Muzali Arts Limited reported a net profit of ₹48.25 lakh for the financial year ended March 31, 2026, marking a significant turnaround from the ₹293.72 lakh loss recorded in FY25.

The company's Board of Directors has convened an Annual General Meeting (AGM) for Tuesday, September 29, 2026, to approve the audited standalone financial statements and re-appoint Executive Director Mansoorbhai Murtuza.

Financial Performance

Total income for FY26 stood at ₹87.24 lakh, driven by commission income of ₹45.87 lakh and other income of ₹41.37 lakh. This compares to total income of ₹46.32 lakh in the previous year. Total expenses decreased sharply to ₹36.95 lakh from ₹327.99 lakh in FY25, primarily due to a reduction in other expenses from ₹326.50 lakh to ₹32.44 lakh.

The company did not recommend any dividend for the year. Earnings per share (basic and diluted) were ₹0.08, compared to a loss of ₹0.50 in FY25.

Balance Sheet & Cash Flow

As of March 31, 2026, total assets amounted to ₹996.47 lakh, up from ₹942.33 lakh in the prior year. The balance sheet is heavily weighted towards current assets, including loans of ₹649.50 lakh and other current assets of ₹256.66 lakh. Cash and cash equivalents increased to ₹37.10 lakh from ₹23.47 lakh.

Equity share capital remained unchanged at ₹591.65 lakh. Other equity rose to ₹362.61 lakh from ₹314.36 lakh, reflecting the retention of profits. Non-current borrowings increased to ₹10.00 lakh from ₹1.00 lakh.

What the Numbers Show

The profit turnaround was largely non-operational in nature. While revenue from operations (commission income) emerged at ₹45.87 lakh after being nil in FY25, interest income alone contributed ₹38.88 lakh to the bottom line. This indicates that the core operational profitability remains nascent, with financial income driving the majority of the current year's earnings. Additionally, the company holds a substantial portfolio of unsecured loans amounting to ₹649.50 lakh, which constitutes nearly 65% of total assets, signaling a shift towards a lending or investment-heavy asset structure rather than active trading operations.

Governance & Compliance

The AGM will be held via Video Conferencing or Other Audio-Visual Means (VC/OAVM). Remote e-voting will be open from 9:00 am on September 25, 2026, to 5:00 pm on September 28, 2026. The cut-off date for voting rights is September 22, 2026.

Statutory Auditors Bilimoria Mehta & Co. noted that the company has not maintained consolidated financial statements since June 2021 due to disputes with minority shareholders in its former subsidiary, Jalan & Jalan Collection Inc. Management determined it no longer possesses control or significant influence over the entity, leading to its derecognition as a subsidiary. The investment was recorded at zero rupees based on a fair valuation report.

No frauds were reported by auditors during the year. The company complied with applicable secretarial standards and SEBI listing regulations, although its listing status on BSE remains suspended w.e.f. September 29, 2023.

Muzali Arts Limited has scheduled its annual general meeting for September 29, 2026. The board of directors approved the draft directors' report for FY26 during a meeting held on September 1, 2026.

The meeting will be conducted through video conferencing or other audio-visual means at 2 pm. Shareholders on record as of September 22, 2026 will be eligible to attend and vote.

Key Dates and Details

The company has defined specific timelines for the upcoming corporate action:

The register of members and share transfer books will remain closed from September 23 to September 29, inclusive, in compliance with SEBI listing regulations.

E-Voting Schedule

The company is providing the facility of remote e-voting to its members in respect of the business to be transacted at the AGM. National Securities Depository Limited (NSDL) has been engaged to facilitate voting through electronic means.

The remote e-voting period is as follows:

• Commencement: 9:00 am on Friday, September 25, 2026
• End: 5:00 pm on Monday, September 28, 2026

Members may cast their votes electronically through the remote e-voting system before the AGM as well as during the AGM. The voting rights of members shall be in proportion to their shares in the paid-up equity share capital as on the cut-off date of September 22, 2026.

Governance Updates

The board appointed M/s Nuren Lodaya & Associates as the scrutinizer for the AGM. The firm will oversee the remote e-voting process to ensure transparency. The board meeting commenced at 12 pm and concluded at 1:30 pm at the registered office in Nagpur.

The AGM agenda includes the re-appointment of Mr. Mansoorbhai Murtuza as a director, who retires by rotation and is eligible for re-appointment. He serves as the Executive Director and Chief Financial Officer of the company.