Garodia Chemicals Limited has scheduled its 34th Annual General Meeting (AGM) for Wednesday, September 30, 2026. The meeting will be held via video conferencing, with proceedings deemed to take place at the company's registered office in Mumbai.

The primary agenda involves routine board approvals and a significant restructuring of the directorship composition. Shareholders will vote on the adoption of audited financial statements for FY26 and the reappointment of the Managing Director.

Financial Performance Turnaround

The company reported a significant shift in its financial standing for FY26. Total income reached ₹4,05,88,068, driven entirely by other income as revenue from operations remained nil due to suspended manufacturing activities. Consequently, the company posted a profit before tax of ₹3,91,66,910, marking a sharp reversal from the loss of ₹20,76,622 in the preceding year.

Non-current borrowings fell significantly to ₹31,73,513 from ₹4,81,86,955 in the previous year, reflecting debt reduction efforts under the resolution plan. The net worth improved to (₹28,04,365) from (₹4,69,71,275).

Board Resolutions and Director Appointments

The notice outlines three key resolutions to be passed by ordinary resolution through electronic voting. The first item requires shareholders to receive, consider, and adopt the audited financial statements for the fiscal year ended March 31, 2026, along with the reports of the Board of Directors and auditors.

The second resolution concerns the reappointment of Ravindra Subhash Salunkhe (DIN: 06753149) as Managing Director. He retires by rotation but is eligible and has offered himself for reappointment. Ravindra Subhash Salunkhe holds 50,00,000 shares in the company.

New Director Appointment

A special business item proposes the appointment of Sarita Subhash Salunkhe (DIN: 11684409) as a Non-Executive Non-Independent Director. She was initially appointed as an Additional Director on August 14, 2026, and holds office until this AGM. Upon approval, she will be liable to retire by rotation.

Sarita Subhash Salunkhe is the mother of Ravindra Subhash Salunkhe. The Board cited her broad understanding of general business and administrative matters as beneficial to the company. She does not currently hold any shares in Garodia Chemicals Limited.

Meeting Logistics and Voting

The AGM will be conducted via Video Conferencing (VC) or Other Audio Visual Means (OAVM) without physical presence, in compliance with Ministry of Corporate Affairs circulars. The meeting is scheduled for 4:00 pm IST.

Remote e-voting will be facilitated by National Securities Depository Limited (NSDL). The voting window opens at 9:00 am on Sunday, September 27, 2026, and closes at 5:00 pm on Tuesday, September 29, 2026. The cut-off date for determining eligible members is Wednesday, September 23, 2026.

Shareholders holding shares in demat mode can vote using their depository login credentials. Physical shareholders must use their folio numbers. Proxy appointments are not available for this meeting, though body corporates may appoint authorized representatives.

Garodia Chemicals Limited reported a net loss of ₹10.39 lakh for the quarter ended June 30, 2026, widening from a loss of ₹5.81 lakh in the corresponding period of FY25. The company logged zero revenue from operations for the third consecutive quarter disclosed in the filing, with total expenses increasing by 78.8% year-on-year.

The Board of Directors approved the unaudited financial results and the appointment of Mrs. Sarita Subhash Salunkhe as an additional non-executive non-independent director on August 14, 2026. Her appointment is subject to shareholder approval at the upcoming Annual General Meeting.

Financial Performance

The company’s standalone results reflect a continued absence of operational revenue. Total expenses for the quarter stood at ₹10.39 lakh, compared to ₹5.81 lakh in Q1FY26. This increase was driven largely by a rise in other expenses, which jumped from ₹5.06 lakh to ₹9.64 lakh. Employee benefits expense remained flat at ₹0.75 lakh.

For the full fiscal year ended March 31, 2026, Garodia Chemicals reported a net profit of ₹391.67 lakh, primarily driven by other income of ₹405.88 lakh. Total expenses for FY26 were ₹14.21 lakh.

What the Numbers Show

The financial data reveals a stark divergence between the company’s quarterly operational status and its annual profitability. While Q1FY27 shows a pure operating loss with zero revenue, the full-year FY26 profit was entirely dependent on non-operational other income, which constituted approximately 99% of total revenue for the year. This indicates that core business operations did not contribute to the bottom line in FY26, raising questions about the sustainability of earnings without such exceptional items.

Corporate Governance Updates

In addition to the financial results, the board approved the appointment of Mrs. Sarita Subhash Salunkhe (DIN: 11684409) as an additional director effective August 14, 2026. She is liable to retire by rotation and will serve until shareholder approval is secured. Mrs. Salunkhe is the mother of Mr. Ravi Salunkhe, the Managing Director of the company.

The company has scheduled its Annual General Meeting for September 30, 2026, to be held via video conference. The trading window for designated persons remained closed from July 1, 2026, until 48 hours after the declaration of these results, in compliance with SEBI’s insider trading regulations.

Laxmikant Kabra and Co LLP served as the independent auditor for the review, issuing an unmodified opinion on the standalone unaudited financial results prepared in accordance with Ind AS 34.