Vivid Mercantile Limited appointed Brickwork Ratings India Pvt. Ltd as the monitoring agency for its proposed equity rights issue. The Board of Directors approved the move during a meeting held on September 19, 2026.

The appointment ensures compliance with regulatory requirements for monitoring the utilization of proceeds from the rights issue. The monitoring will align with the objects disclosed in the Draft Letter Offer or Letter Offer Letter.

Board Meeting Details

The Board meeting commenced at 11:00 am and concluded at 12:30 pm at the company’s registered office in Ahmedabad. Satishkumar Ramanlal Gajjar, Managing Director, signed the disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Vivid Mercantile submitted a revised annual report for FY26 to the Bombay Stock Exchange on September 9, 2026. The revision was made to rectify a typographical error in the Notes to Accounts and to include the financial ratios page, which had been inadvertently omitted from the earlier submission. The company confirmed that no other changes or amendments were made to the report.

The original filing highlighted a strong financial performance for the fiscal year ended March 31, 2026. Revenue from operations surged 242.17% to ₹4,691.06 lakh, up from ₹1,370.99 lakh in FY25. Profit after tax grew nearly eight-fold by 683.44% to ₹1,078.80 lakh, compared to ₹137.70 lakh in the previous year. Earnings per share improved from ₹0.14 to ₹1.08.

Auditor Appointments

The Board approved M/s P H Shah and Co as Statutory Auditor for five consecutive financial years (FY27 to FY31). M/s Madhav Upadhyay and Associates was appointed as Secretarial Auditor for the same period. Both appointments require shareholder ratification at the upcoming AGM.

Resignations Noted

The Board noted the resignation of M/s Shah Karia & Associates as Statutory Auditor and M/s Neelam Somani & Associates as Secretarial Auditor. Both firms resigned on account of personal reasons. Intimations were submitted to BSE Limited as per SEBI Listing Regulations.

Financial Performance

Revenue from operations increased by ₹3,320.07 lakh, representing a growth of 242.17%, from ₹1,370.99 lakh in FY25 to ₹4,691.06 lakh in FY26. Profit After Tax rose by ₹941.10 lakh, or 683.44%, from ₹137.70 lakh to ₹1,078.80 lakh. Total comprehensive income increased by 9.90% to ₹1,230.54 lakh, despite a decline in other comprehensive income of 84.55%.

Rights Issue Proposal

The Board approved a Draft Letter of Offer for a proposed Rights Issue of up to 5,01,28,200 Equity Shares of face value ₹1 each, at an issue price of ₹5 per share. The issue is in the ratio of 1 Rights Equity Share for every 2 fully paid-up Equity Shares held by eligible shareholders as on the record date. The proceeds are intended to augment long-term working capital requirements and general corporate purposes.

What the Numbers Show

The substantial revenue growth was driven by core trading activities, with operating revenue constituting approximately 96.44% of total income in FY26, compared to 81.84% in FY25. While other income declined by 43.18% to ₹172.90 lakh, the significant expansion in operational scale more than offset this reduction. The company strengthened its balance sheet, reducing total borrowings substantially to achieve a near debt-free footing, with non-current borrowings standing at just ₹7.00 lakh as of March 31, 2026.