Facor Alloys Limited has scheduled its 23rd Annual General Meeting for Tuesday, September 29, 2026. The meeting will be conducted through Video Conferencing or Other Audio-Visual Means.

Facor Alloys will transact ordinary business including the adoption of audited standalone and consolidated financial statements for FY26. The company also seeks shareholder approval for the re-appointment of Mr. Manojkumar Umashankar Saraf as a director.

Key Agenda Items

The notice outlines specific resolutions for shareholder consideration:

Mr. Saraf retires by rotation and offers himself for re-appointment. He holds 5,92,871 shares in the company and serves as a member of the Nomination and Remuneration Committee.

Cost Auditor Appointment

Shareholders will ratify the remuneration of M/s Uppalapati & Associates LLP as Cost Auditors for the financial year ending March 31, 2027. The approved fee is ₹40,000 plus applicable taxes and reimbursement of out-of-pocket expenses.

E-Voting Details

Remote e-voting will commence on Saturday, September 26, 2026, at 9:00 am and end on Monday, September 28, 2026, at 5:00 pm. Voting rights are determined based on shareholding as of the cut-off date, Tuesday, September 22, 2026. Members can vote electronically through the National Securities Depository Limited platform.

Facor Alloys Limited reported a standalone net profit of ₹2,206.11 lakhs for the quarter ended June 30, 2026, marking a significant turnaround from the net loss of ₹465.56 lakhs recorded in Q1FY25. The profitability shift was driven by a one-time exceptional gain of ₹3,191.19 lakhs from the sale of fixed assets, which offset an operating loss before tax of ₹245.47 lakhs. This development is critical for investors as it signals the execution of the company’s asset divestment strategy while operations remain minimal following the plant shutdown in October 2023.

The Board of Directors approved the unaudited financial results at a meeting held on August 12, 2026, in compliance with Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statutory auditors K.K. Mankeshwar & Co., represented by partner Mohsin A. Hada, conducted a limited review of the standalone results and expressed an unmodified conclusion. However, the auditors issued a disclaimer on the consolidated financial results, stating they could not obtain sufficient appropriate evidence due to the non-availability of financial data from the company’s foreign subsidiary.

Financial Performance Overview

Revenue from operations stood at ₹28.76 lakhs for the quarter, a substantial increase from ₹4.71 lakhs in Q1FY25. Despite this rise, total expenses amounted to ₹308.07 lakhs, resulting in a pre-exceptional loss. Finance costs remained elevated at ₹154.07 lakhs compared to ₹101.50 lakhs in the prior year quarter, while employee benefits decreased significantly to ₹63.84 lakhs from ₹453.50 lakhs, reflecting the reduced operational scale.

Strategic Shift and Operational Status

Facor Alloys has shut down its plant operations since October 31, 2023, leading to minimal revenue generation. Following shareholder approval via postal ballot on July 10, 2025, the company proceeded with the divestment of plant and machinery. Assets with a carrying amount of ₹381.50 lakhs were sold during the quarter, generating the aforementioned profit. A remaining portion of assets valued at ₹25.22 lakhs was reclassified to Property, Plant and Equipment for use in projects under the PM Gatishakti Policy.

The company has issued a work order for upgrading its Private Railway Sidings and Goods Handling Terminal under the PM Gatishakti Policy. Phase I of this project has commenced, marking a strategic pivot towards infrastructure services rather than traditional alloy manufacturing.

What the Numbers Show

The financial data reveals a stark divergence between operational performance and reported profitability. The core business continues to incur losses, with operating expenses far exceeding the minimal operational revenue. The reported net profit is entirely dependent on non-recurring gains from asset sales rather than operational efficiency. This highlights that the company is in a transitional phase, liquidating legacy assets to fund or facilitate its new strategic direction under the PM Gatishakti Policy. Investors should note that the sustainability of this profit position is low without further asset disposals or successful monetization of the new railway siding projects.

Consolidated Results Disclaimer

The consolidated results exclude the financials of the overseas subsidiary due to management’s inability to obtain complete and reliable information following a change in management during FY24-25. The company has filed a formal complaint with the Economic Offences Wing (EOW), Delhi Police, regarding this matter. The CJM has directed the EOW to submit an action taken report, and the case is listed for further hearing. Consequently, the total assets, revenues, and net profit/loss of the foreign subsidiary are not ascertainable for the quarter.

Corporate Actions

The company announced that its 23rd Annual General Meeting will be held on September 29, 2026, at 12.00 p.m. The Register of Members and Share Transfer Books will remain closed from September 24, 2026, to September 29, 2026, inclusive.