Thirani Projects reported a 37% year-on-year decline in net profit for FY26, driven by higher deferred tax expenses. The Kolkata-based non-banking financial company (NBFC) saw its bottom line drop to ₹47.2 lakh from ₹74.7 lakh in the previous fiscal.

Revenue grew 24% to ₹1.06 crore, buoyed by a rise in interest income. However, the profit contraction highlights the impact of tax provisions on the company's overall financial performance for the year ended March 31, 2026.

Financial Performance

The company’s total income rose to ₹1.06 crore from ₹85.5 lakh in FY25. Interest income, the primary revenue driver, increased by 19% to ₹1.02 crore. Other income also surged, jumping to ₹4.4 lakh from ₹32,000, largely due to loan processing fees.

Despite the revenue growth, total expenses fell marginally by 9% to ₹40.3 lakh. Employee benefit expenses dropped significantly to ₹17.1 lakh from ₹27.4 lakh, while other operating costs decreased to ₹14.3 lakh. Finance costs appeared on the statement at ₹8.9 lakh, a new line item compared to the prior year.

What the Numbers Show

While profit before tax expanded by 60% to ₹65.8 lakh, the final net profit figure tells a different story. The divergence is caused entirely by deferred tax accounting. In FY25, the company benefited from a deferred tax credit of ₹33.7 lakh. In FY26, this reversed into a charge of ₹18.6 lakh. This swing of over ₹52 lakh effectively erased the operational gains achieved through higher interest income and lower employee costs, resulting in the lower bottom-line figure.

Capital Raise and Governance

At its Board meeting on September 5, 2026, the company proposed raising up to ₹50 crore through loans with an option for lenders to convert them into equity shares. This resolution seeks shareholder approval at the upcoming Annual General Meeting (AGM) scheduled for September 30, 2026.

Additionally, shareholders will vote to increase the authorized share capital from ₹20.22 crore to ₹40.22 crore. The move is intended to facilitate future fundraising via rights issues or private placements. The company also plans to reappoint Satyam Jaiswal as an independent director for a second term ending in 2031.

Thirani Projects has scheduled its 43rd Annual General Meeting (AGM) for September 30, 2026. The board meeting held on September 5, 2026, also approved a share capital increase and the reappointment of an independent director.

The company notified the BSE of the outcomes under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Managing Director Utpal Dey signed the intimation letter.

AGM Schedule and Logistics

The AGM will be conducted via Video Conferencing (VC) and Other Audio-Visual Means (OAVM). Key dates and details are as follows:

The Register of Members and Share Transfer Books will remain closed from September 24 to September 30, 2026, inclusive. M/s. Kirti Sharma & Associates has been appointed as the scrutinizer for the voting process.

Members holding shares in physical form must lodge transfer deeds with the Registrar & Transfer Agents by September 23, 2026. Those holding electronic shares should notify their depository participants of any address or bank mandate changes by the same date.

E-Voting Facility Details

Thirani Projects Limited has provided an e-voting facility through CDSL for shareholders to exercise their right to vote on resolutions set in the Notice of AGM. The notice is available on the company's website and on www.evotingindia.com .

Key provisions for remote e-voting include:

• Login Credentials: Persons acquiring shares after dispatch of the notice but holding them as of the cut-off date (September 23, 2026) may obtain login IDs by emailing helpdesk.evoting@cdslindia.com or thiraniprojects@gmail.com . Existing CDSL users can use their current credentials.
• Password Reset: Users may reset passwords via the "Forgot User Details / Password" option on www.evotingindia.com or contact CDSL at 1800225533.
• Voting Rights: Members who cast votes via remote e-voting prior to the AGM may attend the meeting but cannot vote again. Venue voting will be available for those who have not voted remotely.

Board Approvals

Beyond the AGM logistics, the board considered several strategic matters:

• Share Capital Increase: The board approved an increase in the Authorized Share Capital and the consequential alteration of Clause V of the Memorandum.
• Loan Conversion: The board approved the option conversion of loan into equity shares.
• Director Reappointment: Mr. Satyam Jaiswal was approved for reappointment as an Independent Director for a second term of five years. His tenure will run from September 30, 2026, to September 30, 2031, subject to shareholder approval.

Mr. Jaiswal serves as Chairman of the Audit Committee, Shareholders Grievance Committee, Remuneration & Nomination Committee. He is not related to any other directors of the company.