Ajel Limited approved its Directors Report for the fiscal year ended March 31, 2026 (FY26) and scheduled its 32nd Annual General Meeting for September 30, 2026.

The Board of Directors concluded its meeting on September 5, 2026, having commenced at 11:00 am and ended at 11:30 am at the company's corporate office in Hyderabad. The primary outcomes included finalizing the logistics for the upcoming AGM and approving key statutory documents for FY26.

Key Resolutions and Approvals

The board considered and approved several critical items during the session:

• 32nd AGM Notice: The notice for the 32nd Annual General Meeting was approved. The meeting is scheduled to be held on Wednesday, September 30, 2026, at 10:00 am through Video Conferencing (VC) or Other Audio-Visual Means (OAVM). The deemed venue is the company's registered office in Mumbai.
• Directors Report: The Directors Report for the year ended March 31, 2026, along with its annexures, was approved by the board.
• Scrutinizer Appointment: C V Reddy K & Associates, Company Secretaries, were appointed as the scrutinizer to evaluate the voting process for the 32nd AGM.

Meeting Details and Logistics

The disclosure was issued pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice was signed by Srinivasa Reddy Arikatla, Managing Director of Ajel Limited.

Agenda Items for AGM

The ordinary business for the AGM includes:

• Receiving, considering, and adopting the Audited Financial Statements of the company (including consolidated financial statements) for FY26, together with the Reports of the Board of Directors and Auditors thereon.
• No special business was listed for the meeting.

E-Voting and Participation

Shareholders will have the facility for remote e-voting via the National Securities Depository Limited (NSDL) platform. The remote e-voting period commences on September 25, 2026, at 9:00 am and ends on September 29, 2026, at 5:00 pm. The cut-off date for eligibility is September 23, 2026.

Members entitled to attend and vote may appoint a proxy, although physical attendance is dispensed with due to the VC/OAVM format. Shareholders wishing to express views or ask questions must register as speakers by sending a request to cs@ajel.com by 10:00 am on Tuesday, September 29, 2026.

Company Overview

Ajel Limited operates from its registered office in Mumbai and maintains branches in Hyderabad, Bengaluru, Princeton, and San Francisco. The company continues to adhere to regulatory compliance standards under SEBI and MCA guidelines.

Ajel Limited reported a consolidated net profit of ₹4.54 lakh for the quarter ended June 30, 2026. This marks a shift from the net loss recorded in the preceding quarter. Standalone operations, however, posted a net loss of ₹8.98 lakh during the same period.

The Board of Directors approved the unaudited financial results for the quarter and half-year ended June 30, 2026, on August 20, 2026. The meeting was held at the corporate office in Hyderabad, Telangana. Statutory auditors GMK & Co LLP issued a limited review report with an unmodified opinion, highlighting critical disclosures regarding the balance sheet and compliance status.

Financial Performance

Consolidated revenue from operations rose to ₹365.60 lakh in Q1FY27, up from ₹326.28 lakh in the corresponding quarter of FY26. This growth contributed to the turnaround in profitability at the group level, where total expenses stood at ₹361.06 lakh. In contrast, standalone revenue was ₹111.76 lakh, against total expenses of ₹120.74 lakh, resulting in the aforementioned loss.

Other income remained at zero for both standalone and consolidated entities in the current quarter, whereas it contributed ₹32.86 lakh in the previous quarter. Employee benefit expenses decreased significantly in the consolidated structure, falling to ₹18.85 lakh from ₹44.96 lakh in Q4FY26.

What the Numbers Show

The divergence between standalone and consolidated results highlights the operational weight of the subsidiaries, Ajel Technologies India Private Limited and Ajel Technologies Inc. While the parent company continues to operate at a loss with expenses exceeding revenue by nearly ₹9 lakh, the group-level profitability suggests that subsidiary operations or intercompany adjustments are currently driving the positive bottom line. However, the absence of other income in Q1FY27, compared to the ₹32.86 lakh recorded in the prior quarter, indicates a reduction in non-operational gains that had previously supported total income figures.

Auditor Observations and Risks

The limited review report drew attention to several material matters that warrant investor scrutiny:

• Non-Performing Asset: A loan facility of ₹5 crore availed from Bank of Maharashtra during FY24 has been classified as a Non-Performing Asset (NPA) since October 8, 2024, due to non-repayment of principal and interest.
• Unpaid Dues: The company has not paid any tax or other regulatory statutory dues, including employee-related obligations, up to June 30, 2026. Management confirmation regarding payment status was unavailable to auditors.
• Receivables Verification: Auditors could not confirm the reasonableness of trade payables and receivables balances as requisite details were not provided.
• Investments: Listed equity investments worth ₹91.22 lakh (fair value as on March 31, 2026) were not measured at fair value for the current quarter, nor could physical or dematerialized share certificates be verified for majority holdings.
• Long-Term Advances: An amount of ₹85.96 lakh disclosed under "Other Long Term Loans & Advances" remains unrecovered, with no management information available on recoverability.