Mahesh Developers Limited adopted its financial statements for the fiscal year ended March 31, 2026, during its 18th Annual General Meeting held on September 30, 2026. The company also approved the appointment of a new statutory auditor and increased its authorized share capital.

The meeting, conducted via video conferencing from the registered office in Mumbai, was chaired by Mahesh Ratilal Sapariya, Managing Director. The proceedings concluded at 11:40 am after members voted on seven agenda items.

Key resolutions passed

Shareholders approved the adoption of the FY26 financial statements along with the Directors' and Auditors' reports. Mrs. Jalpa Sapariya was reappointed as a director following her retirement by rotation. The company appointed M/s Sunit M. Chhatbar & Co., Chartered Accountants, as statutory auditors to fill the casual vacancy caused by the resignation of the previous auditors.

Two special resolutions were also passed:

• Increase in authorized share capital with consequential alteration of the Memorandum of Association.
• Approval for borrowing monies in excess of the aggregate of paid-up share capital, free reserves, and securities premium.

Governance and voting details

The company provided electronic voting facilities to all members in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Voting by show of hands was not permitted. The results of the voting will be declared within 48 hours of the meeting's conclusion and placed on the company website.

The company did not disclose specific financial figures such as revenue or profit in the AGM proceedings document.

Mahesh Developers has scheduled its 18th annual general meeting for September 30, 2026. The meeting will be held via video conference at 11:00 am. Remote e-voting opens on September 27, 2026, and closes on September 29, 2026.

The company reported a net profit of ₹13.80 lakh for FY26, up from ₹2.34 lakh in FY25. Total revenue stood at ₹0.17 lakh, reversing a negative revenue figure of ₹49.50 lakh in the previous year.

Key Resolutions

Shareholders will vote on several ordinary and special resolutions:

• Reappointment of Mrs. Jalpa Sapariya as non-executive director.
• Appointment of M/s. Sunit M. Chhatbar & Co. as statutory auditors for five years.
• Increase in authorized share capital from ₹5 crore to ₹100 crore.
• Approval for borrowing monies exceeding paid-up capital, free reserves, and securities premium, capped at ₹100 crore.
• Authority to make investments, loans, guarantees, and securities under Section 186 of the Companies Act, 2013, also capped at ₹100 crore.

Financial Performance

Mahesh Developers generated total revenue of ₹0.17 lakh in FY26. Profit before tax rose to ₹18.65 lakh from ₹3.16 lakh in FY25. After income tax expenses of ₹4.85 lakh, the net profit reached ₹13.80 lakh. Earnings per share were ₹0.33, compared to ₹0.06 in FY25.

Balance Sheet Highlights

As of March 31, 2026, total assets stood at ₹4,887.33 lakh, up from ₹4,738.57 lakh in FY25. Inventory increased to ₹2,815.00 lakh from ₹2,779.13 lakh. Borrowings rose to ₹1,164.65 lakh from ₹1,084.97 lakh. Trade payables increased to ₹3,138.57 lakh from ₹3,087.81 lakh.

Corporate Governance Updates

Mrs. Jalpa Sapariya retires by rotation and offers herself for reappointment. M/s. Sunit M. Chhatbar & Co. replaces the resigned M/s. Bhairavi Gala & Associates as statutory auditors. The register of members will remain closed from September 24, 2026, to September 30, 2026.

What the Numbers Show

The shift from negative revenue in FY25 to positive net profit in FY26 highlights a stabilization in the company's financial position. While operating revenue remains negligible at ₹0.17 lakh, the reduction in inventory-related losses and controlled expenses contributed to a nearly six-fold increase in net profit. The proposed capital hike signals management's intent to scale operations or secure funding for ongoing projects.