Olympic Cards Limited has submitted the consolidated scrutinizer's report and voting results for its 34th Annual General Meeting (AGM), held on September 7, 2026. The company also provided an explanation to the Bombay Stock Exchange (BSE) regarding a minor technical delay in uploading the meeting proceedings.

The AGM was conducted via video conference starting at 10:00 am and concluding at 10:25 am. Mr. N. Mohamed Faizal, Chairman and Managing Director, was elected as Chairman of the Meeting. The requisite quorum was present, and the meeting was declared in order by Dr. S. Kuppan, Company Secretary.

Scrutinizer's Report Details

R. Deenadayalu, a practicing Company Secretary with membership number F3850, served as the independent scrutinizer. He was appointed by the Board of Directors under Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014.

The report covers both remote e-voting and e-voting conducted during the virtual meeting. The management confirmed adherence to all statutory requirements for the convening and conduct of the AGM. The company disclosed the results to the BSE on September 7, 2026, in compliance with clause 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The data was also uploaded to the Central Depository Services Limited (CDSL) platform and the company's website.

Key Filing Information

Explanation for Delayed Upload

In a separate communication dated September 9, 2026, Olympic Cards addressed a delay of 2 minutes and 19 seconds in uploading the AGM proceedings to the BSE. The company attributed the delay to a network failure and technical problems in its computer system at the office.

As the EDP staff had left the office at 6:00 pm, the technical issues could not be resolved immediately. The staff was recalled to rectify the computer system and resume network communication, after which the proceedings were uploaded at 10:27:19 pm. The company requested the exchange to condone the unintentional delay.

Financial Performance and Outlook

During the AGM, Chairman Mr. N. Mohamed Faizal presented the financial highlights for FY26. The company reported a gross income of ₹1,276.42 lakh, up from ₹963.27 lakh in the previous year. However, the company incurred a loss before tax of ₹247.40 lakh, a significant improvement from the loss before tax of ₹449.41 lakh in FY25.

The net loss for the year stood at ₹25.94 lakh, compared to a net loss of ₹439.06 lakh in the preceding year. Depreciation for the year amounted to ₹95.93 lakh, down from ₹132.03 lakh in the previous period.

For the first quarter ending June 30, 2026, the top-line revenue was ₹251.84 lakh, compared to ₹216.89 lakh in the corresponding quarter of the previous year. The net loss for Q1FY27 was ₹106.66 lakh, slightly higher than the net loss of ₹102.21 lakh in Q1FY26.

The Board of Directors did not recommend any dividend for FY26 due to the absence of profit. The Chairman noted that the industry faces stiff competition and a downward trend in paper-based wedding card usage due to technological changes. However, he expressed confidence that the company is taking steps to overcome these negative factors.

Key Resolutions Passed

Members transacted several businesses through e-voting, which commenced on September 4, 2026, and ended on September 6, 2026. Key resolutions included:

• Adoption of Financial Statements: Members adopted the Balance Sheet as on March 31, 2026, and the Profit & Loss statement for the year ended.
• Re-appointment of Director: Mrs. S. Jarina, who retired by rotation, was re-appointed as a Non-Executive Woman Director.
• Appointment of Independent Director: Mr. Nagayasamy Rajkumar (DIN: 00617000) was appointed as an Independent Director for a five-year term commencing September 7, 2026.
• Continuation of Directorship: Approval was granted for the continuation of Mr. Alagarsamy Uthandan’s directorship beyond the age of 75 years, until June 9, 2031.
• Related Party Transactions: Members approved related party transactions involving entities where the Managing Director and other directors have interests, up to a maximum aggregate value of ₹6.61 crore for FY27 and ₹7.12 crore for FY28. Additionally, interest-free unsecured loans from directors were approved up to ₹9 crore for FY27 and ₹5 crore for FY28, with a cumulative cap of ₹20 crore.

The Statutory Auditors issued a Qualified/Modified Opinion for FY26, and the Secretarial Audit Report contained qualifications. The Chairman also informed members that certain typographical errors in the annual report had been rectified.

Olympic Cards held its 34th Annual General Meeting on September 7, 2026, where shareholders approved related party transactions and director appointments despite a qualified statutory audit opinion for FY26.

The Chennai-based wedding card manufacturer reported a narrowing net loss for the financial year ended March 31, 2026, though it faces headwinds from digital substitution and stiff competition in the paper-based greeting card sector.

Financial Performance

The company recorded gross income of ₹1,276.42 lakh for FY26, up from ₹963.27 lakh in the previous year. Despite the top-line growth, the firm posted a net loss of ₹25.94 lakh after tax, a significant improvement from the ₹439.06 lakh loss reported in FY25.

Loss before tax also contracted to ₹247.40 lakh from ₹449.41 lakh in the prior year. Depreciation charges fell to ₹95.93 lakh from ₹132.03 lakh, contributing to the reduced bottom-line deficit.

For the first quarter of FY27 (ending June 30, 2026), revenue rose to ₹251.84 lakh from ₹216.89 lakh in the corresponding period last year. However, the net loss widened slightly to ₹106.66 lakh compared to ₹102.21 lakh previously.

What the Numbers Show

The divergence between rising gross income and persistent losses highlights margin pressure. While top-line growth of over 32% YoY suggests volume or pricing recovery, the continued net loss indicates that operating expenses and depreciation are outpacing revenue gains. The sharp reduction in absolute loss figures suggests cost-control measures are taking effect, even as profitability remains elusive.

Corporate Governance and Resolutions

Shareholders approved several key resolutions:

• Related Party Transactions: Consent was granted for transactions with entities linked to Managing Director N. Mohamed Faizal and Non-Executive Director S. Jarina. The limit is set at ₹6.61 crore for FY27 and ₹7.12 crore for FY28. Additionally, interest-free unsecured loans from directors are capped at ₹9 crore for FY27 and ₹5 crore for FY28, with a cumulative ceiling of ₹20 crore.
• Director Appointments: Independent Director Nagayasamy Rajkumar was appointed for a five-year term starting September 7, 2026. The board also sought approval for Independent Director Alagarsamy Uthandan to continue beyond age 75 until June 9, 2031.
• Re-appointment: S. Jarina was re-appointed as a director retiring by rotation.

Audit and Outlook

The statutory auditors issued a qualified opinion on the FY26 accounts, and the secretarial audit report also contained qualifications. The Board did not recommend a dividend due to the absence of profit.

Chairman N. Mohamed Faizal noted that the industry remains under pressure due to technological shifts away from paper-based communications. He stated the company is taking steps to overcome these negative factors while maintaining focus on environment, health, and safety standards.