To, The Members,
Shayona Engineering Limited
The Board of Directors presents the Tenth Annual Report of Shayona Engineering Limited ("Company") together with the audited standalone financial statements for the financial year ended March 31, 2026.
1. FINANCIAL HIGHLIGHTS
( in lakh)
| Particulars | 2025-26 | 2024-25 |
| Revenue from Operations | 4,027.23 | 2,316.13 |
| Other Income | 3.99 | 1.56 |
| Total Income | 4,031.22 | 2,317.69 |
| Profit before Interest, Depreciation and Tax | 756.53 | 513.43 |
| Finance Costs | 160.60 | 95.56 |
| Profit before Depreciation and Tax | 595.93 | 417.87 |
| Depreciation, Amortisation and Impairment | 61.85 | 25.98 |
| Profit Before Tax | 534.08 | 391.89 |
| Current Tax | 125.23 | 86.00 |
| Deferred Tax | -4.11 | 55.50 |
| Tax relating to earlier years | 8.82 | 8.47 |
| Profit After Tax | 404.14 | 241.91 |
| Paid-up Equity Share Capital | 389.23 | 286.03 |
| Basic Earnings per Equity Share (in ) | 13.94 | 9.33 |
2. FINANCIAL PERFORMANCE AND STATE OF AFFAIRS
Revenue from operations increased to 4,027.23 lakh in FY 2025-26 from 2,316.13 lakh in FY 2024-25, and total income increased to 4,031.22 lakh from 2,317.69 lakh. Profit before tax was 534.08 lakh (FY 2024-25: 391.89 lakh) and profit after tax was 404.14 lakh (FY 2024-25: 241.91 lakh). As at March 31, 2026, the Companys total assets stood at 5,341.62 lakh, compared with 2,960.12 lakh as at March 31, 2025.
During the year, the Members approved alteration of the Main Object Clause of the Memorandum of Association by Special Resolution at the Extra-Ordinary General Meeting held on January 1, 2026, inter lakalia, to include the manufacture and allied activities relating to PVC, HDPE and other polymer-based pipes, tubes, conduits, fittings and allied products. The Company commenced commercial production of PVC Pipes & Fittings and HDPE Pipes & Fittings at its Menpura Division.
During the year, the Company completed its Initial Public Offering ("IPO") and its equity shares were listed on the SME Platform of BSE Limited with effect from January 30, 2026.
No material changes or commitments affecting the financial position of the Company occurred between the end of the financial year and the date of this Report.
3. SHARE CAPITAL
During FY 2025-26, the authorised share capital of the Company remained unchanged at 6,00,00,000, divided into 60,00,000 Equity Shares of 10 each.
The issued, subscribed and paid-up equity share capital increased from 2,86,02,680, comprising 28,60,268 Equity Shares of 10 each, to 3,89,22,680, comprising 38,92,268 Equity Shares of 10 each, consequent upon the fresh issue of 10,32,000 Equity Shares under the IPO.
The Equity Shares issued under the IPO were allotted at an issue price of 144 per Equity Share, comprising face value of 10 and securities premium of 134 per Equity Share, and were listed on the SME Platform of BSE Limited on January 30, 2026.
4. INITIAL PUBLIC OFFER AND UTILISATION OF PROCEEDS
Pursuant to Regulation 32(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), the Board provides the following explanation for the variation in utilisation of IPO proceeds reported for the period ended March 31, 2026. The Company raised 1,486.08 lakh through the fresh issue under its IPO. Of 379.00 lakh allocated for purchase of plant and machinery, 131.19 lakh had been utilised towards the stated object and 247.81 lakh remained pending deployment as at March 31, 2026.
Pending deployment, 105.84 lakh was temporarily invested in fixed deposits with scheduled banks and 141.97 lakh was temporarily utilised towards interim working capital requirements. The latter constituted a temporary category-wise variation in utilisation of the IPO proceeds. The said 141.97 lakh was made available / restored before approval of the financial statements. There was no change in the objects of the issue or in the terms of any contract referred to in the Prospectus.
