United Leasing & Industries has scheduled its 42nd Annual General Meeting (AGM) for September 30, 2026. The board approved the FY26 annual report on September 2, 2026, and fixed September 23, 2026, as the record date for voting eligibility.

The company appointed M/s. Mayuri Sinha & Co. as secretarial auditor and M/s. Raj Anirudh & Associates as internal auditor for FY27 during the same board meeting.

Governance Changes

Directors recommended changing Mr. Karm Sawhney’s designation from Additional Director to Non-Executive Independent Director. This change requires shareholder approval and would be effective for five consecutive years. Mr. Sawhney is an Associate Member of the Institute of Company Secretaries of India with over five years of experience in corporate legal advisory and compliance.

Meeting Logistics

Shareholders can participate in remote e-voting from September 27 to September 29, 2026. The book closure period runs from September 24 to September 30, 2026. M/s. Mayuri Sinha & Co. serves as the scrutinizer for the e-voting process.

The initial board meeting commenced at 4:00 pm and concluded at 4:30 pm.

United Leasing & Industries reported a standalone net loss of ₹14.24 lakh for the quarter ended June 30, 2026, compared to a net loss of ₹0.35 lakh in the same period last year. Operating revenue from operations declined to ₹107.71 lakh from ₹143.45 lakh in Q1FY26, reflecting a contraction in core business activity.

The Board of Directors approved the unaudited financial results on August 14, 2026. The company operates primarily in the textile embroidery segment and has recently ventured into sports academies.

Financial Performance

Revenue from operations fell significantly year-on-year, while total expenses remained relatively stable, widening the operational deficit. Other income was negligible at ₹0.00 lakh compared to ₹0.29 lakh in the prior year quarter.

Cost of materials consumed stood at ₹64.04 lakh, down from ₹77.31 lakh in the previous year quarter. Employee benefit expenses decreased to ₹12.73 lakh from ₹15.16 lakh. Finance costs were recorded at ₹5.78 lakh, lower than the ₹8.18 lakh incurred in Q1FY26. Depreciation and amortization expenses increased slightly to ₹16.62 lakh from ₹14.81 lakh.

What the Numbers Show

The primary driver of the company’s financial position this quarter was a non-operating gain rather than operational performance. While the core business posted a pre-tax loss of ₹14.24 lakh, the company recorded a ₹149.06 lakh gain (net of tax) in other comprehensive income due to the revaluation of a land parcel. This revaluation gain completely offset the operational loss, resulting in a total comprehensive income of ₹149.06 lakh for the quarter. Without this one-time accounting adjustment, the company would have reported a comprehensive loss consistent with its operating deficit.

Auditor Notes

R K Bhalla & Co., the independent auditors, noted that the company adopted the revaluation model for a land parcel which may fall under green belt or road widening areas. The management recorded the gain based on an independent expert’s fair value assessment. Additionally, the auditors highlighted that loans provided to and borrowings from related parties are short-term and demand-based, with no interest accrued or charged respectively.