Kenrik Industries Limited held its 10th Annual General Meeting on September 29, 2026, where shareholders unanimously approved the adoption of FY26 financial statements and the appointment of a new director.

The meeting focused on key governance changes and the ratification of audited accounts for the fiscal year ending March 31, 2026. Voting results were derived from electronic voting conducted between September 26 and September 28, 2026, alongside ballot voting at the venue in Ahmedabad, Gujarat.

Meeting proceedings

The AGM was conducted at the company's registered office in Ahmedabad, Gujarat. Managing Director Nitin Dalpatlal Shah chaired the meeting after confirming the requisite quorum. He presented the notice and outlined future plans for the organization.

Voting rights were reckoned as on September 22, 2026, which served as the cut-off date for determining member entitlements. The company facilitated remote e-voting through National Securities Depository Limited (NSDL) and allowed members present at the meeting to cast votes via postal ballot if they could not participate remotely.

Resolutions passed

The following ordinary resolutions were passed by shareholders with requisite majority:

For the adoption of financial statements, 12 members voted in favour, casting a total of 91,31,900 votes. Of these, 89,99,900 votes were cast at the venue, while 1,32,000 votes were recorded through remote e-voting. No votes were cast against this resolution.

Regarding the appointment of Nihar Nitinbhai Shah (DIN: 07714540) as a director liable to retire by rotation, 11 members voted in favour, totaling 61,75,300 votes. Venue voting accounted for 60,43,300 of these votes, with 1,32,000 votes coming from remote e-voting. There were no dissenting votes for this resolution either.

The scrutinizer, Dharti Patel of M/s. Dharti Patel & Associates, confirmed that no invalid votes were recorded from promoters, public institutions, or non-institutional public shareholders for either resolution. The meeting concluded with a vote of thanks to attendees, ending at 3:00 pm.

Darsh Advisory Private Limited has filed its Draft Letter of Offer (DLOF) with SEBI on September 10, 2026, to acquire up to 32,49,454 equity shares of Kenrik Industries , representing 26% of the company’s total paid-up equity and voting share capital.

The filing confirms the offer price of ₹10 per equity share, which matches the negotiated acquisition price for the promoter stake. The tendering period remains scheduled to commence on October 22, 2026, and close on November 4, 2026.

Transaction Details

The open offer follows Darsh Advisory’s execution of a Share Purchase Agreement (SPA) dated August 27, 2026, with the outgoing promoters of Kenrik Industries. The acquirer purchased 89,99,500 shares, constituting 72.01% of the target company’s equity, from Mr. Nitin Dalpatlal Shah, Mr. Nihar Nitinbhai Shah, Mrs. Manisha Nitinkumar Shah, and Shah Nitin Dalpatlal (HUF).

This acquisition triggers control under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, necessitating the open offer to public shareholders. The Detailed Public Statement was published on September 3, 2026.

Financial Position of Acquirer

Darsh Advisory reported a net worth of ₹17.25 crore as on July 31, 2026. For the financial year ended March 31, 2026, the company recorded total revenue of ₹6.97 crore, a significant increase from ₹1.94 crore in FY25 and ₹0.41 crore in FY24.

However, the acquirer posted a net loss of ₹2.41 crore in FY26, widening from a loss of ₹0.68 crore in FY25. The earnings per share stood at a negative ₹6.96 for FY26.

Target Company Overview

Kenrik Industries, listed on the BSE SME platform, is engaged in manufacturing and supplying gold jewellery. For FY26, the company reported total revenue of ₹802.02 crore, up from ₹747.86 crore in FY25.

Despite revenue growth, Kenrik Industries reported a net loss of ₹0.39 lakh in FY26, compared to a net profit of ₹99.31 lakh in FY25. The company’s net worth increased to ₹223.36 crore as on March 31, 2026, from ₹135.95 crore in the previous year.

What the Numbers Show

Kenrik Industries’ financials reveal a divergence between top-line growth and bottom-line performance. While revenue expanded by approximately 7.2% year-on-year from FY25 to FY26, the company swung from a profit of ₹99.31 lakh to a net loss of ₹0.39 lakh. This indicates that operating costs or other expenses outpaced the revenue growth during the period, eroding profitability despite higher sales.

Offer Process

VC Corporate Advisors Private Limited serves as the Manager to the Offer, while Skyline Financial Services Private Limited acts as the Registrar to the Offer. Darsh Advisory has deposited ₹82 lakh in an escrow account with ICICI Bank Limited, representing more than 25% of the maximum consideration payable. The funds are sourced from the acquirer’s own resources, with no borrowings envisaged.

Public shareholders holding equity shares as on the identified date of October 7, 2026, are eligible to participate. The offer is not conditional upon any minimum level of acceptance.