Independent Director for second term of 5 years from 29th September, 2026 to 28th September, 2031

5. Appointment of Jay Bhatt & Associates as Secretarial Auditor for 5 consecutive years from conclusion of 36th AGM till conclusion of 40th AGM

Board of Directors:

  • Mr. Sarvesh Kumar Shahi (Chairman & Managing Director, DIN: 00359535)
  • Ms. Anjali Shahi (Non-Executive Non-Independent Director, DIN: 03363248)
  • Mr. Sanjeev Kumar Singh (Independent Director, DIN: 08698524)
  • Mr. Omprakash Ramdin Singh (Independent Director, DIN: 08597117)

Key Managerial Personnel:

  • Mr. Uma Shankar Thakur (Chief Financial Officer)
  • Mr. Nungavaram Vaidyanathan Agandeswaran (Company Secretary & Compliance Officer)

Statutory Auditors:

M/S. B.P Shah & Co. (Chartered Accountants, Firm Registration No. 109517W)

Bankers:

State Bank of India, ICICI Bank

Capital Structure

  • Authorized Capital: 3,00,00,000 equity shares of ₹10 each (₹30,00,00,000)
  • Issued, Subscribed & Paid-up Capital: 1,44,94,874 equity shares of ₹10 each (₹14,49,48,740)
  • No change in share capital during the year

Dividend

No dividend recommended for FY 2025-26 to conserve resources

Key Disclosures

Related Party Transactions:

All contracts/arrangements/transactions with related parties were in ordinary course of business and at arm's length basis. Prior omnibus approval obtained for repetitive transactions.

Contingent Liabilities:

1. Service Tax Demand: ₹7.17 crore (tax ₹2.63 crore + penalty ₹4.54 crore) for period 2009-2017 under dispute at Appellate Tribunal

2. GST Demand: ₹14.13 lakh for FY 2017-18 (tax paid ₹5.86 lakh, interest and penalty under dispute)

3. Income Tax Demand: ₹16.58 lakh for AY 2020-21 relating to TDS defaults, appeal preferred

Internal Financial Controls:

Auditors reported that the company has not established internal financial control over financial reporting on criteria based on essential components of internal control stated in Guidance Note of ICAI. Disclaimer of opinion issued on adequacy of internal financial controls.

Secretarial Audit:

M/s. Jay Bhatt & Associates issued clean Secretarial Audit Report with no qualifications

Corporate Governance:

Company complied with corporate governance requirements under SEBI Listing Regulations. Compliance certificate from practicing company secretary obtained.

Management Discussion & Analysis

  • Indian shipping sector handled approximately 915.17 million tonnes of cargo at major ports, growth of 7.06% YoY
  • Global shipping industry influenced by changing trade patterns, geopolitical developments, and environmental regulations
  • Company focused on coastal shipping and allied maritime services
  • Safety remains priority with focus on vessel maintenance and operational safety

Important Dates

  • Book Closure: 23rd September, 2026 to 29th September, 2026 (both days inclusive)
  • Cut-off Date for E-voting: Tuesday, 22nd September, 2026
  • Remote E-voting Period: 26th September, 2026 (9:00 AM) to 28th September, 2026 (5:00 PM)

Voting Arrangements

  • Facility for remote e-voting and e-voting during AGM provided through MUFG Intime India Private Limited
  • Scrutinizer: Jay Bhatt & Associates (Practicing Company Secretary)
  • Physical attendance dispensed with due to MCA circulars permitting VC/OAVM meetings

Website Information

Annual Report available on company website: www.shahilogistics.com

Auditor's Emphasis of Matter

Auditors emphasized contingent liability relating to ongoing tax dispute with service tax authority involving net tax demand of ₹2.63 crore and penalty of ₹4.54 crore, which the company has legally challenged.

Ratios Analysis

  • Current Ratio: 0.69 (0.63 in previous year)
  • Debt-Equity Ratio: 18.44 (2.69 in previous year)
  • Return on Equity: -130.91% (-87.26% in previous year)
  • Trade Receivables Turnover Ratio: 4.38 (6.20 in previous year)