Garnet Construction Limited will hold its 34th Annual General Meeting on September 30, 2026, at 11:00 am through Video Conferencing. The meeting aims to adopt the audited financial statements for FY26 and address director appointments.

Agenda and Director Appointments

Shareholders will consider the adoption of the Audited Balance Sheet and Profit and Loss statement as of March 31, 2026. The agenda includes the reappointment of Arun Kumar Kedia (DIN: 00205183), who retires by rotation and offers himself for reappointment. Additionally, members will vote on the appointment of Chahat Sanjaykumar Kedia (DIN: 11621550) as a Director. She was appointed as an Additional Director by the Board on March 21, 2026, under Section 161(1) of the Companies Act, 2013.

A special resolution is proposed for the appointment of Arun Kumar Kedia as Managing Director for a five-year term from May 30, 2026, to May 29, 2031. The Nomination and Remuneration Committee recommended this appointment, with a basic salary fixed at ₹2,50,000 per month. The overall remuneration remains subject to ceilings defined in Schedule V of the Companies Act, 2013.

Voting and Meeting Logistics

The meeting will be conducted entirely via Video Conferencing or Other Audio-Visual Means in compliance with MCA Circulars. Physical attendance is dispensed with, and proxy forms are not applicable. Members may join the virtual meeting 15 minutes before and after the scheduled start time. Participation is limited to 1,000 members on a first-come-first-served basis, excluding large shareholders, promoters, institutional investors, and key managerial personnel.

Remote e-voting facilities are provided by National Securities Depository Limited. The voting period commences on September 27, 2026, at 9:00 am and ends on September 29, 2026, at 5:00 pm. Shareholders whose names appear in the Register of Members as of the cut-off date, September 23, 2026, are eligible to vote electronically. Once cast, votes cannot be modified.

Director Profiles

The following table details the profiles of directors seeking appointment or reappointment at the ensuing AGM:

Key Dates and Compliance

The Register of Members and Share Transfer Books will remain closed from September 25, 2026, to September 29, 2026, both days inclusive. The Annual Report 2026 and the Notice of the AGM are available on the company’s website and the BSE website. Members holding shares in physical form are advised to update their KYC details and consider converting holdings to dematerialized form to facilitate service requests and voting.

Garnet Construction reported a standalone net loss of ₹103.8 lakh for the quarter ended June 30, 2026, marking a sharp reversal from the net profit of ₹1,821.1 lakh recorded in the corresponding quarter of FY25. The company’s revenue from operations turned negative, registering at -₹12.9 lakh, compared to ₹4,039.0 lakh in Q1FY25.

The Board of Directors approved the unaudited financial results on August 14, 2026. The figures were reviewed by statutory auditors Shankarlal Jain & Associates LLP pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

Total income for the quarter declined to -₹11.9 lakh from ₹4,043.3 lakh in the previous year. Other income contributed ₹1.0 lakh, down from ₹4.3 lakh in Q1FY25. Total expenses amounted to ₹95.3 lakh, a significant reduction from ₹1,602.4 lakh in the prior year period.

Operating costs stood at ₹114.9 lakh, down from ₹397.2 lakh in Q1FY25. Employee benefit expenses decreased to ₹54.8 lakh from ₹75.4 lakh. Finance costs rose slightly to ₹18.1 lakh from ₹16.4 lakh. Depreciation and amortization expenses increased to ₹15.5 lakh from ₹10.2 lakh.

What the Numbers Show

The negative revenue figure is primarily driven by a change in inventories of -₹202.3 lakh, contrasting with an increase of ₹1,059.8 lakh in the prior year. This inventory adjustment outweighs the operating costs and other expenses, leading to the negative top line and subsequent net loss. The company operates in a single segment: Real Estate Development.

Auditor Review

Shankarlal Jain & Associates LLP conducted a limited review of the interim financial information. The auditors stated that nothing came to their attention to cause them to believe that the statement has not disclosed the required information or contains material misstatement. The review was performed in accordance with Standard on Review Engagement (SRE) 2410 issued by the Institute of Chartered Accountants of India.