The utilisation was reviewed by the Audit Committee, and the Statutory Auditors issued the certificate required under Regulation 262(5) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The unutilised balance continued to represent funds pending deployment towards the stated object.
5. DIVIDEND
The Board has not recommended any dividend for FY 2025-26.
6. TRANSFER TO RESERVES
No amount is proposed to be transferred to the General Reserve for FY 2025-26.
7. CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL
(i) Changes during the year
No new Director or Key Managerial Personnel was appointed during FY 2025-26.
At the Ninth Annual General Meeting held on September 27, 2025, Mr. Vipul Solanki (DIN: 07722506), who retired by rotation and, being eligible, offered himself for re-appointment, was re-appointed as a Director of the Company.
(ii) Changes after the close of the financial year
Ms. Arti Ankitkumar Singh ceased to be the Company Secretary with effect from April 8, 2026. Ms. Bhumi Sagar Mehta was appointed as the Company Secretary and Compliance Officer with effect from the same date.
(iii) Retirement by Rotation
In accordance with Section 152 of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Gaurav Ratukumar Parekh (DIN: 07722525), Whole-time Director, is liable to retire by rotation at the forthcoming Tenth Annual General Meeting and, being eligible, has offered himself for re-appointment.
The composition of the Board of Directors and Key Managerial Personnel as at March 31, 2026 is set out below:
| Sr. No. | Name | DIN | Category |
| 1 | Mr. Vipul Bhikhabhai Solanki | 07722506 | Managing Director |
| 2 | Mr. Gaurav Ratukumar Parekh | 07722525 | Whole-Time Director |
| 3 | Mrs. Kinnariben Vipulbhai Solanki | 10573012 | Whole-Time Director |
| 4 | Mr. Miteshkumar Ghanshyambhai Rana | 06770916 | Independent Director |
| 5 | Mrs. Arpita Tejaskumar Shah | 09630872 | Independent Director |
| 6 | Mr. Sagar Natvarlal Tailor | 10725617 | Independent Director |
| 7 | Ms. Arti Ankitkumar Singh | Company Secretary | |
| 8 | Mrs. Geetaben Pravvinchandra Parekh | Chief Financial Officer |
8. BOARD MEETINGS
During FY 2025-26, the Board met sixteen times as per the details provided in below table. The meetings were convened and conducted in accordance with Section 173 of the Companies Act, 2013 and Secretarial Standard-1 on Meetings of the Board of Directors.
| Sr. No. | Date of Meeting | Total Number of Directors as on the date of the meeting | No. of Directors attended |
| 1 | April 15, 2025 | 06 | 06 |
| 2 | May 06, 2025 | 06 | 06 |
| 3 | June 24, 2025 | 06 | 06 |
| 4 | July 29, 2025 | 06 | 06 |
| 5 | August 12, 2025 | 06 | 06 |
| 6 | August 12, 2025 | 06 | 06 |
| 7 | August 20, 2025 | 06 | 06 |
| 8 | November 15, 2025 | 06 | 06 |
| 9 | November 18, 2025 | 06 | 06 |
| 10 | December 05, 2025 | 06 | 06 |
| 11 | December 15, 2025 | 06 | 06 |
| 12 | December 31, 2025 | 06 | 06 |
| 13 | January 01, 2026 | 06 | 06 |
| 14 | January 15, 2026 | 06 | 06 |
| 15 | January 28, 2026 | 06 | 06 |
| 16 | February 26, 2026 | 06 | 06 |
9. DECLARATIONS BY INDEPENDENT DIRECTORS
As at the date of this Report, Mr. Miteshkumar Ghanshyambhai Rana, Mrs. Arpita Tejaskumar Shah and Mr. Sagar Natvarlal Tailor are Independent Directors of the Company. The Company has received declarations from all Independent Directors under Section 149(7) of the Companies Act, 2013 confirming that they meet the criteria of independence under Section 149(6). They have also confirmed compliance with Schedule IV to the Act and the applicable requirements relating to the Independent Directors databank.
