Key Financial Highlights (Standalone)

Revenue from Operations: ₹8,194.13 Lakhs (Previous Year: ₹10,342.62 Lakhs) - decrease of 20.77%

Total Income: ₹8,289.81 Lakhs (Previous Year: ₹10,345.46 Lakhs)

Profit Before Tax: ₹646.06 Lakhs (Previous Year: ₹1,201.27 Lakhs) - decrease of 46.22%

Profit After Tax: ₹495.96 Lakhs (Previous Year: ₹1,004.20 Lakhs) - decrease of 50.61%

Earnings Per Share - Basic: ₹2.32 (Previous Year: ₹6.67)

Earnings Per Share - Diluted: ₹2.76 (Previous Year: ₹12.66)

Net Worth: ₹8,536.37 Lakhs (Previous Year: ₹2,724.03 Lakhs)

Annual General Meeting Details

Date: Thursday, September 24, 2026

Time: 11:30 A.M. IST

Mode: Video Conferencing / Other Audio Visual Means (VC/OAVM)

Cut-off Date: Thursday, September 17, 2026

Remote e-voting Period: September 20, 2026 (09:00 A.M.) to September 23, 2026 (05:00 P.M.)

Business Operations

The Company is engaged in manufacturing Reactive Dyes, a category of Synthetic Organic Dyes utilized in the textile industry. Manufacturing facility situated at Plot No. C/54, GIDC, Saykha, Saran, Taluka: Vagra, District: Bharuch, Gujarat - 392140.

Capital Structure Changes

Initial Public Offer: Completed on October 15, 2025

  • Issue Size: 63,50,400 Equity Shares of face value ₹10 each
  • Issue Price: ₹91 per share (including premium of ₹81 per share)
  • Gross Proceeds: ₹5,778.86 Lakhs (₹57.79 Crore)

Post-IPO Paid-up Capital: ₹21,40,85,480 comprising 2,14,08,548 Equity Shares (Pre-IPO: ₹15,05,81,480 comprising 1,50,58,148 Equity Shares)

Authorized Share Capital: ₹22,00,00,000 divided into 2,20,00,000 Equity Shares of ₹10 each

IPO Proceeds Utilization (as of March 31, 2026)

| Object | Allocated (₹ Lakhs) | Utilized (₹ Lakhs) | Variance (₹ Lakhs) |

| Capital Expenditure | 613.00 | 190.47 | 422.03 (unutilized) |

| Debt Repayment | 1,150.00 | 75.00 | 1,075.00 (unutilized) |

| Working Capital | 2,800.00 | 4,056.83 | (1,256.83) excess utilization |

| General Corporate Purposes | 676.64 | 664.28 | 12.36 (unutilized) |

| Issue Expenses | 539.22 | 402.61 | 136.61 (unutilized) |

| Total | 5,778.86 | 5,389.19 | 389.17 (unutilized) |

Deviations Noted:

  • ₹1,256.83 Lakhs excess utilization towards working capital requirements
  • ₹55.75 Lakhs expenditure on vendors/civil work not specified in Prospectus
  • ₹2,179.00 Lakhs transferred without Board authorization (₹2,079.00 Lakhs recovered by March 31, 2026; ₹100.00 Lakhs outstanding)
  • Shareholder approval for deviations not obtained as of balance sheet date

Board and Key Managerial Personnel Changes

Directors as on March 31, 2026:

  • Mr. Vaibhav Pravinchandra Shah (Chairman & Managing Director, DIN: 06826565)
  • Ms. Shivani Shivlal Rajpurohit (Non-Executive & Non-Independent Director, DIN: 08820006)
  • Mr. Konark Piyushbhai Patel (Non-Executive & Independent Director, DIN: 10832659)
  • Mr. Viraj Shaileshkumar Shah (Non-Executive & Independent Director, DIN: 10070984)
  • Mr. Arpit Tiwari (Additional Director - Non-Executive & Independent, DIN: 11394258)

Changes during FY25-26:

  • Mr. Shivlal Kikaram Purohit resigned (August 25, 2025)
  • Mr. Viraj Shaileshkumar Shah appointed (August 26, 2025)
  • Ms. Shivani Shivlal Rajpurohit designation changed from Executive to Non-Executive (October 14, 2025)
  • Mr. Meet Jayantilal Joshi resigned (December 14, 2025)
  • Mr. Rajesh Bachubhai Patel resigned as CFO (December 31, 2025)
  • Mr. Arpit Tiwari appointed (January 01, 2026)
  • Mr. Vikas Dilipbhai Badgujar appointed as CFO (January 01, 2026)

Key Managerial Personnel:

