Key Financial Performance (₹ in Lakhs)

Financial Results Comparison (5-Year):

| Year | Sales | Raw Material Cost | Employee Costs | Other Expenses | Depreciation | Net Profit |

| 2021-22 | 1,357.91 | 776.73 | 322.81 | 236.15 | 57.23 | 105.56 |

| 2022-23 | 1,867.39 | 881.06 | 380.33 | 307.17 | 56.49 | 159.54 |

| 2023-24 | 2,086.40 | 982.81 | 395.58 | 330.90 | 56.00 | 180.43 |

| 2024-25 | 2,250.17 | 998.41 | 430.54 | 417.41 | 73.18 | 234.54 |

| 2025-26 | 1,906.56 | 938.84 | 421.65 | 378.50 | 68.63 | 134.51 |

FY 2025-26 Detailed Performance:

  • Sales (Net): ₹1,906.56 lakhs (down 15.3% from ₹2,250.17 lakhs in FY25)
  • Other Income: ₹9.00 lakhs (down from ₹65.60 lakhs in FY25)
  • Profit Before Tax: ₹191.89 lakhs (down 38.9% from ₹314.22 lakhs in FY25)
  • Tax Expense: ₹57.39 lakhs (comprising Current tax ₹55.54 lakhs, Excess provision of earlier years ₹8.06 lakhs, and Deferred tax credit ₹6.21 lakhs)
  • Net Profit After Tax: ₹134.51 lakhs (down 42.6% from ₹234.54 lakhs in FY25)
  • Earnings Per Share: ₹2.96 (down from ₹5.16 in FY25)

Dividend Declaration

Board recommended dividend of ₹1.50 per share (15% on 45,42,176 equity shares of ₹10 each) for FY 2025-26, subject to members' approval at AGM. Total dividend payout would be ₹68.13 lakhs plus corporate tax.

Operational Review and Management Commentary

Business Performance:

  • First two quarters seriously affected by US trade tariff issues, impacting domestic customers' expansion plans
  • Maintained production and sales to meet expenses without additional borrowing
  • Recovery began around November 2025, with most lost sales recovered in last quarter
  • Despite challenges, company remained profitable throughout the year

Financial Position:

  • Repaid term loan of ₹141.81 lakhs during the year, no additional term loans taken
  • Current interest rate: 7.65%
  • Working capital loan borrowing cost: less than ₹10,000 for the year
  • Procured additional assets worth ₹16.50 lakhs
  • Invested in fixed deposits, mutual funds and maintained bank balance of ₹1.44 crores for future needs

Plant and Facilities:

  • Halol plant work completed and all assets capitalized in January 2026
  • Depreciation on new facility started from January 2026
  • Plant shifting from Vadodara to Halol to commence in coming weeks, ensuring no production disruption
  • Three plant locations: Plant I (Vadodara), Plant II (Vadodara), Plant III (Halol, Panchmahal, Gujarat)

Orders and Business Development:

  • Current order book equivalent to about 5 months production
  • Delivered first grinder for medical implements customer
  • Received first remanufacturing order for Cincinnati grinder from overseas customer
  • Participated in Engimach 2026 in Ahmedabad (moderate response)
  • Planning to participate in IMTEX 2027 in Bangalore

Outlook:

  • Domestic auto production growing rapidly to meet demand
  • Lower GST on vehicles and preferential GST for electric vehicles benefiting auto industry
  • RBI predicts 6.5% GDP growth despite global turmoil
  • Rise in export of engineering products and auto components providing positive outlook

Capital Structure

  • Authorized Share Capital: ₹5,75,00,000 (57,50,000 equity shares of ₹10 each)
  • Paid-up Capital: ₹4,54,21,760 (45,42,176 equity shares of ₹10 each)
  • No shares issued with differential voting rights, stock options, or sweat equity during the year

Corporate Governance

Board of Directors:

1. Mr. Ashok J. Sheth - Chairman (DIN: 00174006)

2. Mr. Hemandra J. Badani - Vice-Chairman & Managing Director (DIN: 00143330)

3. Mr. Harsh Badani - Joint Managing Director (w.e.f. 08/02/2025, DIN: 02282965)

4. Ms. Shilpa Taneja - Non-Executive Director (DIN: 00207023)

5. Mr. Bharat V Shah - Independent Director (DIN: 08392598)

6. Ms. Kesha N Tanna - Independent Director (DIN: 08439863)

7. Ms. Nishita G Rajput - Independent Director (DIN: 08392556)

Key Managerial Personnel:

  • Mr. Hemandra Badani - Managing Director
  • Mr. Ashok Sheth - Chief Financial Officer
  • Ms. Reshma Kiri - Company Secretary & Compliance Officer (w.e.f. 20/11/2025)
  • Mr. Harsh Badani - Joint Managing Director

Board Committees:

1. Audit Committee: Ms. Shilpa Taneja (Chairperson), Mr. Bharat Shah, Ms. Kesha Tanna

2. Nomination and Remuneration Committee: Ms. Kesha Tanna (Chairperson), Mr. Bharat Shah, Ms. Nishita Rajput

3. Stakeholders' Relationship Committee: Mr. Hemandra Badani (Chairman), Mr. Ashok Sheth, Ms. Shilpa Taneja

Shareholding Pattern (as on March 31, 2026)

  • Promoters: 43.84% (19,91,079 shares)
  • Foreign Promoters: 1.46% (66,122 shares)
  • Public: 46.17% (20,97,198 shares)
  • Investor Education and Protection Fund: 5.36% (2,43,257 shares)
  • Other Categories: 3.17% (includes corporate bodies, HUF, NRIs, etc.)
  • Total Shareholders: 4,101

AGM Details

  • 34th Annual General Meeting: Saturday, June 27, 2026 at 11:00 AM IST
  • Mode: Video Conferencing/Other Audio Visual Means (VC/OAVM)
  • Cut-off date for eligibility: June 20, 2026
  • Register of Members closure: June 21, 2026 to June 27, 2026 (both days inclusive)
  • Business to be transacted:

1. Adoption of audited financial statements

2. Re-appointment of Mr. Ashok Sheth who retires by rotation

3. Declaration of dividend

Auditors

  • Statutory Auditors: K.C. Mehta & Co. LLP, Chartered Accountants (appointed till 35th AGM)
  • Secretarial Auditor: H.M. Mehta & Associates, Practicing Company Secretaries
  • Internal Auditor: Jain & Hindocha, Chartered Accountants

Other Material Information

  • Foreign Exchange Earnings: ₹288.42 lakhs (previous year ₹197.20 lakhs)
  • Foreign Exchange Outgo: Nil (previous year ₹18.19 lakhs)
  • Employee Strength: 70 employees (65 male, 5 female)
  • Corporate Social Responsibility: Not applicable to the company
  • Vigil Mechanism/Whistle Blower Policy: In place, no complaints received during the year
  • Sexual Harassment Committee: Constituted, no complaints received during the year