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.

Fraser & Company will hold its Annual General Meeting on September 17, 2026. The meeting aims to transact ordinary business and approve special resolutions regarding board appointments and corporate governance updates.

The event will be conducted through Video Conferencing or Other Audio-Visual Means. The proceedings are deemed to be held at the company’s registered office in Mumbai.

Key Agenda Items

Shareholders will consider the following resolutions:

• Adoption of Financial Statements: Receive and adopt the standalone audited financial statements for FY26.
• Director Re-appointment: Re-appoint Ms. Yogeeta Rajkumar Shivhare as a director, retiring by rotation.
• Independent Director Regularization: Regularize Ms. Rekha Rani Naraniwal as a Non-Executive Independent Director.
• MoA Alteration: Approve the alteration of Clause III (A) (1) of the Memorandum of Association.

Board Composition Changes

Ms. Yogeeta Rajkumar Shivhare seeks re-appointment following her initial appointment in December 2022. The Board recommends her re-appointment based on performance evaluation by the Nomination and Remuneration Committee.

Ms. Rekha Rani Naraniwal was appointed as an Additional Director in November 2025. She holds independent director positions at Shankar Lal Rampal Dye-Chem Limited, Markobenz Industries Limited, Mitshi India Limited, and Omega Ag Seeds Punjab Limited.

Corporate Governance Updates

The proposed alteration to the Memorandum of Association seeks to replace existing object clauses related to construction and civil works. This change aims to align the company’s objects with its long-term business strategy and provide flexibility for new opportunities.

Voting Details

Remote e-voting is available from September 14, 2026, to September 16, 2026. The record date for voting eligibility is September 10, 2026. Shareholders can vote via Purva Shareregistry (India) Pvt. Ltd.