Financial Performance Highlights

  • Total Income: ₹155.19 lakhs (FY26) vs ₹50.83 lakhs (FY25)
  • Revenue from Operations: ₹138.00 lakhs (FY26) vs ₹27.37 lakhs (FY25)
  • Profit/(Loss) Before Tax: ₹231.72 lakhs profit (FY26) vs ₹316.50 lakhs loss (FY25)
  • Profit/(Loss) After Tax: ₹177.09 lakhs profit (FY26) vs ₹446.20 lakhs loss (FY25)
  • Other Comprehensive Income: ₹400.03 lakhs (net of tax effect)
  • Total Comprehensive Income: ₹577.12 lakhs (FY26) vs ₹446.20 lakhs loss (FY25)
  • Carried Forward Balance: (₹229.96) lakhs (FY26) vs (₹807.08) lakhs (FY25)

Annual General Meeting Details

  • Date: Monday, 28th September, 2026
  • Time: 03.00 P.M.
  • Mode: Video Conference (VC)/Other Audio Visual Means (OAVM)
  • Cut-off Date for Voting: Monday, 21st September, 2026
  • Remote E-Voting Period: 25th September 2026 (9:00 AM) to 27th September 2026 (5:00 PM)

Ordinary Business

1. Adoption of financial statements for year ended March 31, 2026 including audited Balance Sheet, Statement of Profit and Loss, Cash Flow Statement, and reports of Board of Directors and Auditors.

2. Reappointment of Mr. Gnanesh Bhagat (DIN: 00115076) who retires by rotation.

Special Business

3. Appointment of Mr. Aadit Rajal Dalal (DIN: 08125390) as Whole-time Director for 5 years from 14 August 2026 to 13 August 2031.

4. Regularization of Mr. Jani Dhavalkumar (DIN: 11880459) as Non-Executive Independent Director for 5 years from 14 August 2026.

5. Approval of Managerial Remuneration payable to directors for FY 2025-26 and FY 2026-27, including in case of absence or inadequacy of profits.

6. Enhancement of Limit for Unsecured Loan from Managing Director Mr. Gnanesh Bhagat from ₹10 crore to ₹20 crore aggregate limit.

Board of Directors Changes during FY 2025-26

  • Resignation of Mr. Aadit Rajal Dalal (Additional Director Non-Executive and Independent) on 07.07.2025
  • Resignation of Mr. Ashish Prakash Tripathi (Independent Director) on 07.07.2025
  • Regularization of Mr. Devang Bhikhubhai Parekh as Independent Non-Executive Director from 26.09.2025
  • Regularization of Ms. Twishaa Gnanesh Bhagat as Non-Executive Woman Director from 26.09.2025
  • Resignation of Mr. Naresh Prajapat (CFO) on 01.10.2025
  • Resignation of Ms. Pooja Jain (Company Secretary) on 31.10.2025
  • Appointment of Mr. Chirag Maheshbhai Lukka as CFO from 02.01.2026
  • Appointment of Mr. Uddesh Jain as Company Secretary from 20.05.2026
  • Appointment of Mr. Aadit Rajal Dalal as Whole-Time Director from 14.08.2026
  • Appointment of Mr. Jani Dhavalkumar as Non-Executive Independent Director from 14.08.2026

Key Managerial Personnel

  • Chief Financial Officer: Mr. Chirag Maheshbhai Lukka (w.e.f. January 02, 2026)
  • Company Secretary: Mr. Uddesh Jain (w.e.f. May 20, 2026)

Statutory Auditors

M/s. Shah & Shah Chartered Accountants (FRN: 131527W) have been re-appointed for a second term of 5 years until the conclusion of the AGM for FY 2029-30.

Secretarial Auditors

M/S. A. Shah & Associates, Practicing Company Secretary

Registrars & Share Transfer Agents

Purva Sharegistry (India) Pvt. Ltd., Mumbai

Stock Exchange Listing

BSE Limited

Capital Structure

  • Authorized Capital: 1,70,00,000 Equity Shares of ₹10 each (₹1,700 lakhs)
  • Issued, Subscribed & Paid-up: 1,60,29,950 Equity Shares of ₹10 each (₹1,603 lakhs)
  • Promoter Holding: Mr. Gnanesh Bhagat holds 95,19,233 shares (59.38%)

Key Financial Ratios

  • Current Ratio: 1.66 (FY26) vs 0.96 (FY25)
  • Debt-Equity Ratio: 2.68 (FY26) vs 1.32 (FY25)
  • Return on Equity: 0.16 (FY26) vs (0.44) (FY25)
  • Inventory Turnover Ratio: 0.08 (both years)
  • Net Profit Ratio: 0 (FY26) vs 0 (FY25)

Audit Qualifications & Observations

Statutory Auditors (Shah & Shah) emphasized:

1. Scheme of Amalgamation with Yash Shelters Limited sanctioned by NCLT on 25.03.2025

2. Vacancy in Company Secretary office since 31.10.2025, non-compliance with Section 203 of Companies Act, 2013 and Regulation 6 of SEBI LODR

3. Non-disclosure of fair value of investment property as required by Ind AS 40

4. Managerial remuneration paid in situation of no profits without shareholder approval

Secretarial Auditors (A. Shah & Associates) reported deviations:

1. Delay in appointment of Company Secretary by 4 months

2. 5-day delay in submission of Corporate Governance certificate

3. Delay in uploading form MGT-14

4. Exceeding borrowing limits under Section 180(1)(c) without member approval

5. Non-compliance with Section 186 regarding loans/investments beyond prescribed limits

6. Payment of managerial remuneration exceeding 11% of net profits without member approval

Corporate Actions

  • Dividend: No dividend recommended for FY 2025-26
  • Reserves: No amount transferred to reserves during FY 2025-26
  • Scheme of Amalgamation: NCLT approved amalgamation of Yash Shelters Limited with Yash Innoventures Limited effective 1st October 2022

Related Party Transactions

Transactions with related parties including loans, advances, rent income/expense, and salary payments disclosed in Form AOC-2. Major transactions include:

  • Loans to related parties: ₹148.78 lakhs outstanding
  • Rent income from Champaben Bhagat Education Trust: ₹0.12 lakhs
  • Salary to Mr. Gnanesh Bhagat: ₹18.00 lakhs

CSR Activities

  • CSR expenditure required: Nil (based on average net profit of last three years)
  • CSR expenditure incurred: Nil
  • No CSR Committee constituted as expenditure doesn't exceed ₹50 lakhs

Internal Financial Controls

Auditors reported adequate internal financial controls system operating effectively as of March 31, 2026.

Material Events

  • Final order received from NCLT Ahmedabad sanctioning Scheme of Amalgamation
  • No material events occurred after balance sheet date

Compliance with Accounting Standards

Financial statements prepared in accordance with Indian Accounting Standards (Ind AS)