Key Financial Figures (FY 2025-26)

  • Revenue from Operations: ₹7313.36 lakhs (44.35% YoY growth from ₹5066.02 lakhs)
  • EBITDA: ₹1274.19 lakhs
  • Profit Before Tax (PBT): ₹1222.47 lakhs
  • Profit After Tax (PAT): ₹902.72 lakhs
  • Earnings Per Share (Basic): ₹6.57
  • Total Income: ₹7314.95 lakhs (includes other income of ₹1.59 lakhs)
  • Total Expenses: ₹6092.48 lakhs
  • Finance Costs: ₹10.76 lakhs
  • Depreciation: ₹40.96 lakhs
  • Current Tax: ₹309.29 lakhs
  • Deferred Tax: ₹3.10 lakhs
  • Prior Period Tax: ₹7.36 lakhs

AGM Details

  • Date: Tuesday, September 29, 2026
  • Time: 10:00 AM
  • Venue: Registered Office at Shelter Nagar, Nr. S.T. Bus Stand, Himmatnagar, Gujarat 383001
  • Record Date: Tuesday, September 22, 2026
  • e-Voting Period: September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
  • e-Voting Agency: Bigshare Services Private Limited
  • Scrutinizer: Murtuza Mandorwala & Associates, Practicing Company Secretaries

AGM Agenda Items

Ordinary Business

1. Adoption of Financial Statements: To receive, consider and adopt Audited Standalone Financial Statements for FY ended March 31, 2026 with reports of Board of Directors and auditors.

2. Appointment of Director: Re-appointment of Mrs. Parvezbanu Mohamed Rafiq Idariya (DIN: 01470286) as Non-Executive Director liable to retire by rotation.

Special Business

3. Ratification of Related Party Transactions (FY 2025-2026): Ordinary Resolution to ratify material RPTs entered during FY25-26:

  • With Gandhi Brothers: Sales/Purchase ₹143.49 lakhs, Advances ₹1391.12 lakhs
  • With Shelter Pharmacy Pvt Ltd: Sales/Purchase ₹150.56 lakhs, Advances ₹840.12 lakhs

4. Approval of Material RPTs with Gandhi Brothers (FY 2026-2027): Ordinary Resolution for omnibus approval up to ₹2500 lakhs for sales, purchases, and advances of goods/services.

5. Approval of Material RPTs with Shelter Pharmacy Pvt Ltd (FY 2026-2027): Ordinary Resolution for omnibus approval up to ₹2500 lakhs for sales, purchases, and advances of goods/services.

6. Approval of Material RPTs with Al Nasheet Global Business Pvt Ltd (FY 2026-2027): Ordinary Resolution for omnibus approval up to ₹2500 lakhs for sales, purchases, and advances of goods/services.

7. Regularization of Additional Director: Special Resolution to regularize Dr. Vinita Shivraj Gadhavi (DIN: 09102407) as Non-Executive Independent Director for term from July 31, 2026 to July 30, 2031.

Capital Structure Changes

  • Authorized Capital: ₹2500 lakhs (2,50,00,000 equity shares of ₹10 each)
  • Paid-up Capital (as of March 31, 2026): ₹1661.18 lakhs (1,66,11,792 equity shares)
  • Preferential Allotment: During FY25-26, allotted 88,08,000 convertible warrants at ₹42.25 per warrant (including premium of ₹32.25)
  • Warrant Conversions: 50,52,000 warrants converted to equity shares during FY25-26 through multiple allotments between October 2025 and March 2026
  • Post-Year Conversion: Additional 2,25,000 warrants converted in May 2026
  • Utilization of Proceeds: ₹2531.20 lakhs received from preferential issue fully utilized for working capital as intended

Related Party Transactions (Detailed)

FY 2025-26 Transactions for Ratification:

  • Gandhi Brothers: Sales/Purchase ₹143.49 lakhs, Trade Advances ₹1391.12 lakhs
  • Shelter Pharmacy Pvt Ltd: Sales/Purchase ₹150.56 lakhs, Trade Advances ₹840.12 lakhs
  • Directors' Remuneration: Mustaqim Sabugar ₹36 lakhs, Shakil Sabugar ₹36 lakhs
  • CFO Remuneration: Mohammed Rafiq Shaikh ₹9 lakhs
  • Company Secretary Remuneration: Aarefa Kutub Kapasi ₹2.58 lakhs
  • Loans from Directors: Mustaqim Sabugar ₹92.90 lakhs, Shakil Sabugar ₹47.60 lakhs
  • Loan Repayments to Directors: Mustaqim Sabugar ₹93.89 lakhs, Shakil Sabugar ₹52.49 lakhs

