Rapicut Carbides Limited held its 49th Annual General Meeting (AGM) on September 26, 2026, through Video Conferencing and Other Audio-Visual Means. The meeting focused on the adoption of financial statements for the fiscal year ended March 31, 2026, and key corporate governance matters.

Meeting proceedings and attendance

The meeting commenced at 12:30 pm IST, with Company Secretary Kamlesh Shinde confirming the presence of a quorum. Chairman and Managing Director Abhishek Gami welcomed members and introduced the directors. Statutory auditors from K C Mehta & Co. LLP and secretarial auditors from Samdani Shah and Kabra attended virtually to oversee the process.

The Chairman reported that there were no qualifications, observations, or adverse remarks in the Statutory Auditor's Report or the Secretarial Audit Report for the period under review.

Resolutions passed

Members considered and adopted the following ordinary business items:

• Adoption of financial statements along with reports of the auditors and Board of Directors for FY26.
• Re-appointment of Shruti A Gami as Director liable to retire by rotation.
• Appointment of statutory auditors and fixing their remuneration.

Additionally, special business was transacted regarding an increase in the borrowing limits of the company.

Voting and conclusion

As the meeting was conducted via video conferencing, physical proxies were not permitted. Voting was conducted exclusively through the e-voting facility provided by CDSL. Members who had not cast votes prior to the meeting were allowed to vote during the session and for 15 minutes after its conclusion. The meeting concluded at 1:03 pm IST.

Rapicut Carbides has scheduled its 49th Annual General Meeting for September 26, 2026. The meeting will be held via video conferencing to approve financial statements and key corporate resolutions.

The company issued a letter to shareholders who have not registered their email addresses with the company, registrar, or depository participants. This communication provides web links and QR codes to access the 49th Annual Report for FY25-26, complying with SEBI Listing Regulations.

Key Resolutions

The agenda includes ordinary business items such as the adoption of audited financial statements for FY25-26 and the reappointment of Smt. Shruti A Gami as a director. She retires by rotation and offers herself for reappointment.

Auditor Details

M/s S M R P & Associates will serve as statutory auditors from the conclusion of this AGM until the 54th AGM. Their remuneration is fixed at ₹5.00 lakh for each of the first three financial years, excluding taxes and out-of-pocket expenses. The board will determine fees for subsequent years based on audit committee recommendations.

The firm replaces M/s K C Mehta & Co., LLP, whose term concludes with this AGM. The proposed fee for the new auditor is lower than the ₹6.00 lakh paid to the retiring auditors for FY25-26.

Borrowing Powers

Shareholders will vote on a special resolution to increase the company's borrowing limit. The board seeks permission to borrow up to ₹100 crore in aggregate, which may exceed the sum of paid-up share capital and free reserves. This facility aims to support business expansion, capital expenditure, and working capital needs.

The resolution also authorizes the board to create charges or mortgages on company assets to secure these borrowings if necessary. No directors or key managerial personnel have a financial interest in this proposal beyond their shareholding.

Financial Performance FY26

Rapicut Carbides reported a net profit of ₹206.12 lakh for the year ended March 31, 2026, marking a turnaround from a net loss of ₹232.58 lakh in FY25. Revenue from operations more than doubled to ₹9,627.95 lakh, up from ₹4,198.64 lakh in the previous year.

The company achieved this growth despite significant volatility in raw material costs, primarily due to global restrictions on rare earth metals. Management successfully passed on input cost increases to customers. Export revenue surged to ₹4,621.88 lakh from just ₹18.15 lakh in FY25, driven by higher sales volumes in intermediate and value-added products.

Balance Sheet Highlights

The company closed the year with no outstanding borrowings, having fully repaid its cash credit facilities. Cash and cash equivalents stood at ₹300.12 lakh, compared to ₹1.63 lakh at the end of FY25. Total assets increased to ₹6,553.80 lakh from ₹3,178.71 lakh, largely due to a rise in inventories to ₹3,871.34 lakh and other current assets.

What the Numbers Show

The shift from a net loss to a net profit of ₹206.12 lakh was operational, supported by a 129% increase in revenue. However, cost of materials consumed rose sharply to ₹10,049.38 lakh from ₹2,974.73 lakh, reflecting the high input costs cited in the management discussion. The company’s ability to generate ₹1,177.44 lakh in operating cash flow while clearing all debt indicates strong liquidity management despite inventory buildup.

Shareholder Compliance Reminder

The company reminded physical shareholders to update their KYC details pursuant to SEBI Master Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated May 7, 2024. Shareholders must record PAN, address with PIN code, mobile number, bank account details, specimen signature, and choice of nomination.

Payments including dividends for folios without updated details will only be made electronically effective April 1, 2024. Shareholders are encouraged to register email IDs to receive important information digitally.