10. ANNUAL PERFORMANCE EVALUATION
Pursuant to Sections 134(3)(p) and 178 of the Companies Act, 2013 read with Schedule IV thereto and the Nomination and Remuneration Policy, the Board carried out the annual performance evaluation of the Board, its Committees and individual Directors in the manner and against the criteria specified by the Nomination and Remuneration Committee. The evaluation covered, inter alia, composition and effectiveness of the Board and its Committees, preparedness, participation, contribution, professional conduct and the adequacy and timeliness of information placed before the Board.
The Independent Directors, at their separate meeting, evaluated the performance of the Non-Independent Directors, the Board as a whole and the Chairperson, and reviewed the quality, quantity and timeliness of the flow of information between the Management and the Board. The performance of the Independent Directors was evaluated by the Board, excluding the Director being evaluated.
11. BOARD COMMITTEES
The Board has constituted the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee in accordance with the applicable provisions of the Companies Act, 2013. Their composition as at March 31, 2026 and the number of meetings held during the year are set out below.
I. Audit Committee
| Name of Directors | Designation on the Board | Position on the Committee |
| Mrs. Arpita Shah | Independent Director | Chairman |
| Mr. Miteshkumar Rana | Independent Director | Member |
| Mr. Sagar Tailor | Independent Director | Member |
| Mr. Vipulbhai Solanki | Chairman & Managing Director | Member |
During FY 2025-26, the Audit Committee met three times as per the details provided in below table:
| Sr. No. | Date of Audit Committee Meeting | Total Number of member Present | % of Attendance |
| 1 | July 29, 2025 | 4 | 100% |
| 2 | August 12, 2025 | 4 | 100% |
| 3 | January 01, 2026 | 4 | 100% |
During the year under review, all recommendations of the Audit Committee were accepted by the Board.
II. Nomination and Remuneration Committee
| Name of Directors | Designation on the Board | Position on the Committee |
| Mr. Miteshkumar Rana | Independent Director | Chairman |
| Mrs. Arpita Shah | Independent Director | Member |
| Mr. Sagar Tailor | Independent Director | Member |
During FY 2025-26, the Nomination and Remuneration Committee met once as per the details provided in below table:
| Sr. No. | Date of Nomination & Remuneration Meeting | Total Number of Member Present | % of Attendance |
| 1 | February 26, 2026 | 3 | 100% |
III. Stakeholders Relationship Committee
| Name of Directors | Designation on the Board | Position on the Committee |
| Mr. Sagar Tailor | Independent Director | Chairman |
| Mrs. Arpita Shah | Independent Director | Member |
| Mr. Vipulbhai Solanki | Managing Director | Member |
During FY 2025-26, the Stakeholders Relationship Committeemet once as per the details provided in below table:
| Sr. No. | Date of Nomination & Remuneration Meeting | Total Number of Member Present | % of Attendance |
| 1 | February 26, 2026 | 3 | 100% |
12. NOMINATION AND REMUNERATION POLICY
Pursuant to Section 134(3)(e) read with Section 178 of the Companies Act, 2013, the Company has adopted a Nomination and Remuneration Policy setting out, inter alia, the criteria for appointment, qualifications, positive attributes and independence of Directors and the framework for remuneration of Directors, Key Managerial Personnel and other employees. The Policy is available on the Companys website at https://shayonaengg.com/engineering/. There was no change in the Policy during FY 2025-26.
13. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, the Directors confirm that:
(i) in the preparation of the annual accounts for the year ended March 31, 2026, the applicable accounting standards were followed, along with proper explanation relating to material departures, if any; (ii) the Directors had selected such accounting policies and applied them consistently and made judgements and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year; (iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; (iv) the Directors had prepared the annual accounts on a going concern basis; (v) the Directors had laid down internal financial controls to be followed by the Company and such internal financial controls were adequate and operating effectively; and (vi) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively.
14. CORPORATE GOVERNANCE AND SME EXEMPTIONS
The equity shares of the Company were listed on the SME Platform of BSE Limited during FY 2025-26. Accordingly, pursuant to Regulation 15(2)(b) of the SEBI Listing Regulations, the corporate governance provisions specified in Regulations 17 to 27 and the relevant provisions of Schedule V were not applicable to the Company during FY 2025-26. Consequently, a separate Corporate Governance Report under Schedule V was not required for the year under review.
