Katare Spinning Mills sets Sep 26 AGM for BESS expansion, auditor change
- Katare Spinning Mills schedules 46th AGM for September 26, 2026
- Special resolution proposes expansion into Battery Energy Storage Systems (BESS)
- M/s. Hiremath Patil Udgiri appointed as new statutory auditors replacing resigned firm
- Chairman Kishore T. Katare seeks continuation after attaining age 70
- FY26 revenue fell to ₹36,303 thousand with net loss widening to ₹21,643 thousand
*this image is generated using AI for illustrative purposes only.
Katare Spinning Mills has scheduled its 46th Annual General Meeting for Saturday, September 26, 2026. The meeting will address significant strategic shifts, including a proposed expansion into Battery Energy Storage Systems (BESS) and the appointment of new statutory auditors.
Meeting and Voting Schedule
The register of members and share transfer books will remain closed from September 19, 2026, to September 26, 2026, inclusive. This closure is mandated under Section 91 of the Companies Act, 2013.
Shareholders can exercise their voting rights electronically as per the following timeline:
- E-voting commencement: Wednesday, September 23, 2026, at 9:00 am
- E-voting end: Friday, September 25, 2026, at 5:00 pm
- Record date: Friday, September 18, 2026
Voting through electronic means will not be permitted after 5:00 pm on September 25, 2026. The record date for determining entitlement to e-voting is set for September 18, 2026.
Strategic Expansion into Energy Storage
A key special resolution at the AGM seeks approval to alter the Main Objects Clause of the Memorandum of Association. The company aims to diversify beyond its existing spinning mill and solar power projects by entering the battery energy storage sector.
The proposed addition allows Katare Spinning Mills to manufacture, design, assemble, import, export, trade, install, commission, operate, and maintain BESS solutions. This includes lithium-ion and other advanced chemistry battery cells, grid-scale energy storage systems, micro-grid solutions, and UPS/inverter systems. The resolution also permits the company to act as a system integrator and EPC contractor for captive power systems and hybrid energy solutions.
This move aligns with the company's existing solar power division and reflects a broader industry trend toward integrated renewable energy solutions. The Board stated this alteration will provide greater flexibility to explore new business opportunities complementary to its current operations.
Auditor Resignation and Appointment
The AGM agenda includes the appointment of M/s. Hiremath Patil Udgiri and Associates as Statutory Auditors. This follows the resignation of the previous auditors, M/s. G M Pawle and Associates, on August 12, 2026, before the completion of their five-year term which was due to end in 2027.
M/s. Hiremath Patil Udgiri and Associates has been appointed to fill the casual vacancy with effect from August 21, 2026, until the conclusion of the AGM. Shareholders are also asked to approve their appointment for a full five-year term from the conclusion of this AGM until the 51st AGM in 2031. The proposed fees include ₹50,000 for conducting three limited reviews and ₹50,000 for the statutory audit, exclusive of out-of-pocket expenses.
Management Continuity
Another special resolution seeks shareholder approval for the continuation of Mr. Kishore T. Katare as Chairman and Managing Director after attaining the age of 70 years. He is eligible to continue until June 30, 2028, on his existing terms without additional remuneration. The Board cited his extensive experience and leadership as beneficial for the company’s stability and long-term growth strategy.
Mr. Umakant Mahindrakar, who retires by rotation, also seeks re-appointment as a Director.
Financial Performance Context
The Chairman’s speech highlighted a challenging financial year. Revenue from operations stood at ₹36,303 thousand in FY26, down from ₹53,642 thousand in the previous year. The company incurred a net loss of ₹21,643 thousand in FY26, compared to a net loss of ₹17,304 thousand in FY25. Despite these losses, the management expressed optimism about future growth driven by technological investments and expansion into renewable energy storage.
Regulatory Compliance
The company stated that the e-voting facility is provided in compliance with Section 108 of the Companies Act, 2013, read with Rule 20 of the Companies (Management and Administration) Rules, 2014. It also adheres to Regulation 42(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Central Depository Services (India) Limited (CDSL) serves as the authorized agency for remote e-voting.
Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE498G01015/04b30579-546d-47d3-b0ce-56ac24e58644.pdf
Historical Stock Returns for Katare Spinning Mills
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | -4.51% | -4.89% | +3.56% | -24.51% | 0.0% |
How does Katare Spinning Mills plan to finance the capital-intensive entry into the Battery Energy Storage Systems (BESS) sector given its recent net losses?
What specific competitive advantages or existing synergies with its solar power division will Katare leverage to succeed in the crowded BESS market?
What were the underlying reasons for the resignation of M/s. G M Pawle and Associates prior to the end of their term, and does this signal any governance concerns?
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