Deep Polymers Limited has issued the notice for its 21st Annual General Meeting (AGM) for the fiscal year ending March 2027. The Board of Directors approved the agenda during a meeting held on September 8, 2026.

The AGM is scheduled to take place on September 23, 2026. Shareholders will be able to cast their votes electronically through remote e-voting. The voting window opens on September 26, 2026, at 9:00 am and closes on September 29, 2026, at 5:00 pm.

Agenda Items

The notice outlines three primary items for shareholder approval:

• Adoption of Financial Statements for FY27 via an Ordinary Resolution.
• Re-appointment of Mr. Aryan Rameshbhai Patel as a Director, retiring by rotation, via an Ordinary Resolution.
• Regularization of Mr. Niranjan Navratnamal Jain as a non-executive Independent Director via a Special Resolution.

Voting Details

The company has fixed September 23, 2026, as the cut-off date for determining eligibility for remote e-voting. The notice is being circulated to members exclusively through electronic mode. It is also available on the company’s website.

The Board meeting commenced at 5:15 pm and concluded at 6:30 pm on September 8, 2026.

Deep Polymers Limited reported a standalone net profit of ₹190.93 lakh for the first quarter ended June 30, 2026, compared to ₹144.19 lakh in the corresponding quarter of the previous year. Revenue from operations rose to ₹3,007.98 lakh from ₹2,540.01 lakh year-on-year. Despite the top-line growth and reported profitability, the financial results carry significant risk due to a qualified audit opinion that could materially reduce the stated earnings.

The Board of Directors approved the unaudited standalone and consolidated financial results at its meeting held on August 12, 2026, in Gandhinagar. The filing was submitted pursuant to Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statutory auditors S N Shah & Associates issued an audit report with a modified opinion, marking the sixth consecutive instance of such qualification for the standalone accounts and the fifth for consolidated accounts.

Financial Performance Overview

The company’s total income stood at ₹3,113.70 lakh, driven by operational revenue and other income of ₹105.72 lakh. Total expenses were recorded at ₹2,859.05 lakh, including cost of material consumed at ₹2,108.43 lakh and employee benefit expenses of ₹161.86 lakh. Finance costs increased to ₹39.81 lakh from ₹17.54 lakh in the prior year quarter. The basic earnings per share (EPS) was reported at ₹0.79, up from ₹0.60 in Q1FY25.

Audit Qualifications and Impact

The material disclosure in the filing centers on two key audit qualifications that distort the reported financial health. First, trade receivables include ₹308.06 lakh outstanding against which legal recovery procedures have been initiated. The auditors noted that the company failed to make necessary provisions for doubtful debts amounting to ₹158.06 lakh. This non-provision has resulted in an overstatement of profit, current trade receivables, and shareholder funds by ₹158.06 lakh.

Second, monetary items denominated in foreign currencies were not restated at prevailing exchange rates as required under Ind AS 21. This non-compliance has led to an overstatement or understatement of foreign currency-denominated financial items and consequent profits. Management stated it is unable to estimate the impact of this second qualification but acknowledged the non-compliance.

What the Numbers Show

The divergence between reported and adjusted figures is stark. While Deep Polymers reports a net profit of ₹190.93 lakh, adjusting for the quantified audit qualification regarding doubtful debts reduces this figure to just ₹32.87 lakh. Similarly, the adjusted EPS drops from ₹0.79 to ₹0.14. This indicates that the majority of the reported profit is contingent on the recovery of disputed receivables rather than core operational efficiency. Furthermore, the Hajipur segment posted a loss before finance costs and tax of ₹1.21 lakh, continuing its trend of negative contribution compared to the profitable Rakanpur and Santej segments.