Riddhi Siddhi Gluco Biols has scheduled its 35th Annual General Meeting (AGM) for September 25, 2026. The meeting will seek shareholder approval for a ₹200 crore borrowing from related party Bluecraft Agro Private Limited and the appointment of Taral Shah as an independent director.

The board meeting held on August 31, 2026, approved these proposals alongside the re-appointment of M/s. Batliboi & Purohit as statutory auditors for a five-year term starting FY27. Shareholder approval is required to finalize all appointments and transactions.

Related-Party Borrowing

The company proposes to borrow up to ₹200 crore from Bluecraft Agro Private Limited (BAPL) to meet working capital requirements and support ongoing expansion, including the acquisition of a corn milling plant in Karnataka. The transaction is classified as a material related-party transaction under SEBI LODR regulations.

Key terms of the proposed borrowing include:

• Tenure: Five years with an option for early repayment.
• Interest Rate: Not less than the prevailing yield of five-year G-Sec.
• Security: Unsecured.
• Covenants: The company must maintain a net worth above ₹1,000 crore (excluding revaluation reserve).

The borrowing is expected to impact the company's debt service coverage ratio, which is projected to decrease from 1.64 to 0.89 post-transaction, while the debt-to-equity ratio remains unchanged at 0.07. Mr. Siddharth Chowdhary, Whole-Time Director of Riddhi Siddhi, holds an 82.56% stake in BAPL.

Director Appointments

Taral Shah, Managing Director of Shivalik Group, has been appointed as an additional non-executive independent director for a first term of five years (August 31, 2026 – August 30, 2031). Shah brings over two decades of experience in real estate and construction.

Additionally, Mr. Siddharth Chowdhary (DIN: 01798350), who retires by rotation, offers himself for re-appointment as a director. He currently serves as the Whole-Time Director.

Auditor Re-appointment

The board approved the re-appointment of M/s. Batliboi & Purohit, Chartered Accountants, Mumbai (Firm Registration No. 101048W), as statutory auditors. This marks their second term of five consecutive financial years, covering FY27 through FY31. The firm will hold office from the conclusion of the 35th AGM until the conclusion of the 40th AGM in 2031.

AGM Details

The 35th AGM will be conducted via Video Conferencing/Other Audio Visual Means (VC/OAVM). The record date for determining members eligible to vote and receive dividends is fixed at September 18, 2026. Remote e-voting will commence on September 22, 2026, and end on September 24, 2026.

Riddhi Siddhi Gluco Biols Limited reported a standalone net profit of ₹135.05 lakh for the quarter ended June 30, 2026, marking a 26% decline from the ₹183.16 lakh recorded in the same period of the previous fiscal year. Consolidated profit attributable to equity shareholders stood at ₹38.85 lakh, compared to a loss of ₹47.43 lakh in Q4FY26 but significantly lower than the ₹94.41 lakh profit in Q1FY26.

Revenue from operations for the standalone entity fell 45% year-on-year to ₹801.47 lakh, down from ₹1,454.34 lakh in Q1FY26. The consolidated revenue from continuing operations was ₹898.69 lakh, a 42% drop from ₹1,546.07 lakh in the prior year quarter.

Standalone Financial Performance

The company’s trading business, which contributes the majority of its revenue, saw sales plummet to ₹764.99 lakh from ₹1,412.26 lakh in the corresponding quarter last year. Wind energy generation revenue remained relatively stable at ₹36.47 lakh, slightly down from ₹42.09 lakh previously.

Total expenses for the standalone entity decreased to ₹894.43 lakh from ₹1,511.29 lakh in Q1FY26, largely reflecting the lower scale of trading activities. Finance costs rose to ₹61.88 lakh from ₹34.13 lakh, while employee benefits increased to ₹20.55 lakh from ₹15.91 lakh.

What the Numbers Show

A significant divergence exists between operating performance and total profitability. While segment results before interest and tax declined to ₹24.93 lakh from ₹47.89 lakh in Q1FY26, other unallocable income—primarily comprising investment returns—stood at ₹191.85 lakh. This non-operating income constituted approximately 72% of the total pre-tax profit, highlighting the company’s heavy reliance on investment gains rather than core operational cash flows during this period.

Consolidated View and Discontinued Operations

On a consolidated basis, continuing operations generated a profit after tax of ₹38.30 lakh, reversing the loss of ₹49.44 lakh seen in the preceding quarter. However, discontinued operations related to the paper division resulted in a loss of ₹8.25 lakh for the quarter, compared to a loss of ₹15.59 lakh in Q1FY26. The subsidiary Shree Rama Newsprint Limited had recognized an impairment loss of ₹278.43 lakh on these assets in FY26.

Corporate Developments

During the quarter, the company achieved the minimum public shareholding requirement following an offer for sale by Vital Connections LLP, a promoter group member. The divestment of 8,23,422 equity shares reduced promoter holding to 75.00% and increased public shareholding to 25.00%. A six-month restraint period commenced on June 24, 2026.

Additionally, the Board approved a resolution to avail financial facilities by way of borrowing from Bluecraft Agro Private Limited, a related party, for an aggregate amount not exceeding ₹200 crore. This facility is subject to shareholder approval at the ensuing annual general meeting.

The company also completed the acquisition of assets from Cargill India Private Limited’s starch division in April 2026 and acquired a 26% partnership interest in Clean Max Pluto Solar Power LLP. These additions are beginning to reflect in the current quarter’s expenses as the company seeks regulatory approvals for manufacturing activities.