Alstone Textiles (India) Limited has scheduled its 41st Annual General Meeting for September 24, 2026, to seek shareholder approval for a significant capital restructuring. The key agenda involves the preferential issuance of unlisted non-convertible preference shares (NCPS) worth ₹500 crore to Golkonda Aluminium Extrusions Limited.

The company plans to reclassify its authorized share capital of ₹10,000 crore to facilitate this transaction. The new structure will comprise ₹9,500 crore in equity shares and ₹500 crore in 2% preference shares. This move aims to augment long-term financial resources without increasing the overall authorized capital.

Financial Performance in FY26

Alstone Textiles reported a net profit after tax of ₹288.25 lakh for FY26, down from ₹310.61 lakh in FY25. Total income rose sharply to ₹1,058.67 lakh from ₹436.00 lakh in the prior year. However, total expenses also surged to ₹714.57 lakh from ₹125.39 lakh, driven largely by a write-off of bad debts amounting to ₹592.60 lakh.

What the Numbers Show

The divergence between rising total income and declining net profit highlights the impact of one-time charges. While other income grew significantly, primarily due to profits on the sale of investments (₹672.71 lakh), this was offset by substantial operating expenses. The write-off of ₹592.60 lakh in bad debts accounted for approximately 83% of the total expenses, indicating a major cleanup of legacy receivables rather than operational deterioration.

Capital Structure Changes

The proposed NCPS issuance is entirely to Golkonda Aluminium Extrusions Limited. The shares carry a dividend rate of 2% per annum and are redeemable within 20 years. They will not be listed on any stock exchange and cannot be converted into equity shares. The board has been authorized to finalize terms, including redemption details, within 12 months of the resolution.

Governance and Compliance

The AGM notice also includes the reappointment of Mr. Ramesh Kumar as a director by rotation. Additionally, shareholders will vote on the appointment of M/s Parul Aggarwal & Associates as secretarial auditor for four years, from FY27 to FY30. The meeting will be held via video conferencing, with remote e-voting available from September 21 to September 23, 2026.

Alstone Textiles (India) Limited approved its audited financial statements for FY26 on August 31, 2026, and scheduled its 41st Annual General Meeting (AGM) for September 24, 2026.

The board meeting in New Delhi also resolved to re-appoint director Ramesh Kumar, who retires by rotation, and ratify M/s Parul Agrawal & Associates as Secretarial Auditor. The firm will also serve as the Scrutinizer for the e-voting process.

Capital Restructuring Proposals

The board proposed the re-classification of authorized share capital, subject to member approval and regulatory clearances under the Companies Act, 2013. Additionally, it approved a proposal to issue Unlisted 2% Non-Convertible Preference Shares (NCPS) on a preferential basis, pending shareholder approval.

AGM Logistics and E-Voting

The AGM will be held via video conferencing or other audio-visual means at 4:00 pm IST on September 24, 2026. The cut-off date for voting eligibility is September 17, 2026.

Remote e-voting commences on September 21, 2026, at 9:00 am IST and ends on September 23, 2026, at 5:00 pm. Members who cast votes remotely may attend the AGM but cannot vote again. Those present via VC/OAVM who have not voted remotely remain eligible to vote during the meeting.

Shareholders can access the Notice of AGM and Annual Report on the company website and BSE. Login credentials for new members can be obtained via evoting@cdsl.co.in .