Board Meeting Details

The meeting commenced at 11:30 AM and concluded at 1:20 PM on 12th November 2026.

Key Approvals and Notings

1. Approval of Unaudited Financial Results: The Board approved the unaudited financial results for the quarter and half year ended 30th September 2026. The results were reviewed by the statutory auditors, M/s Rajesh Dharam Pal & Associates, who issued a limited review report with an unmodified opinion.

2. Resolution Passed by Circulation: The Board took note of a resolution passed by circulation on 4th November 2026, which approved the Monitoring Agency Report from CRISIL Ratings Limited concerning the preferential issue of convertible warrants.

3. Approval of Statement of Deviation(s) or Variation(s): The Board approved this statement, as reviewed by the Audit Committee, regarding the utilisation of proceeds from both the Initial Public Offering (IPO) and the preferential issue of convertible warrants, pursuant to Regulation 32 of SEBI Listing Regulations.

Financial Results (All figures in INR Lakhs, except per share data)

Profit & Loss Statement (Quarter ended 30-Sep-2026):

  • Revenue from Operations: 7,443.87 (7,571.78 in Q2 FY2026)
  • Other Income: 33.50
  • Total Revenue: 7,477.37
  • Total Expenses: 6,946.92
  • Profit Before Tax: 530.45 (727.85 in Q2 FY2026)
  • Total Tax Expense: 152.63
  • Net Profit for the Quarter: 377.82 (536.90 in Q2 FY2026)
  • Paid-up Equity Share Capital: 1,224.00
  • Earnings Per Share (Basic): ₹3.11 (₹5.96 in Q2 FY2026)
  • Earnings Per Share (Diluted): ₹2.64

Profit & Loss Statement (Half Year ended 30-Sep-2026):

  • Revenue from Operations: 13,888.80
  • Other Income: 69.58
  • Total Revenue: 13,958.38
  • Total Expenses: 12,911.01
  • Profit Before Tax: 1,047.37
  • Total Tax Expense: 299.27
  • Net Profit for the Half Year: 748.10
  • Earnings Per Share (Basic): ₹6.14

Balance Sheet as at 30-Sep-2026 (vs 31-Mar-2026):

  • Total Equity: 14,253.09 (8,053.20)
  • Share Capital: 1,224.00 (1,224.00)
  • Reserves & Surplus: 7,577.29 (6,829.20)
  • Money Received against Share Warrants: 5,451.80 (0.00)
  • Total Liabilities: 27,897.05 (18,646.04)
  • Total Assets: 27,897.05 (18,646.04)
  • Non-Current Assets: 6,403.21 (3,384.13)
  • Current Assets: 21,493.84 (15,261.91)

Cash Flow for Half Year ended 30-Sep-2026 (vs FY2026):

  • Net Cash from Operating Activities: (7,985.57) (7,460.82)
  • Net Cash from Investing Activities: (463.36) (1,833.06)
  • Net Cash from Financing Activities: 8,418.21 (8,924.80)
  • Net Change in Cash: (30.72) (369.08)
  • Cash & Equivalents at period end: 159.97 (190.69)

Fundraising and Utilisation Details

1. Preferential Issue of Convertible Warrants:

  • Date of Allotment: 24th August 2026
  • Instrument: 54,93,000 Convertible Warrants
  • Issue Price: ₹397 per warrant (Face Value ₹10 + Premium ₹387)
  • Total Gross Proceeds: ₹21,807.21 Lakhs (revised down from ₹21,835.00 Lakhs due to undersubscription).
  • Amount Received to Date: ₹5,451.80 Lakhs (25% received on allotment). The balance 75% (₹16,355.41 Lakhs) is to be received upon conversion within 18 months.
  • Utilisation of Received Funds (₹5,451.80 Lakhs):
  • General Corporate Purpose: ₹3,271.08 Lakhs (used for custom duty payment and repayment of working capital loans).
  • Unutilized Amount: ₹2,180.72 Lakhs (invested in fixed deposits earning interest, total balance in monitoring account is ₹2,188.56 Lakhs including ₹7.84 Lakhs interest).
  • Objects of Issue:
  • Expansion and Growth (Organic & Inorganic): ₹18,536.13 Lakhs (0% utilized, funds yet to be received).
  • General Corporate Purpose: ₹3,271.08 Lakhs (100% utilized from received amount).

2. Initial Public Offering (IPO):

  • Date of Issue: 14th October 2025
  • Issue Size: 32,40,000 equity shares at ₹127 per share (₹10 face value + ₹117 premium).
  • Net Proceeds Raised: ₹3,874.80 Lakhs (after share issue expenses).
  • Utilisation as of 30-Sep-2026:
  • Working Capital Requirement: ₹3,100.00 Lakhs (100% utilized).
  • Funding Capex (Plant & Machinery): ₹39.21 Lakhs utilized out of ₹504.91 Lakhs allocated.
  • General Corporate Purposes: ₹269.89 Lakhs (100% utilized).
  • Total Utilized: ₹3,409.10 Lakhs (88% of net proceeds).
  • Unutilized Amount: ₹465.70 Lakhs (temporarily deployed in fixed deposits).

Monitoring Agency Report

CRISIL Ratings Limited, as the monitoring agency for the preferential issue, submitted a report for the quarter ended 30-Sep-2026. The report confirmed:

  • No deviations from the objects disclosed in the offer document.
  • No material deviations observed.
  • No delays in implementation (not applicable as funds for expansion are yet to be received).
  • Utilization was for stated general corporate purposes.

Auditor's Declaration

The Statutory Auditors, M/s Rajesh Dharam Pal & Associates, issued an unmodified review report on the unaudited financial results. A declaration confirming this was submitted to the exchange.

Other Notes

  • The company operates in a single business segment: trading of Industrial Chemicals & Manufacturing of Food, Feed & Polymer Additives.
  • Geographic Revenue Breakup for Q2 FY2027: Sales within India (₹6,620.05 Lakhs), Sales outside India (₹823.82 Lakhs).
  • The financial results are available on the BSE website (www.bseindia.com) and the company's website (www.skminerals.net).