Vrundavan Plantation posts ₹4,194.95 lakh revenue in FY26, files annual report
Vrundavan Plantation filed its integrated annual report for FY26, reporting revenue from operations of ₹4,194.95 lakh and net profit after tax of ₹177.39 lakh, with EBITDA of ₹276.33 lakh at 6.59% of total revenue. The company converted 8,56,872 preferential warrants into equity shares at ₹51 per share on August 1, 2025, raising paid-up capital to ₹6,18,96,000 comprising 61,89,600 shares. Its fourth AGM is set for September 15, 2026 in Ahmedabad, with key resolutions including auditor re-appointment and the re-appointment of Ms. Malvika Jagani as independent director for a second five-year term. The secretarial audit flagged two delayed filings under the Companies Act, 2013, with applicable additional fees paid.
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Vrundavan Plantation has filed its integrated annual report for the financial year ended March 31, 2026, disclosing revenue from operations of ₹4,194.95 lakh and a net profit after tax of ₹177.39 lakh. The report, submitted to the Bombay Stock Exchange on August 19, 2026, also contains the notice for the company's fourth Annual General Meeting (AGM) scheduled for Tuesday, September 15, 2026, at 2:30 pm at its registered office at 307, Sun Avenue One, Nr. Sun Prima, Ambawadi, Ahmedabad.
Financial performance in FY26
The company's total income for FY26 stood at ₹4,194.95 lakh, compared to ₹2,551.58 lakh in the previous year. Total expenses rose to ₹3,958.30 lakh from ₹2,318.18 lakh. Profit before tax was ₹236.65 lakh against ₹233.40 lakh in FY25. EBITDA was ₹276.33 lakh, representing 6.59% of total revenue. Profit after tax as a percentage of total revenue stood at 4.23%.
The following table summarises the company's financial performance:
| Metric: | FY26 | FY25 |
|---|---|---|
| Revenue from operations: | ₹4,194.95 lakh | ₹2,550.77 lakh |
| Other income: | NIL | ₹0.80 lakh |
| Total income: | ₹4,194.95 lakh | ₹2,551.58 lakh |
| Total expenses: | ₹3,958.30 lakh | ₹2,318.18 lakh |
| Profit before tax: | ₹236.65 lakh | ₹233.40 lakh |
| Current income tax: | ₹53.72 lakh | ₹58.64 lakh |
| Deferred tax: | ₹5.54 lakh | (₹1.04 lakh) |
| Net profit after tax: | ₹177.39 lakh | ₹175.81 lakh |
| Basic EPS (₹): | 3.01 | 3.30 |
| Diluted EPS (₹): | 3.01 | 2.84 |
Material cost for FY26 was ₹3,635.11 lakh, representing 86.66% of total revenue. Other expenses stood at ₹205.57 lakh, or 4.90% of total revenue. Employee benefits expense was ₹547.36 lakh, and finance costs were ₹66.47 lakh.
Key financial ratios
The following table presents key financial ratios for FY26 compared to FY25:
| Ratio: | FY26 | FY25 |
|---|---|---|
| Current ratio: | 2.42 | 2.90 |
| Return on equity ratio: | 6.74% | 7.86% |
| Inventory turnover ratio: | 1.94 | 1.40 |
| Trade receivable turnover ratio: | 3.06 | 2.28 |
| Trade payable turnover ratio: | 9.77 | 4.13 |
| Net capital turnover ratio: | 2.37 | 1.47 |
| Net profit ratio: | 4.23% | 6.89% |
| Return on capital employed: | 7.56% | 9.26% |
Share capital and warrant conversion
During FY26, Vrundavan Plantation allotted 8,56,872 equity shares of face value ₹10 each upon conversion of an equal number of preferential warrants originally allotted on February 17, 2025. The conversion was effected on August 1, 2025 at an issue price of ₹51 per equity share, including a premium of ₹41 per share. The warrant holders belonged to the Promoter Group and Non-Promoter Category. Consequent to this allotment, the paid-up equity share capital increased to ₹6,18,96,000, comprising 61,89,600 equity shares of ₹10 each, fully paid-up. The authorised share capital as on March 31, 2026 stood at ₹25,00,00,000.
AGM agenda and voting details
The fourth AGM will be held physically at the company's registered office in Ahmedabad. Shareholders on record as of August 14, 2026 are eligible to attend and vote. The remote e-voting period runs from Saturday, September 12, 2026 at 9:00 am to Monday, September 14, 2026 at 5:00 pm, using the NSDL e-voting system. The cut-off date to determine members eligible for e-voting is Tuesday, September 8, 2026.
