Jigar Cables Limited held its 10th Annual General Meeting (AGM) on September 26, 2026, at its registered office in Gondal, Gujarat. The meeting focused on the adoption of financial statements for the fiscal year ended March 31, 2026, and the ratification of key management appointments.

Proceedings and Attendance

The meeting commenced at 11:30 am with Ramnik P. Vaghasiya, Whole-time Director, serving as Chairperson in the absence of Sangita N. Vaghasiya, Chairperson and Managing Director. A total of 12 members attended the meeting, including two directors, satisfying the requisite quorum under the Companies Act, 2013. The statutory auditors, secretarial auditor, and internal auditor were also present to address member queries.

Voting was conducted through a combination of remote e-voting via the National Securities Depository Limited (NSDL) platform and ballot papers during the meeting. Remote e-voting was open from September 23 to September 25, 2026. No poll was demanded by any member present.

Key Resolutions Passed

The shareholders considered and passed several ordinary and special resolutions concerning corporate governance and operational continuity:

Governance and Compliance

The company confirmed that all statutory registers required for inspection were available at the registered office and electronically. Queries received from shareholders prior to the meeting were addressed during the session. The scrutinizer, CS Piyush Jethva, oversaw the voting process to ensure transparency.

The proceedings concluded at 11:55 am with a vote of thanks. The company stated that voting results would be disseminated separately to the stock exchanges within the prescribed timelines.

Jigar Cables reported a significant contraction in top-line growth for FY26, with consolidated revenue from operations declining 44.7% year-on-year to ₹579.5 crore. Despite the sharp revenue drop, the company maintained operational efficiency, keeping consolidated profit after tax (PAT) broadly stable at ₹18.0 crore.

The company has scheduled its 10th Annual General Meeting (AGM) for September 26, 2026, to adopt these financial statements and address key governance matters, including director re-appointments and related-party transaction limits.

Financial Performance

On a consolidated basis, total revenue fell to ₹581.9 crore in FY26 from ₹1,052.2 crore in FY25. Standalone revenue from operations also declined 44.9% to ₹566.6 crore. However, net profit margins expanded significantly, rising from 1.70% in FY25 to 3.08% in FY26, driven by disciplined cost control and lower finance costs relative to revenue.

Capital Expenditure & Expansion

The company undertook substantial capital investments during the year, with capital work-in-progress standing at ₹144.3 crore as of March 31, 2026, compared to nil in the previous year. This investment supports the commencement of production for Medium Voltage Covered Conductors (MVCC) and High Tension (HT) cables, marking a strategic expansion into higher-value infrastructure products.

Total borrowings increased significantly, with long-term borrowings rising to ₹60.9 crore from ₹5.0 crore, and short-term borrowings increasing to ₹58.3 crore from ₹18.4 crore. Consequently, the debt-equity ratio rose to 0.40 from 0.11.

Governance & Related Party Transactions

Shareholders will vote on the re-appointment of Smt. Sangita NiteshKumar Vaghasiya as Chairperson-cum-Managing Director and Shri Ramnik Parshottambhai Vaghasiya as Whole-Time Director for three-year terms commencing January 2, 2027. Both appointments require special resolutions due to remuneration structures exceeding standard statutory limits.

A material related-party transaction with Ultracab (India) Limited (UIL) will be renewed, capping aggregate transactions at ₹200 crore. This includes non-exclusive brand usage rights for Jigar Cables to manufacture and sell under the UIL trademark, subject to a 2% royalty on basic sales.

What the Numbers Show

The divergence between the sharp revenue decline and stable profitability highlights improved cost discipline. While revenue halved, operating expenses contracted more sharply, leading to an expansion in net profit margins from 1.70% to 3.08%. This suggests that despite lower volume or pricing pressure, the company successfully managed its cost base to protect bottom-line earnings.