Tijaria Polypipes Limited reported a net loss of ₹12.87 crore for the financial year ended March 31, 2026, narrowing from a loss of ₹54.30 crore in the previous year. Total income decreased to ₹2.23 crore from ₹2.98 crore in FY25, reflecting the company's ongoing operational struggles. The Board of Directors has not recommended any dividend for the year due to the absence of surplus.

Financial Performance

The company’s financial results for the year ended March 31, 2026, show a mixed performance with a reduced loss but lower revenue. The table below summarizes the key financial figures:

The reduction in net loss is attributed to lower exceptional items and expenses, despite the drop in total income. However, the company continues to face significant financial headwinds.

Operational Challenges and Outlook

The Board’s report highlights that the company’s bank accounts have been declared Non-Performing Assets (NPA) by the Bank of India, leading to their seizure. Consequently, the company has been unable to make payments from its accounts, and directors have been making payments and receipts on behalf of the company from their personal accounts. The textile unit has been closed for several years due to financial burdens, and the pipeline division has not received any orders, resulting in no production being carried out for an extended period.

A legal case is pending before the National Company Law Tribunal (NCLT), Jaipur, regarding an insolvency petition filed by the Bank of India. The company’s promoters are attempting to settle the NPA loans, but the bank has not agreed to the proposed terms. The future outlook remains uncertain, with the company stating it is not in a position to resume business operations in the Yarn Division due to a paucity of funds.

Auditor’s Observations

The statutory auditors, M/s. Amit Ramakant & Co., issued a report with a disclaimer of opinion, citing an inability to determine the consequential impact of specific transactions on the standalone financial statements. Key issues include:

• NPA and Forfeiture: The Bank of India declared the company an NPA, with an outstanding loan of ₹72.50 crore and bank guarantees of ₹57 lakh. The bank has forfeited equity shares of promoters and directors worth ₹4.74 crore.
• Loans and Advances: Outstanding receivables and advances to suppliers totaling ₹25.14 lakh lack independent balance confirmations, raising concerns about recoverability.
• Tax Assets: A gross tax asset of ₹26.09 lakh exists, but the status of assessments, refunds, or appeals was not provided, making recoverability uncertain.
• Asset Valuation: The Board did not conduct a valuation of plant and machinery for the textile and pipe divisions during the financial year.

Corporate Governance and Board Decisions

The Board has appointed M/s. Pramod & Associates, Chartered Accountants, as the statutory auditors to fill a casual vacancy. Additionally, the company will seek shareholder approval at the upcoming Annual General Meeting (AGM) to appoint Ms. Vishakha Saini as a Non-Executive Independent Director for a term of five years. The AGM is scheduled for August 7, 2026.

Tijaria Polypipes Limited has scheduled a meeting of its Board of Directors on Thursday, July 9, 2026, at 03:00 P.M. to consider key governance and financial matters, including the appointment of statutory auditors for the upcoming fiscal year. The meeting aims to ensure compliance with regulatory requirements and finalize preparations for the annual shareholder meeting.

The Board will consider and approve the appointment of Pramod & Associates, Chartered Accountants, as Statutory Auditors for FY 2026-2027, replacing the incumbent Amit Ramakant & Company. Additionally, the directors will deliberate on the appointment of an Internal Auditor and fix their remuneration to strengthen the company's internal control framework.

Another significant agenda item is the approval of the notice for the 20th Annual General Meeting. The Board will review the Annual Report, including the Board Report, Notice of AGM, and all other annexures required for shareholder communication. The meeting also includes the approval of Mr. Vinod Kumar Naredi, a Practicing Company Secretary, as the Scrutinizer for conducting the e-voting process during the 19th Annual General Meeting.

The Board will also consider the appointment of Ms. Vishakha Saini as an Independent Director of the company. This appointment is intended to enhance the governance structure of the board with independent oversight.

The following table summarizes the key agenda items for the board meeting: