Gujarat Inject (Kerala) Limited has secured a domestic purchase order valued at approximately ₹4.86 crore for the supply of 3,600 Solar PV Modules from Zentaraa Infra Projects Private Limited, scheduled for execution in October 2026.

This development marks a decisive strategic pivot for the Vadodara-based company, which is transitioning from an asset-light trading enterprise into the renewable power landscape. The order follows the signing of an Investment Sale Agreement with Soleos Energy Limited on June 27, 2025, to develop solar power projects.

Strategic expansion into renewable energy

To formalize this transition, shareholders approved an amendment to the Company's Object Clause on September 30, 2025. The updated charter allows Gujarat Inject to engage in the generation, transmission, trading, and supply of electricity from renewable and conventional sources. It also permits ventures into Battery Energy Storage Systems (BESS) and electric vehicle charging infrastructure.

The Company recognized ₹2,076.45 lakh as Capital Work in Progress (CWIP) toward its Solar Power Generation Project. This represents the first CWIP addition in two years, signaling a shift toward capital-intensive infrastructure assets.

Financial performance in FY26

While the solar project remains under development, the Company's core trading operations drove significant financial growth during FY26. Total revenue nearly doubled compared to the previous fiscal year, while Profit After Tax (PAT) also saw substantial expansion.

The Company maintained its agile trading model, recording purchases of stock-in-trade worth ₹3,362.37 lakh. It operates without holding finished goods inventory, focusing on high-turnover trading activities.

What the numbers show

A divergence exists between reported profitability and asset base growth. While PAT rose 78.3% YoY, this was driven entirely by trading operations, as no operational revenue was recognized from the solar generation project in FY26. The independent statutory auditors highlighted the CWIP capitalization and its eventual transition to Property, Plant, and Equipment (PPE) as a Key Audit Matter (KAM), reflecting the materiality of the new renewable energy investments relative to the current trading-focused balance sheet.

Governance and operational notes

Gujarat Inject continues to prioritize governance and project execution as it repositions itself for the green energy transition. Management stated that the Object Clause amendment provides greater flexibility to explore new business opportunities. The Company confirmed that operational cash flows and revenue entitlements from the solar project will accrue only upon the discharge of consideration payable to the seller.

Gujarat Inject (Kerala) Limited concluded its 35th Annual General Meeting with all five proposed resolutions passed by requisite majority. The meeting, held on September 29, 2026, via Video Conferencing, saw 35 members participate virtually.

The proceedings focused on the adoption of audited standalone financial statements for FY26 and various governance matters. The company reported that the statutory auditors' report contained no qualifications or observations. Voting results were declared on October 1, 2026, confirming shareholder approval for all agenda items.

Resolutions placed before members

The board presented five resolutions for shareholder approval, covering both ordinary and special business. The ordinary business included the adoption of financial reports and the reappointment of a retiring director. Special business addressed auditor appointments and the regularization of specific director roles. All resolutions were passed with over 99% assent votes.

Voting and compliance details

Remote e-voting commenced on September 25, 2026, at 9:00 am and closed on September 28, 2026, at 5:00 pm. Members who did not vote during the remote period were allowed to cast their votes during the AGM. Utkarsh Shah & Co., a practicing company secretary firm from Ahmedabad, served as the scrutinizer for the e-voting process.

The chairman noted that no questions regarding the financials for FY26 were received from members. Additionally, there were no requests from any member to register as speakers during the session. The voting results are scheduled to be declared and disseminated to stock exchanges on or before October 1, 2026.

What the Numbers Show

The voting data reveals a high level of consensus among participating shareholders. For every resolution, including those requiring special majority such as the regularization of directors, the assent percentage stood at 99.42% of valid votes polled. Dissenting votes accounted for only 0.58% across all items. This uniformity suggests strong alignment between the board's proposals and the voting base, which comprised primarily public non-institutional shareholders holding approximately 26% of the outstanding shares on a polled basis.