Company Overview

Sterling Powergensys Limited (CIN: L29213MH1984PLC034343) is a BSE-listed company (Scrip Code: 513575) incorporated on October 22, 1984, engaged in solar power projects and commodity trading. Registered office: Office No. 816, 8th Floor, Rajhans Helix 3, L.B.S. Marg, Ghatkopar West, Mumbai-400086.

AGM Business Items

Ordinary Business:

1. Adoption of Financial Statements: To receive, consider and adopt audited financial statements for FY ended March 31, 2026 with Board and Auditor reports

2. Re-appointment of Mrs. Rajlaxmi Iyar (DIN: 00107754) as Non-Executive Director liable to retire by rotation

Special Business:

3. Regularization of Mr. Periasamy Mathialagan (DIN: 11766787) as Additional Non-Executive Non-Independent Director (appointed June 13, 2026)

4. Re-appointment of Mr. Sankaran Venkata Subramanian (DIN: 00107561) as Managing Director for five years from April 1, 2026 to March 31, 2031

Financial Performance (FY 2025-26)

| Particulars | FY 2025-26 (₹ Lakhs) | FY 2024-25 (₹ Lakhs) | Change |

| Sales & Other Income | 2,441.07 | 1,390.02 | +75.6% |

| Total Expenses | 2,307.52 | 1,371.12 | +68.3% |

| Profit Before Tax | 133.55 | 18.89 | +607% |

| Tax Expense | 35.00 | - | - |

| Profit After Tax | 98.55 | 18.89 | +422% |

Key Financial Details:

  • Revenue from operations: ₹2,380.05 lakhs (FY25: ₹1,260.40 lakhs)
  • Authorized Share Capital: ₹10.00 crore (1 crore equity shares of ₹10 each)
  • Paid-up Equity Capital: ₹5.26 crore (52,62,632 equity shares of ₹10 each)
  • No dividend recommended for FY26
  • Net worth: ₹1.38 crore as of March 31, 2026
  • Current Ratio: 1.22 (FY25: 1.11)
  • Debt-Equity Ratio: 1.62 (FY25: 7.70)

Board and Management Changes

Current Board Composition (as of March 31, 2026):

  • Mr. Sankaran Venkata Subramanian: Managing Director
  • Mrs. Rajlaxmi Iyar: Non-Executive Director
  • Mr. Periasamy Mathialagan: Additional Non-Executive Director
  • Mr. Navinchandra Joshi: Executive Director
  • Mr. Nishant Rao Tamapa: Executive Director (appointed August 14, 2025)
  • Mr. Shankar Ramnath Iyer: Independent Director & Chairman
  • Mr. Sundar Venkataraman: Independent Director
  • Mr. Sujeet Singh: Independent Director
  • Mr. Rajesh Rama Swamy: Independent Director (appointed September 4, 2025)

Key Managerial Personnel:

  • Mr. Harishchandra B. Naukudkar: CEO
  • Mr. Pundlik Davane: CFO
  • Mr. Gaurav Kaushik: Company Secretary & Compliance Officer

Director Shareholding:

  • Mr. Sankaran Venkata Subramanian: 4,64,350 shares
  • Mrs. Rajlaxmi Iyar: 9,000 shares
  • Other directors: Nil or minimal holdings

MD Re-appointment Terms

Mr. Sankaran Venkata Subramanian's re-appointment details:

  • Tenure: 5 years (April 1, 2026 to March 31, 2031)
  • Remuneration: ₹72,000 per month (same as previous term)
  • Special approval required as he will attain age 70 during tenure (Section 196(3)(a) of Companies Act, 2013)
  • Remuneration drawn in FY26: ₹8.64 lakhs
  • Entitled to leave: 6 days sick leave, 6 days casual leave, 24 days paid leave
  • No sitting fees for board meetings

Compliance and Regulatory Matters

Statutory Auditors: DGMS & Co. (Previously Doshi Maru & Associates), FRN: 112187W

  • Unmodified audit opinion for FY26 financial statements

Secretarial Auditor: CS Deepak Chheta

Secretarial Audit Qualifications (8 issues noted):

1. Non-dematerialization of 4,72,650 promoter shares (20.81% of promoter holding)

2. Outstanding payments of professional tax and provident fund

3. Delay in submission of non-applicability of Corporate Governance Report for September 2025 quarter

4. Delay in submission of non-applicability of Corporate Governance Report and XBRL filing for December 2025 quarter

5. Delay in Share Capital Reconciliation Report for December 2025 quarter

6. Delay in submission of Financial Results for December 2025 quarter

7. Delay in submission of non-applicability of Corporate Governance Report for March 2026 quarter

8. Delay in payment of annual listing fees to BSE for FY 2025-26

Management Response: Company acknowledged delays due to administrative reasons and stated they are strengthening internal compliance processes.

Operational Highlights

  • Primary business: Solar projects and commodity sales
  • Research ongoing for new projects including Green Hydrogen initiatives
  • Inventory: ₹16.94 crore (mainly work-in-progress)
  • Trade receivables: ₹65.60 crore (down from ₹102.44 crore in FY25)
  • No subsidiaries, associates, or joint ventures
  • No loans, guarantees, or investments under Section 186 of Companies Act
  • CSR provisions not applicable

Corporate Governance

  • Corporate Governance Report not applicable as paid-up capital (₹5.26 crore) and net worth (₹1.38 crore) below threshold limits
  • 5 board meetings held during FY26
  • Board evaluation conducted satisfactorily
  • Vigil Mechanism/Whistle Blower policy in place
  • No sexual harassment complaints reported
  • No material related party transactions

Other Disclosures

  • Bankers: Bank of Maharashtra, ICICI Bank Ltd, IndusInd Bank Ltd
  • Share Transfer Agent: Bigshare Services Pvt. Ltd.
  • Register of Members closure: September 5-12, 2026
  • E-voting period: September 9-11, 2026 (9:00 AM to 5:00 PM)
  • Cut-off date for e-voting: September 4, 2026
  • No pending unclaimed dividend to be transferred to IEPF

Auditor's Report Highlights

  • Company sold factory along with plant & machinery during the year
  • Physical verification of inventory and fixed assets conducted
  • No fraud reported by statutory auditors
  • Outstanding statutory dues: Professional Tax ₹2.01 lakh, PF payable ₹2,909, TDS payable ₹12.99 lakh
  • No defaults in repayment to financial institutions

#Tags: #SterlingPowergensys #AGM2026 #FY26Results #SEBIDisclosure #RegulatoryCompliance #FinancialUpdate #Neutral