Vallabh Steels Limited concluded its 46th Annual General Meeting on September 30, 2026, with shareholders approving key resolutions including the adoption of audited financial statements for the fiscal year ended March 31, 2026.

The meeting was held at the company's registered office in Ludhiana, Punjab. Director Neelam Sharma commenced the proceedings by welcoming members and introducing the directors present on the dais. The quorum was confirmed, and the notice of the meeting along with the annual report for FY26 were taken as read with member consent.

Key resolutions passed

Shareholders voted on three primary items of business, covering financial approvals and board appointments. The resolutions included the appointment of Kapil Kumar Jain as both a Director and a Whole-Time Director of the company.

Voting and compliance details

The company facilitated voting through electronic means and physical ballots. E-voting facilities provided by National Securities Depository Limited remained open from September 27, 2026, at 9:00 am to September 29, 2026, at 5:00 pm. Members present who did not vote electronically utilized ballot papers circulated during the meeting.

CS Kajal Rai of Kajal Rai & Associates served as the scrutinizer to ensure a fair and transparent voting process. The results of the voting are to be disseminated to stock exchanges and uploaded on the NSDL and company websites. The meeting concluded at 11:30 am with a vote of thanks.

Vallabh Steels will hold its 46th Annual General Meeting on September 30, 2026, at 10:00 am at its registered office in Ludhiana. The Ludhiana-based steel manufacturer reported a net loss of ₹117.08 lakh for the year ended March 31, 2026, an improvement from the ₹141.43 lakh loss recorded in FY25.

The company’s revenue from operations remained at ₹0.03 lakh, unchanged from the previous year, reflecting continued operational stagnation due to working capital constraints. Total expenses declined to ₹117.02 lakh from ₹142.53 lakh in FY25, driven primarily by a reduction in depreciation expense and employee benefit costs.

What the Numbers Show

The narrowing of the net loss by approximately 17% occurred despite zero operational revenue, indicating that the improvement was structural rather than commercial. Depreciation charges fell to ₹87.32 lakh from ₹105.90 lakh, accounting for the majority of the expense reduction. Employee benefit expenses also decreased to ₹7.69 lakh from ₹11.87 lakh, likely reflecting changes in staff composition or remuneration structures during a period of halted production.

Financial Performance

The company’s total assets stood at ₹2,331.65 lakh, down from ₹2,445.54 lakh in the prior year. Total equity turned negative at -₹2,324.42 lakh, worsening from -₹2,207.34 lakh. Current liabilities remain significantly higher than current assets, with a current ratio of 0.07 times, highlighting severe liquidity pressure.

Board Appointment

Shareholders will vote on the appointment of Mr. Kapil Kumar Jain as a Whole-Time Director for a three-year term starting September 30, 2026, up to September 29, 2029. Mr. Jain, aged 76 and a member of the promoter group, was initially appointed as an Additional Director on August 11, 2026. He has voluntarily agreed to serve without remuneration and will only be reimbursed for actual business-related expenses.

The Board justified his appointment despite his age by citing his 40 years of experience in the iron and steel industry and his detailed knowledge of the company’s plant and customer base. The resolution requires special approval given his age exceeds the statutory limit for such appointments under the Companies Act, 2013. Mr. Jain holds 2,32,000 equity shares, representing 4.69% of the paid-up equity share capital.

Auditor Qualifications

Statutory auditors M/s K.R. Aggarwal & Associates issued a qualified opinion on the financial statements. Key qualifications included the lack of verification for inventories, which were taken on management certification, and the absence of an actuarial valuation report for employee benefits. The auditors also noted that trade receivables included debtors without expected credit loss provisions as per IND AS 109. Furthermore, the accounts have been categorized as NPA (Non-Performing Asset) by banks, impacting the confirmation of bank balances.