Agarwal Fortune India Limited appointed M/s Jethani and Associates, Chartered Accountants, as its statutory auditors for a term of one year during its 34th Annual General Meeting held on September 29, 2026. The appointment follows the adoption of audited financial statements for FY26.

The meeting also approved the re-appointment of Mahesh Kumar Agarwal as Managing Director for a further term of five consecutive years, effective July 22, 2027, to July 21, 2032. The proceedings commenced at 3:30 pm and concluded at 3:58 pm, with a quorum of 19 members present to validate the meeting.

Resolutions approved at AGM

Shareholders voted on five ordinary resolutions covering financial adoption, director appointments, and related party transactions. The resolutions were passed through remote e-voting and e-voting during the meeting.

Auditor and MD appointment details

M/s Jethani and Associates, based in Jaipur with over 22 years of professional experience, will hold office from the conclusion of the 34th AGM until the conclusion of the 35th AGM in calendar year 2027. The firm holds a valid Peer Review Certificate issued by the Institute of Chartered Accountants of India (ICAI).

Mahesh Kumar Agarwal, aged 49 years, brings more than three decades of experience in leasing, investing, and trading in shares and securities, along with over fifteen years in the glass industry. He is currently associated with Agarwal Float Glass India Limited and Agarwal Toughened Glass India Limited. He is the spouse of Mrs. Sharda Agarwal, a Director of the Company.

Governance and voting process

The meeting adhered to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the Companies Act, 2013. Voting facilities were provided through NSDL, with the remote e-voting period running from September 26 to September 28, 2026. Members present who had not voted earlier were permitted to cast their votes during the meeting for 15 minutes after the conclusion of discussions.

Monika Gupta, Practicing Company Secretary, served as the scrutinizer. Her consolidated report is expected within two working days, after which results will be filed with the BSE and uploaded to company websites.

Agarwal Fortune reported a 68% year-on-year decline in net profit for the financial year ended March 31, 2026, driven by rising finance costs and increased working capital requirements. The company's profit after tax fell to ₹6.22 lakh from ₹19.47 lakh in the previous year, despite revenue growing 27% to ₹562.43 lakh.

Financial Performance

The glass trading company saw its total income rise to ₹563.13 lakh from ₹448.45 lakh in FY25. However, operating expenses expanded significantly, with purchases and direct expenses increasing to ₹541.32 lakh from ₹415.46 lakh. Finance costs jumped 68% to ₹18.53 lakh from ₹11.01 lakh, eroding profitability margins.

Other income contracted sharply to ₹0.70 lakh from ₹6.90 lakh, primarily due to lower commission receipts. The company recorded no tax expense for the current or previous year.

What the Numbers Show

The divergence between revenue growth and profit contraction highlights margin pressure. While top-line sales grew 27%, net profit margins compressed from 4.4% in FY25 to just 1.1% in FY26. This squeeze was exacerbated by a significant buildup in inventories, which rose to ₹65.93 lakh from ₹37.83 lakh, tying up cash flow. Additionally, trade receivables increased to ₹59.12 lakh, indicating slower collection cycles relative to sales growth.

Balance Sheet and Capital Structure

Total assets grew to ₹277.97 lakh from ₹215.72 lakh. Current liabilities surged to ₹180.58 lakh from ₹26.01 lakh, largely due to an increase in short-term borrowings to ₹178.20 lakh from nil in the previous year. Conversely, non-current borrowings declined to ₹25.29 lakh from ₹123.84 lakh. The debt-equity ratio rose to 2.82 from 1.88, reflecting higher financial leverage.

The authorized share capital was increased to ₹8.75 crore from ₹3.75 crore during the year. The paid-up capital remained unchanged at ₹3.43 crore.

Corporate Governance and AGM

The company has scheduled its 34th Annual General Meeting for September 29, 2026, to be held via video conferencing. Key agenda items include:

• Re-appointment of Mahesh Kumar Agarwal as Managing Director for a five-year term commencing July 22, 2027.
• Approval of related-party transactions with Agarwal Toughened Glass India Limited and Agarwal Float Glass India Limited, with aggregate limits of up to ₹10 crore each for FY27.
• Appointment of M/s Jethani and Associates as statutory auditors for FY27 at a remuneration of ₹75,000 plus taxes.

No dividend was recommended for FY26. The board also noted that the company does not have any subsidiaries, joint ventures, or associate companies.