  • Mr. Vaibhav Pravinchandra Shah (Managing Director)
  • Mr. Vikas Dilipbhai Badgujar (Chief Financial Officer)
  • Mr. Siddharth Parshottam Gajra (Company Secretary & Compliance Officer, ACS: A49263)

AGM Agenda Items

Ordinary Business:

1. Adoption of Audited Standalone Financial Statements for FY25-26

2. Re-appointment of Mr. Vaibhav Pravinchandra Shah who retires by rotation

Special Business:

3. Approval for loans/guarantees to interested parties under Section 185 (₹300 Crore limit)

4. Approval for loans/guarantees/investments under Section 186 (₹300 Crore limit)

5. Creation of charge/mortgage on properties under Section 180(1)(a) (₹300 Crore limit)

6. Borrowing powers under Section 180(1)(c) (₹300 Crore limit)

7. Appointment of Mr. Arpit Tiwari as Independent Director for term January 01, 2026 to December 31, 2030

Material Orders from Regulators

ROC Penalty: Registrar of Companies imposed penalty of ₹3,00,000 (₹1,00,000 each on Company, Mr. Vaibhav Shah, and Ms. Shivani Rajpurohit) vide Order dated September 24, 2025 for technical violation in filing Form PAS-3 for allotments made on August 16, 2022 and August 22, 2022 under Section 39(5) read with Section 62(3). Penalty has been paid.

Subsequent Events (Post March 31, 2026)

Acquisition of Equinox Impex: On July 31, 2026, entered Business Transfer Agreement with Mr. Vaibhav Pravinchandra Shah (as Sole Proprietor of Equinox Impex) to acquire business undertaking on slump-sale basis with effect from August 1, 2026 for aggregate consideration of ₹3,67,49,248.90 (₹2,23,24,031.81 for business undertaking + ₹1,44,25,217.09 for 'EQUINOX' trademark).

Related Party Transactions

Transactions with Equinox Impex (Related Party):

  • Sale of goods: ₹4,125.72 Lakhs
  • Purchase of goods: ₹588.12 Lakhs
  • Delayed payment charges income: ₹109.78 Lakhs

Trade receivables include ₹3,256.03 Lakhs from related parties (Previous Year: ₹2,122.96 Lakhs)

Corporate Social Responsibility

CSR Obligation FY25-26: ₹12.60 Lakhs (2% of average net profit of ₹629.94 Lakhs)

CSR Spending: ₹12.60 Lakhs through BPS Seva Trust (CSR Registration No. CSR00107591)

Unspent from FY24-25: ₹4.58 Lakhs paid on September 06, 2025

Auditors and Compliance

Statutory Auditors: M/s. Patel & Panchal, Chartered Accountants (Firm Registration No. 123744W)

Secretarial Auditor: M/s. B. S. Vyas & Associates, Company Secretaries (UCN: S2022GJ883000)

Internal Auditor: M/s. Fenil P. Shah and Associates, Chartered Accountants (Firm Registration No. 143571W)

Monitoring Agency: CRISIL Ratings Limited for IPO proceeds utilization

Foreign Exchange Transactions

Foreign Exchange Earnings: ₹1,519.82 Lakhs (FOB Exports: ₹1,461.42 Lakhs + Forex Gain: ₹58.40 Lakhs)

Foreign Exchange Expenditure: ₹629.34 Lakhs (CIF Imports: ₹627.61 Lakhs + Foreign Travel: ₹1.73 Lakhs)

Key Financial Ratios (Significant Changes >25%)

| Ratio | FY25-26 | FY24-25 | Change | Reason |

| Current Ratio | 3.16 | 1.33 | 136.45% | Increase in current assets, particularly advances to suppliers and higher cash balances |

| Debt-Equity Ratio | 0.31 | 1.02 | -69.42% | Substantial increase in shareholders' funds post-IPO |

| Return on Equity | 8.81% | 44.77% | -80.33% | Increase in equity base post-IPO with decreased PAT |

| Inventory Turnover | 3.20 | 6.44 | -50.27% | Slower stock movement due to market demand slowdown |

| Trade Receivables Turnover | 1.65 | 2.80 | -41.05% | Extended collection cycle due to market liquidity constraints |

| Net Profit Ratio | 6.05% | 9.71% | -37.66% | Contraction in margins due to operational costs and pricing pressures |

Dividend and Reserves

No dividend recommended for FY25-26 to conserve resources for future prospects. Profit earned during the year carried to Balance Sheet as part of Profit and Loss Account (no amount transferred to reserves).

Compliance Status

Company has complied with applicable Secretarial Standards (SS-1 and SS-2). No material pending litigations except ROC penalty mentioned above. No fraud reported by auditors under Section 143(12).

#Tags: #ShlokkaDyes #AnnualReport #FY2026 #SEBIDisclosure #IPO #FinancialResults #AGM #RegulatoryCompliance #Negative