Fraser & Company has confirmed its Annual General Meeting (AGM) will be held on September 17, 2026. The company also issued a corrigendum to fix a printing error in the notice regarding the alteration of its Memorandum of Association (MoA).

The AGM will be conducted via Video Conferencing or Other Audio-Visual Means from the company’s registered office in Mumbai. The register of members and share transfer books will remain closed from September 11, 2026, to September 17, 2026. This book closure is solely for the purpose of the AGM and not for dividend declaration or other corporate actions.

Corrected Agenda Item

The company clarified that the original notice, dated August 12, 2026, contained an error in Item No. 4 on page 2. The corrigendum, dated August 27, 2026, provides the correct wording for the special resolution seeking shareholder approval to replace Clause III (A) (1) of the MoA.

The corrected resolution seeks consent to replace the existing object clause related to construction and civil works. The new clause will allow the company to undertake contracts for construction, modification, and repair of civil works, including roads, bridges, dams, and buildings.

Additionally, the revised clause expands the company’s scope to include acting as buyers, sellers, distributors, importers, repairers, and dealers of agricultural machinery, farm equipment, tractors, harvesters, tools, implements, spare parts, and accessories used in farming and horticulture.

AGM Details

Remote e-voting remains available from September 14, 2026, to September 16, 2026, with September 10, 2026, as the record date. Other agenda items remain unchanged, including the adoption of FY26 financial statements, the re-appointment of Ms. Yogeeta Rajkumar Shivhare as a director, and the regularization of Ms. Rekha Rani Naraniwal as an Independent Director.

Fraser & Company reported a sharp turnaround in top-line growth for FY26, with revenue from operations surging to ₹13.64 crore, up from ₹2.19 crore in the previous year. Despite the volume expansion, the firm posted a net loss of ₹6.15 crore for the year ended March 31, 2026, a significant improvement against the ₹15.77 crore loss recorded in FY25.

Financial Performance

The company’s total revenue stood at ₹13.83 crore in FY26, compared to ₹3.09 crore in FY25. This growth was driven primarily by domestic sales, which reached ₹16.02 crore before GST adjustments. However, operating expenses remained elevated at ₹19.98 crore, limiting profitability. Other income declined to ₹1.86 lakh from ₹8.99 lakh in the prior year, as the one-time profit on the sale of a car in FY25 was not repeated.

What the Numbers Show

A key divergence in the financials is the composition of assets versus liabilities. While trade receivables dropped significantly from ₹96.09 crore to ₹25.10 crore, this was largely due to a non-cash settlement rather than cash collection. The company acquired four residential flats valued at ₹39.74 crore to settle outstanding dues, classifying them as investment property. Consequently, while the balance sheet shows reduced receivables, the liquidity position remains tight, with cash and equivalents rising modestly to ₹2.04 crore from ₹39 lakh.

Balance Sheet and Auditor Observations

Total assets decreased to ₹100.45 crore from ₹127.22 crore. The reduction is attributed to the settlement of receivables and a decrease in trade payables, which fell to ₹44.93 crore from ₹58.70 crore. Shareholders' fund contracted to ₹47.51 crore due to the accumulated losses.

Statutory auditors M/s A M S & Co LLP issued a qualified opinion. The qualification stems from the inability to verify balance confirmations for trade receivables exceeding 12 months (₹13.39 crore) and long-outstanding trade payables (₹43.53 crore). Additionally, auditors highlighted unverified advances to suppliers amounting to ₹28.68 crore given prior to December 2022.

Corporate Governance Updates

The company’s Board of Directors recommended no dividend for FY26. Ms. Yogeeta Rajkumar Shivhare retires by rotation and offers herself for re-appointment. The Board also seeks approval to regularize Ms. Rekha Rani Naraniwal as an Independent Director. The 108th Annual General Meeting is scheduled for September 17, 2026.