Board Meeting Details

The Board of Directors meeting was held on Saturday, 30th May 2026, commencing at 10:30 PM IST and concluding at 11:10 PM IST.

Key Decisions Approved

1. Standalone Audited Financial Results: The Board approved the Standalone Audited Financial Results for the fourth quarter and financial year ended 31st March, 2026.

2. Internal Auditor Appointment: The Board appointed Devam J. Jayaswal, Chartered Accountant (Membership Number: 184987) as Internal Auditor for the Financial Year 2026-2027 under Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014.

Financial Results Overview

Annual Performance (FY2026 vs FY2025):

  • Revenue from operations: ₹23,773.12 lakhs (vs ₹9,277.90 lakhs)
  • Total Income: ₹23,998.44 lakhs (vs ₹9,390.38 lakhs)
  • Net Profit/(Loss): ₹131.07 lakhs profit (vs ₹1,368.64 lakhs loss)
  • Earnings per share (Basic): ₹0.05 (vs ₹(0.53))
  • Paid-up Equity Share Capital: ₹2,571.40 lakhs (25,714,000 shares of ₹1 each)

Quarterly Performance (Q4 FY2026 vs Q4 FY2025):

  • Revenue from operations: ₹4,045.10 lakhs (vs ₹3,914.08 lakhs)
  • Net Profit/(Loss): ₹298.87 lakhs profit (vs ₹67.74 lakhs profit)
  • Earnings per share (Basic): ₹0.12 (vs ₹0.03)

Audit Qualification Details

The Statutory Auditors, M/s. Mahesh Udhwani & Associates, issued a qualified opinion with the following key issues:

Qualification 1 - Advances of ₹760 lakhs:

  • "Other Current Non-Financial Asset" includes outstanding advances amounting to ₹760 lakhs classified under Current Assets
  • Company has not recognized any impairment provision against these balances
  • Auditors cited absence of sufficient appropriate audit evidence regarding recoverability and carrying value

Qualification 2 - Financial Assets of ₹108 lakhs:

  • "Other Current Financial Asset" includes ₹108 lakhs classified under Current Assets
  • Company has not recognized any Expected Credit Loss provision
  • Auditors cited absence of sufficient appropriate audit evidence supporting recoverability

Emphasis of Matter - Borrowings of ₹2,941.99 lakhs:

  • Borrowings include balance of ₹2,941.99 lakhs payable to Indian Credit Co-operative Society
  • Related balance confirmation and loan statements were not made available to auditors
  • Unable to independently verify outstanding borrowing balance and related interest amount of ₹328.07 lakhs

Management Response to Qualifications

For ₹760 lakhs advances: Management believes these represent amounts given in ordinary course of business, are under active monitoring, and considers them fully recoverable. No impairment provision considered necessary.

For ₹108 lakhs financial assets: Management considers these recoverable and continues to carry them at carrying values. No Expected Credit Loss provision considered necessary based on assessment.

Management concluded that the financial statements present a true and fair view and the qualifications relate primarily to sufficiency of audit evidence rather than actual recoverability issues.

Internal Auditor Appointment Details

Name: Devam J. Jayaswal, Chartered Accountant (Membership Number: 184987)

Effective Date: 30th May, 2026

Term: Financial Year 2026-27

Experience: 11 years professional experience including 3 years articleship with Anil A. Shah & Co., 1.5 years with Amar Shah & Associates, and 7 years in independent practice

Expertise: Statutory audits, tax audits, internal audits, bank audits, internal financial control reviews, project financing, transfer pricing audits, GST and TDS compliance

Office Address: 912, Vihav Supremus, Near Amin Party Plot, Gotri Road, Vadodara – 390021

Additional Notes

  • Figures for current quarter are balancing figures between audited annual figures and published nine-month figures
  • No investor complaints pending as of March 31, 2026
  • Previous period figures regrouped/reclassified where required