AGM Details

  • Date: September 28, 2026
  • Time: 04:00 PM
  • Mode: Video Conferencing/Other Audio Visual Means (VC/OAVM)
  • Cut-off date for voting: September 21, 2026
  • Remote e-voting period: September 24, 2026 (10:00 AM) to September 27, 2026 (05:00 PM)
  • Scrutinizer: CS Manoj Mimani of M/s R M Mimani & Associates LLP

Agenda Items

Ordinary Business

1. Adoption of Financial Statements: To consider and adopt audited financial statements for FY 2025-26 together with reports of Board of Directors and Auditors

2. Re-appointment of Director: Mr. Vivek Srivastava (DIN: 09294944) retires by rotation and seeks re-appointment

3. Appointment of Statutory Auditors: To appoint M/s BHATTER & CO. Chartered Accountants (FRN: 131092W) as statutory auditors for 5 years from conclusion of 13th AGM till 18th AGM in 2031, replacing M/s R T Jain & Co. LLP

  • Proposed remuneration: ₹3,50,000 for FY 2026-27 plus applicable taxes and out-of-pocket expenses
  • Current auditors: M/s R T Jain & Co. LLP (tenure expiring at ensuing AGM)

Special Business - Material Related Party Transactions (Items 4-11)

Shareholder approval sought for omnibus approval of transactions with related parties for one year from conclusion of AGM:

Item 4: Waaree Energies Limited (Promoter group entity)
  • Proposed transactions: Purchase of goods (₹100 crore), Sale of goods (₹20 crore), Borrowing (₹20 crore)
  • FY25-26 transactions: Purchase ₹75.54 lakh, Sale ₹2.36 lakh
  • Interest rate on borrowing: 10% p.a., unsecured
  • Impact on debt ratios: Debt-to-Equity from (3.47) to (6.75), Debt Service Coverage from (0.23) to 0.37
Item 5: Waaree Renewable Technologies Limited (Relative of Director is Director)
  • Proposed transactions: Avail EPC services (₹5 crore), Sale of goods (₹10 crore), Borrowing (₹20 crore)
  • FY25-26 transactions: Sale ₹93.59 lakh
  • Related party financials (FY25-26): Turnover ₹333.12 crore, PAT ₹48.25 crore, Networth ₹93.95 crore
Item 6: Waaree Power Private Limited (Relative of Director is Director)
  • Proposed transactions: Purchase of goods (₹30 crore), Sale of goods (₹5 crore)
  • FY25-26 transactions: Purchase ₹75.54 lakh, Sale ₹2.36 lakh
  • Related party financials (FY25-26): Turnover ₹16.27 crore, PAT ₹5.85 lakh, Networth ₹70.21 crore
Item 7: Sangam Solar One Private Limited (Relative of Director is Director)
  • Proposed transactions: Purchase of goods (₹2 crore), Sale of goods (₹2 crore)
  • Related party financials (FY25-26): Turnover ₹391.51 crore, Loss ₹70.80 crore, Networth ₹612.30 crore
Item 8: Waaree ESS Private Limited (Director of Company is Director)
  • Proposed transactions: Purchase of goods (₹2 crore), Sale of goods (₹2 crore)
  • Related party financials (FY24-25): Turnover ₹6.24 crore, Loss ₹1.76 crore, Networth ₹9.21 crore
Item 9: Waa Cables Private Limited (Relative of directors holds shares indirectly)
  • Proposed transactions: Purchase of goods (₹2 crore), Sale of goods (₹2 crore)
  • Related party financials (FY24-25): Turnover ₹84.81 crore, PAT ₹7.01 crore, Networth ₹13.49 crore
Item 10: Waaree Sustainable Finance Private Limited (Director of Company is Director)
  • Proposed transactions: Borrowing (₹20 crore)
  • FY25-26 transactions: Loan availed ₹276 lakh
  • Interest rate: 10% p.a., unsecured
  • Related party financials (FY24-25): Turnover ₹0, PAT ₹544.20 crore, Networth ₹595.51 crore
Item 11: Waaree Energy Storage Solutions Private Limited (Relative of Director of Company is Director)
  • Proposed transactions: Purchase of goods (₹5 crore), Sale of goods (₹5 crore)

Financial Performance (FY 2025-26)

  • Total Income: ₹7.45 crore (Previous year: ₹10.45 crore)
  • Total Expenditure: ₹13.01 crore (Previous year: ₹17.98 crore)
  • Loss before tax: ₹5.56 crore (Previous year: ₹7.53 crore)
  • Tax expense: ₹1.38 crore (deferred tax)
  • Loss after tax: ₹4.18 crore (Previous year: ₹5.65 crore)
  • EPS: (₹3.88) per share (Previous year: (₹5.25))

Capital Structure

  • Authorized Share Capital: ₹12.00 crore (1.20 crore equity shares of ₹10 each)
  • Paid-up Share Capital: ₹10.77 crore (1.08 crore equity shares of ₹10 each)
  • Reserves and Surplus: (₹16.86 crore)

Key Financial Positions (as at March 31, 2026)

  • Property, Plant & Equipment: ₹1.41 crore (Net block)
  • Intangible Assets: ₹1.01 crore (Net block)
  • Inventories: ₹2.09 crore
  • Trade Receivables: ₹0.11 crore
  • Cash & Bank Balances: ₹2.27 crore
  • Long-term Borrowings: ₹13.85 crore (from directors)
  • Short-term Borrowings: ₹7.27 crore
  • Deferred Tax Assets: ₹6.10 crore

Board and Committee Composition

Directors:

  • Mr. Kirit Chimanlal Doshi (Chairman & Managing Director)
  • Mr. Rushabh Pankaj Doshi (Executive Director & CFO)
  • Mr. Jayesh Dhirajlal Shah (Independent Director)
  • Mr. Mitul Chandulal Mehta (Independent Director)
  • Ms. Anita Jaiswal (Independent Director)
  • Mr. Vivek Srivastava (Non-Executive Director)

Board Meetings: 4 meetings held during FY 2025-26

Audit Committee: Mr. Jayesh Dhirajlal Shah (Chairperson), Mr. Mitul Chandulal Mehta, Mr. Rushabh Pankaj Doshi

Stakeholders' Relationship Committee: Mr. Jayesh Dhirajlal Shah (Chairperson), Mr. Kirit Chimanlal Doshi, Mr. Rushabh Pankaj Doshi

Nomination and Remuneration Committee: Mr. Jayesh Dhirajlal Shah (Chairperson), Ms. Anita Jaiswal, Mr. Mitul Chandulal Mehta

Other Disclosures

  • Registrar & Transfer Agent: MUFG Intime India Private Limited
  • Bankers: ICICI Bank Limited, State Bank of India