Naksh Precious Metals Limited shareholders approved all six resolutions at its 23rd Annual General Meeting held on September 30, 2026. The approvals included the shifting of the registered office to Maharashtra and the disinvestment of stakes in material subsidiaries.

The meeting was conducted via video conferencing and other audio-visual means. Voting was conducted through remote e-voting prior to the meeting and electronic voting during the session. The scrutinizer’s report, submitted to BSE Limited on October 5, 2026, confirmed that no invalid votes were recorded for any resolution.

Key Approvals and Strategic Shifts

The most significant operational change approved was the relocation of the registered office from the National Capital Territory of Delhi to Maharashtra. This special resolution also authorized the consequential alteration in the Memorandum of Association to reflect the new address. Additionally, shareholders passed a special resolution approving the proposal for the disinvestment or sale of stakes held in material subsidiaries of the company.

Other critical governance matters included the adoption of financial statements for the year ending March 31, 2026, along with the Directors’ and Auditors’ reports. The board’s recommendation to appoint M/s. Vadulekar and Associates, Chartered Accountants, as statutory auditors was also ratified by the shareholders.

Voting Results Overview

The voting data reveals a high level of support for management proposals, with promoter group votes casting a significant portion of the total polled votes. Public non-institutional shareholders constituted the majority of the voting base among public categories, while institutional participation remained negligible.

What the Numbers Show

A distinct pattern emerges when comparing the voting behavior of promoters versus public shareholders. Promoters and their group voted unanimously in favor of all six resolutions, casting 100% of their polled votes for each item. In contrast, public non-institutional shareholders showed slight dissent, with opposition ranging from 1.57% to 1.65% across different resolutions. This suggests that while the promoter block remains fully aligned with management directives, there is a marginal but consistent level of skepticism among retail investors regarding specific strategic moves like related-party transactions and subsidiary disinvestment.

Naksh Precious Metals reported a net loss of ₹37.58 lakh for FY26, reversing the net profit of ₹45.25 lakh recorded in the previous year. The decline was driven by a sharp fall in revenue and significant impairment charges recognized during the period.

Revenue from operations dropped 43% to ₹134.24 lakh, down from ₹235.14 lakh in FY25. The company recorded an operating loss before interest, depreciation, and tax (PBIT) of ₹50.87 lakh, compared to earnings of ₹46.01 lakh previously. This turnaround reflects lower trading volumes across its jewellery and metals segments, compressed realisations amid volatile precious metal prices, and export demand contraction.

Financial Performance

The company’s total income stood at ₹143.83 lakh, supported by other income of ₹9.59 lakh, primarily from the profit on the sale of assets. Total expenses rose to ₹197.80 lakh from ₹192.99 lakh in FY25, largely due to an impairment provision of ₹58.62 lakh.

Balance Sheet Strength

Despite the operating losses, Naksh Precious Metals strengthened its balance sheet by repaying all outstanding borrowings during the year. As of March 31, 2026, the company held cash and cash equivalents of ₹165.03 lakh, up from ₹113.88 lakh in the prior year. The debt-equity ratio improved to 0.00 from 0.03, indicating a debt-free status.

Corporate Restructuring

Shareholders will vote on shifting the registered office from New Delhi to Nashik, Maharashtra, at the upcoming AGM. This move requires a special resolution and approval from the Regional Director of the Ministry of Corporate Affairs.

Governance Updates

The company proposes appointing M/s. Vadulekar and Associates as statutory auditors for a five-year term ending in 2031. Mr. Nitin Dinkar Vispute is eligible for re-appointment as a director retiring by rotation.

Remote e-voting begins on September 26, 2026, and ends on September 29, 2026. The record date for voting rights is September 23, 2026.