Shree Ram Twistex Limited held its Board of Directors meeting on May 13, 2026, at its registered office in Gondal, Rajkot, Gujarat, and approved the audited financial results for the fourth quarter and full year ended March 31, 2026. The meeting commenced at 2:00 P.M. and concluded at 3:00 P.M., and was signed off by Managing Director Bhaveshbhai Bhikhubhai Ramani (DIN: 00534813). Statutory auditors M/s. Doshi & Doshi & Co. submitted audit reports with unmodified opinions for both standalone and consolidated annual audited financial results. In compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the company subsequently published its audited financial results in Financial Express (Gujarati) and Financial Express (English) on May 14, 2026.

Financial Performance Overview

Shree Ram Twistex delivered a strong financial performance for the full year, with revenue from operations growing to ₹27,289.35 lakhs compared to ₹25,504.47 lakhs in the previous year. Net profit after tax surged to ₹1,416.51 lakhs from ₹799.59 lakhs, reflecting robust operational improvement. The following table presents a detailed comparison of key financial metrics:

Balance Sheet Highlights

The company's total assets expanded significantly to ₹30,864.60 lakhs as at March 31, 2026, compared to ₹19,419.99 lakhs in the prior year, driven primarily by a sharp rise in inventories and cash balances. Total equity strengthened to ₹19,847.57 lakhs from ₹7,403.25 lakhs, reflecting the capital infusion from the company's IPO. Key balance sheet figures are summarised below:

Cash Flow Statement

The company's cash flow statement for the full year reflects significant working capital movements, primarily driven by a substantial build-up in inventories. Net cash used in operating activities stood at ₹(2,265.58) lakhs, while net cash used in investing activities was ₹(1,085.87) lakhs. Financing activities, boosted by IPO proceeds of ₹11,024.00 lakhs, generated a net inflow of ₹6,736.94 lakhs, resulting in a net increase in cash and cash equivalents of ₹3,385.49 lakhs for the year. Key cash flow figures are presented below:

IPO and Fund Utilisation

Shree Ram Twistex completed its Initial Public Offering (IPO) of 1,06,00,000 equity shares of face value ₹10 each at an issue price of ₹104 per share (including a share premium of ₹94 per share), aggregating to ₹11,024 lakhs. The company's equity shares were listed on BSE and NSE on March 2, 2026. In accordance with Regulation 32 of SEBI (LODR) Regulations, 2015, the company confirmed no deviation or variation in the use of IPO proceeds for the period ended March 31, 2026. The monitoring agency, Crisil Ratings Limited, oversaw fund utilisation. Details of fund deployment are as follows:

The balance amount for the Wind Power Plant and issue expenses remains in the public offer account maintained with Axis Bank Limited.

Related Party Transactions

During the year, the company undertook several related party transactions in the ordinary course of business and on arm's length terms. Key managerial personnel (KMP) remuneration and loan transactions were the primary categories of related party activity. Notable transactions and outstanding balances as at March 31, 2026 are summarised below:

All unsecured loans outstanding from relatives of KMP as at March 31, 2025 were fully repaid during the year, with nil balances remaining as at March 31, 2026.

Board Decisions and Appointments

In addition to approving the audited financial results, the board made the following key decisions during the meeting:

The company operates in a single reportable segment — Cotton Yarn Manufacturing — and has its factory and registered office at Survey No. 566P1, Gondal, Rajkot, Gujarat (CIN: L17120GJ2013PLC078074).

Shree Ram Twistex Limited, a cotton yarn manufacturer based in Gondal, Rajkot (Gujarat), has filed its Statement of Deviation or Variation in utilisation of public issue proceeds with BSE Limited and the National Stock Exchange of India Limited, dated 13.05.2026. The submission is in compliance with Regulation 32 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, covering the quarter and year ended 31.03.2026. The company's Managing Director, Bhaveshbhai Bhikhubhai Ramani (DIN: 00534813), signed and submitted the filing. The monitoring agency, Crisil Ratings Limited, has confirmed no overall deviation or variation in the use of funds raised.

IPO Fund Raising Details

Shree Ram Twistex raised Rs 11,024.00 lakh through its Initial Public Offering (IPO). The key details of the fund-raising are summarised below:

The monitoring agency report was issued by Crisil Ratings Limited (reference: CRL/MAR/SHRTPL/2025-26/1835, dated May 13, 2026), signed by Shounak Chakravarty, Director, Ratings (LCG). The report is based on a Statutory Auditor's Certificate dated May 04, 2026, issued by M/s Doshi Doshi & Co., Chartered Accountants (Firm Registration Number: 153683W), along with management undertakings, the Prospectus dated February 26, 2026, and bank statements.

Fund Utilisation Breakdown

The detailed object-wise utilisation of IPO proceeds for the quarter ended 31.03.2026 is presented below. Out of total gross proceeds of Rs 11,024.00 lakh, Rs 7,623.55 lakh has been utilised during the quarter, with Rs 3,400.45 lakh remaining as balance in the public offer account maintained with Axis Bank Limited.

Key Observations

Across the five stated objects of the IPO, three have been fully utilised with no deviation reported. The 6.1 MW Solar Power Plant allocation of Rs 734.55 lakh was fully utilised as a reimbursement — the solar project had been fully developed prior to the IPO using the company's internal accruals, and the proceeds were used to reimburse those expenses. The repayment of borrowings allocation of Rs 1,489.00 lakh was fully utilised to repay the loan sanctioned by SIDBI for financing the solar power plant. The working capital funding allocation of Rs 4,400.00 lakh was fully utilised towards procurement of raw materials from vendors.

For the 4.2 MW Wind Power Plant funding, an amount of Rs 500.00 lakh has been utilised as an advance to the vendor (Suzlon Energy Limited) against an original allocation of Rs 3,900.00 lakh, leaving a balance of Rs 3,400.00 lakh in the public offer account with Axis Bank Limited. The monitoring agency has noted a delay in implementation, as the company had estimated to utilise the full Rs 3,900.00 lakh by Fiscal 2026. As per the offer document, the company will deploy the unutilised proceeds in subsequent fiscals. For issue expenses, Rs 500.00 lakh has been utilised against an allocation of Rs 500.45 lakh, with a balance of Rs 0.45 lakh remaining in the same account.

Deployment of Unutilised Proceeds

The total unutilised balance of Rs 3,400.45 lakh is currently held in the public offer account of the company maintained with Axis Bank Limited, as detailed below:

The filing clarifies that deviation or variation, as applicable under SEBI regulations, may refer to deviation in the objects or purposes for which funds were raised, deviation in the amount of funds actually utilised against original disclosures, or a change in terms of a contract referred to in the fund-raising document. No such deviation has been declared by the company for the objects reported. The monitoring agency has confirmed that all utilisation is as per the disclosures in the offer document, and the means of finance for the disclosed objects has not changed.