Board Meeting Details

The Board of Directors meeting was held on Saturday, May 30, 2026, commencing at 11:30 AM and concluding at 3:40 PM.

Key Approvals and Decisions

1. Financial Results Approval

The Board considered and approved:

  • Audited Standalone Financial Results for the half year and financial year ended March 31, 2026
  • Audited Consolidated Financial Results for the half year and financial year ended March 31, 2026
  • Statutory Auditors issued unmodified opinions on both standalone and consolidated financial results

2. Fund Raising Plan

Approved fund raising plan of up to Rs. 35 Crores to fund:

  • Newly developed export market operations
  • Increased working capital requirements

Authorized the Managing Director to take suitable action in this regard

3. Internal Auditor Appointment

Appointed M/s H.M. Sheth and Associates, Chartered Accountants, Mumbai as Internal Auditors of the Company to conduct internal audit

  • Firm Registration Number: 146140W
  • Address: 24, Kamal Kunj, Zaver Road, Mulund West, Mumbai - 400080
  • Re-appointed for one year commencing from FY 2026-27
  • Firm has 7 years experience in internal audit and tax compliance services across real estate, chemicals, BFSI and textiles industries

4. Related Party Transactions

Reviewed and disclosed related party transactions as per Regulation 30 of SEBI (LODR) Regulations, 2015 and Schedule III read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026

Financial Results Summary

Standalone Financial Results (Amount in Rs.)

Year Ended March 31, 2026:

  • Revenue from Operations: Rs. 99,73,13,722
  • Other Income: Rs. 40,02,699
  • Total Income: Rs. 1,00,13,16,421
  • Profit before exceptional items and tax: Rs. 11,68,11,677
  • Exceptional Items: Rs. 7,54,87,200 (market study expense)
  • Profit before tax: Rs. 4,13,24,477
  • Tax Expense: Rs. 1,04,14,813 (Current tax) + Rs. 906 (Deferred tax)
  • Net Profit: Rs. 3,09,24,347
  • EPS Basic: Rs. 1.24
  • EPS Diluted: Rs. 1.21

Half Year Ended March 31, 2026:

  • Revenue from Operations: Rs. 56,19,65,502
  • Other Income: Rs. 35,19,928
  • Total Income: Rs. 56,54,85,430
  • Profit before exceptional items and tax: Rs. 4,98,14,417
  • Exceptional Items: Rs. 7,54,87,200 (market study expense)
  • Loss before tax: Rs. (2,56,72,783)
  • Tax Expense: Rs. (64,52,199) (Current tax) + Rs. (9,541) (Deferred tax)
  • Net Loss: Rs. (1,82,11,043)
  • EPS Basic: Rs. (0.79)
  • EPS Diluted: Rs. (0.77)

Consolidated Financial Results (Amount in Rs.)

Year Ended March 31, 2026:

  • Revenue from Operations: Rs. 1,01,99,80,568
  • Other Income: Rs. 40,27,293
  • Total Income: Rs. 1,02,40,07,861
  • Profit before exceptional items and tax: Rs. 11,35,85,513
  • Exceptional Items: Rs. 7,54,87,200 (market study expense)
  • Profit before tax: Rs. 3,80,98,313
  • Tax Expense: Rs. 1,04,14,813 + Deferred tax
  • Net Profit: Rs. 2,76,91,361
  • Share in Profit for Minority Interest: Rs. (16,16,786)
  • Profit to be transferred to Reserves: Rs. 2,93,08,147
  • EPS Basic: Rs. 1.24
  • EPS Diluted: Rs. 1.21

Half Year Ended March 31, 2026:

  • Revenue from Operations: Rs. 58,16,42,630
  • Other Income: Rs. 35,44,522
  • Total Income: Rs. 58,51,87,152
  • Profit before exceptional items and tax: Rs. 4,63,08,810
  • Exceptional Items: Rs. 7,54,87,200 (market study expense)
  • Loss before tax: Rs. (2,91,78,390)
  • Tax Expense: Rs. (65,22,373) (Current tax) + Rs. (7,418) (Deferred tax)
  • Net Loss: Rs. (2,26,48,599)
  • Share in Profit for Minority Interest: Rs. (17,18,741)
  • Loss to be transferred to Reserves: Rs. (48,11,049)
  • EPS Basic: Rs. (0.86)
  • EPS Diluted: Rs. (0.83)

Exceptional Item Details

Note No. 3: The Company incurred a one-time expense of Rs. 7,54,87,200 for carrying out market study across 3 continents with an aim to expand its presence in USD 4 Billion export market. The expense, being material and non-recurring, has been disclosed separately as an exceptional item.

Capital Structure Changes

Paid-up equity share capital (Face value of Rs. 5/- each):

  • As at March 31, 2025: Rs. 1,50,40,000
  • As at March 31, 2026: Rs. 13,43,20,000

Fund Raising through Warrant Conversion:

During H1 FY26, the company raised funds through preferential allotment of equity shares pursuant to conversion of warrants:

  • 65,000 warrants converted on October 29, 2025: Rs. 1,00,91,250
  • 70,000 warrants converted on March 6, 2026: Rs. 1,08,67,500
  • 1,24,000 warrants converted on March 10, 2026: Rs. 1,92,51,000
  • Total raised: Rs. 4,02,09,750

No deviation or variation in the use of proceeds from the preferential issue. Proceeds utilized for purposes as stated in offer documents.

Business Segment

The Company operates in a single segment namely import and trading of various types of fabrics and textile raw materials.

Subsidiary Information

Consolidated results include Shinetex Industries Private Limited (Subsidiary)

  • Total assets as at March 31, 2026: Rs. 240.45 lakhs
  • Total revenues for year ended March 31, 2026: Rs. 348.09 lakhs
  • Net profit/(loss) for year ended March 31, 2026: Rs. (32.34) lakhs

Auditor Information

Statutory Auditors: M/s Gada Chheda & Co. LLP, Chartered Accountants

  • Firm Registration No: W100059
  • Designated Partner: Mr. Ronak P. Gada (Membership No: 146825)
  • Issued unmodified opinions on both standalone and consolidated financial results