Satyam Silk Mills sets June 19 record date for EGM

Satyam Silk Mills has scheduled an Extra Ordinary General Meeting (EGM) on June 24, 2026, to seek shareholder approval for revising the remuneration of Whole Time Director Mr. Rohitkumar Mishra. The proposal seeks to increase his annual compensation to ₹36,00,000, including all perquisites and allowances, effective from February 16, 2026, to February 15, 2028. The revision requires a special resolution pursuant to Section 197 and 198 of the Companies Act, 2013, and Schedule V of the Act.

The Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, approved the revision on May 29, 2026. The resolution also stipulates that in the event of inadequacy or absence of profits, the remuneration shall be paid as minimum remuneration to Mr. Mishra, subject to necessary approvals. The company has stated that the remuneration is fair and reasonable considering his background, competence, and experience compared to industry standards.

Financial Performance

The company reported a profit after tax of ₹78.63 Lakhs for the year ended March 31, 2025, compared to ₹68.73 Lakhs in the previous year. The financial performance indicators for the past two years are detailed below:

Financial Indicator (Rs. in Lakhs)	2024-25	2023-24
Total revenue	181.55	155.57
EBIDTA	104.94	91.89
Profit before tax	104.93	91.88
Profit after tax	78.63	68.73
Earning per share (Basic)	4.25	3.71

Appointment of Independent Director

The EGM will also consider the appointment of Mr. Ashish Rameshwar Agarwal (DIN: 11385082) as an Independent Director. He was appointed as an Additional Director on March 28, 2026, and the company now seeks shareholder approval for his appointment for a term of five consecutive years from March 28, 2026, to March 27, 2031. Mr. Agarwal is a Chartered Accountant with over seven years of experience in corporate and financial matters and has confirmed he meets the criteria for independence under Section 149(6) of the Companies Act, 2013.

EGM and E-Voting Details

The EGM will be held on Wednesday, June 24, 2026, at 2.00 p.m. at the registered office of the company at 82, Maker Chambers III, Nariman Point, Mumbai. Remote e-voting will commence on June 21, 2026, at 9.00 a.m. and conclude on June 23, 2026, at 5.00 p.m. Shareholders holding shares as on June 19, 2026, are eligible to vote. The results of the EGM will be declared on or after June 24, 2026.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Satyam Silk Mills Limited reported a 63% decline in net profit to ₹29.35 lakh for the financial year ended March 31, 2026, down from ₹78.63 lakh in the previous year. Revenue from operations for FY26 stood at ₹1,222.19 lakh, compared to nil in the prior year, while total income increased to ₹1,311.63 lakh from ₹181.55 lakh. The company’s board approved the audited financial results at a meeting held on May 29, 2026. The audited standalone financial results were published in "The Free Press Journal" (English) and "Navshakti" (Marathi) on May 30, 2026, pursuant to Regulation 47 of the SEBI (LODR) Regulations, 2015.

For the quarter ended March 31, 2026, the company recorded a net profit of ₹18.86 lakh, a decrease from ₹19.65 lakh in the same quarter of the previous year. Revenue from operations for the quarter was ₹672.60 lakh. Total comprehensive income for the year was ₹44.36 lakh, compared to a negative ₹161.46 lakh in FY25. Earnings per share (EPS) for the year stood at ₹1.59, down from ₹4.25 in the previous year.

Financial Performance

The company’s expenses for FY26 totaled ₹1,272.40 lakh, up from ₹76.62 lakh in the previous year. Key expense components included the purchase of stock-in-trade at ₹1,022.19 lakh and a loss on derivative financial instruments of ₹184.28 lakh. Employee benefit expenses for the year were ₹46.66 lakh, while legal and professional fees amounted to ₹11.24 lakh.

Metric	FY26 (₹ in Lakh)	FY25 (₹ in Lakh)
Revenue from Operations	1,222.19	-
Total Income	1,311.63	181.55
Total Expenses	1,272.40	76.62
Net Profit for the Year	29.35	78.63
Earnings Per Share (Basic)	1.59	4.25

Balance Sheet and Cash Flows

The company’s total assets as of March 31, 2026, stood at ₹2,674.15 lakh, slightly higher than ₹2,647.09 lakh in the previous year. Non-current assets, primarily investments, were valued at ₹1,809.98 lakh, while current assets totaled ₹864.17 lakh. Equity share capital remained unchanged at ₹185.13 lakh. The cash flow statement indicated a net decrease in cash and cash equivalents of ₹1.11 lakh for the year, with a closing balance of ₹0.62 lakh.

Disclosures and Auditor Report

Satyam Silk Mills confirmed there were no deviations or variations in the use of proceeds from its rights issue raised on July 6, 2022. The funds, totaling ₹1,11,62,500, were intended for working capital and general corporate purposes. Unutilized funds have been temporarily invested in money market mutual funds. M/s. SVP & Associates, Chartered Accountants, issued an audit report with an unmodified opinion on the financial results. The board recommended revising the remuneration payable to Mr. Rohitkumar Mishra, Whole Time Director, and the appointment of Mr. Ashish Rameshwar Agarwal as Non Executive Independent Director at the ensuing Extra Ordinary General Meeting.