Based on the audited financial statements as at March 31, 2026, the net worth of the Company exceeds 25 crore. Accordingly, Regulation 23 of the SEBI Listing Regulations relating to related party transactions became applicable to the Company with effect from April 1, 2026, subject to the six-month transition period prescribed under Regulation 15(2)(b). The other corporate governance provisions covered by the SME exemption under Regulation 15(2)(b) continue to remain inapplicable.
15. MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report for FY 2025-26 forms part of this Annual Report.
16. AUDITORS AND AUDIT REPORTS
i. Statutory Auditors
M/s. SGPS & Associates, Chartered Accountants (Firm Registration No. 132946W), who had been appointed as Statutory Auditors from the conclusion of the Sixth Annual General Meeting until the conclusion of the Eleventh Annual General Meeting, tendered their resignation with effect from August 24, 2026.
The outgoing Statutory Auditors attributed their resignation to the enhanced scope and regulatory requirements following the Companys listing, the inability to conclude a mutually acceptable revision in professional remuneration and their professional commitments and resource-allocation constraints. They confirmed that no issue relating to non-availability of information, lack of management cooperation, fraud, suspected fraud or any other material audit concern had resulted in their resignation.
On the recommendation of the Audit Committee, the Board, at its Meeting held on August 27, 2026, appointed M/s. O. P. Rathi & Co., Chartered Accountants (Firm Registration No. 108718W), to fill the casual vacancy, subject to approval of the Members under Section 139(8) of the Companies Act, 2013, and to hold office up to the conclusion of the Tenth Annual General Meeting. The Board has also recommended their appointment, subject to approval of the Members at the Tenth Annual General Meeting, for five consecutive years from the conclusion of the Tenth Annual General Meeting until the conclusion of the Fifteenth Annual General Meeting, covering FY 2026-27 to FY 2030-31.
The Independent Auditors Report issued by M/s. SGPS & Associates on the financial statements for the year ended March 31, 2026 contains an unmodified opinion and no qualification, reservation, adverse remark or disclaimer requiring explanation under Section 134(3)(f) of the Companies Act, 2013. The Emphasis of Matter relating to utilisation of IPO proceeds is addressed under the section Initial Public Offer and Utilisation of Proceeds above.
The Statutory Auditors also reported observations concerning: (a) maintenance of certain inventory records on a consolidated or summary basis; (b) a difference of 30.85 lakh in trade receivables between the books of account and the statement submitted to the bank as at March 31, 2026; (c) certain amounts relating to advance tax and tax deducted at source remaining outstanding, including certain amounts outstanding for more than six months; (d) non-enablement of the audit trail / edit log feature for direct changes to certain database tables owing to a technical issue in the accounting software; and (e) non-availability of the internal audit report as at the date of the Statutory Auditors Report. The Board has considered these observations and directed appropriate strengthening of the relevant inventory, reconciliation, statutory-dues and system-control processes. The audit-trail matter was taken up with the software service provider. M/s. J A Y A M & Associates LLP, Chartered Accountants, were appointed as Internal Auditor on May 26, 2026 with scope also covering the period from January 1, 2026 to March 31, 2026; as the appointment and approval of the financial statements occurred on the same date, the internal audit report was not available to the Statutory Auditors on the date of their report. These matters did not result in a modified audit opinion.
ii. Internal Auditor
Pursuant to Section 138 of the Companies Act, 2013 read with the applicable Rules, the Board, on the recommendation of the Audit Committee, appointed M/s. J A Y A M & Associates LLP, Chartered Accountants (Firm Registration No. 130968W/W100605), as Internal Auditor of the Company for FY 2026-27.
The scope of the appointment also covered an internal audit / review of the financial, operational and compliance matters of the Company for the period from January 1, 2026 to March 31, 2026.
iii. Secretarial Auditor
Pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, CS Mayur Buha, Proprietor of M. Buha & Co., Company Secretaries, Vadodara, was appointed as Secretarial Auditor of the Company for FY 2025-26. The Secretarial Audit Report in Form MR-3 for the year ended March 31, 2026 is annexed to this Report and forms an integral part hereof.
