Valencia India Limited held its 9th Annual General Meeting (AGM) on September 30, 2026, through Video Conferencing and Other Audio Visual Means. The meeting commenced at 2:30 pm and concluded at 2:49 pm, with 22 members participating virtually.

The proceedings were conducted in compliance with the Companies Act, 2013, and SEBI Listing Regulations. Keyur Jitendra Patel, Managing Director, chaired the session. The Statutory Auditors' Report and Secretarial Auditors' Report for FY26 did not contain any qualification or adverse remarks and were taken as read.

Attendees and governance structure

The Company Secretary, Twinkle Rathi, briefed members on the VC/OAVM protocol and confirmed that proxy appointment facilities were not available for this virtual meeting. Remote e-voting was enabled via the NSDL platform from September 27, 2026, to September 29, 2026. The following directors and key managerial personnel attended:

Ms. Sonu Jain, a Practicing Company Secretary, served as the Scrutinizer to ensure fair voting processes. Mr. Chintan Doshi attended as the Statutory Auditor.

Voting and resolution process

Members were informed that e-voting remained open for 15 minutes post-meeting for those who had not voted remotely. The consolidated results of voting for items 1 through 3 of the AGM notice were scheduled for declaration within prescribed timelines. These results, along with the Scrutinizer's report, were to be submitted to BSE and uploaded to company and NSDL websites.

The Chairman thanked the directors and shareholders for their participation before concluding the meeting with a vote of thanks.

Valencia India reported a net profit of ₹21.99 crore for the financial year ended March 31, 2026, marking a 4% increase from ₹21.13 crore in the previous year. Revenue from operations grew 16% year-on-year to ₹89.30 crore, supported by strong performance in its hospitality segment.

The Ahmedabad-based company completed its initial public offering (IPO) during the fiscal year, raising approximately ₹48.95 crore through a fresh issue and offer for sale. The equity shares were listed on the BSE SME Platform in July 2025.

Financial Performance

Revenue from operations stood at ₹89.30 crore compared to ₹76.77 crore in FY25. Total income reached ₹89.59 crore, including other income of ₹0.29 crore. The company recorded a profit before tax of ₹30.36 crore, up from ₹28.42 crore in the prior year.

Total expenses rose to ₹59.23 crore from ₹48.35 crore, primarily due to higher finance costs and employee benefits. Finance costs jumped to ₹9.32 crore from ₹2.74 crore, reflecting increased borrowing to fund capital expansion. Employee benefits expense increased to ₹13.96 crore from ₹10.10 crore.

Earnings per share (basic and diluted) declined to ₹1.84 from ₹2.35, impacted by the increase in weighted average shares outstanding following the IPO. The board did not recommend any dividend for the financial year.

Capital Expenditure and Balance Sheet

The company undertook significant capital expenditure, with purchases of property, plant, and equipment totaling ₹471.51 crore during the year. This was substantially higher than the ₹53.56 crore spent in the previous year. Capital work in progress surged to ₹268.29 crore from ₹19.54 crore, indicating ongoing expansion projects.

Total borrowings increased to ₹12.12 crore, comprising long-term debt of ₹79.13 crore and short-term borrowings of ₹42.07 crore. A new term loan of ₹50.00 crore was sanctioned by SIDBI under the MORE scheme for modernization projects. Shareholders' funds expanded significantly to ₹565.29 crore from ₹113.23 crore, driven by the IPO proceeds.

Corporate Developments

M/s Panchal S K & Associates were appointed as statutory auditors to fill a casual vacancy arising from the resignation of M/s Doshi & Doshi Co. The board proposed their re-appointment for a five-year term starting FY27. No frauds were reported by the auditors during the year.

The board composition remained unchanged, with Keyur Jitendra Patel serving as Managing Director and Dhavalkumar Kaushikkumar Chokshi as Executive Director and CFO. Mr. Prakash Deepakbhai Mahida retires by rotation at the upcoming annual general meeting and is eligible for re-appointment.