Key Quantitative Figures

  • Revenue from Operations: ₹1,584.678 million (FY26) vs ₹269.924 million (FY25)
  • Profit Before Tax: ₹125.900 million (FY26) vs Loss of ₹13.873 million (FY25)
  • Profit After Tax: ₹93.473 million (FY26) vs Loss of ₹14.727 million (FY25)
  • Total Income: ₹1,586.217 million (FY26) vs ₹271.085 million (FY25)
  • Paid-up Share Capital: ₹57.600 million (5,760,000 equity shares of ₹10 each)
  • Statutory Auditor Remuneration Proposed: ₹400,000 for FY 2026-27
  • Managing Director Remuneration: ₹5,00,000 per month proposed for re-appointment
  • Material Related Party Transaction Limits:
  • Amar Food Products: ₹15 crore
  • Amarsagar Seafoods Private Limited: ₹15 crore
  • Pesca Marine Products Private Limited: ₹3 crore

Dates of Action

  • AGM Date: September 22, 2026 (through video conference)
  • Record Date: September 15, 2026
  • Book Closure: September 16-22, 2026
  • E-voting Period: September 18-21, 2026
  • Director Appointments:
  • Chandni Gopal Khudai: October 1, 2025
  • Pragnesh P. Patel: August 11, 2026

Parties Involved

Board of Directors:

  • Mr. Rajeshkumar Babulal Panjari (Managing Director, DIN: 00261895)
  • Mr. Ramkumar Babulal Panjari (Executive Director & CFO, DIN: 00262001)
  • Mr. Ramesh Ishwarlal Upadhyay (Non-Executive Director, DIN: 07087829)
  • Mrs. Varsha Manish Sanghai (Non-Executive Independent Director, DIN: 07445502)
  • Mr. Jaidip Dilipkumar Simaria (Non-Executive Independent Director, DIN: 02587800)
  • Ms. Chandni Gopal Khudai (Non-Executive Independent Director, DIN: 11202979)
  • Mr. Pragnesh P. Patel (Non-Executive Independent Director, DIN: 11668303)

Key Managerial Personnel:

  • Ms. Poonam Mor (Company Secretary & Compliance Officer, appointed June 24, 2025)

Auditors:

  • Statutory Auditors: M/s. S A R A & Associates, Chartered Accountants
  • Secretarial Auditor: M/s. I S Gupta & Co., Practicing Company Secretary
  • Internal Auditor: KTM & Co., Chartered Accountants

Bankers: HDFC Bank Ltd, Indian Bank, Axis Bank, UCO Bank

RTA: Purva Sharegistry (India) Limited

AGM Resolution Details

Ordinary Business:

1. Adoption of audited financial statements for FY 2025-26

2. Re-appointment of Mr. Ramkumar Babulal Panjari (retiring by rotation)

3. Approval of statutory auditor remuneration of ₹400,000 for FY 2026-27

Special Business:

4. Re-appointment of Mr. Rajeshkumar Babulal Panjari as Managing Director for 5 years from October 1, 2026, with remuneration of ₹5,00,000/month for first 3 years

5. Re-appointment of Mr. Jaidip Dilipkumar Simaria as Non-Executive Independent Director for second term of 5 years

6. Appointment of Mr. Pragnesh P. Patel as Non-Executive Independent Director for first term of 5 years

7. Approval of material related party transactions with Amar Food Products (₹15 crore limit)

8. Approval of material related party transactions with Amarsagar Seafoods Private Limited (₹15 crore limit)

9. Approval of material related party transactions with Pesca Marine Products Private Limited (₹3 crore limit)

Financial Performance Analysis

Significant Year-on-Year Changes:

  • Revenue increased 487% from ₹269.924 million to ₹1,584.678 million
  • Turned from loss of ₹13.873 million to profit of ₹125.900 million at PBT level
  • Turned from loss of ₹14.727 million to profit of ₹93.473 million at PAT level
  • Employee benefits expense increased from ₹26.079 million to ₹60.229 million
  • Other expenses increased from ₹64.263 million to ₹194.719 million

Operational Highlights:

  • Commissioned 150 KW grid-connected solar rooftop power plant at Mangrol plant
  • All equity shares except 5,000 are held in dematerialized form
  • Company enjoyed cordial industrial relations with 111 employees on rolls

Regulatory Compliance Matters

  • Paid penalty of ₹542,800 to BSE for non-compliance with Regulation 17(1) regarding board composition for quarter ended September 30, 2025
  • Complied with all other SEBI LODR requirements
  • Secretarial audit report contains no qualifications
  • No frauds reported by auditors
  • No sexual harassment complaints during the year

Capital Structure Impact

  • No change in share capital during FY 2025-26
  • Paid-up capital remains at 5,760,000 equity shares of ₹10 each
  • All resolutions proposed at AGM require shareholder approval but do not immediately affect capital structure

Related Party Transactions

FY 2025-26 Actual Transactions:

  • Amar Food Products: Purchases of ₹85.653 million
  • Amarsagar Seafoods Private Limited: Purchases of ₹87.879 million
  • Pesca Marine Products Private Limited: Purchases of ₹1.911 million
  • Hiravati Marine Products Private Limited: Purchases of ₹0.019 million

Proposed FY 2026-27 Limits:

  • Aggregate value not to exceed approved limits for each related party
  • Transactions to be at arm's length and in ordinary course of business

Corporate Governance

  • Board met 5 times during FY 2025-26
  • Audit Committee met 4 times
  • Nomination and Remuneration Committee met 3 times
  • Stakeholders' Relationship Committee met 4 times
  • No investor complaints received during the year
  • Vigil mechanism/whistle blower policy in place

Forward-looking Statements

The Management Discussion & Analysis contains cautionary statements about forward-looking information, noting that actual results may differ due to market conditions, raw material availability, regulatory changes, and other factors beyond the company's control.