Microse India Limited shareholders adopted the audited financial statements for the year ended March 31, 2026, during the 38th Annual General Meeting (AGM) held on September 29, 2026. The meeting also approved the reappointment of Shyam Sunder Agrawal as a director liable to retire by rotation.

The AGM took place at the company’s registered office in Mumbai, commencing at 3:00 pm and concluding at 4:10 pm. A quorum was present with 10 members holding 900,900 equity shares attending either personally or through representatives. No proxies were received for the meeting.

Key resolutions passed

Two ordinary resolutions were transacted during the meeting:

1. Adoption of Financial Statements: Members approved the audited financial statements for FY26 along with the reports of the Board of Directors and Auditors. The Chairman addressed shareholder queries regarding the company's financial performance before the resolution was passed.
2. Reappointment of Director: Shyam Sunder Agrawal (DIN: 00355837) was reappointed as a director pursuant to Section 152(6) of the Companies Act, 2013.

Director profile and relationships

The filing disclosed specific details regarding Mr. Agrawal’s appointment under Regulation 30 read with Schedule III of the Listing Regulations. He is a Graduate in Commerce and Law, specializing in Business Management and Leadership within the company. His term is liable to retire by rotation.

Notably, the disclosure highlighted significant familial connections within the board. Mr. Shyam Sunder Agrawal is the father of Mr. Saurabh Garg (Director) and the husband of Mrs. Nisha Garg (Director).

Meeting details and attendance

The meeting was chaired by Shyam Sunder Agrawal. The board members present included Saurabh Garg, Nisha Garg, Pawan Ramswaroop Gupta, and Ria Sushil Goenka. Manojkumar Chaudhari served as the Chief Executive Officer, and Mini Goyal acted as the Company Secretary.

Remote e-voting for the resolutions commenced on September 26, 2026, and concluded on September 28, 2026. M/s Ritika Agrawal & Associates served as the scrutinizer for the voting process. A poll was conducted at the meeting itself to ensure transparency in the decision-making process.

Governance and compliance

The statutory auditors, Todarwal & Todarwal LLP, were present at the meeting. The Chairman noted that there were no qualifications in the audit report for the fiscal year 2025-26. The registers required under the Companies Act were open for inspection by members during the proceedings.

Microse India reported a net loss of ₹172.32 lakh for FY26, a sharp reversal from the ₹95.85 lakh profit posted in the prior fiscal year. The company’s total revenue turned negative at ₹118.03 lakh, driven primarily by losses in Futures and Options (F&O) trading activities.

The Board of Directors approved the audited financial results on May 28, 2026. In other corporate developments, Microse India appointed M/s ARK Jain & Associates as its internal auditors for FY27, replacing M/s Laddha & Laddha.

Financial Performance

Total expenses rose to ₹62.06 lakh in FY26 from ₹40.57 lakh in FY25. This increase was largely attributable to higher other expenses and changes in inventory valuation, despite stable employee benefit costs.

Revenue from operations stood at ₹(118.23) lakh, compared to ₹136.27 lakh in the previous year. Note 5 of the filing clarifies that revenue mainly includes losses arising from F&O trading activities.

Balance Sheet Signals

As of March 31, 2026, total assets contracted to ₹152.97 lakh from ₹506.85 lakh a year earlier. This reduction was led by a significant drop in trade receivables, which fell to ₹66.33 lakh from ₹424.27 lakh.

Short-term borrowings decreased substantially to ₹103.31 lakh from ₹295.21 lakh. However, shareholders’ funds declined to ₹45.07 lakh from ₹207.03 lakh, reflecting the accumulated impact of the current year’s losses on reserves and surplus.

What the Numbers Show

The divergence between operating cash flow and net loss highlights the impact of working capital adjustments. While the company posted a pre-tax loss of ₹180.09 lakh, cash generated from operating activities was positive at ₹197.20 lakh. This was primarily driven by a ₹357.94 lakh decrease in trade receivables, indicating significant collection or write-off activity that offset the operational deficit.

Corporate Governance

The Board noted the resignation of M/s Laddha & Laddha as internal auditors effective May 31, 2026. M/s ARK Jain & Associates (FRN-021769C) was appointed as the new internal auditor for the financial year 2026-27. The trading window for designated persons will open 48 hours after the declaration of results.