Panthaora Limited (formerly JMG Corporation Limited) has scheduled its 37th Annual General Meeting for September 30, 2026, reporting a net loss of ₹106.93 lakhs for FY26 against a net profit of ₹8.45 lakhs in FY25.

The AGM will be held at 11:30 AM (IST) through Video Conferencing / Other Audio Visual Means. The cut-off date for remote e-voting eligibility is September 25, 2026, with the e-voting window open from September 27, 2026 at 9:00 AM to September 29, 2026 at 5:00 PM. National Securities Depository Limited has been appointed to provide the VC/OAVM and e-voting facility.

Financial performance: FY26 vs FY25

The company's standalone financials for FY26 reflect a sharp deterioration, with total income falling and total expenditure rising significantly compared to the prior year. The following table summarises key financial highlights (₹ in lakhs):

Revenue from operations declined from ₹90.18 lakhs in FY25 to ₹67.50 lakhs in FY26, entirely from sale of services. Other income fell from ₹23.93 lakhs to ₹5.15 lakhs. Meanwhile, total expenditure rose from ₹105.66 lakhs to ₹179.58 lakhs, driven by employee benefit expenses of ₹75.83 lakhs (FY25: ₹40.94 lakhs) and other expenses of ₹95.53 lakhs (FY25: ₹54.24 lakhs). The company reported a cash loss of ₹106.31 lakhs in FY26; no cash loss was incurred in FY25.

Key financial ratios

The company's financial ratios deteriorated materially in FY26 relative to FY25:

As of March 31, 2026, the company had working capital of ₹(38.12) lakhs, including cash and cash equivalents of ₹24.81 lakhs. This compares with working capital of ₹46.97 lakhs and cash and cash equivalents of ₹48.49 lakhs as of March 31, 2025.

AGM agenda and key resolutions

The 37th AGM will take up the following businesses:

Ordinary business:

• Adoption of audited standalone financial statements for the year ended March 31, 2026
• Re-appointment of Ms. Maya Bairagi (DIN: 10070430) as director, retiring by rotation
• Appointment of M/s SUNSVG & Associates, Chartered Accountants (FRN: 118693W), as statutory auditors for a first term of five consecutive years from the conclusion of the 37th AGM until the conclusion of the 42nd AGM

Special business:

• Ratification of the special resolution passed at the Extraordinary General Meeting held on July 25, 2026 for the change of company name from JMG Corporation Limited to Panthaora Limited, and adoption of the revised Practicing Chartered Accountant certificate under Regulation 45 of SEBI (LODR) Regulations, 2015

The company received a fresh Certificate of Incorporation pursuant to the change of name dated August 19, 2026 from the Registrar of Companies, Delhi, and in-principle approval from BSE Limited dated August 20, 2026 for the name change.

Change in management and capital structure

Pursuant to a Share Purchase Agreement dated December 4, 2025, Neerav Bairagi acquired 84,80,331 equity shares representing 36.62% of the total voting share capital. This triggered a mandatory open offer under Regulations 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 for up to 60,21,053 equity shares representing 26% of the total voting share capital. Upon completion of the open offer, Neerav Bairagi acquired an additional 37,10,644 equity shares representing 16.02%, bringing his aggregate holding to 1,21,90,975 equity shares representing 52.64% of the total voting share capital.

The paid-up equity share capital as on March 31, 2026 stood at ₹578.95 lakhs, comprising 2,31,57,895 equity shares of ₹2.50 each, unchanged from March 31, 2025. The authorised share capital remained at ₹20,00,00,000 divided into 8,00,00,000 equity shares of ₹2.50 each.

Board and auditor changes

All six directors on the board as of March 31, 2026 resigned with effect from April 27, 2026. Four new directors were appointed with effect from the same date: Neerav Bairagi (Managing Director), Maya Bairagi (Non-Executive Non-Independent Director), Yashasvi Pareek (Non-Executive Independent Director), and Rahul Singh Jadaun (Non-Executive Independent Director).

M/s BSD & Co., Chartered Accountants (Firm Registration No. 000312S), hold office as statutory auditors until the conclusion of the 37th AGM. The board has recommended the appointment of M/s SUNSVG & Associates, Chartered Accountants (Firm Registration No. 118693W), as statutory auditors for five consecutive years subject to member approval. M/s Shyam Amitesh & Co. (Firm Regn No. 030712N) serves as internal auditor for the period April 1, 2024 to March 31, 2030. M/s P. K. Mishra & Associates conducted the secretarial audit for FY26, and M/s G & J Associates (Firm Registration No. P2023RJ097600) has been appointed as secretarial auditor for FY27.

No dividend has been recommended for FY26. The board has not transferred any amount to reserves other than the loss of ₹(106.93) lakhs reflected in the statement of profit and loss.