The agenda includes the following resolutions:
| Item no.: | Resolution | Type |
|---|---|---|
| 1 | Adoption of audited financial statements for FY26 | Ordinary |
| 2 | Re-appointment of M/s. Panchal S K & Associates (FRN: 145989W) as statutory auditors for five years through FY31 | Ordinary |
| 3 | Re-appointment of Mr. Vishal Tiwari (DIN: 08530704) as director, retiring by rotation | Ordinary |
| 4 | Re-appointment of Ms. Malvika Jagani (DIN: 11409166) as non-executive independent director for a second consecutive five-year term from April 24, 2026 to April 23, 2031 | Special |
Ms. Sonu Jain, practicing company secretary, has been appointed as the scrutinizer for the AGM. Voting results will be announced within two working days of the meeting's conclusion. Proxy forms must be deposited at the registered office at least 48 hours before the meeting.
Board and key managerial personnel
The board of directors comprises Upendra Umashankar Tiwari (Chairman and Managing Director), Vishal Tiwari (Non-Executive Director), Dineshkumar Girjaprasad Dubey (Executive Director), Amita Chhaganbhai Pragada (Non-Executive Independent Director), and Malvika Jagani (Non-Executive Independent Director, appointed April 24, 2026). Ms. Shivani Tiwari serves as Chief Financial Officer (appointed June 5, 2025) and Akshita Dave as Company Secretary.
During FY26, eight board meetings were held. All directors attended all eight meetings. The Audit Committee met five times, the Nomination and Remuneration Committee met twice, and the Stakeholders Relationship Committee met once during FY26. The separate meeting of independent directors was held on March 23, 2026.
The following table presents remuneration details for key managerial personnel for FY26:
| Name: | Designation: | Remuneration (FY26): | Ratio to median employee remuneration: |
|---|---|---|---|
| Upendra Umashankar Tiwari | Managing Director | ₹18,00,000 | 5.05:1 |
| Dineshkumar Girjaprasad Dubey | Executive Director | ₹10,56,000 | 2.96:1 |
| Akshita Dave | Company Secretary | ₹2,16,000 | 0.61:1 |
| Shivani Tiwari | CFO | ₹5,00,000 | 1.40:1 |
The median remuneration of employees during FY26 was ₹3,56,000, with a 2.01% increase over the prior year. Total permanent employees on rolls as on March 31, 2026 stood at 267.
Director profiles
Mr. Vishal Tiwari (DIN: 08530704), who retires by rotation, holds an Integrated Master of Design from Gujarat University and is the son of Managing Director Upendra Umashankar Tiwari. He holds 60,000 shares in the company and directorships in two other companies.
Ms. Malvika Jagani (DIN: 11409166) was appointed as an additional director on April 24, 2026, on the recommendation of the Nomination and Remuneration Committee. She is an associate member of the Institute of Company Secretaries of India since 2016, holds qualifications including CS, MBA, and LLM, and has approximately six years of experience in corporate compliance with legal and secretarial practices. She currently holds directorships in two other companies.
Secretarial audit observations
The secretarial audit for FY26 was conducted by M/s. Sonu Jain & Co., Company Secretaries. The audit noted two compliance delays under the Companies Act, 2013:
- The company delayed filing e-Form CHG-1 (SRN: AC2342030, dated February 17, 2026) in respect of creation of charge by hypothecation in favour of Tata Capital Limited, created on January 12, 2026, for a maximum secured amount of ₹1,12,47,348. Normal filing fees of ₹600 and additional filing fees of ₹3,600 were paid.
- The company delayed filing e-Form MGT-14 (SRN: AB5813510, dated August 2, 2025) in respect of a resolution passed on May 21, 2025 for adoption of audited financial statements for FY25. Normal filing fees of ₹600 and additional filing fees of ₹2,400 were paid.
The statutory audit was conducted by M/s. Panchal S K & Associates, Chartered Accountants (FRN: 145989W). The auditors issued an unmodified opinion on the financial statements and on the adequacy and operating effectiveness of internal financial controls. No frauds were reported under Section 143(12) of the Companies Act, 2013. The company had undisputed income tax amounts payable of ₹52.96 lakh for FY25 and ₹36.30 lakh for FY24.
Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0Q6901013/f16dd49e-359a-48ff-9f1c-004b5050d833.pdf
Historical Stock Returns for Vrundavan Plantation
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | 0.0% | 0.0% | -3.47% | -31.91% | 0.0% |
How will the company address the declining net profit margin from 6.89% to 4.23% despite a significant increase in revenue?
What strategic initiatives are planned to manage the high material cost, which accounts for 86.66% of total revenue?
Will the conversion of preferential warrants lead to further dilution of equity or changes in the promoter group's influence?
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