Sylph Industries appoints Hasmukh Shah as Executive-Managing Director

Sylph Industries Limited has secured shareholder approval to appoint Mr. Hasmukh Nanalal Shah as its Executive-Managing Director for a five-year term effective from December 11, 2025. The decision, ratified through a postal ballot process concluded on July 02, 2026, saw the resolution pass with a strong majority, reflecting investor confidence in the leadership change.

The appointment, which was recommended by the Nomination and Remuneration Committee and the Board, entails a remuneration of ₹6,00,000 per annum inclusive of perquisites. This remuneration is subject to the provisions of Section 197 of the Companies Act, 2013, and will be paid according to the limits set out in Schedule V of the Act in the event of loss or inadequacy of profit in any financial year.

Voting Results and Scrutiny

The postal ballot, conducted via remote e-voting, was overseen by scrutinizer Vishakha Agrawal of M/s Vishakha Agrawal & Associates. The voting process was open from June 03, 2026, to July 02, 2026. Out of the total 1,04,180 shareholders on the record date of May 29, 2026, 329 members participated, casting votes on 17,061,481 equity shares.

The resolution received overwhelming support from public non-institutional shareholders. A total of 16,958,285 votes were cast in favour, while 103,196 votes were cast against the motion. Promoters and public institutions did not participate in the voting process.

Breakdown of Votes

Category	Votes in Favour	Votes Against	% of Votes in Favour
Public - Non Institutions	16,958,285	103,196	99.40%
Total	16,958,285	103,196	99.40%

The Board of Directors and the Company Secretary have been authorized to take all necessary steps to implement the appointment, including filing required forms with the Registrar of Companies. The company confirmed that the resolution has been passed with the requisite majority as mandated under the Companies Act, 2013.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-3.85%	0.0%	-10.71%	-51.92%	-63.77%	+8.70%

Sylph Industries returned to profitability in the financial year ended March 31, 2026, reporting a net profit of ₹727.51 lakh compared to a net loss of ₹92.81 lakh in the previous year. The turnaround was supported by a substantial increase in revenue from operations, which rose to ₹10778.54 lakh from ₹195.91 lakh in FY25. The company’s Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on June 1, 2026. Subsequently, the company published these audited financial results in The Economic Times (English edition) and Swadesh (Hindi edition) on June 4, 2026, under Regulation 33.

The standalone financial results for FY26 show a total income of ₹10862.13 lakh, up from ₹242.45 lakh in the prior year. Total expenses for the year stood at ₹10130.92 lakh. The company reported a profit before tax of ₹731.21 lakh for the year. For the quarter ended March 31, 2026, the net profit after tax was ₹393.86 lakh on a total income of ₹2331.72 lakh.

Segment Performance

The company’s revenue growth was primarily led by the Trading of Commodities including FMCG segment, which generated revenue of ₹9417.56 lakh for the year. The Solar segment reported revenue of ₹844.52 lakh, while the Construction Chemicals segment contributed ₹553.45 lakh. The Supply of Technical Services for Software Systems segment had no revenue for the year.

Segment	Revenue FY26 (₹ in Lacs)	Profit/(Loss) Before Tax, Interest, Depreciation and Amortisation (₹ in Lacs)
Trading of Commodities including FMCG	9417.56	681.08
Solar	844.52	39.55
Construction Chemicals	553.45	62.54
Supply of Technical Services for Software Systems	0.00	0.00
Other Unallocable Segment	46.60	46.60
Total	10862.13	829.77

Financial Position and Cash Flows

The company’s total assets as of March 31, 2026, stood at ₹12557.02 lakh, compared to ₹8647.08 lakh in the previous year. Equity share capital increased to ₹12330.79 lakh from ₹3586.66 lakh. The cash flow statement shows a net increase in cash and cash equivalents of ₹15.37 lakh for the year, bringing the closing balance to ₹33.34 lakh.

Auditor’s Report

The statutory auditors, F H M S V & Co., issued an unmodified opinion on the standalone financial results. However, the auditors included an emphasis of matter regarding unsecured loans availed by the company and loans granted by it, noting that interest had not been provided for or recognized, respectively. Additionally, outstanding balances related to trade receivables, payables, and loans were subject to confirmations and reconciliations.

The auditors issued a qualified opinion on the consolidated financial results due to matters related to the company’s subsidiary, Maxrotth Foods Limited. The qualifications pertained to long-term loans and advances outstanding from relatives without repayment schedules or interest, and managerial remuneration paid in excess of limits prescribed under the Companies Act, 2013, without necessary approvals. The management stated that the impact of these qualifications does not affect the financial statements.