Financial Performance Highlights (Consolidated)

FY 2025-2026 Performance:

  • Revenue from Operations: ₹1,429.12 lakhs (FY 2024-25: ₹1,063.60 lakhs)
  • Other Income: ₹85.22 lakhs (FY 2024-25: ₹20.71 lakhs)
  • Total Income: ₹1,514.34 lakhs (FY 2024-25: ₹1,084.31 lakhs)
  • Total Expenses: ₹1,221.19 lakhs (FY 2024-25: ₹880.45 lakhs)
  • Profit Before Tax: ₹293.15 lakhs (FY 2024-25: ₹203.86 lakhs)
  • Current Tax: ₹85.05 lakhs (FY 2024-25: ₹53.40 lakhs)
  • Deferred Tax: ₹7.25 lakhs (FY 2024-25: ₹1.04 lakhs)
  • Net Profit: ₹200.85 lakhs (FY 2024-25: ₹149.42 lakhs)
  • Profit Attributable to Equity Shareholders: ₹200.70 lakhs
  • Earnings Per Share (Basic & Diluted): ₹10.08 (FY 2024-25: ₹10.63)

Balance Sheet Position (as at 31 March 2026):

  • Total Equity: ₹1,517.32 lakhs (FY 2024-25: ₹528.25 lakhs)
  • Share Capital: ₹235.68 lakhs
  • Reserves and Surplus: ₹1,280.25 lakhs
  • Non-current Liabilities: ₹28.05 lakhs
  • Current Liabilities: ₹228.69 lakhs
  • Total Assets: ₹1,774.05 lakhs
  • Cash and Cash Equivalents: ₹604.20 lakhs

Key Operational Developments

IPO and Listing:

  • Successfully completed Initial Public Offer (IPO) comprising 799,200 equity shares of ₹10 each at issue price of ₹111 per share
  • Equity shares listed on BSE SME Platform on 15 September 2025
  • IPO proceeds aggregated to ₹887.11 lakhs

Business Expansion:

  • Strengthened stitching unit for greater manufacturing integration
  • Placed order for Multihead High Tech embroidery machine to enhance production capacity
  • Added new international clients from United States and United Kingdom
  • Foreign exchange earnings: ₹1,443.30 lakhs; Foreign exchange outgo: ₹77.55 lakhs

Subsidiary Performance:

  • Vashishtha Embroideries Private Limited (99% subsidiary)
  • FY26 Turnover: ₹229.96 lakhs
  • Net Profit: ₹14.95 lakhs
  • Total Assets: ₹177.38 lakhs

Annual General Meeting Details

Date and Time: Tuesday, 22 September 2026 at 11:30 AM

Venue: 303, Sun Industrial Estate, Sun Mill Compound, Lower Parel West, Mumbai - 400013

Cut-off Date: 15 September 2026

AGM Agenda:

1. Adoption of Audited Standalone and Consolidated Financial Statements for FY 2025-2026

2. Reappointment of Mrs. Archana Mustak Odiya (DIN: 09475973) as Non-Executive Director retiring by rotation

3. Appointment of M/s. SMNK & Co., Chartered Accountants (FRN: 134153W) as Statutory Auditors for 5 years until AGM 2031

Board and Committee Composition

Board of Directors:

  • Mr. Ravindra Dilip Dhareshivkar (Managing Director, DIN: 08202758)
  • Mr. Mustak Basirbhai Odiya (Director, DIN: 08202757)
  • Mrs. Archana Mustak Odiya (Non-Executive Director, DIN: 09475973)
  • Mr. Jaydeep Sodha (Independent Director, DIN: 10489038)
  • Mr. Pratik Jain (Independent Director, DIN: 08640621)

Key Managerial Personnel:

  • Mr. Ravindra Dilip Dhareshivkar (Managing Director)
  • Ms. Anasuya Banerjee (Chief Financial Officer, appointed 15 May 2025)
  • Ms. Krupali Riddhesh Thakkar (Company Secretary & Compliance Officer)

Committee Structure:

  • Audit Committee: Mr. Jaydeep Sodha (Chairman), Mr. Pratik Jain, Mr. Mustak Odiya
  • Nomination & Remuneration Committee: Mr. Pratik Jain (Chairman), Mr. Jaydeep Sodha, Mrs. Archana Odiya
  • Stakeholders' Relationship Committee: Mrs. Archana Odiya (Chairperson), Mr. Jaydeep Sodha, Mr. Pratik Jain

Auditor Appointments

Statutory Auditors:

  • M/s. SMNK & Co., Chartered Accountants (FRN: 134153W) appointed to fill casual vacancy caused by resignation of M/s. Kumbhat & Co LLP
  • Recommended for 5-year term from conclusion of AGM 2026 until AGM 2031
  • Audit Fee: ₹3,70,000 plus applicable taxes and out-of-pocket expenses

Internal Auditors: R G G R & Associates, Chartered Accountants

Secretarial Auditors: R.B. Tanna & Associates, Practising Company Secretaries

Corporate Actions

Share Capital:

  • Authorized Capital: ₹500.00 lakhs (50,00,000 equity shares of ₹10 each)
  • Paid-up Capital: ₹235.68 lakhs (23,56,758 equity shares of ₹10 each fully paid-up)
  • Promoter Holding: 66.09% (1,557,493 shares)

Dividend: No dividend proposed for FY 2025-2026

Related Party Transactions

Significant transactions with related parties:

  • Purchase from Vashishtha Embroideries Private Limited (subsidiary): ₹241.46 lakhs
  • Purchase from Anas Embroideries (promoter entity): ₹627.60 lakhs
  • Rent received from Vashishtha Embroideries Private Limited: ₹8.50 lakhs

All transactions were conducted at arm's length and in ordinary course of business.

Contingent Liabilities

  • Income tax demand for AY 2023-24: ₹12.04 lakhs (under rectification)
  • Income tax demand for AY 2024-25: ₹1.81 lakhs (appeal pending)

Management believes demands are not sustainable based on professional advice

Other Significant Disclosures

  • Company maintains zero-debt capital structure
  • No deposits accepted from public during the year
  • No material changes affecting financial position between year-end and report date
  • No significant orders passed by regulators/courts impacting going concern status
  • Company has functional website: www.vashishthaluxuryfashion.com
  • Registrar and Share Transfer Agent: Bigshare Services Private Limited

Voting Arrangements

  • Remote e-voting period: 19 September 2026 (9:00 AM) to 21 September 2026 (5:00 PM)
  • Scrutinizer: R.B. Tanna & Associates, Practising Company Secretaries
  • Physical voting facility available at AGM venue for members not voting electronically