The Secretarial Audit Report contains observations concerning delayed filing of Form DPT-3, delayed filing of MSME Form-I and non-filing of Form MGT-14 in respect of certain borrowing resolutions. The Boards explanations are set out below:
(a) Delay in filing of Form DPT-3
The delay was procedural in nature. The Board has taken note of the observation and strengthened the internal compliance monitoring and filing mechanism.
(b) Delay in filing of MSME Form-I
The delay arose primarily from reconciliation of MSME vendors. The Board has taken note of the observation and directed strengthening of vendor identification, reconciliation and compliance monitoring.
(c) Non-filing of Form MGT-14 in respect of certain borrowing resolutions
The non-filing was inadvertent. The Board has taken note of the observation and directed strengthening of the review mechanism for event-based statutory filings arising from Board approvals and transactions.
Annual Secretarial Compliance Report
The equity shares of the Company are listed on the SME Platform of BSE Limited. Accordingly, pursuant to Regulation 15(2)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the provisions of Regulation 24A relating to the Annual Secretarial Compliance Report are not applicable to the Company. Consequently, the Company was not required to obtain and submit an Annual Secretarial Compliance Report under Regulation 24A(2) for the financial year ended March 31, 2026. iv. Cost Records and Cost Audit
Based on the nature of the Companys activities, maintenance of cost records under Section 148(1) of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 was not applicable to the Company for FY 2025-26. Consequently, cost audit was also not applicable and no Cost Auditor was required to be appointed for the year under review.
17. FRAUDS REPORTED BY AUDITORS
During FY 2025-26, no fraud was reported by the auditors to the Audit Committee or the Board under Section 143(12) of the Companies Act, 2013 read with Rule 13 of the Companies (Audit and Auditors) Rules, 2014.
18. INTERNAL FINANCIAL CONTROLS
The Company has established internal financial controls commensurate with the size, scale and nature of its operations. The Statutory Auditors, in their report on internal financial controls over financial reporting, have opined that the Company had, in all material respects, adequate internal financial controls over financial reporting and that such controls were operating effectively as at March 31, 2026.
19. ANNUAL RETURN
Pursuant to Sections 92(3) and 134(3)(a) of the Companies Act, 2013, the Annual Return is available on the Companys website at https://shayonaengg.com/piping-solutions/annual-returns/.
20. RISK MANAGEMENT
The Company has a risk management framework for identification, assessment, monitoring and mitigation of risks arising from its business and operations. The Board did not identify any element of risk which, in its opinion, may threaten the existence of the Company.
Pursuant to Regulation 15(2)(b) of the SEBI Listing Regulations, Regulation 21 relating to constitution of a Risk Management Committee was not applicable to the Company during FY 2025-26.
21. RELATED PARTY TRANSACTIONS
All related party transactions entered into during FY 2025-26 were in the ordinary course of business and on an arms length basis. The particulars required under the applicable Accounting Standards are disclosed in Note 31 to the Financial Statements. The Company did not enter into any contract or arrangement referred to in Section 188(1) of the Companies Act, 2013 that was not in the ordinary course of business or not on an arms length basis; accordingly, no contract or arrangement required disclosure in Form AOC-2 under Section 134(3)(h) read with Rule 8(2) of the Companies (Accounts) Rules, 2014.
22. LOANS, GUARANTEES AND INVESTMENTS
During the year under review, the Company did not make any loans, give any guarantees or provide any security, or make any investments covered under Section 186 of the Companies Act, 2013.
23. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
The particulars required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 relating to conservation of energy, technology absorption and foreign exchange earnings and outgo are annexed to this Report.
24. PARTICULARS OF EMPLOYEES AND REMUNERATION
The disclosures required under Section 197(12) of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, including the prescribed particulars of employees, are annexed to this Report.
25. CORPORATE SOCIAL RESPONSIBILITY
Based on the applicable financial thresholds, Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility was not applicable to the Company during FY 2025-26. Accordingly, no CSR spending obligation arose for the year under review.
