Board Meeting Details

The Board of Directors meeting was held on May 30, 2026, commencing at 07:30 PM and concluding at 11:59 PM. The Audit Committee reviewed and recommended, and the Board approved the audited financial results.

Standalone Financial Results (FY2026)

Income Statement:

  • Total Income: ₹33.58 crore (compared to ₹71.19 crore in FY2025)
  • Total Expenses: ₹31.31 crore (compared to ₹53.03 crore in FY2025)
  • Profit Before Tax: ₹2.27 crore (compared to ₹18.16 crore in FY2025)
  • Tax Expense: ₹0.59 crore (compared to ₹5.85 crore in FY2025)
  • Profit After Tax: ₹1.69 crore (compared to ₹12.23 crore in FY2025)
  • Earnings Per Share (Basic & Diluted): ₹1.36 (compared to ₹10.79 in FY2025)

Balance Sheet (as at March 31, 2026):

  • Total Assets: ₹135.49 crore (compared to ₹128.87 crore in FY2025)
  • Non-current Assets: ₹17.00 crore (compared to ₹17.76 crore in FY2025)
  • Current Assets: ₹118.49 crore (compared to ₹111.11 crore in FY2025)
  • Inventories: ₹61.30 crore (compared to ₹22.57 crore in FY2025)
  • Trade Receivables: ₹20.86 crore (compared to ₹60.21 crore in FY2025)
  • Total Equity: ₹96.51 crore (compared to ₹94.31 crore in FY2025)
  • Share Capital: ₹12.40 crore (compared to ₹12.35 crore in FY2025)
  • Other Equity: ₹84.12 crore (compared to ₹81.96 crore in FY2025)
  • Total Liabilities: ₹38.98 crore (compared to ₹34.56 crore in FY2025)
  • Borrowings: ₹17.99 crore (₹9.80 crore non-current, ₹8.19 crore current) (compared to ₹8.34 crore in FY2025)

Cash Flows (FY2026):

  • Net Cash Used in Operating Activities: ₹(9.72) crore (compared to ₹(15.73) crore in FY2025)
  • Net Cash Used in Investing Activities: ₹(1.00) crore (compared to ₹(4.38) crore in FY2025)
  • Net Cash from Financing Activities: ₹10.44 crore (compared to ₹20.28 crore in FY2025)
  • Net Decrease in Cash: ₹(0.29) crore (compared to ₹0.17 crore increase in FY2025)

Consolidated Financial Results (FY2026)

Income Statement:

  • Total Income: ₹48.56 crore
  • Total Expenses: ₹46.10 crore
  • Profit Before Tax: ₹2.46 crore
  • Tax Expense: ₹0.63 crore
  • Profit After Tax: ₹1.82 crore (₹1.76 crore attributable to owners, ₹0.07 crore to non-controlling interests)
  • Earnings Per Share (Basic & Diluted): ₹1.42

Balance Sheet (as at March 31, 2026):

  • Total Assets: ₹156.56 crore (compared to ₹141.40 crore in FY2025)
  • Total Equity: ₹96.85 crore (₹96.23 crore attributable to owners, ₹0.22 crore to non-controlling interests) (compared to ₹94.50 crore in FY2025)
  • Total Liabilities: ₹59.72 crore (compared to ₹46.90 crore in FY2025)

Audit Qualifications

Both standalone and consolidated financial statements received qualified opinions from M A A K and Associates (FRN: 135024W) for the following reasons:

1. Lack of balance confirmations from certain trade receivables, trade payables, and loans and advances as at March 31, 2026, preventing sufficient audit evidence regarding completeness and accuracy

2. Inventory valuation determined by management based on technical estimates and assumptions without sufficient corroborative evidence for independent verification

3. Capital Work-in-Progress of ₹2.00 crore lacking supporting vendor documentation, preventing determination of necessary adjustments or impairment

The auditors did not quantify the financial impact of these qualifications. Management believes no material adjustments are required but acknowledges inability to reliably quantify potential impact due to ongoing reconciliation processes.

Emphasis of Matter

Auditors highlighted ₹1.55 crore disclosed under "Other Current Liabilities" representing refundable excess application money received in connection with share warrant issue, pending refund to applicants.

Related Party Transactions

Approved transactions totaling ₹6.53 crore, including:

  • Director remuneration: Dharmendra S Gor (₹6.00 lakh), Neera D Gor (₹9.00 lakh), Jayesh Shah (₹2.85 lakh), Avani S Patel (₹1.80 lakh)
  • CEO remuneration: Harsh Gor (₹4.50 lakh)
  • CFO remuneration: Samir Patel (₹5.70 lakh)
  • Business transactions with subsidiary Taylormade Enviro Private Limited: ₹6.30 crore

All transactions were approved by the Audit Committee.

Subsidiary Information

The consolidated results include subsidiary Taylormade Enviro Private Limited (51% acquired, promoted by Directors of TRL). The subsidiary's unaudited financial statements showed total assets of ₹36.26 crore, total revenues of ₹27.70 crore, and net profit after tax of ₹0.14 crore for year ended March 31, 2026.