FY 2026-27 Proposed Limits:

  • Each of the three related parties (Gandhi Brothers, Shelter Pharmacy Pvt Ltd, Al Nasheet Global Business Pvt Ltd) has proposed omnibus approval limit of ₹2500 lakhs

Board of Directors

  • Mr. Mustaqim Nisarahmed Sabugar (DIN: 01456841) - Managing Director
  • Mr. Shakil Nisarahmed Sabugar (DIN: 01474868) - Whole Time Director
  • Ms. Parvezbanu Mohammed Rafiq Idariya (DIN: 01470286) - Non-Executive Director
  • Mr. Mosinkhan Gafarkhan Pathan (DIN: 10039962) - Independent Director
  • Mr. Riyazahmed Abdulrauf Sabugar (DIN: 10039965) - Independent Director
  • Dr. Vinita Shivraj Gadhavi (DIN: 09102407) - Additional Director (appointed w.e.f. July 31, 2026)

Key Managerial Personnel

  • Mr. Mohammed Rafiq Gulamnabi Shaikh - Chief Financial Officer
  • Ms. Aarefa Kutub Kapasi (ICSI Membership No: A37110) - Company Secretary

Bankers

  • ICICI Bank Limited
  • State Bank of India
  • Himatnagar Nagrik Sahakari Bank Ltd

Auditors

  • Statutory Auditor: Alvi & Associates, Chartered Accountants
  • Secretarial Auditor: Murtuza Mandorwala & Associates, Practicing Company Secretaries
  • Internal Auditor: M/S. I I Lakhani & CO, Chartered Accountant

Registered & Corporate Offices

  • Corporate Office: 5th Floor, 501 Sakar 4, Opp. MJ Library Ashram Road, Paldi, Ellisbridge, Ahmedabad 380006, Gujarat

Registrar and Share Transfer Agent

Bigshare Services Pvt Ltd, Mumbai

Manufacturing and Business Operations

  • Established: 1965 (60-year legacy)
  • Manufacturing Unit: GMP and ISO 22000-2018 certified facility in Himmatnagar
  • Area: Built-up area of 24,500 Sq. Ft. on 10,000 Sq. Ft. land
  • Product Portfolio: 300+ formulations in Human Pharma and Veterinary segments
  • Export Approvals: Received approvals from Kuwait, Bhutan, UAE, Romania, Nepal, Egypt, Iraq, Qatar
  • Recent Launches: Nutraceuticals range including Emune 19, D3 Cure, Beta Glucan, Ferro Cure (2021)
  • Listing: Listed on BSE in 2023

Dividend and Reserves

  • No dividend recommended for FY 2025-26 to retain earnings for business growth
  • Reserves & Surplus: ₹5605.29 lakhs (including Securities Premium of ₹2850.39 lakhs)

Important Dates

  • Notice Dispatch Date: September 04, 2026
  • Cut-off Date for E-mail IDs: August 28, 2026
  • e-Voting Period: September 26-28, 2026
  • AGM Date: September 29, 2026
  • Financial Year End: March 31, 2026

Financial Ratios (March 31, 2026)

  • Current Ratio: 7.86 (7.19 previous year)
  • Debt-Equity Ratio: 0.01 (0.03 previous year)
  • Debt-Service Coverage Ratio: 88.70 (7.21 previous year)
  • Return on Equity: 15.13% (16.94% previous year)
  • Inventory Turnover Ratio: 2.98 (3.26 previous year)
  • Trade Receivables Turnover Ratio: 6.87 (5.53 previous year)
  • Net Profit Ratio: 12.34% (14.29% previous year)
  • Return on Capital Employed: 15.93% (22.46% previous year)

Contingent Liabilities

  • Income Tax demands under dispute: ₹364.37 lakhs (excluding interest and penalties)
  • ₹45.00 lakhs u/s 143(1a) for AY 2012-13
  • ₹88.38 lakhs penalty u/s 221(1) for AY 2014-15
  • ₹119.00 lakhs u/s 147 for AY 2013-14
  • ₹111.99 lakhs u/s 154 for AY 2014-15

Corporate Social Responsibility

  • CSR Expenditure: ₹30.00 lakhs spent against requirement of ₹13.12 lakhs
  • Excess of ₹16.88 lakhs available for set-off in succeeding years

Signed By

Mustaqim Nisarahmed Sabugar, Managing Director & Chairman (DIN:01456841)