Amarnath Securities Limited reported a net loss of ₹520.91 lakhs for the year ended March 31, 2026, reversing a profit of ₹19.27 lakhs in FY25, primarily driven by bad debt write-offs of ₹539.52 lakhs on loans and advances.

Financial performance overview

The company's total income rose to ₹81.01 lakhs in FY26 from ₹38.93 lakhs in FY25, supported by other income of ₹80.68 lakhs comprising loans written back. However, total expenses surged to ₹601.92 lakhs from ₹11.69 lakhs in FY25, with bad debts on loans and advances accounting for ₹539.52 lakhs. Employee benefit expenses also rose sharply to ₹41.07 lakhs from ₹2.70 lakhs in FY25.

The following table summarises the key financial results for FY26 and FY25 (all amounts in ₹ lakhs):

Balance sheet position

Total assets contracted sharply to ₹6.49 lakhs as at March 31, 2026 from ₹541.70 lakhs as at March 31, 2025, reflecting the significant reduction in the loans portfolio from ₹540.32 lakhs to ₹2.50 lakhs. Cash and cash equivalents improved to ₹3.48 lakhs from ₹0.34 lakhs. The company's other equity turned negative at ₹(373.06) lakhs from a positive ₹147.85 lakhs, resulting in full erosion of net worth as noted by the statutory auditors. Paid-up equity share capital remained unchanged at ₹300.02 lakhs, comprising 30,00,200 equity shares of ₹10 each.

Auditor's qualified opinion

Statutory auditors M/s H K Shah & Co., Chartered Accountants (FRN: 109583W), issued a qualified opinion on the financial statements for the year ended March 31, 2026. The basis for qualification included:

• Non-receipt of documents regarding RBI compliance from the company until the date of the audit report
• Absence of a whole-time Company Secretary during the year under audit, with consequential secretarial non-compliances not determinable
• Inability to obtain sufficient appropriate audit evidence regarding opening balances as at April 1, 2025

The auditors also flagged, as a key audit matter, deficiencies in documentation and supporting records relating to loans and advances, resulting in significant write-offs during FY26. The company's entire net worth has been eroded as at the reporting date.

AGM and corporate developments

Amarnath Securities has convened its 32nd Annual General Meeting on September 30, 2026 at 12:00 noon via Video Conferencing/Other Audio Visual Means. The cut-off date for e-voting purposes is September 23, 2026, and the Register of Members will remain closed from September 23, 2026 to September 29, 2026 (both days inclusive).

Key resolutions proposed at the AGM include:

• Re-appointment of Chetan Balubhai Patel (DIN: 03556088) as director retiring by rotation
• Appointment of Mr. Anirudh Tanvar (ACS No. A23145; COP No. 19757) as secretarial auditor for one term of 5 consecutive years from FY2026-27 to FY2030-31
• Approval of total managerial remuneration including commission up to ₹5 crore per annum
• Approval of secured/unsecured borrowing powers under Section 180(1)(c) of the Companies Act, 2013
• Approval of material related party transactions
• Change in designation of Mrs. Kinnari Chetan Patel (DIN: 03566246) from Additional Director to Executive Whole-Time Director with effect from April 10, 2026, for a period of 5 years

Management changes

Several board-level changes took place during the financial year. The following table captures key appointments and cessations:

Mr. Atul Kumar was appointed as Company Secretary and Compliance Officer with effect from August 1, 2026. The board held 7 meetings during FY26, with full attendance recorded at the last three meetings.

Dividend and other disclosures

The Board has not recommended any dividend for FY26. No amount has been transferred to reserves during the year. The company incurred a cash loss of ₹59.57 lakhs in FY26, compared to no cash loss in the preceding financial year. Undisputed income tax demands outstanding as at March 31, 2026 stood at ₹2,83,59,987 (previous year ₹2,76,44,617). The company has not accepted any public deposits during the year and has no subsidiaries, joint ventures, or associates.

GX Ventures LLP and its persons acting in concert (PACs) increased their stake in Amarnath Securities Ltd to 9.78% through an open market purchase on September 15, 2026.

The acquisition adds 10,448 shares to the group's existing holdings, bringing the total number of shares carrying voting rights to 293,278. This represents 9.78% of the company's total share and voting capital, up from 9.44% prior to the transaction.

Acquisition Details

The disclosure filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, identifies the following entities as part of the acquirer group:

• GX Ventures LLP (Acquirer)
• GX Capital Pvt Ltd
• Novita Brands Pvt Ltd
• Pawan Jain
• Monika Jain

The group confirmed that none of these entities belong to the promoter or promoter group of Amarnath Securities Ltd. The shares were acquired in the open market, with the disclosure submitted to the Bombay Stock Exchange on September 16, 2026.

Shareholding Structure

Amarnath Securities Ltd has a total equity share capital of ₹3,00,02,000, comprising 30,00,200 equity shares. The total diluted share capital remains unchanged at this level, as no warrants or convertible securities were involved in the transaction.

What the Numbers Show

The acquisition represents a modest increase of 0.34 percentage points in the group's stake. With the post-acquisition holding at 9.78%, the group remains below the 10% threshold that typically triggers additional disclosure obligations or open offer requirements under SAST regulations, suggesting a strategic accumulation rather than a control-seeking move at this stage.