Mahalaxmi Seamless Limited shareholders approved the re-appointment of Mrs. Mala Sharma as a Director and the appointment of Mr. Elangovan Ramnathan as a Non-Executive Independent Director during the 35th Annual General Meeting held on September 24, 2026.

The meeting took place at the company's registered office in Roha, Maharashtra. Alongside governance changes, attendees adopted the audited standalone financial statements for the year ended March 31, 2026. The final voting results, disclosed in the scrutinizer's report, show overwhelming support for all three ordinary resolutions passed.

Resolutions passed

The AGM addressed three key ordinary resolutions. The first resolution covered the adoption of the audited standalone balance sheet, statement of profit and loss, cash flow statement, and related notes for FY26. This included the reports of the Directors and Auditors.

The second resolution focused on governance continuity. Mrs. Mala Sharma, who was retiring by rotation, was re-appointed as a Director of the company. Her Director Identification Number (DIN) is 02964382. The filing discloses that she is the spouse of a director and serves as a Whole-time Director, leveraging her expertise to steer the organization towards its goals.

The third resolution introduced new independent oversight. Mr. Elangovan Ramnathan (DIN: 11367574) was appointed as a Non-Executive Independent Director for a term of five consecutive years. He holds a Diploma in Electronics and Electrical Engineering and possesses sound technical knowledge in handling electrical systems and industrial operations. The disclosure confirms he is not related to any Director or Key Managerial Personnel of the Company.

Voting and scrutiny details

The company facilitated voting through remote e-voting facilities under Section 108 of the Companies Act, 2013. The e-voting window opened on September 21, 2026, and closed on September 23, 2026. Physical ballots were also available at the venue for shareholders who did not vote electronically.

M/s Neelakshee R. Marathe & Co., Practicing Company Secretaries, served as the Scrutinizer to ensure a fair and transparent voting process. The report confirmed that no ballot papers were found invalid. Votes cast through e-voting were blocked in the presence of two witnesses before being counted alongside physical ballots after the meeting concluded.

Voting results breakdown

The scrutinizer's report detailed the voting outcomes for each resolution, combining e-voting and physical ballot data. The promoter group held 24,20,756 shares, while public non-institutional shareholders held 28,60,644 shares. Institutional holding was nil.

For the first resolution regarding the adoption of accounts, 29,04,734 votes were cast via e-voting and 7,98,027 via ballot. Only 100 votes were recorded against this resolution. Similarly, the re-appointment of Mrs. Mala Sharma saw 600 dissenting votes, all from the public non-institutional segment via e-voting. The appointment of Mr. Ramnathan also received 600 negative votes.

Meeting proceedings and attendance

Mr. Vivek Madhavprasad Jalan, Chairman and Managing Director, chaired the session which commenced at 9:00 am and concluded at 10:00 am. He briefed members on the company's performance highlights for the year. The requisite quorum was present, and statutory registers were available for inspection until the meeting's conclusion.

The Board members in attendance included Mr. Chandrashekar Rajaram Kulkarni and Mr. Aditya Kumar Moda as Non-Executive Independent Directors, alongside Mrs. Mala Sharma and Mr. Madhavprasad Govindram Jalan as Whole-time Directors. Out of 5,663 total shareholders on record, 40 attended the meeting either in person or through proxy.

Mahalaxmi Seamless Limited reported a net loss of ₹7.34 lakh for FY26, a sharp reversal from the profit of ₹25.48 lakh recorded in the previous year. The financial deterioration was primarily driven by a significant increase in employee benefit expenses.

The company’s total income rose marginally to ₹191.09 lakh from ₹189.41 lakh in FY25. However, this growth was insufficient to offset the surge in expenditures, which climbed to ₹200.54 lakh from ₹170.04 lakh. Consequently, the firm posted a pre-tax loss of ₹9.45 lakh compared to a pre-tax profit of ₹19.37 lakh in the prior period.

Financial Performance

Revenue from operations remained relatively stable, increasing slightly from ₹186.32 lakh to ₹188.82 lakh. Rental income from investment properties contributed ₹180.00 lakh to the top line, consistent with the previous year. Other income declined to ₹2.27 lakh from ₹3.09 lakh.

The primary driver of the loss was a spike in employee benefit expenses, which jumped from ₹78.96 lakh to ₹124.85 lakh. This increase was largely attributable to the recognition of a gratuity provision of ₹49.08 lakh during the year. While depreciation expense fell significantly from ₹35.97 lakh to ₹19.71 lakh, it could not fully counterbalance the rise in personnel costs and other operating expenses, which increased to ₹35.05 lakh from ₹30.32 lakh.

Balance Sheet and Liquidity

As of March 31, 2026, the company’s total assets stood at ₹301.05 lakh, up from ₹297.82 lakh in the previous year. Non-current assets decreased to ₹214.75 lakh from ₹230.38 lakh, while current assets rose to ₹86.30 lakh from ₹67.44 lakh.

On the liabilities side, total borrowings declined. Long-term borrowings fell sharply from ₹52.85 lakh to ₹23.52 lakh, while short-term borrowings decreased from ₹87.66 lakh to ₹82.35 lakh. The company maintained cash and cash equivalents of ₹10.77 lakh, an increase from ₹3.56 lakh in FY25.

Corporate Governance and AGM

The board approved the draft Board’s Report and Secretarial Audit Report for FY26 during a meeting on August 31, 2026. M/s Neelakshee R. Marathe & Co. was appointed as the scrutinizer for the upcoming 35th Annual General Meeting (AGM).

Key resolutions include:

• Adoption of the audited standalone financial statements for the year ended March 31, 2026.
• Re-appointment of Mrs. Mala Sharma as a director retiring by rotation.
• Appointment of Mr. Elangovan Ramnathan as a Non-Executive Independent Director for a five-year term.

The AGM is scheduled for September 24, 2026, at the company’s registered office in Raigad, Maharashtra. Remote e-voting will be available from September 21 to September 23, 2026.

What the Numbers Show

The shift from profit to loss highlights the impact of one-time provisions on the company's bottom line. With revenue remaining flat and operational costs largely stable excluding the gratuity provision, the core operating cash flow appears resilient. The reduction in depreciation suggests potential asset write-downs or changes in asset base, while the decrease in long-term borrowings indicates a deleveraging trend despite the current fiscal loss.