Artson Ltd

AGM Details

• Date and time: 25 September 2026, 15:00 IST.
• Mode: VC/OAVM; proxies not available.
• Record date for voting: 18 September 2026.
• Shareholders on record: 17,676.
• Meeting conducted via NSDL remote e-voting and VC/OAVM.

Key Resolutions

• Resolution 1 (Ordinary): Adopt Audited Financial Statements for year ended 31 March 2026.
• Resolution 2 (Ordinary): Re-appoint Gourisaria as Director by rotation.
• Resolution 3 (Ordinary): Ratify remuneration payable to Cost Auditors for 2026-27.
• Resolution 4 (Ordinary): Enter into related party transactions with Tata Projects Limited.

Voting Results

• Resolution 1 passed by requisite majority; negligible opposition.
• Resolution 2 passed with majority; minor against.
• Resolution 3 passed with majority; minor against.
• Resolution 4 passed; Tata Projects Limited not entitled to vote.

Director Changes

• Gourisaria re-appointed as Director by rotation.

Auditor Arrangements

• Cost Auditor remuneration for 2026-27 ratified.

Related Party Transactions

• Related party transaction with Tata Projects Limited approved; value not disclosed.

Director re-appointment and Scrutinizer appointment

• Subhra Gourisaria re-appointed as Non-Executive Director after retirement by rotation at AGM 25 Sep 2026.
• VYV & Co. LLP appointed as Scrutinizer (Secretarial) for remote e-voting and AGM voting.

Artson Limited: Trading Window closed from 23 September 2026 till 48 hours after the public announcement of the Un-audited Financial Results for the second quarter ending 30 September 2026

Overview

• FY2025-26 revenue from operations ₹16,358.35 Lakhs, up 44% YoY.
• EBITDA stood at negative ₹5.40 Crore; PAT at negative ₹10.88 Crore.
• Net cash from operations: ₹-5.48 Crore; no dividend declared.
• Company rebalanced capacity; past projects settled; Nashik and Parli operations optimized.

Financial performance

• Total income ₹16,369.32 Lakhs; PBT ₹-16.19 Crore; PAT ₹-10.88 Crore.
• EBITDA margin, -3.30% of total income.
• Revenue mix: contracts ₹10,365.64 Lakhs; goods ₹3,871.02; fabrication ₹1,298.16; grants ₹611.88.
• EPS negative ₹2.95; provisions include significant credit-loss allowances.

Capital structure & liquidity

• Total borrowings ₹53.3462 Crore; long-term ₹14.584 Crore; current ₹38.762 Crore.
• Paid-up equity ₹3.692 Crore; net equity ₹0.039 Crore due to losses.
• Bank guarantees from Holding Company ₹25.97 Crore outstanding.
• Debt-to-equity at 138.68x; liquidity pressured by losses and high leverage.

Operations & projects

• Nashik: 24 SS316L heat exchangers with Ra 0.2 μm finish; full weld radiography.
• Nashik: Ammonia tanks for Deepak Nitrite; Mundra Petrochem vessels; Tata Steel cert.
• Parli: ~1,600 MT dry dock panels; 1,000 MT AMNS/Noida work; shell components.
• Shipbuilding: GRSE hull blocks; 5 Million Safe Working Man-Hour cert; Alibaug dry dock progress.
• Kochi: Artson-MCL JV yard at Mattancherry; operations expected later this year.
• Orders from Adani Power, Hindalco, Mazagon Dock, Navin Fluorine, Danieli Corus.

Audit & governance

• Statutory auditors PW & Co issued unqualified opinion for FY2025-26.
• Secretarial audit by MKS & Associates; MR-3 disclosed in Annexure 3.
• Related party transactions with Tata Projects Limited approved; max ₹320 Crore.
• Independent Directors declared independence; board evaluated performance.

Outlook & strategy

• FY2026-27: expect double-digit revenue growth with gross-margin expansion.
• Three SBUs to scale: Nashik capacity, Parli throughput, container licensing.
• Capital allocation focused on capacity and partnerships; legacy claims to support cash flow.
• Policy tailwinds in shipbuilding and green-energy infrastructure to underpin demand.

Risks & contingencies

• Contingent liabilities ₹3,336.97 Lakhs; includes GST, service tax, income tax matters.
• Three customers >10% of FY2025-26 revenue; customer concentration risk noted.
• Going concern supported by Holding Company letter of support; dependence on project execution.

KYC updation for shareholders

• Intimation to Shareholders to update KYC details per SEBI circulars.
• Non-updation leads to dividend/interest payments via electronic mode from April 1, 2024.
• Updates after April 1, 2024 will enable receipt of post-update dividends.
• Mandatory fields include PAN and Aadhaar linkage, specimen signature, and mobile number.
• Nominee details and email are optional but encouraged for online services.
• Bank details required: bank name, account number, IFSC, and MICR.
• Submission modes: self-attested physical copies, registered-email submission, or MUFG Intime portal.
• Forms ISR-1, ISR-2, ISR-3, SH-13, SH-14 and related SEBI circulars available on RTA site.
• Shareholders holding physical shares are urged to dematerialize for liquidity.

AGM and Book Closure

• 47th AGM scheduled for 25 September 2026 at 15:00 IST via VC/OAVM.
• Register of Members and share transfer books closed from 19 September to 25 September 2026 (inclusive).

Rating Action

• Ind-Ra affirmed Artson Limited's issuer rating: IND A+/Stable.
• Ind-Ra affirmed bank facilities: IND A+/Stable/IND A1+.
• Rating affirmed on Aug 3, 2026; outlook Stable for both.
• No material change vs previous rating.

Vinayak Pai cessation as Chairman & NED

• Name and designation: Vinayak Pai, Chairman and Non-Executive Director.
• Type of cessation: resignation.
• Effective date: 31 July 2026.
• Reason: stepping down from Tata Projects Limited due to other professional commitments.