Key Quantitative Figures

  • Revenue from Operations: ₹8,589.51 lakh (FY 2025-26) vs ₹5,248.51 lakh (FY 2024-25)
  • Net Profit: ₹436.25 lakh (FY 2025-26) vs ₹374.87 lakh (FY 2024-25)
  • EPS: ₹15.93 (FY 2025-26) vs ₹13.69 (FY 2024-25)
  • IPO Proceeds: ₹12,28,20,000 from issue of 40,94,000 equity shares at ₹30 per share (including premium of ₹20 per share)
  • Paid-up Capital: ₹13,32,48,470 as on March 31, 2026
  • Cash & Bank Balance: ₹844.03 lakh as on March 31, 2026
  • Trade Receivables: ₹1,818.50 lakh as on March 31, 2026
  • Inventory: ₹635.17 lakh as on March 31, 2026

Dates of Action

  • IPO Allotment Date: December 17, 2025
  • Listing Date: December 19, 2025 (BSE SME)
  • Board Meeting Dates: 11 meetings held between April 30, 2025 and January 30, 2026
  • AGM Date: September 15, 2026
  • Cut-off Date for AGM: September 8, 2026
  • E-voting Period: September 12-14, 2026

Parties Involved

  • Statutory Auditors: M/s. S K Bhavsar & Co.
  • Secretarial Auditors: M/s. Monika Chechani & Associates
  • RTA: Purva Sharegistry India Private Limited
  • Scrutinizer: Mrs. Monika Gaurav Gupta, Practicing Company Secretary
  • Key Management Personnel: Ashokbhai Dhanajibhai Prajapati (MD & CFO), Chirag Ashokbhai Prajapati (Director)

Capital Structure Impact

  • Post-IPO paid-up capital increased to ₹13,32,48,470 from ₹9,23,08,470
  • Promoter holding diluted: Ashokbhai Prajapati from 30.98% to 21.46%, Chirag Prajapati from 67.93% to 47.06%

Corporate Governance Updates

  • Director Resignations: Arzoo Raghubhai Rabari (Independent Director) and Pooja Manthan Patel (Company Secretary) resigned effective January 30, 2026
  • New Appointments: Anil Kumar Vijayvargia appointed as Additional Independent Director effective May 22, 2026
  • Board Recommendations: Reappointment of Ashokbhai Prajapati as MD and appointment of Monika Chechani & Associates as Secretarial Auditors for 5 years

Auditor Observations

Statutory Auditors (S K Bhavsar & Co.):

  • Emphasis of Matter: Unable to obtain balance confirmations for certain trade receivables and payables
  • Unmodified opinion on financial statements

Secretarial Auditors (Monika Chechani & Associates):

  • Observed delays in implementation/data entry in Structured Digital Database
  • Observed delays in updating information/documents on company website
  • Otherwise satisfactory compliance with applicable laws

IPO Fund Utilization

As of March 31, 2026:

  • Total raised: ₹1,228 lakh
  • Utilized: ₹463 lakh
  • Unutilized: ₹765 lakh (parked in bank account)
  • Utilization breakdown:
  • Working Capital: ₹403 lakh utilized of ₹639 lakh allocated
  • General Corporate Purpose: ₹5 lakh utilized of ₹120 lakh allocated
  • Issue Expenses: ₹55 lakh fully utilized
  • Other objects (Retail Expansion, Brokerage, Security Deposits): Zero utilization

Related Party Transactions

  • Loans from directors: Ashokbhai Prajapati (₹9.68 lakh taken, ₹5.55 lakh repaid), Chirag Prajapati (₹3.50 lakh taken, ₹3.94 lakh repaid)
  • Director remuneration: Ashokbhai Prajapati (₹6 lakh), Chirag Prajapati (₹3 lakh)