Crysdale Industries Limited concluded its 40th Annual General Meeting on September 28, 2026, in Mumbai. The meeting focused on adopting the audited financial statements for the fiscal year ended March 31, 2026, and addressing director re-appointments.

Proceedings and resolutions

The Board of Directors received, considered, and adopted the audited financial statements for FY26, along with the reports of the Board of Directors and the auditors. The Chairperson noted that the reports from the statutory auditors and secretarial auditors did not contain any material qualification, reservation, observation, or adverse comment.

Two ordinary business items were transacted during the session:

1. Adoption of the audited financial statements for the year ended March 31, 2026.
2. Re-appointment of Rajiv Gupta as a director, who retired by rotation and offered himself for re-appointment.

Governance and attendance

The meeting was held at the company’s registered office in Andheri East, Mumbai. Key personnel present included Swati Sahukara (Chairperson), Kapil Dhawan (CEO), Meenal Baid Jain (CFO), and Kavita Hitesh Jain (Company Secretary). Independent directors Pooja Agrawal and NarendraKumar Badrinarayan Patel also attended.

Nitesh Chaudhary, Proprietor of M/s. Nitesh Chaudhary & Associates, was appointed as the scrutinizer to oversee the voting process. He is scheduled to submit his report on the voting results by September 30, 2026. Consequently, the consolidated voting results will be declared subsequent to the receipt of this report, in compliance with Regulation 44 of the SEBI (LODR) Regulations, 2015.

Crysdale Industries Limited (formerly Relson India Limited) has filed its annual report for FY26, confirming a standalone net loss of ₹22.96 lakh against zero revenue from operations. The Mumbai-based mercantile agency firm reported no sales income for the year ended March 31, 2026, widening its loss from ₹19.09 lakh in the previous fiscal.

The company's equity shares remain suspended on the BSE Limited due to penal reasons, specifically non-compliance with dematerialization requirements under SEBI LODR regulations. The secretarial audit report noted that 100% of promoter shareholding is not in dematerialized form. The company has applied for revocation of this suspension.

Financial Performance

Total expenses stood at ₹23.19 lakh, with employee benefits accounting for the majority of the outflow at ₹14.26 lakh. This represents a 32% increase in employee costs compared to the prior year, driven by a 24% rise in remuneration for key managerial personnel. Other income contributed a marginal ₹0.23 lakh, primarily from dividends received.

On a consolidated basis, including its subsidiary Wergreen Industries Private Limited, the group reported a net loss of ₹23.12 lakh, up from ₹19.37 lakh in the prior year. The subsidiary itself posted a loss after tax of ₹15.58 lakh for the period.

Legal and professional charges dropped significantly from ₹9.22 lakh to ₹0.25 lakh, while rent and taxes increased to ₹6.03 lakh following the shift of the registered office to Andheri East in May 2025.

Balance Sheet and Capital Structure

Total assets increased to ₹485.21 lakh from ₹445.86 lakh, driven by a rise in non-current loans to ₹464.19 lakh. Cash and cash equivalents grew marginally to ₹1.84 lakh. Borrowings shifted composition during the year; short-term borrowings were fully repaid, while long-term unsecured borrowings from a body corporate rose to ₹81.61 lakh.

The company's gearing ratio stood at 19%, within its stated policy range of 20% to 40%. Equity share capital remained unchanged at ₹165.00 lakh. No dividend was declared or paid during the year.

Governance and Regulatory Status

Director Rajiv Gupta retires by rotation at the upcoming 40th Annual General Meeting scheduled for September 28, 2026, and offers himself for reappointment. The Board met five times during the year, with all directors maintaining full attendance. The Audit Committee met four times, while the Nomination and Remuneration Committee convened twice.

The company disclosed disputed statutory dues totaling ₹1.69 lakh related to income tax assessments pending before the Income Tax Appellate Tribunal for assessment years 2014-15, 2016-17, and 2018-19. Additionally, professional tax dues of ₹0.375 lakh remain outstanding.

What the Numbers Show

Operational stagnation is evident as Crysdale Industries recorded zero revenue from its core mercantile activities for the second consecutive period where data is available, having earned only ₹4.30 lakh in FY25. The widening net loss despite stable total expenses highlights that fixed cost absorption has deteriorated completely without top-line generation. Furthermore, the balance sheet shows a heavy reliance on external loans (₹464.19 lakh) relative to its minimal cash position (₹1.84 lakh), indicating limited liquidity buffers to fund future operational restarts.