Vishal Bearings shareholders approved all three ordinary resolutions at the company’s 35th annual general meeting held on September 19, 2026. The meeting was conducted through video conferencing and other audio-visual means.

The agenda included adopting the audited standalone financial statements for the fiscal year ended March 31, 2026, alongside the reports of the Board of Directors and auditors. Shareholders also voted to reappoint Divyeshkumar Hiralal Changela as a director, replacing him upon his retirement by rotation. Additionally, the meeting approved the remuneration of the company’s cost auditor.

Meeting Proceedings and Attendance

Mr. Ketankumar Savaliya, Company Secretary and Compliance Officer, welcomed members and introduced the panel. Dilip G. Changela, Chairman cum Managing Director, presided over the meeting as per Companies Act, 2013 provisions.

Key attendees included:

Vishal Changela provided an overview of operations and financial performance for FY26. The statutory auditor, M/s Anil Parekh & Co., and secretarial auditor/scrutinizer, M/s K.P Ghelani & Associates, were present. The auditors’ reports contained no qualifications or adverse remarks.

Voting Participation

As on the record date of September 11, 2026, the company had 7,922 shareholders. A total of 5,572,052 shares were eligible to vote, representing 100% participation across all resolutions via remote e-voting and voting during the meeting. No invalid votes were recorded for any resolution.

Promoter and promoter group shareholders held 4,598,875 shares, while public non-institutional shareholders held 973,177 shares. No institutional public shareholders participated in the voting process.

Resolution Outcomes

All three resolutions passed with overwhelming support from promoter shareholders, who voted in favor of every item. Public non-institutional shareholders also largely supported the measures, with minor dissent recorded on two resolutions.

The scrutinizer for the meeting was Keyur Ghelani of M/s K.P Ghelani & Associates. The e-voting period ran from September 16 to September 18, 2026, with votes unblocked on September 19, 2026.

Vishal Bearings reported a net loss of ₹70.87 lakh for FY26, a significant improvement from the ₹259.21 lakh loss in FY25. Revenue from operations grew by 1.5% to ₹8,794.09 lakh, supported by steady demand in automotive and industrial sectors.

The Board of Directors approved the standalone financial results and proposed a remuneration of ₹50,000 for the cost auditor for FY27. The 35th annual general meeting (AGM) is scheduled for September 19, 2026.

Financial Performance

Vishal Bearings saw a decline in its net loss by nearly 73% year-on-year, reflecting improved operational efficiency despite rising costs. Revenue from operations increased to ₹8,794.09 lakh from ₹8,664.19 lakh in the previous year. Other income also rose to ₹44.64 lakh from ₹24.47 lakh, primarily due to interest income and long-term profits on mutual funds.

Total expenses decreased slightly to ₹8,917.64 lakh from ₹8,960.12 lakh. Cost of materials consumed fell to ₹4,880.33 lakh from ₹5,211.47 lakh, while employee benefit expenses declined to ₹1,459.25 lakh from ₹1,503.25 lakh. However, depreciation and amortization expenses increased to ₹633.36 lakh from ₹587.45 lakh.

Balance Sheet and Capital Expenditure

The company’s total assets rose to ₹11,199.65 lakh as of March 31, 2026, from ₹10,618.40 lakh in the previous year. This growth was driven by an increase in property, plant, and equipment (PPE), which stood at ₹3,877.50 lakh, up from ₹3,121.09 lakh. Capital work-in-progress (CWIP) also expanded significantly to ₹454.42 lakh from ₹167.82 lakh, indicating ongoing capacity expansion and infrastructure development.

Borrowings increased during the period. Long-term borrowings rose to ₹2,970.75 lakh from ₹2,521.39 lakh, while short-term borrowings remained relatively stable at ₹3,007.43 lakh compared to ₹3,024.56 lakh. The debt-to-equity ratio improved to 0.99 times from 0.83 times, reflecting the change in equity base due to accumulated losses.

Corporate Governance and AGM

The board proposed the reappointment of Mr. Divyeshkumar Hiralal Changela as a whole-time director. He retires by rotation and has offered himself for reappointment. Mr. Changela holds a diploma in mechanical engineering and brings over 21 years of experience in the roller and bearings industry.

The company seeks member approval for the appointment of M/s M. C. Bambhroliya & Associates as Cost Accountants for FY27. The total remuneration is fixed at ₹50,000 plus reimbursement of out-of-pocket expenses at actuals and applicable taxes.

What the Numbers Show

The reduction in net loss was primarily driven by a decrease in material costs and employee benefits, which offset higher depreciation charges. The company’s ability to control core operational expenses while maintaining revenue growth indicates improved margin management. Additionally, the rise in other income contributed positively to the bottom line, although it remains a small fraction of total revenue. The significant increase in capital work-in-progress suggests the company is investing heavily in future capacity, which may lead to higher depreciation charges in subsequent years.

Future Outlook

The Indian bearing market is expected to expand, supported by growth in automotive production, industrial machinery, railways, and infrastructure. Vishal Bearings plans to focus on process automation, technology-driven improvements, and customer diversification to enhance competitiveness. The company aims to capitalize on emerging opportunities in the automotive and industrial sectors through its established manufacturing expertise.