Rishi Laser Limited shareholders voted 94.67% in favour of all three resolutions passed at its 34th Annual General Meeting held on September 25, 2026. The meeting, conducted via Video Conferencing, saw adoption of FY26 financials and reappointment of director Mahesh Solanki.

The company reported that 60 members participated in the virtual meeting, satisfying the quorum requirements. Harshad Patel, Chairman and Managing Director, presided over the session, addressing shareholders on business operations and future strategies. The proceedings were conducted in compliance with the Companies Act, 2013 and SEBI Listing Regulations.

Voting breakdown by resolution

Shareholders approved several key items during the meeting. The ordinary business included the adoption of the Board’s Report and Audited Financial Statements for FY26. Additionally, Mahesh Solanki was reappointed as a director, having retired by rotation and offered himself for re-election. Special business involved the ratification of remuneration payable to Cost Auditors.

The voting results were consolidated by M/s Sudhanwa S. Kalamkar & Associates, who served as the scrutinizer. These results will be posted on the company website and NSDL e-voting portal.

What the numbers show

The voting data reveals a distinct divergence between promoter and public shareholder sentiment. Promoters and the promoter group, holding 1,610,803 shares, cast 100% of their votes in favour across all three resolutions. In contrast, public non-institutional shareholders, who hold a significantly larger stake of 8,381,797 shares, voted only 76.51% in favour for the financial statements and 76.49% for the director reappointment. This indicates that while the resolutions passed comfortably due to the combined weight of promoter support, a substantial minority of public shareholders (approximately 23.5%) expressed dissent or abstention on key governance matters.

Attendance and governance

The meeting was attended by the following directors:

• Harshad Patel: Chairman and Managing Director
• Kirti Rathod: Independent Director
• Sheela Ayyar: Independent Director
• Mahesh Solanki: Non-Independent Director

Key officials present included Ganesh Agrawal (Chief Financial Officer), Vandana Patel (Company Secretary), and representatives from the statutory and secretarial audit firms. The statutory auditors, Shah Mehta and Bakshi, issued unqualified opinions on the financial statements.

Interaction with shareholders

Out of seven members registered to speak, four raised questions which were addressed by the Chairman. The company facilitated electronic voting for members who had not cast their votes via remote e-voting prior to the meeting. The AGM concluded at 11:45 am with a vote of thanks.

Rishi Laser reported a 55.48% year-on-year decline in profit after tax (PAT) to ₹3.67 crore for the fiscal year ended March 31, 2026, despite a top-line expansion. The company’s total revenue grew by 7.23% to ₹162.35 crore, reflecting steady demand across its core verticals. However, margin compression was evident as EBITDA margins moderated to 8.70% from 9.09% in the previous year.

The financial performance was heavily influenced by the commissioning and commercialization of the new manufacturing facility at Malur, Bangalore. Management attributed the profitability dip to higher employee benefit expenses, which rose to ₹32.83 crore from ₹26.68 crore, and increased finance costs of ₹4.14 crore. These transitional costs were necessary to scale up operations and align human capital with the expanded capacity.

What the Numbers Show

A significant divergence exists between the company’s operational cash generation and its bottom-line profitability. While PAT contracted sharply, the company recorded a net positive cash flow of ₹1.73 crore, reversing a net outflow of ₹3.65 crore in FY25. This indicates that the heavy investment phase is stabilizing, with the new facility beginning to convert capacity into active revenue streams. Additionally, other income contributed ₹132.80 lakh to total income, up from ₹69.23 lakh previously, largely due to foreign exchange gains and investment returns, partially offsetting operational margin pressures.

Segment Performance

The construction equipment vertical remained the primary revenue driver, accounting for 53.33% of total intake. The power distribution segment contributed 10.74%, while rail transportation added 2.31%. The "Others" category, which includes businesses beyond the three core verticals, saw its share increase to 33.62%, driven by improved utilization at the Pune facility and early-stage contributions from the newly established robotics and automation business.

Balance Sheet and Outlook

The company maintained a conservative debt-to-equity ratio of 0.29x, reflecting disciplined capital management despite the capital expenditure required for the Malur expansion. Net worth grew to ₹74.60 crore from ₹71.31 crore. Looking ahead, management has guided for a revenue CAGR of approximately 20% over the next three years, with the Malur facility expected to contribute around ₹100 crore in annual revenue by FY29. No dividend was declared for the current fiscal year to strengthen cash flows.