Sunil Agro Foods Limited held its 38th Annual General Meeting (AGM) on September 23, 2026, through video conferencing. The meeting commenced at 11:00 am and concluded by 11:19 am, with 34 members present including corporate holders.

The primary agenda involved receiving and adopting the audited financial statements for the year ended March 31, 2026. These included the balance sheet, profit and loss statement, and cash flow statement, along with the Independent Auditors' Report and Board's Report. The Statutory Audit Report carried a qualified opinion, for which the company provided appropriate explanations during the session.

Director Appointments and Reappointments

Shareholders considered the reappointment of directors as part of the ordinary and special business items. Mrs. Manvi Jain, who retired by rotation, was offered for reappointment. Additionally, Mr. Pramod Kumar S was proposed for reappointment as Whole Time Director under special business.

Mr. Nikhil Murthy chaired the proceedings, while Mr. Pramod Kumar S, CEO and Director, addressed members with operational highlights for FY26. The Secretarial Audit Report did not contain any qualifications.

Voting Process and Compliance

Voting was conducted via remote e-voting and live e-voting through Central Depository Services (India) Limited (CDSL). Mr. Vijayakrishna KT served as the Scrutinizer to supervise the process. Voting results are scheduled to be declared within two working days of the meeting's conclusion in compliance with SEBI Listing Regulations.

Sunil Agro Foods has reported a net profit of ₹39.71 lakh for the financial year ended March 31, 2026 (FY26), reversing a net loss of ₹109.43 lakh in FY25. The company has also scheduled its 38th Annual General Meeting (AGM) for Wednesday, September 23, 2026, at 11:00 am IST.

The meeting will be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM). Shareholders on record as of September 16, 2026, will be eligible to participate and vote. The AGM agenda includes the adoption of financial statements and the reappointment of directors.

Financial Performance

Total income for FY26 stood at ₹19,772.26 lakh, down from ₹23,096.14 lakh in the previous year. Despite a decline in revenue, the company managed to turn profitable due to controlled expenditures and operational adjustments. Total expenditure was ₹19,710.01 lakh compared to ₹23,240.36 lakh in FY25.

The company did not declare any dividend for the year. No amount was transferred to reserves.

Key Operational Developments

During FY26, Sunil Agro Foods operated in a challenging environment marked by volatility in raw material prices. The business with General Mills India Private Limited was interrupted during the year but resumed in June 2026. The company expanded its production capacity and strengthened its customer base by adding new institutional customers.

Strategic initiatives included a focus on consumer-pack sales and prudent risk management through forward contracts for raw material procurement. These measures contributed to increased sales of Maida and bakery specialty products.

Board Changes and Appointments

Mrs. Manvi Jain, a Non-Executive Director, retires by rotation at the upcoming AGM and offers herself for reappointment. She holds 1,00,000 equity shares (3.33% stake) and has experience in general management and marketing.

The members are also asked to approve the reappointment of Mr. Pramod Kumar S as Whole Time Director for three years, effective November 1, 2026, to October 31, 2029. His monthly salary is set at ₹2,75,000 with a commission ceiling of ₹1,20,000 per annum. Mr. Pramod Kumar S holds a 51.61% stake in the company.

Mr. B Shantilal resigned as Managing Director on May 27, 2026, citing advancing age. Ms. Priya Sharma serves as the Company Secretary and Compliance Officer since November 8, 2025.

Audit Qualification

The independent auditors, Messrs G R V & P K, issued a qualified opinion on the financial statements. The qualification relates to the company’s decision not to make a provision for bad debt of ₹97.57 lakh against debtor Maiyas Beverage and Foods Private Limited.

The NCLT had passed an order in May 2019 stating only 15.14% is payable to sundry creditors of Maiyas Beverage. The company’s outstanding against Maiyas Beverage stood at ₹114.97 lakh. The auditors noted that profits and sundry debtors are overstated by ₹97.57 lakh due to this non-provision. Management stated that appeals against the NCLT order are pending, hence no provision was made.

What the Numbers Show

The turnaround to profitability in FY26 despite a 14.4% drop in total income highlights significant cost containment. Expenditures fell by 15.2%, outpacing the revenue decline. However, the qualified audit opinion regarding the ₹97.57 lakh unprovided bad debt suggests underlying asset quality risks that remain unresolved pending legal appeals.