Victoria Mills shareholders approved all agenda items at the company's 113th Annual General Meeting held on September 25, 2026. The meeting, conducted through video conferencing, saw the adoption of audited financial statements for the year ended March 31, 2026.

Meeting proceedings and approvals

The meeting was chaired by Aditya Mangaldas, Chairman and Managing Director. The requisite quorum was present, and the session concluded at 11:15 am after a 15-minute e-voting window. The Chairperson confirmed that the statutory auditors' report contained no qualifications or adverse observations regarding the company's functioning.

Key resolutions passed by the members include:

• Approval and adoption of the audited financial statements for FY26.
• Declaration of dividend on equity shares for FY26.
• Re-appointment of Mamta Mangaldas as Director retiring by rotation.
• Increase in threshold limits for loans, guarantees, securities, and investments under Section 186 of the Companies Act, 2013.

Voting mechanism and compliance

Remote e-voting was facilitated by Link Intime India Private Limited for members holding shares as of the cut-off date, September 18, 2026. The voting period ran from September 23 to September 24, 2026. During the AGM, an additional e-voting facility was available for participants who had not voted remotely.

Nilesh Shah, Partner at Nilesh Shah & Associates, served as the scrutinizer. His report, along with detailed voting results, will be available on the company's website and submitted to stock exchanges in compliance with SEBI Listing Regulations.

Victoria Mills reported a net profit of ₹666.25 lakh for the fiscal year ended March 31, 2026, an 11-fold increase from ₹55.43 lakh in FY25. Revenue from operations grew 76% to ₹5,275.00 lakh, driven by property sales. The 113th Annual General Meeting (AGM) is scheduled for September 25, 2026.

The Board has recommended a dividend of 50% per equity share. Shareholders will also vote on a special resolution to increase the threshold for loans, guarantees, and investments under Section 186 of the Companies Act, 2013, up to ₹100 crore. The meeting will be held via video conference at 11:00 am IST through Video Conferencing / Other Audio Visual Means.

Financial Performance

Total income rose to ₹5,562.52 lakh from ₹3,049.52 lakh in FY25. This growth was supported by higher operating revenue and a substantial increase in other income, which jumped to ₹287.52 lakh from ₹54.52 lakh. Other income included gains on mutual fund investments and profit on redemption of units.

Total expenses stood at ₹4,715.01 lakh, compared to ₹2,951.62 lakh in the prior year. Cost of materials consumed accounted for the largest share at ₹4,316.55 lakh. Depreciation expenses decreased slightly to ₹10.25 lakh from ₹12.11 lakh.

What the Numbers Show

The surge in net profit was significantly aided by non-operating factors. While revenue from operations grew by ₹2,280 lakh, other income contributed an additional ₹233 lakh to the top line. Notably, the statement of profit and loss includes a write-back of excess provisions amounting to ₹109.26 lakh under other income. This single item constitutes approximately 16% of the total reported net profit, indicating that the bottom-line improvement is partly driven by accounting adjustments rather than purely operational efficiency.

Balance Sheet and Cash Position

As of March 31, 2026, the company held cash and cash equivalents of ₹143.22 lakh, up from ₹55.45 lakh in the previous year. Total current assets decreased to ₹5,322.72 lakh from ₹6,885.65 lakh, primarily due to a reduction in inventories (work-in-progress and property held as stock-in-trade) to ₹2,444.22 lakh from ₹4,199.45 lakh. This decline in inventory aligns with the recognition of higher revenue from property sales during the period.

Total equity increased to ₹7,161.20 lakh from ₹6,570.88 lakh. The company had no outstanding loans or borrowings from banks or financial institutions during the year, maintaining a debt-free balance sheet.

Corporate Governance and AGM Details

The 113th Annual General Meeting will be held via video conferencing on September 25, 2026. Shareholders will vote on the re-appointment of Mrs. Mamta Mangaldas as a director, who retires by rotation. The company also transferred 3,370 shares to the Investor Education and Protection Fund (IEPF) for unpaid dividends remaining unclaimed for seven consecutive years.

Statutory auditors Vasani & Thakkar issued an unmodified opinion on the financial statements, confirming compliance with Indian Accounting Standards (Ind AS). No frauds were reported by the auditors or secretarial auditors during the fiscal year.