Justo Realfintech Ltd shareholders unanimously approved the adoption of audited financial statements for FY26 and the appointment of M/s. Ronak Jhuthawat & Co as secretarial auditors at its 7th Annual General Meeting held on September 24, 2026. All resolutions passed with 100% support from the 7,879,176 votes cast, representing a turnout of 41.91% of total outstanding shares.

The meeting, conducted via video conferencing from 11:00 am to 11:28 am, was chaired by Chairman and Managing Director Puspamitra Das. The statutory registers were open for electronic inspection, and the facility for appointing proxies was not applicable. M/s. Ronak Jhuthawat & Co served as the scrutinizer during the session, overseeing remote e-voting and e-voting.

Key resolutions passed

The shareholders transacted both ordinary and special business items. The following key decisions were taken:

• Adoption of the audited standalone and consolidated financial statements, cash flow statement, board report, and auditors' reports for FY26.
• Re-appointment of Chirag Prasanna Mehta (DIN: 06548260) as a director retiring by rotation.
• Appointment of M/s. Ronak Jhuthawat & Co as the secretarial auditor for the period from FY27 to FY31.

Secretarial auditor details

Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, the company disclosed details regarding the new secretarial auditor appointment. M/s. Ronak Jhuthawat & Co is a peer-reviewed firm of practicing company secretaries established by Dr. CS Ronak Jhuthawat, a fellow member of the Institute of Company Secretaries of India (ICSI).

The firm has more than 10 years of experience in corporate secretarial and compliance management services. Their primary engagement areas include secretarial audit, corporate governance, compliance management, diligence reports, and assurance services. The appointment term is for five consecutive years commencing from financial year 2026-27 till financial year 2030-31. The date of appointment was recorded as May 29, 2026.

Audit and compliance status

The notice convening the AGM and the auditor's report were taken as read with the consent of the members present. The company confirmed that there were no qualifications, observations, or adverse remarks in the reports of the statutory auditor and the secretarial auditor. The requisite quorum was present throughout the proceedings.

Members utilized remote e-voting facilities prior to the meeting, while those participating virtually could cast votes through the electronic voting system during the session. The final voting results have been disseminated to stock exchanges.

Voting results summary

The scrutinizer's report detailed the voting patterns across promoter and public categories. Promoters voted through e-voting, while public shareholders participated primarily through remote e-voting.

What the Numbers Show

The voting data reveals a significant concentration of voting power among promoters, who cast 7,424,216 votes (94.2% of total votes cast). Public non-institutional shareholders contributed 454,960 votes, representing just 4.00% of their holding category's participation rate relative to the total outstanding shares. Despite low public attendance at the virtual meeting (10 participants), the resolutions passed with absolute unanimity among those who voted.

Justo Realfintech has secured a confirmed work order valued at Rs 166 crore from Harak Patil Buildcon. The mandate involves a residential project, Ayodhya Central Park in Nashik, and a commercial mandate covering approximately one lakh square feet in Karve Nagar, Pune, through Chestertons India Private Limited.

ORDER IN FINANCIAL CONTEXT

The Rs 166 crore order adds to the company's growing pipeline. While specific trailing twelve-month revenue figures are currently reported as zero in the latest consolidated snapshot, annualized data shows steady growth. The total disclosed order book for Q2FY27 now stands at Rs 989 crore, providing substantial visibility into future revenue streams.

COMPANY ORDER TRACK RECORD

Order inflow velocity remains stable with major mandates continuing to land in Q2FY27. The current order value is consistent with the company's typical per-order size, as evidenced by previous inflows of Rs 300 crore from Paranjape Schemes and Rs 689 crore from a consortium of developers earlier in the quarter.

EXECUTION AND REVENUE QUALITY

The company has demonstrated strong operational efficiency in recent years. With audited financials showing an Operating Profit Margin (OPM) of 30.07% in FY26, the firm maintains high margin quality. There are no quarters with net losses or negative OPM in the available annual data, indicating consistent execution capability.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Justo Realfintech has sustained order wins, its annual revenue has grown from Rs 81.60 crore in FY25 to Rs 92.80 crore in FY26, representing a YoY growth of 13.7% based on the latest annual data. This growth trajectory supports the capacity to handle larger mandates like the current Rs 166 crore win.

WORKING CAPITAL AND EXECUTION CAPACITY

The balance sheet is well-positioned to support execution. With a Current Ratio of 4.06x and Total Liabilities/Equity of just 0.28x, the company holds strong liquidity and low leverage. However, operating cashflow was negative at -Rs 9.40 crore in FY26, suggesting that while profitable, cash conversion may be impacted by working capital cycles or receivables management.

WHAT TO WATCH

• Execution rate: Monitor how quickly the Rs 166 crore mandate converts into recognized revenue given the high order-to-revenue multiple.
• Cash conversion: Track operating cashflow trends to ensure that profit growth translates into actual cash generation.
• Client concentration: Assess if reliance on a few large developers creates any counterparty risk.
• Margin quality: Watch if the OPM remains stable around 30% as the company scales up larger inventory sourcing mandates.

KEY OBSERVATIONS

• Backlog signal: The recent order inflows are significantly larger than quarterly revenue, creating a high backlog relative to current earnings. Execution capacity becomes the binding constraint at this level.
• Cash conversion: Operating cashflow of -Rs 9.40 crore in FY26; backlog is not converting to cash efficiently, and receivables or working capital cycle may be stretched.