Raja Bahadur International has submitted its 100th Annual Report and the Notice of Annual General Meeting (AGM) for the financial year 2025-26 to the Bombay Stock Exchange (BSE). The submission was made pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on August 24, 2026.

The company scheduled its 100th AGM for September 17, 2026, at 3:00 pm IST. The meeting will be conducted via Video Conferencing or Other Audio Visual Means (VC/OAVM) in compliance with Ministry of Corporate Affairs (MCA) circulars. The registered office of the company in Mumbai will be deemed the venue for the meeting.

Ordinary Business

Shareholders will transact ordinary business including the adoption of the audited standalone and consolidated financial statements for FY26. Additionally, Mr. Nayan Chandrasinh Mirani (DIN: 00045197), who retires by rotation, offers himself for reappointment as a director.

Special Resolutions

The agenda includes several special resolutions concerning board appointments and remuneration:

• Reappointment of Chairman & Managing Director: Mr. Shridhar Pittie (DIN: 00562400) will be reappointed for a three-year term effective June 30, 2026. His proposed remuneration includes a basic salary of ₹11,00,000 per month, rising to ₹12,00,000 from July 1, 2027, plus a 1% commission on net profits and specified perquisites.
• Reappointment of Independent Director: Mr. Sandeep Gokhale (DIN: 00693885) will be reappointed for a second five-year term from November 11, 2026, to November 10, 2031.
• Remuneration Revision for Executive Directors: The pay packages for Executive Directors Mr. Umang Pittie and Mr. Vaibhav Pittie will be revised with effect from April 1, 2026. Both will receive a monthly salary of ₹4,60,000, a house rent allowance of 40% of salary, and an annual special allowance of ₹3,00,000.

Financial Performance Context

The company reported a turnover of ₹2,865.13 lakh in FY26, up from ₹2,774.66 lakh in FY25. Net profit stood at ₹134.00 lakh in FY26, reversing a loss of ₹92.95 lakh recorded in the previous year. Earnings before interest, depreciation, and taxes (EBIDT) rose to ₹2,145.03 lakh, reflecting an EBIDT margin of 74.87%.

What the Numbers Show

The return to profitability in FY26 coincides with a 1.7 percentage point expansion in the EBIDT margin compared to FY25. This margin improvement occurred alongside a modest 3.3% increase in turnover, suggesting that cost efficiency or mix improvement drove the turnaround rather than volume growth alone.

Voting Details

Remote e-voting will be facilitated by National Securities Depository Limited (NSDL). The voting window opens on September 14, 2026, at 9:00 am and closes on September 16, 2026, at 5:00 pm. Shareholders on record as of September 10, 2026, are eligible to vote. Ms. Jigyasa N. Ved or failing her Mr. J. U. Poojari of M/s Parikh & Associates has been appointed as the Scrutinizer for the e-voting process.

Raja Bahadur International reported a narrowed net loss for the first quarter of FY27, driven by a modest increase in operating revenue. The company’s standalone results for the quarter ended June 30, 2026, show a net loss of ₹18.85 lakh, compared to a loss of ₹24.30 lakh in the corresponding period of FY26. This represents a reduction in the quarterly deficit by approximately 22.4% year-on-year.

Revenue from operations stood at ₹45.43 lakh, up from ₹40.68 lakh in Q1FY26. Despite the top-line growth, the company continues to operate at a loss, with earnings per share (EPS) coming in at negative ₹0.18, compared to negative ₹0.23 in the prior year quarter.

Financial Performance

The financial data indicates a slight improvement in operational efficiency relative to the previous year, though the absolute scale of revenue remains small. The full-year audited results for FY26 showed a significantly higher revenue base of ₹243.55 lakh, suggesting seasonal or cyclical variations in income generation.

What the Numbers Show

The divergence between the improved net loss and the persistent liquidity constraint is the defining feature of this quarter’s report. While the operational loss narrowed, the balance sheet disclosures reveal significant structural challenges. The company explicitly stated that its current liabilities are 4.04 times its current assets. This ratio underscores a severe working capital deficit, indicating that short-term obligations far exceed available liquid resources.

This liquidity gap persists despite the top-line growth. The narrowing of the net loss suggests cost containment or reduced operational intensity, but it has not yet translated into sufficient cash flow to address the liability overhang. The reliance on external restructuring mechanisms remains critical for the company’s continuity.

Insolvency Resolution Progress

The financial results were released alongside updates on the company’s ongoing corporate restructuring. Raja Bahadur International had initiated the Pre-Packaged Insolvency Resolution Process (PPIRP) under Section 54C of the Insolvency and Bankruptcy Code, 2016.

The National Company Law Tribunal (NCLT), Mumbai Bench, approved the Resolution Plan on July 10, 2026, under Section 54L read with Section 31 of the IBC. The company noted that the implementation of this plan, including capital restructuring and reduction, is currently in progress. The financial impact of these measures has been recognized to the extent ascertainable as of the reporting date, with further adjustments expected as the process advances.

The Board of Directors approved the unaudited standalone and consolidated financial results at its meeting held on August 13, 2026. The statutory auditors have carried out a limited review of the quarterly results.