Jindal Capital Limited shareholders approved a special resolution to authorize the Board of Directors to borrow funds up to ₹500 crore. This decision was taken during the company's 32nd Annual General Meeting (AGM) held on September 30, 2026, in Delhi.

The approval under Section 180(1)(c) of the Companies Act, 2013 allows total borrowings to exceed the aggregate of paid-up share capital, free reserves, and securities premium. The company stated that current borrowings remain within previously approved limits, but the revised cap is necessary to accommodate additional fund requirements for operational purposes.

Financial adoption and director re-appointments

The members received and adopted the audited financial statements for FY26, along with the Auditors' and Directors' Reports. Sadhu Ram Aggarwal, Chairman-cum-Managing Director, was re-appointed as a Director retiring by rotation. He holds 7,00,116 equity shares in the company.

The AGM also regularized the appointment of Nischal Mittal as an Independent Director. Mittal, a Chartered Accountant with experience in investment banking and insolvency resolution, was appointed as an Additional Director on August 12, 2026. He holds no shares in the company.

Remuneration revisions for key executives

Shareholders approved an increase in managerial remuneration limits for key executive directors effective October 1, 2026. The new limits supersede previous approvals from the 30th AGM.

Both executives are qualified Chartered Accountants. Divya Aggarwal is the daughter-in-law of Sadhu Ram Aggarwal and wife of Udit Aggarwal, a Non-Executive Director. The remuneration increase is subject to the remaining term of their appointments.

Meeting proceedings and compliance

The meeting commenced at 11:00 am and concluded at 12:25 pm. A quorum of 47 members was present throughout the proceedings. Remote e-voting facilities were provided via NSDL from September 26 to September 29, 2026. Jaivindra Singh of M/s. Jaivindra Singh & Associates served as the Scrutinizer for the voting process.

The Board expressed gratitude to the members for their participation. The consolidated e-voting results will be submitted to the stock exchanges and displayed on the company website in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Jindal Capital Limited has scheduled its 32nd Annual General Meeting (AGM) for September 30, 2026, at its registered office in Delhi. The company will offer remote e-voting via NSDL from September 26 to September 29, 2026. Shareholders will vote on a proposed ₹500 crore borrowing limit and executive remuneration hikes.

The share transfer books will remain closed from September 24 to September 30, 2026. Members holding shares as of the cut-off date, September 23, 2026, are eligible to vote. The company has appointed M/s. Jaiwindra Singh & Associates as the scrutinizer for the voting process.

Financial Performance Overview

For FY26, Jindal Capital reported a total revenue of ₹430.15 lakh, an increase from ₹388.70 lakh in the prior year. Net profit after tax stood at ₹113.00 lakh, down from ₹116.97 lakh in FY25. The decline in net profit occurred despite revenue growth, driven by higher finance costs and employee benefits.

Interest income rose significantly to ₹372.95 lakh from ₹289.57 lakh, reflecting growth in the loan book. However, finance costs increased to ₹103.67 lakh from ₹65.63 lakh, impacting the bottom line. The company did not recommend any dividend for the year.

What the Numbers Show

The divergence between rising interest income and expanding finance costs highlights the cost of funding the accelerated loan growth. While interest income grew by approximately 29%, finance costs surged by nearly 58%. This suggests that the marginal cost of new borrowings may be higher than the yield on new loans, or that the mix of funding has shifted toward more expensive sources. Additionally, employee benefits rose to ₹103.09 lakh from ₹83.23 lakh, contributing further to the pressure on net profits despite higher top-line growth.

Governance and Remuneration Changes

The Board proposes increasing the monthly managerial remuneration for Chairman-cum-Managing Director Sadhu Ram Aggarwal and Executive Director & CFO Divya Aggarwal from ₹1 lakh to ₹2 lakh each, effective October 1, 2026. Both directors are related parties; Sadhu Ram Aggarwal is the father-in-law of Divya Aggarwal.

The notice also includes the regularization of Mr. Nischal Mittal as an Independent Director, effective August 12, 2026, for a five-year term. Mr. Subhash Kumar Changoiwala resigned as an Independent Director in August 2026.

Capital Structure and Liquidity

Total borrowings increased to ₹1,424.30 lakh from ₹776.20 lakh as of March 31, 2025. Cash and cash equivalents dropped sharply to ₹23.67 lakh from ₹281.72 lakh, indicating significant deployment of funds into loans or other uses during the year. The authorized share capital was increased to ₹22 crore during the year.