Gujarat Hy-Spin Limited concluded its 16th Annual General Meeting on September 30, 2026, in Gondal, Gujarat. Shareholders adopted the standalone audited financial statements for the fiscal year ended March 31, 2026.

The meeting also approved the appointment of M/s. Finava & Associates, Chartered Accountants, as the company's statutory auditor for a five-year term. Additionally, Maganlal Shambhubhai Parvadiya was reappointed as Managing Director via a special resolution.

Resolutions passed

The board presented several items for shareholder approval, covering both ordinary and special business. The following key resolutions were put to vote through remote e-voting and physical ballot:

Voting and compliance

The company facilitated remote e-voting through National Securities Depository Limited (NSDL) between September 26 and September 29, 2026. Members who did not vote remotely could cast their ballots during the meeting using poll ballot forms. The voting rights were proportional to shareholding in the paid-up equity capital as of the cut-off date, September 25, 2026.

M/s. Monika V Tyagi & Associates served as the scrutinizer to ensure a fair and transparent voting process. The results of the voting will be disseminated separately to the stock exchange and uploaded on the company website. The meeting commenced at 11:00 am and concluded at 12:00 pm with a vote of thanks.

Gujarat Hy-Spin Limited reported a net profit after tax (PAT) of ₹4.70 lakh for the financial year ended March 31, 2026, down from ₹9.72 lakh in FY25. Revenue from operations declined 10.6% to ₹8,272.30 lakh, compared to ₹9,255.63 lakh in the previous year.

The company has scheduled its 16th annual general meeting (AGM) for September 30, 2026, at 11:00 am at its registered office in Gondal, Rajkot. The meeting will transact business including the adoption of financial statements and approval of key leadership appointments.

Financial Performance

The company’s total income stood at ₹8,386.34 lakh in FY26, down from ₹9,496.38 lakh in FY25. Other income dropped significantly to ₹114.54 lakh from ₹240.75 lakh in the prior year. Total expenses were ₹8,380.44 lakh, compared to ₹9,483.02 lakh in FY25. Profit before tax was ₹6.40 lakh, down from ₹13.36 lakh.

Cost of materials consumed decreased to ₹6,436.60 lakh from ₹7,282.50 lakh. Employee benefits expense fell to ₹334.88 lakh from ₹382.06 lakh. Finance costs rose to ₹136.84 lakh from ₹103.36 lakh. Depreciation and amortization expense remained stable at ₹161.62 lakh.

What the Numbers Show

The decline in net profit is primarily driven by a sharp drop in other income, which fell by more than half compared to FY25. While operating expenses also contracted, reflecting lower revenue volumes, the reduction in non-operating gains outweighed the savings in operational costs. Finance costs increased by over 32%, adding pressure on margins despite the lower absolute scale of operations.

Key Appointments

The Nomination and Remuneration Committee recommended the following leadership changes, subject to shareholder approval at the AGM:

• Maganlal Shambhubhai Parvadiya appointed as Managing Director for a five-year term effective August 31, 2026.
• Chandubhai Shambhubhai Parvadiya appointed as Whole-time Director for a five-year term effective August 31, 2026.
• Bindiya Ketankumar Parvadiya recommended for re-appointment as Non-Executive Non-Independent Director, liable to retire by rotation.

Auditor Change

The board appointed M/s. Finava & Associates as Statutory Auditors to fill the casual vacancy caused by the resignation of M/s. RPC & Co. Finava & Associates will hold office until the conclusion of the ensuing AGM. The board also recommended their appointment for a five-year term commencing from the conclusion of the 16th AGM until the 21st AGM in 2031.

Governance Details

NDSL has been appointed to facilitate e-voting for the AGM. M/s. Monika V Tyagi & Associates, Practicing Company Secretary, serves as the scrutinizer. Share transfer books will remain closed from September 23, 2026, to September 30, 2026. The cut-off date for determining voting eligibility is set for September 25, 2026.