Seasons Textiles Limited held its 40th Annual General Meeting (AGM) on August 19, 2026, through Video Conferencing (VC) or Other Audio Visual Means (OAVM). The meeting, chaired by Chairman cum Managing Director Mr. Inderjeet Singh Wadhwa, commenced at 12:36 pm and concluded at 1:02 pm after remaining open for 15 minutes for e-voting.

Shareholders approved three key resolutions during the proceedings. Two ordinary resolutions were passed: the adoption of the audited standalone financial statements for the financial year ended March 31, 2026, along with the Reports of the Board of Directors and Auditors; and the reappointment of Mrs. Neelam Wadhwa (DIN: 00050911) as a director in place of her retirement by rotation. Additionally, shareholders passed a special resolution to approve the lease, sale, or disposal of the company's undertaking pursuant to Section 180(1)(a) of the Companies Act, 2013.

Meeting Participation and Compliance

The meeting was conducted in compliance with the Ministry of Corporate Affairs' General Circular No. 14/2020 dated April 8, 2020, and subsequent circulars, including General Circular No. 03/2025 dated September 22, 2025. It also adhered to SEBI circulars and the provisions of the Companies Act, 2013.

As on the cut-off date of August 12, 2026, the total number of members was 9,159. A total of 91 members participated in the meeting through VC/OAVM, satisfying the requisite quorum. Central Depository Services (India) Limited (CDSL) facilitated remote e-voting and e-voting during the AGM. Remote e-voting commenced on August 16, 2026, at 9:00 am and ended on August 18, 2026, at 5:00 pm.

Auditor Reports and Governance

The Chairman informed members that the Statutory Auditors' Report and Secretarial Auditors' Report contained no qualifications, observations, or adverse remarks. All Directors, Key Managerial Personnel, representatives of Statutory Auditors, and Secretarial Auditors were present at the meeting.

Mr. Pramod Kothari, Practicing Company Secretary, served as the Scrutinizer for the votes cast. The consolidated voting results and the Scrutinizer's Report are scheduled to be uploaded on the company's website and the Bombay Stock Exchange within two working days from the conclusion of the meeting.

The Board of Directors of Seasons Textiles approved the unaudited standalone financial results for the first quarter ended June 30, 2026, during a meeting held on August 13, 2026. The home furnishings fabrics manufacturer reported a net profit of ₹13.16 lakh, down from ₹17.40 lakh in the same period of FY25. Revenue from operations contracted by 25% to ₹575.57 lakh, compared to ₹769.72 lakh in Q1FY26.

Financial Performance

The company’s top-line decline was accompanied by a significant rise in finance costs, which jumped 55% year-on-year to ₹82.89 lakh from ₹53.59 lakh. This increase occurred despite a sharp drop in cost of materials consumed, which fell to ₹93.61 lakh from ₹286.27 lakh in the prior year period. Employee benefits expense saw a marginal increase to ₹137.56 lakh.

Other income contributed ₹3.13 lakh to the total income, up from ₹0.59 lakh in the previous year. The company recorded no exceptional items or discontinued operations during the quarter.

What the Numbers Show

A notable divergence exists between the company’s pre-tax profit and its net profit for the quarter. While Seasons Textiles reported a modest pre-tax profit of ₹3.95 lakh, the final net profit stood at ₹13.16 lakh. This discrepancy is driven entirely by a deferred tax credit of ₹9.21 lakh, whereas the current tax expense was nil. In the corresponding quarter of FY26, the deferred tax credit was higher at ₹12.92 lakh against a similar pre-tax profit of ₹4.48 lakh. This indicates that the company’s reported profitability remains heavily dependent on deferred tax adjustments rather than operational cash generation, as the pre-tax operating margin was just 0.7% on revenue.

Auditor Review

Bhatia and Bhatia, Chartered Accountants, issued a limited review report on the unaudited standalone financial results. The auditors stated that nothing came to their attention to cause them to believe that the financial statements had not been prepared in accordance with Indian Accounting Standard 34 (Ind AS 34) or contained any material misstatement. The results were reviewed by the Audit Committee and approved by the Board.