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.

Crysdale Industries Limited (formerly Relson India Limited) has scheduled its 40th Annual General Meeting for September 28, 2026. The meeting will be held at the company's registered office in Mumbai.

The Board of Directors convened on September 4, 2026, to finalize routine business matters. The company confirmed that the Register of Members and Share Transfer Books will remain closed from September 22, 2026, to September 28, 2026, inclusive. This book closure is necessary to facilitate the AGM process.

Voting rights will be determined based on the paid-up value of shares registered as of the cut-off date, September 21, 2026. Equity shares have a paid-up value of ₹10 each.

Director Re-appointment

The board recommended the re-appointment of Mr. Rajiv Gupta as a director. He retires by rotation and has offered himself for re-election at the ensuing AGM. His term is set to commence on September 28, 2026.

Mr. Gupta brings more than a decade of experience in handling administrative matters to the board. There are no disclosed relationships between him and other directors.

Regulatory Compliance

The disclosures were made in accordance with Regulation 30 and Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Company Secretary and Compliance Officer, Kavita Hitesh Jain, authorized the issuance of the AGM notice. Additionally, the board appointed M/s Nitesh Chaudhary & Associates, Company Secretaries, as the scrutinizer for conducting the voting and poll process.