Sudal Industries held its 47th Annual General Meeting (AGM) on September 26, 2026, at its registered office in Nashik. The meeting addressed the adoption of financial statements for the fiscal year ended March 31, 2026, and the reappointment of Sudarshan Chokhani as Managing Director.

The proceedings commenced at 3:00 pm and concluded at 3:27 pm. A total of 44 members were present in person or through corporate representatives, satisfying the quorum requirements under Section 103 of the Companies Act, 2013. Four directors attended the meeting, including two independent directors. The statutory auditors, M/s Bagaria & Co LLP, and secretarial auditors, M/s KRS and Co, were also represented.

Agenda Items and Resolutions

The Chairman introduced the directors and management committee members before updating shareholders on the company’s financial performance for FY26 and its future business outlook. The following resolutions were placed before the members for approval:

Voting Procedures

Remote e-voting was conducted from September 23 to September 25, 2026. Members present at the physical meeting who had not voted electronically cast their votes via ballot forms immediately following the conclusion of the AGM. CS Ketan Ravindra Shirwadkar of M/s KRS and Co served as the scrutiniser for both electronic and physical voting processes.

The consolidated voting results, along with the scrutiniser’s report, are scheduled to be announced to BSE Limited and uploaded on the company’s website within two working days of the meeting.

Sudal Industries Limited reported a net loss of ₹90.59 lakh for the financial year ended March 31, 2026, a significant decline from the net profit of ₹569.78 lakh recorded in the previous year. The company's revenue from operations increased to ₹18,150.51 lakh for FY26, up from ₹15,474.89 lakh in the corresponding period last year. The statutory auditors have issued a qualified opinion on the financial results, highlighting a material uncertainty regarding the company's ability to continue as a going concern due to a sub-judice legal matter.

The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, at a meeting held on May 30, 2026. The audit was conducted by M/s. Bagaria & Co. LLP, Statutory Auditors of the Company. The auditors stated that the going concern assumption is presently dependent on the outcome of an appeal filed by the company before the Hon'ble Supreme Court against an order by the National Company Law Appellate Tribunal (NCLAT). As the matter is sub-judice, the auditors were unable to quantify the impact on net profit, cash flows, liabilities, and equity.

For the quarter ended March 31, 2026, the company reported a profit of ₹58.31 lakh, a decrease from ₹331.54 lakh in the same quarter of the previous year. Total income for the quarter stood at ₹4,966.53 lakh. Expenses for the full year totaled ₹17,791.74 lakh, higher than the ₹14,746.63 lakh reported in FY25. The company noted that an impairment loss on Property, Plant and Equipment (PPE) of ₹266.81 lakh was included in the expenses for the quarter.

The legal dispute involves an appeal filed by an unsecured financial creditor. The NCLAT had set aside the company's Prepackage Insolvency Resolution Plan (PIRP) approved by the National Company Law Tribunal (NCLT) in August 2023. Following the NCLT order, the company had paid ₹12,540.97 lakh to secured and unsecured financial creditors and written back liabilities during the quarter ended September 30, 2023. The Supreme Court granted a stay on the NCLAT order on October 4, 2024.

Financial Performance for FY26

The following table summarizes the financial results for Sudal Industries Limited for the year ended March 31, 2026:

Assets and Liabilities

The company's total assets as of March 31, 2026, stood at ₹6,349.66 lakh, a slight decrease from ₹6,408.56 lakh in the previous year. Total equity decreased to ₹2,383.42 lakh from ₹2,486.71 lakh, while total liabilities increased to ₹3,966.24 lakh from ₹3,921.85 lakh. Cash and cash equivalents reduced significantly to ₹72.88 lakh from ₹160.74 lakh at the end of FY25.