26. DEPOSITS
During the financial year 2025-26, the Company did not accept any fresh deposits within the meaning of Sections 73 to 76 of the Companies Act, 2013 (Act) read with the Companies (Acceptance of Deposits) Rules, 2014. The movement in deposits during the year is as under:
| Particulars | (Amt. in ) |
| Accepted during the year | NIL |
| Repaid during the year | 20,00,000.00 |
| Remained unpaid or unclaimed as at the end of the year | 50,00,000.00 |
The Company did not default in repayment of deposits or payment of interest thereon during the year.
As at March 31, 2026, unsecured loans aggregating to 14.13 lakh received from Directors and/or persons related to them were outstanding, as disclosed in the Financial Statements. Such amounts have been considered separately from the deposits disclosed above, having regard to their nature and the applicable provisions of the Act and the Companies (Acceptance of Deposits) Rules, 2014.
Except as stated above, there were no amounts which were in contravention of the provisions of Chapter V of the Act or the rules made thereunder.
27. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
During FY 2025-26, the Company did not have any subsidiary, associate company or joint venture, and no entity became or ceased to be a subsidiary, associate or joint venture of the Company.
28. COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961
The Company complied with the applicable provisions of the Maternity Benefit Act, 1961 during FY 2025-26.
29. SECRETARIAL STANDARDS
During FY 2025-26, the Company complied with the applicable provisions of Secretarial Standard-1 on Meetings of the Board of Directors and Secretarial Standard-2 on General Meetings issued by the Institute of Company Secretaries of India and approved by the Central Government under Section 118(10) of the Companies Act, 2013.
30. VIGIL MECHANISM AND WHISTLE BLOWER POLICY
Pursuant to Sections 177(9) and 177(10) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, the Company has established a Vigil Mechanism for Directors and employees, with safeguards against victimisation and provision for direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases. No complaint was received under the Vigil Mechanism / Whistle Blower Policy during FY 2025-26. The Policy is available on the Companys website at www.shayonaengg.com.
31. PREVENTION OF SEXUAL HARASSMENT
The Company complied with the applicable provisions relating to constitution of the Internal Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During FY 2025-26, complaints received: Nil; complaints disposed of: Nil; and complaints pending for more than ninety days: Nil.
32. HUMAN RESOURCES / INDUSTRIAL RELATIONS
Your Company believes that Human resources is the principal driver of change. The Company focuses on providing individual development and growth in a professional work culture that enables innovation, ensures high performance and remains empowering. The HR management systems and processes are designed to enhance organizational effectiveness and employee alignment. Your company has put in place a performance appraisal system that covers all employees.
As at March 31, 2026, the Company had 28 employees, comprising: Male: 20 Female: 08
33. INVESTOR EDUCATION AND PROTECTION FUND
No amount became due for transfer to the Investor Education and Protection Fund during FY 2025-26.
34. SIGNIFICANT ORDERS
During FY 2025-26, no significant or material order was passed by any regulator, court or tribunal that would impact the going concern status of the Company or its future operations.
35. INSOLVENCY AND BANKRUPTCY CODE, 2016
During FY 2025-26, no application was made and no proceeding was pending under the Insolvency and Bankruptcy Code, 2016.
36. ONE-TIME SETTLEMENT
During FY 2025-26, the Company did not enter into any one-time settlement with any bank or financial institution. Accordingly, the disclosure relating to difference in valuation under Rule 8(5)(xii) of the Companies (Accounts) Rules, 2014 was not applicable.
37. APPRECIATION & ACKNOWLEDGEMENTS
Your directors thank the stakeholders for the confidence reposed in the Company and for their continued support and co-operation. Your directors wish to place on record its sincere appreciation for the continued co-operation and support rendered by your Companys Executives, Employees and Workers at all levels. Our consistent growth was made possible by their hard work, solidarity, cooperation and support.
| For and on behalf of Board |
| Sd/- |
| Vipul Solanki |
| Chairman |
| DIN: 07722506 |
| Vadodara, August 27, 2026 |
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