Chiraharit Limited has declared the voting results for its 20th Annual General Meeting held on September 24, 2026. All three ordinary resolutions tabled at the meeting were passed with 100% votes in favour and zero votes against.

The meeting, conducted via video conferencing from 11:00 am to 11:49 am, was chaired by Mr. Pavan Kumar Bang, Managing Director and CEO. The proceedings focused on the adoption of standalone and consolidated financial statements for the fiscal year ended March 31, 2026, and the re-appointment of a non-executive director.

Voting Results Breakdown

The scrutinizer's report confirmed that remote e-voting was the sole mode of participation, as no members voted physically or through proxy during the meeting. A total of 21 members cast their votes through the remote e-voting facility provided by CDSL. No votes were recorded via e-voting at the AGM itself.

Note: Votes polled represent equity shares. Promoters held 4,00,00,000 shares; Public non-institutional holders polled 4,68,000 votes.

Attendance and Quorum

Out of 905 members on the record date of September 17, 2026, a total of 17 members participated in the meeting via video conferencing. The attendance breakdown is as follows:

Key managerial personnel and directors attended, including Whole-time Director Mr. Gagganapalli Venkata Ramana Reddy and Independent Directors Mr. Venkata Chakrapani Chaturvedula and Mr. Anantha Krishna Nageshwara. Representatives from statutory auditors M/s G P Associates and secretarial auditors R&A Associates were also present.

Resolutions Passed

The members considered and adopted the audited financial statements for FY26. The following ordinary resolutions were tabled and passed:

• Adoption of Standalone Audited Financial Statements for the financial year ended March 31, 2026.
• Adoption of Consolidated Audited Financial Statements for the financial year ended March 31, 2026.
• Re-appointment of Dr. (Mrs.) Tejaswini Yarlagadda as Director (Non-Executive & Non-Independent), who retired by rotation and offered herself for re-appointment.

The Chairperson provided an overview of the company's business performance during FY26, highlighting continued focus on core business activities, operational efficiency, and prudent financial management. He expressed gratitude to employees, customers, bankers, and stakeholders for their support.

Voting Process

Remote e-voting was available from September 21, 2026, to September 23, 2026. Members who did not vote remotely were allowed to cast their votes electronically during the AGM for 15 minutes after the conclusion of the discussion. Mrs. Rashida Hatim Adenwala, Practising Company Secretary at R&A Associates, served as the Scrutinizer. The final voting results were declared on September 25, 2026.

Chiraharit has secured a confirmed work order worth Rs 77.18 lakh from Larsen and Toubro Limited. The contract covers the supply of pipes and fittings as per BOQ for a project in Bihar. This is a firm, executable order.

ORDER IN FINANCIAL CONTEXT

The Rs 77.18 lakh order represents a small fraction of the company's recent quarterly inflows but adds to the total disclosed order book. Due to reported trailing twelve-month (TTM) revenue of Rs 0.0 crore in the provided fundamental context, the book-to-bill ratio and order book coverage in quarters cannot be computed from these specific figures. The Total Disclosed Order Book figure sums exactly the same last 3 fiscal quarters shown in the order track record table below (sum of the 10 orders disclosed across the last 3 fiscal quarters shown in the table below). The zero revenue figure may reflect reporting lags or specific accounting treatments, as annual audited data shows positive revenue in prior years.

COMPANY ORDER TRACK RECORD

Order inflow velocity has accelerated significantly in Q2FY27 compared to the previous quarter. The current order value of Rs 77.18 lakh is consistent with the lower end of the company's typical per-order size visible in the history, which ranges from sub-crore deals to larger multi-crore contracts.

EXECUTION AND REVENUE QUALITY

The provided consolidated financials for the last three quarters show zero revenue and profit, making it impossible to assess execution trends or operating margins from this specific dataset. This contrasts with the annual audited data which shows historical profitability.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Chiraharit has accelerated order wins, with inflow rising from Rs 59.87 crore in Q1FY27 to Rs 223.12 crore in Q2FY27, its annual revenue has declined from Rs 59.80 crore in FY25 to Rs 55.20 crore in FY26, representing a YoY growth of -7.7% based on the latest annual data. This divergence highlights a lag between order booking and revenue recognition, or potential execution delays impacting the latest fiscal year results.

WORKING CAPITAL AND EXECUTION CAPACITY

The company maintains a strong liquidity position with a current ratio of 2.67x, indicating ample short-term assets to cover liabilities. The Total Liabilities/Equity stands at 0.67x, reflecting low leverage and a conservative balance sheet structure. Operating cashflow was positive at Rs 2.20 crore in FY26, suggesting that despite the revenue dip, core operations generated cash. This financial stability supports the company's ability to fund working capital for the existing backlog.

WHAT TO WATCH

• Execution rate: Monitor how quickly the large Q2FY27 order book converts into recognized revenue in upcoming quarters.
• OPM trajectory: With FY26 OPM at 2.72% down from 16.37% in FY25, watch for margin recovery as new orders execute.
• Client concentration: Assess if reliance on a few large private clients (like Greenko or Amara Raja) poses execution risk if any single project faces delays.
• Revenue recognition lag: Investigate why TTM revenue is reported as zero while annual audited figures show positive income, to understand reporting cycles.

KEY OBSERVATIONS

• Valuation check (as of 22 Sep 2026): P/E of 536.0x against ROCE of 3.45%. At the time of this article, valuation was pricing in execution improvement not yet visible in return ratios. (P/E is price-derived and will change; ROCE is from audited financials)
• Leverage flag: Total Liabilities/Equity of 0.67x; balance sheet carries low liabilities, providing strong capacity to fund working capital for the existing backlog.
• Cash conversion: Operating cashflow of Rs 2.20 crore in FY26; backlog is converting to cash efficiently despite revenue headwinds.