Siddheswari Garments Limited concluded its 32nd Annual General Meeting on September 30, 2026, at its registered office in Kolkata. The meeting focused on adopting financial statements for FY26 and restructuring the board through several director reappointments and new appointments.

Board changes and auditor reappointment

The shareholders approved the adoption of the audited financial statements, including the balance sheet and profit and loss account, for the financial year ended March 31, 2026. A significant governance update involved the appointment of Mr Abhishek Poddar as a director liable to retire by rotation.

Furthermore, the company reappointed M/s N Dokania & Associates as statutory auditors. The board also saw changes in its independent director composition. Mr Satyanarayan Chaudhury and Mr Rakesh Kumar Agarwal were reappointed for a second term of five years effective September 1, 2026. Additionally, Mr Mukesh Agarwal was appointed as an independent director for a five-year term commencing August 29, 2026.

Voting process and meeting details

The meeting was chaired by Sanjay Kumar Shah, Whole Time Director. To ensure broad shareholder participation, the company utilized remote e-voting facilities provided by National Securities Depositories Ltd (NSDL). The e-voting window opened on September 27, 2026, and closed on September 29, 2026.

For members who did not vote remotely, a poll was conducted during the physical meeting. Rajarshi Ghosh & Associates served as the scrutinizer for both electronic and physical voting processes. The final results were to be announced upon receipt of the consolidated scrutinizer's report and uploaded to the company website and NSDL platform.

Resolutions passed

The proceedings concluded with a vote of thanks proposed by the Company Secretary. The company notified the stock exchanges of the results in compliance with SEBI (LODR) Regulations, 2015.

Siddheswari Garments reported a 450.91% year-on-year rise in net profit for FY26, reaching ₹23.27 lakh (₹2,327.08 in hundreds). The gain was primarily driven by the write-off of outstanding liabilities rather than operational activity, as the firm recorded zero revenue from operations.

The Kolkata-based entity continues to operate without manufacturing activities, relying instead on interest income from short-term deposits and investments. Total revenue stood at ₹35.83 lakh, up from ₹30.21 lakh in the previous year. Total expenditure rose to ₹31.16 lakh from ₹27.71 lakh.

Financial Performance

Siddheswari Garments generated no sales revenue during the financial year ended March 31, 2026. All income came from other sources, predominantly interest earned on bank deposits and loans.

Other income included ₹28.20 lakh in interest on loans and advances, ₹2.40 lakh in interest from banks, and ₹5.10 lakh from the write-off of outstanding liabilities. Employee benefits expense remained stable at ₹11.69 lakh, while other expenses increased to ₹18.92 lakh from ₹16.40 lakh, largely due to higher listing fees and legal charges.

What the Numbers Show

The company’s profitability is entirely disconnected from core business operations. With zero revenue from operations, the reported net profit of ₹23.27 lakh is derived almost exclusively from non-operating items. Specifically, interest income and liability write-offs constitute 100% of the total revenue, indicating that the entity functions primarily as an investment holding vehicle rather than an active garment manufacturer.

Balance Sheet & Liquidity

Total assets grew to ₹35.63 crore (₹35,62,675.69 in hundreds) from ₹31.21 crore in FY25. Non-current assets, dominated by financial investments, accounted for ₹34.61 crore. Cash and cash equivalents rose significantly to ₹63.27 lakh from ₹41.75 lakh, bolstered by interest receipts.

The balance sheet shows no borrowings or secured loans. Current liabilities were minimal at ₹4.82 lakh, comprising trade payables. Deferred tax liabilities decreased to ₹13.23 lakh from ₹17.10 lakh.

Corporate Governance & AGM

The 32nd Annual General Meeting is scheduled for September 30, 2026, at the registered office in Kolkata. Shareholders will vote on the re-appointment of directors Abhishek Poddar, Satya Narayan Chaudhury, and Rakesh Kumar Agarwal. Additionally, Mukesh Agarwal will be appointed as an independent director.

M/s N Dokania & Associates has been recommended for re-appointment as statutory auditors for a five-year term following the sudden demise of the previous auditor, Mr. R. K. Bajaj, in October 2025. The company faced a SEBI fine of ₹1.77 lakh for delayed submission of quarterly results due to this transition.

No dividend was declared for FY26 as the board decided to retain surplus funds for future business growth.