Glittek Granites will hold its 36th Annual General Meeting on September 22, 2026, to approve a strategic pivot away from its legacy granite business. The meeting seeks shareholder consent for a name change to Rawmin Neo Elements Limited and a shift in registered office from Karnataka to Maharashtra.

The proposals follow a change in control completed in June 2026, when the Rawmin group acquired a 70.59% stake. The new management intends to diversify into battery energy storage systems (BESS), solar photovoltaic cells, and rare earth elements.

Corporate Restructuring

Shareholders will vote on several special resolutions to align the company’s identity with its new operational focus:

• Alter the Main Object Clause of the Memorandum of Association to permit business in BESS, solar PV, and critical minerals.
• Change the company name from Glittek Granites Limited to Rawmin Neo Elements Limited.
• Shift the registered office from Hoskote, Karnataka, to Nariman Point, Mumbai.
• Enhance borrowing limits up to ₹200 crore or the aggregate of paid-up capital and free reserves, whichever is higher.
• Authorize related-party transactions for unsecured loans up to ₹100 crore from promoters.

Board Reconstitution

The meeting will regularize the appointments of the new board members effective June 25, 2026:

Each executive director is eligible for a salary of up to ₹84 lakh per annum. The independent directors will receive sitting fees as determined by the board.

Financial Position

For FY26, revenue from operations fell 97.7% to ₹4.68 lakh from ₹203.63 lakh in FY25, reflecting minimal legacy activity. Other income dropped 95.6% to ₹135.90 lakh, primarily due to the absence of significant fixed asset disposals seen in the prior year.

The company reported a net loss of ₹39.45 lakh for FY26 compared to a profit of ₹685.86 lakh in FY25. Despite the loss, the balance sheet remains strong with cash and cash equivalents of ₹658.73 lakh and no outstanding borrowings as of March 31, 2026.

Auditor Appointments

Members will appoint M/s R R Tibrewala & Co as statutory auditors for five years, with proposed fees of ₹4 lakh for FY27. KJB & Co LLP will be appointed as secretarial auditors for five years, with fees of ₹1 lakh for FY27.

What the Numbers Show

The divergence between the negligible operating revenue (₹4.68 lakh) and substantial cash reserves (₆58.73 lakh) indicates the company has effectively wound down its legacy operations while preserving liquidity for the proposed capital-intensive entry into energy storage and minerals.

Glittek Granites reported a net profit of ₹13.67 lakh for the quarter ended June 30, 2026, up from ₹5.27 lakh in the corresponding period of FY25. The company’s total income stood at ₹33.10 lakh, with no revenue from operations recorded for the quarter. Other income contributed ₹33.10 lakh to the top line, offsetting total expenses of ₹16.29 lakh.

The Board of Directors approved a significant strategic expansion into the renewable energy sector. This includes the acquisition of land and the commencement of business activities related to Battery Energy Storage Systems (BESS), solar photovoltaic engineering, procurement, and construction (EPC), and trading of energy storage components. The proposed project has an estimated cost of ₹150 crore and an expected gestation period of 10–12 months from land acquisition to commercial operations.

Financial Performance

The company’s profitability in Q1FY26 was primarily driven by non-operating income, as operational revenue remained nil. Total expenses decreased significantly compared to the previous year, falling from ₹65.03 lakh in Q1FY25 to ₹16.29 lakh in Q1FY26. Employee benefit expenses accounted for ₹8.35 lakh, while other expenses totaled ₹7.94 lakh.

What the Numbers Show

Other income constituted 100% of the company’s total income in Q1FY26, highlighting a complete reliance on non-operating sources for current-quarter earnings. With revenue from operations at zero, the profit figure is entirely derived from other income less operating expenses, indicating that core granite business operations did not generate recognized sales during this period.

Corporate Governance Changes

The board approved several key administrative appointments and changes:

• Statutory Auditor: M/s R. R. Tibrewala & Co., Chartered Accountants, was appointed as the statutory auditor for five years, succeeding M/s GRV & PK whose term concludes at the ensuing AGM.
• Secretarial Auditor: KJB & Co. LLP was appointed to replace Ms. Kriti Daga, who resigned citing recent changes in management and control, along with the proposed shift of the registered office from Karnataka to Maharashtra.
• Registrar and Transfer Agent: MUFG Intime India Private Limited will replace MCS Share Transfer Agent Limited as the RTA, subject to regulatory formalities.

The company also approved the establishment of a new corporate office in Ahmedabad on a leave and licence basis. The 36th Annual General Meeting is scheduled for September 22, 2026, where shareholders will vote on these appointments and the alteration of the Main Object Clause to facilitate the new BESS business lines.