Morgan Ventures shareholders approved all six resolutions at its 39th Annual General Meeting held on September 2, 2026. The meeting, conducted via video conferencing, saw unanimous support for director reappointments and related-party transactions.

Voting was conducted through remote e-voting and at the virtual venue. Pardeep Ishwar Singh & Co., Chartered Accountants, acted as the scrutinizer. The e-voting period remained open from August 29, 2026, to September 1, 2026. National Securities Depositories Limited provided the remote e-voting services.

Voting Results

All resolutions received overwhelming support. Promoter group shares accounted for 74,04,700 votes polled, representing 100% of their holdings. Public non-institutional shareholders held 24,94,000 shares but only 1,70,510 votes were polled, indicating a participation rate of 6.84% among this group.

Director Appointments

Shareholders reappointed Mrs. Madhu as a director retiring by rotation. She was eligible for reappointment under the company’s articles of association.

The meeting also saw the reappointment of Mr. Sanjiv Bansal as an Independent Director for his second term. Additionally, Mr. Kuldeep Kumar Dhar was reappointed as Managing Director.

Related-Party Transactions

The company sought shareholder approval for material related-party transactions with two entities. The first transaction involves M/S Morgan Securities & Credits Private Limited.

The second transaction concerns M/S Peacock Chemicals Private Limited. Both transactions were approved via special resolution with nearly unanimous support.

Procedural Compliance

Pardeep Ishwar Singh & Co., Chartered Accountants, acted as the scrutinizer for the e-voting process. The scrutinizer confirmed that all votes were cast in compliance with SEBI and MCA regulations.

Morgan Ventures reported a steep decline in profitability for FY26, with net profit after tax (PAT) falling 83.9% year-on-year to ₹41,444.05 lakh from ₹2,56,182.59 lakh in the previous fiscal. Revenue from operations also contracted by 32.4% to ₹3,06,528.01 lakh, down from ₹4,53,110.56 lakh. The company’s 39th Annual General Meeting is scheduled for September 02, 2026, to approve these financials. The drop in earnings reflects a challenging environment for its core investment activities, where unrealized gains significantly moderated compared to the prior year’s surge.

The filing, submitted pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, details the financial performance and corporate governance updates. Statutory auditor D H A & Co. issued an unqualified opinion but included an emphasis of matter regarding a legal dispute over land assets valued at ₹20.02 crore. The Maharashtra Industrial Development Corporation (MIDC) has revoked lease rights for plots in Chikalthana, though the Bombay High Court has granted interim relief allowing the company to retain physical possession pending final adjudication.

Financial Performance

Total income stood at ₹3,06,528.01 lakh, compared to ₹4,67,028.06 lakh in FY25. The decline was largely attributable to a reduction in net gains on fair value changes of financial instruments, which dropped to ₹2,24,116.28 lakh from ₹3,59,594.04 lakh. Interest income also decreased to ₹73,739.40 lakh from ₹89,710.17 lakh. Conversely, total expenses rose sharply to ₹2,23,500.44 lakh from ₹1,36,216.16 lakh, driven primarily by higher finance costs of ₹1,63,482.68 lakh, up from ₹1,22,961.14 lakh.

Balance Sheet and Investments

As of March 31, 2026, total assets increased to ₹31,16,393.44 lakh from ₹27,77,449.45 lakh. Investments in equity instruments and alternate investment funds remained the largest asset class at ₹27,87,092.34 lakh, up from ₹25,48,449.10 lakh. Borrowings rose to ₹19,65,688.49 lakh from ₹17,11,037.79 lakh, including a short-term loan from an NBFC secured against investments and a demand loan from related parties. The company’s capital-to-risk-weighted assets ratio (CRAR) decreased to 30% from 32%.

Corporate Governance and CSR

The Board of Directors includes Kuldeep Kumar Dhar as Managing Director, alongside independent directors Yogesh Kumar Gupta and Sanjiv Bansal. Sriniwas Chandan took over as CFO and Company Secretary effective January 01, 2026. The company spent ₹22,02,240 on Corporate Social Responsibility (CSR) activities during FY26, focusing on education, hunger eradication, and skill development. An additional ₹36,69,190 was transferred to the unspent CSR account as per Section 135(6) of the Companies Act, 2013.

What the Numbers Show

The divergence between rising expenses and falling revenue highlights a margin compression driven by financing costs. While the asset base grew through increased investments, the ability to generate proportional returns diminished as fair value gains normalized. The increase in borrowings, coupled with higher interest outflows, suggests a reliance on debt to fund the investment portfolio, which becomes riskier when market valuations stabilize or decline.