Nidhi Granites conducted its 44th Annual General Meeting (AGM) on July 22, 2026, through video conferencing. The meeting approved the audited standalone and consolidated financial statements for the financial year ended March 31, 2026, along with the reports of the Board of Directors and statutory auditors. This approval confirms the company's financial position for the preceding fiscal year.

The Chairperson addressed the members, providing an overview of the company's financial and business performance, including its subsidiaries. The proceedings included the re-appointment of Mrs. Shreya Pandya as a director, who retires by rotation and was eligible for re-appointment. Additionally, the members re-appointed M/s. Jotin Raval & Associates, Chartered Accountants, as statutory auditors for a term of five years.

Key Appointments

The AGM saw the approval of several key personnel changes and re-appointments. The company re-appointed Mr. Amit Sinkar and Mr. Amit Patankar as non-executive independent directors for a term of five consecutive years. Mr. Darpan Shah was re-appointed as the managing director of the company. Furthermore, M/s. Dholakia & Associates LLP, Company Secretaries, were appointed as secretarial auditors for a term of five consecutive financial years.

Voting and Participation

Remote e-voting facilities were provided to members from July 18, 2026, to July 21, 2026. The Board appointed Mr. Nrupang B. Dholakia of Dholakia and Associates LLP as the scrutinizer for the voting process. A total of 19 members attended the meeting, and all directors were present. The Chairperson clarified member queries before declaring the meeting concluded at 11:45 a.m. IST.

Nidhi Granites Limited has scheduled its 44th Annual General Meeting for July 22, 2026, via video conferencing. The record date to determine shareholder eligibility for voting is July 15, 2026. The meeting will cover the financial results for the year ended March 31, 2026, where the company reported a consolidated profit of ₹767.77 lakh, a significant increase from the previous year's ₹191.85 lakh.

The company’s standalone financial results for the year ended March 31, 2026, show a loss of ₹126.56 lakh, reversing the profit of ₹101.32 lakh recorded in the previous year. Standalone revenue from operations remained flat at ₹17.34 lakh. The divergence between standalone and consolidated performance is attributed to the company’s subsidiaries, particularly Paynov8 Private Limited, which was acquired during the year.

Consolidated Financial Performance

The group’s total income increased to ₹6,548.73 lakh in FY26 from ₹4,733.05 lakh in FY25. The profit before tax for the year stood at ₹1,075.16 lakh, significantly higher than the ₹252.75 lakh reported in the previous year. The financial technology and related services segment contributed ₹1,722.81 lakh to the total revenue, while the paper and paperboard segment generated ₹4,780.24 lakh.

Operational Highlights and Subsidiaries

During the year, the company acquired 100% of the equity share capital of Paynov8 Private Limited, previously known as Auro Fintech Private Limited, for a consideration of ₹60.57 lakh. This acquisition established the financial technology segment. Additionally, SPNP Paper and Pack Private Limited, a wholly-owned subsidiary, divested its entire shareholding in Fine Papyrus Private Limited, which ceased to be a step-down subsidiary effective March 16, 2026.

Board Resolutions and Appointments

Shareholders will vote on the re-appointment of several key personnel. The board has proposed the re-appointment of Darpan Shah as Managing Director for a further term of five years commencing from February 13, 2026. Additionally, the re-appointment of Amit Sinkar and Amit Patankar as Non-Executive Independent Directors for a term of five consecutive years is on the agenda.

The company also seeks shareholder approval to re-appoint M/s. Jogin Raval & Associates as Statutory Auditors for a term of five years. Furthermore, the appointment of M/s. Dholakia & Associates LLP as Secretarial Auditors for a term of five consecutive financial years starting April 1, 2025, will be considered.