Kanel Industries Limited adopted its audited financial statements for FY26 and regularized the appointment of Pooja Khakhi as an Independent Non-Executive Director during its 34th Annual General Meeting held on September 30, 2026.

The meeting, conducted through Video Conferencing and Other Audio-Visual Means at 11:00 am, was chaired by Keyoor Bakshi. Shareholders participated remotely, with voting rights exercised through electronic means as per regulatory guidelines for virtual meetings.

Key resolutions passed

Members approved two primary agenda items through ordinary resolutions:

• Adoption of the audited balance sheet as on March 31, 2026, the profit and loss account for the year ended on that date, along with the reports of the auditors and directors thereon.
• Regularization of the appointment of Pooja Khakhi (DIN: 07522176) as an Independent Non-Executive Director of the company.

Governance and compliance details

The proceedings were conducted in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Malay Desai, Proprietor of M/s. Malay Desai & Associates, served as the scrutinizer to ensure a fair and transparent e-voting process.

Since the resolutions had already been put to vote through remote e-voting prior to the meeting, the formal proposal and seconding of motions were not required during the live session. Members who had not cast their votes earlier were given a 15-minute window post-meeting to vote electronically.

Kanel Industries has set September 23, 2026 as the record date for shareholders eligible to vote at its 34th Annual General Meeting (AGM). The meeting is scheduled for September 30, 2026, at 11:00 am.

The Register of Members and share transfer books will remain closed from September 24, 2026 to September 30, 2026 (both days inclusive). Shareholders holding shares as of the cut-off date will be entitled to participate and cast votes through remote e-voting facilitated by Purva Shareregistry.

Financial Performance

The company reported a net loss of ₹47.93 lakh for the fiscal year ended March 31, 2026, a significant widening from the ₹5.60 lakh loss recorded in the previous year. Kanel Industries generated nil revenue from operations during the period.

Total income stood at ₹3.06 lakh, derived entirely from other income sources such as interest on fixed deposits and miscellaneous receipts. This marks an increase from the ₹0.51 lakh total income in FY25.

However, expenses surged sharply. Total expenses rose to ₹38.12 lakh from ₹6.11 lakh in the prior year. Key expense drivers included:

The company also recorded an exceptional loss of ₹12.87 lakh due to the sale of an office building. This non-operational item contributed significantly to the widening bottom-line deficit.

What the Numbers Show

With zero revenue from core edible oil trading operations, the company's financial health remains heavily dependent on non-operating items. The sharp rise in "Other Expenses"—which includes professional fees, RTA expenses, and depository charges—indicates that maintaining listing compliance and corporate structure is currently the primary cost driver, outweighing any operational activity.

Balance Sheet and Capital Structure

As of March 31, 2026, total assets decreased to ₹1,570.21 lakh from ₹1,635.82 lakh. Non-current assets, primarily property, plant, and equipment, accounted for ₹1,562.06 lakh.

Total equity stood at ₹1,542.83 lakh, supported by a substantial revaluation reserve of ₹1,504.54 lakh arising from the implementation of the Resolution Plan approved by the NCLT in the previous year. Borrowings were reduced to ₹16.25 lakh from ₹35.06 lakh, reflecting continued deleveraging post-insolvency resolution.

Corporate Governance Updates

The AGM agenda includes the regularization of Ms. Pooja Khakhi as an Independent Non-Executive Director. She was initially appointed as an Additional Director on July 30, 2026. The board also noted changes in key managerial personnel, including the appointment of Ms. Shagun Rathi as Company Secretary, Compliance Officer, and CFO.