Valley Magnesite Company will convene its 38th Annual General Meeting on September 21, 2026. The meeting is scheduled for 3:00 pm at the company’s registered office in Kolkata.

The Board has dispatched the notice of the meeting along with the Annual Report for FY26 to all members on August 26, 2026. The notice outlines both ordinary and special business items to be transacted during the session.

Key Dates and Procedures

Shareholders holding shares in physical or dematerialized form as of the record date, September 14, 2026, are eligible to vote. The company has enabled electronic voting through Central Depository Services Ltd (CDSL) for this meeting.

Members may also appoint a proxy to attend and vote on their behalf. Proxies must be duly completed, stamped if applicable, and signed. They must be deposited at the registered office at least 48 hours before the scheduled start time of the AGM.

Regulatory Compliance

The company published the notice and intimation regarding the cut-off date, book closure period, and e-voting procedures in newspapers on August 27, 2026. The publications included Financial Express, Arthik Lipi, and Jan Satta. This disclosure was made pursuant to Regulation 47 of the SEBI (LODR) Regulations, 2015.

Valley Magnesite Company reported a significant decline in profitability for the financial year ended March 31, 2026. The company's net profit after tax fell to ₹16.18 lakh, down from ₹39.25 lakh in the previous year. This marks a sharp contraction in earnings driven by reduced returns on its investment portfolio.

Financial Performance

The company's total income decreased to ₹46.86 lakh from ₹62.86 lakh in FY25. With no revenue from operations recorded, the firm relies entirely on other income sources, primarily investment gains. Total expenses rose to ₹40.02 lakh compared to ₹35.31 lakh last year, further pressuring margins.

Profit before tax dropped sharply to ₹6.84 lakh from ₹27.54 lakh. Despite the lower pre-tax profit, the final net profit figure was boosted by deferred tax credits, which stood at ₹21.32 lakh compared to ₹37.66 lakh in the prior period. Current tax provisions amounted to ₹10.57 lakh.

What the Numbers Show

The divergence between profit before tax and profit after tax highlights the company's heavy reliance on tax accounting adjustments rather than operational cash generation. While pre-tax profits contracted by over 75%, the post-tax figure declined at a slower pace due to the release of deferred tax assets. This suggests that the bottom-line resilience is largely structural and tax-driven, not operational.

Balance Sheet and Dividends

Total assets remained relatively stable at ₹94.05 crore, down slightly from ₹94.49 crore. The company holds significant current investments valued at ₹82.77 crore, constituting the bulk of its asset base. Cash and cash equivalents decreased to ₹1.96 lakh from ₹5.98 lakh.

The board of directors decided not to recommend any dividend for the year, citing the need to consolidate the company's financial position. Retained earnings increased to ₹754.66 lakh from ₹738.48 lakh.

Corporate Governance

The 38th Annual General Meeting is scheduled for September 21, 2026. Shareholders will vote on the adoption of financial statements and the re-appointment of director Mr. Gaurang Agarwalla, who retires by rotation. The company maintains an independent board structure with two independent directors.