Seasons Textiles Limited shareholders overwhelmingly approved the lease, sale, or disposal of the company's undertaking at its 40th Annual General Meeting (AGM) held on August 19, 2026. The special resolution secured 99.98% assent, reflecting strong backing for the strategic move. The meeting also confirmed the company's financial turnaround for FY26.

The Chairman cum Managing Director, Mr. Inderjeet Singh Wadhwa, briefed attendees on the fiscal performance. Revenue from operations stood at ₹2,338.33 lakhs in FY26, down from ₹2,739.81 lakhs in FY25. Despite the revenue decline, the company reported a profit of ₹16.55 lakhs, marking a significant improvement from a loss of ₹33.53 lakhs in the previous year.

Voting Results Breakdown

The consolidated voting results, scrutinized by Mr. Pramod Kothari, reveal near-unanimous support across all resolutions. The special resolution received 4,613,729 votes in assent against 919 in dissent. The ordinary resolutions saw identical voting patterns, with only minor variations in dissenting shares due to individual voter choices.

The voting process involved both remote e-voting and e-voting during the meeting. Remote e-voting accounted for the vast majority of participation, with 149 members casting votes remotely compared to just 2 members voting during the live VC session. The total number of equity shares voted stood at approximately 4.61 million.

Meeting Participation and Compliance

The AGM was chaired by Chairman cum Managing Director Mr. Inderjeet Singh Wadhwa and commenced at 12:36 pm, concluding at 1:02 pm. The Company Secretary noted that 61 members had joined the meeting via video conferencing at the start, satisfying the quorum requirements. The final attendance included 91 members participating through VC/OAVM. This included 2 promoters, 1 authorized representative from the promoter group, and 88 public shareholders.

Central Depository Services (India) Limited (CDSL) facilitated the remote e-voting platform. Remote e-voting was open from August 16, 2026, at 9:00 am until August 18, 2026, at 5:00 pm. E-voting during the meeting remained open for 15 minutes after the conclusion of the proceedings.

Governance and Auditor Reports

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

Mr. Pramod Kothari, Practicing Company Secretary, served as the Scrutinizer for the votes cast. The Scrutinizer’s Report confirms that the electronic data and relevant records are under safe custody and will be handed over to the Company Secretary after the Chairman approves the minutes. The consolidated voting results are scheduled to be uploaded on the company’s website and the Bombay Stock Exchange within two working days.

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.