Facor Alloys Limited passed all resolutions at its 23rd Annual General Meeting with a 99.98% majority. The meeting, held on September 29, 2026, saw the adoption of FY26 financials and the reappointment of Manojkumar Umashankar Saraf as Director.

The company adopted the audited standalone and consolidated financial statements for the financial year ended March 31, 2026. Members also approved the reports of the Board of Directors and the auditors. A key resolution involved the reappointment of Manojkumar Umashankar Saraf as a Director, who retired by rotation and offered himself for re-election.

Meeting proceedings and attendance

The meeting commenced at 12:00 pm and concluded at 12:22 pm. A total of 58 members participated through the virtual platform. The quorum was confirmed by Chairman Muralidhar Rambhatla before the session began. Several directors attended virtually, including Vinita Bahri, Mahendra Bhawanji Thaker, and Manoj Saraf.

Whole-time Director Ashish Santosh Agrawal and Non-Executive Non-Independent Director M. D. Saraf were unable to join the meeting. Company executives present included President Vinod Saraf, Chief Financial Officer Md. Asim Quraishi, and Company Secretary Sachin Kumar Gupta.

Agenda items addressed

The shareholders considered both ordinary and special business items. The ordinary business focused on the adoption of financial records and directorial changes. The special business involved ratifying the remuneration payable to the Cost Auditors for the upcoming period.

Voting results and scrutinizer report

The Consolidated Scrutinizer's Report confirmed that all three resolutions were passed with requisite majority. For the adoption of financial statements, 74,092,997 votes were cast in favour against 11,723 votes against. The reappointment of Mr. Saraf received 74,086,687 votes in favour, with 18,033 votes against. The ratification of Cost Auditor remuneration secured 74,089,197 votes in favour, while 16,023 votes were cast against it.

Voting results are scheduled to be submitted to stock exchanges within 48 hours of the conclusion of the AGM. Shareholders who did not cast their votes through remote e-voting were given a 15-minute window after the meeting's conclusion to vote electronically. No registered speakers were present to ask questions during the session.

Auditor observations and compliance

The company noted specific observations in the Consolidated Statutory Auditors' Report and Secretarial Audit Report for FY26. These observations related to the non-consolidation of financial statements of overseas subsidiaries. The Directors' Report had already addressed these points, which were taken as read during the meeting.

Facor Alloys reported a standalone net loss of ₹147.96 crore for FY26, a significant improvement from the ₹502.15 crore loss recorded in FY25. The company generated operating revenue of ₹14.70 crore during the period, up from ₹1.70 crore in the prior year.

The Board of Directors did not recommend a dividend for the financial year ended March 31, 2026. Shareholders will vote on the adoption of these audited financial statements at the 23rd Annual General Meeting scheduled for September 29, 2026.

Financial Performance

The improvement in the bottom line was primarily driven by exceptional items and lower operational losses compared to the previous year. Operating expenses stood at ₹191.74 crore, significantly higher than the total revenue of ₹18.88 crore, resulting in an EBITDA loss of ₹172.86 crore.

The sharp decline in total revenue compared to FY25 was due to a massive drop in other income, which fell from ₹104.13 crore to ₹4.18 crore. In FY25, other income included significant miscellaneous receipts that were not repeated in the current fiscal year.

Strategic Shift to Logistics

The company has ceased its manufacturing operations since October 2023. During FY26, Facor Alloys completed the sale of its plant and machinery located in Shreeramnagar, Andhra Pradesh, following shareholder approval via postal ballot in July 2025. Proceeds from this transaction were utilized to repay outstanding liabilities.

Subsequently, the company pivoted towards the logistics sector. Members approved the alteration of the Main Objects Clause of the Memorandum of Association via postal ballot on July 20, 2026. This change enables the company to develop and operate General Cargo Terminals (GCTs), railway sidings, and warehousing facilities.

Facor Alloys has received in-principle approval from the Ministry of Railways to upgrade its existing private railway siding into a General Cargo Terminal. This initiative aligns with the PM Gati Shakti National Master Plan.

What the Numbers Show

The financial data reveals a distinct separation between core operations and non-recurring items. While operating revenue grew seven-fold to ₹14.70 crore, it remains negligible against the backdrop of ₹191.74 crore in operating expenses. The narrowing of the net loss by 70% was largely supported by a reversal in exceptional items, which contributed a positive ₹38.19 crore in FY26 compared to a negative ₹550.38 crore in FY25.

Auditor Disclaimer on Consolidated Accounts

Statutory auditors K.K. Mankeshwar & Co. issued a disclaimer of opinion on the consolidated financial statements. The firm stated it could not obtain sufficient appropriate audit evidence regarding the financial performance of an overseas subsidiary due to the non-availability of complete data following a change in management. Consequently, the consolidated results exclude this subsidiary.

The standalone audit report contained no qualifications but highlighted a material uncertainty related to going concern, citing the suspension of manufacturing operations and continuous losses over the past three years.