Garnet International has updated the remote e-voting schedule for its 44th Annual General Meeting, scheduled for Wednesday, September 30, 2026. The company confirmed the meeting will proceed via Video Conferencing or Other Audio-Visual Means.

The revision affects the window for shareholders to cast their votes electronically. All other details regarding the AGM agenda and director re-appointment remain unchanged.

Key Meeting Details

The AGM is set for 11:00 am at the deemed venue of Raheja Chambers in Mumbai. The register of members and share transfer books will remain closed from September 24 to September 30, 2026. The cut-off date for voting rights is September 23, 2026.

Director Re-appointment

Ramakant Gaggarr, Managing Director, retires by rotation and offers himself for re-appointment. He holds 41,46,972 equity shares as of March 31, 2026. His proposed remuneration remains unchanged at ₹150,000 per month.

E-Voting and Participation

Remote e-voting will open on Friday, September 25, 2026, at 9:00 am and close on Sunday, September 27, 2026, at 5:00 pm. The e-voting module will be disabled by MUFG Intime India Private Limited after the deadline. Shareholders who vote remotely cannot vote again during the meeting.

Participation in the VC/OAVM meeting is on a first-come, first-served basis for up to 1,000 members. Promoters and institutional investors with more than 2% stake may join without restrictions. Speakers must register at least three days prior to the meeting.

Garnet International reported a sharp rise in profitability for the financial year ended March 31, 2026, driven by significant gains in fair value adjustments and lower operating expenses. The company's standalone net profit after tax jumped to ₹340.64 lakh, up from ₹9.99 lakh in the previous fiscal year. On a consolidated basis, net profit stood at ₹474.75 lakh, compared to ₹153.46 lakh in FY25.

The Board of Directors decided not to recommend any dividend for the year. Additionally, the company announced the forfeiture of 27 lakh convertible equity warrants issued on a preferential basis, as the holders failed to exercise their conversion rights within the stipulated 18-month tenure. The forfeited upfront subscription money will be credited to the capital reserve.

Financial Performance

The company's total income on a standalone basis rose to ₹406.65 lakh from ₹326.63 lakh in FY25. This growth was primarily fueled by a substantial increase in net gains on fair value changes, which climbed to ₹362.69 lakh from ₹108.52 lakh in the prior year. Interest income also contributed to the top line, increasing to ₹43.96 lakh from ₹36.12 lakh.

Expenses contracted significantly during the period. Total standalone expenses fell to ₹66.78 lakh from ₹316.89 lakh in FY25. This reduction was largely due to a decline in other expenses, which dropped to ₹28.42 lakh from ₹124.90 lakh. Employee benefit expenses remained relatively stable at ₹38.36 lakh.

On a consolidated level, revenue from operations decreased to ₹487.47 lakh from ₹873.46 lakh in FY25. However, this was offset by lower total expenses, which declined to ₹149.31 lakh from ₹854.52 lakh. The share in profit from associate companies contributed ₹135.83 lakh to the consolidated bottom line.

Balance Sheet and Cash Flow

As of March 31, 2026, the company's total assets stood at ₹3,867.17 lakh on a standalone basis, up from ₹3,721.83 lakh in the previous year. Loans increased significantly to ₹1,571.26 lakh from ₹1,024.87 lakh, while investments decreased slightly to ₹1,085.40 lakh from ₹1,232.77 lakh. Borrowings were reduced substantially to ₹100.95 lakh from ₹300.95 lakh.

Cash flows from operating activities resulted in an outflow of ₹356.82 lakh, compared to an outflow of ₹316.09 lakh in FY25. Investing activities generated a positive cash flow of ₹557.93 lakh, driven by proceeds from the sale of investments and a decrease in bank fixed deposits. Financing activities saw an outflow of ₹200.00 lakh, primarily due to repayments of long-term borrowings.

Auditor Qualifications

The statutory auditors, Sarda Soni Associates LLP, issued a qualified opinion on the financial statements. The qualification arose from the company's non-compliance with Section 186(7) of the Companies Act, 2013, regarding interest-free unsecured inter-corporate loans amounting to ₹966.80 lakh. Additionally, the auditors noted that the company had neither paid nor provided interest on borrowings of ₹100 lakh during the year. These matters present a regulatory classification issue for the company's Type I NBFC status with the Reserve Bank of India.

What the Numbers Show

The dramatic surge in standalone net profit is heavily reliant on non-operational items. Net gain on fair value changes accounted for approximately 89% of the total standalone income of ₹406.65 lakh. While operational expenses declined sharply, the core interest income grew modestly by only 22% YoY. This divergence suggests that the reported profit growth is driven by market valuation changes rather than fundamental operational expansion or lending volume increases.