Bhagawati Gas Ltd

Bhagawati Gas Ltd - Closure of Trading Window

AGM Details

• AGM: 52nd, 30 September 2026 at 11:30 IST, in physical mode, Banawas, Rajasthan.
• Notice and annual report accessible via company website.
• Email updation cut-off: August 28, 2026.
• KYC/demat updation urged for physical shareholders.

Financial highlights

• Total income FY2025-26: 279.29 lakhs, down from 435.62.
• Revenue from operations: 24.84 lakhs in FY2025-26.
• Profit after tax: 99.08 lakhs, up from 14.24.
• Earnings per share (basic): 0.61 Rs.
• Dividend declared: none for FY2025-26.
• Closing cash: 56.33 lakhs.
• Debt-to-equity ratio: 0.09.
• Promoter stake: 34.23% as of 31-Mar-2026.
• Trading status: relisted on BSE from Feb 26, 2026.
• Net cash from operations: -134.19 lakhs.
• Share capital: Rs 16.742 crore.

Operations and developments

• Healthcare division launched to ensure hospitals have reliable medical oxygen.
• Diversification into green energy: solar, green hydrogen, CCS and carbon credits.
• Wastewater bioremediation via micro-algae (SIVA O2).
• Green energy initiatives include solar, biogas, and carbon capture technologies.
• Corrigendum notes: UDIN corrected; balance sheet rounding adjustments; no impact on financials.

Capital structure and shareholding

• Authorised share capital: Rs 25 crore; issued and paid-up: Rs 16.742 crore.
• Promoter group holds 34.23% (as at 31-Mar-2026); top holders include Rakesh Bhardwaj 14.02%, Bhagawati Steels 6.22%, Shachi Bhardwaj 5.84%.
• Trading delisted in 2018; relisted on BSE from 26-Feb-2026; CSE delisted.
• No dividend declared; no fund-raising via preferential issue or QIP in FY2025-26.

Governance and board changes

• Board size six as of 31-Mar-2026: 1 Executive MD, 2 non-exec, 3 independent.
• Narendra Kumar Agarwal resigned as Independent Director w.e.f 25-Jul-2026.
• Shachi Bhardwaj appointed Whole-Time Executive Director from 1-Apr-2026.
• Mazhar Hasan appointed Non-Executive Independent Director from 1-Oct-2026.
• Company Secretary Nidhi Babbar appointed 4-Jul-2025.
• Independent Directors met on 14-Aug-2025 for annual evaluation.
• Board meetings held: 10 in FY2025-26; Audit Committee 5 meetings; NRC 4; SRC 1.

Audits and compliance

• Jain Paras Bilala & Co. resigned Aug 14, 2026; M/s YG & Associates proposed as Statutory Auditors for 5 years, remuneration INR 1.60 lakh annually.
• Auditor’s report includes qualification on advances recoverability, bank balance confirmations, and non-renewal of bank guarantee.
• ATCS & Associates (Secretarial Auditor) report notes: initial deficiencies in 2025; website updated; nine-month results delayed.
• Delisting history and subsequent compliance efforts documented; governance and internal controls strengthened.

Corrigendum and AGM notices

• Corrigendum to the Annual Report for FY2025-26 correcting UDIN reference and balance sheet rounding; no impact on financials.
• 52nd AGM scheduled for Sep 30, 2026; ordinary and special business including object clause alteration and director appointment.

Financial results and reporting

• Approved unaudited standalone results for quarter ended 30 June 2026.
• Took note of the Limited Review Report on these results.
• Extracts to be published in newspapers with QR code and link.
• Unaudited standalone balance sheet as at 30 June 2026 included in release.
• Approved Directors' Report for year ended 31 March 2026 with MD&A and governance annexures.

AGM and voting timelines

• Notice for 52nd AGM scheduled September 30, 2026 at 11:00 AM.
• Cut-off date for remote e-voting eligibility fixed at September 23, 2026.
• NSDL appointed to provide remote e-voting.
• Trading window opens August 17, 2026.

Appointments and resignations

• Recommended re-appointment of MD Rakesh Samrat Bhardwaj, subject to shareholder approval.
• Recommended Mazhar Hasan as Non-Executive Independent Director.
• Term from 01 October 2026 to 30 September 2031.
• Re-appointment of Internal Auditor M N G and Associates for 2026-27.
• Recommended appointment of YG & Associates as Statutory Auditor for five years from AGM.
• Resignation of Statutory Auditor Jain Paras Bilala & Co. effective 14 August 2026.

MOA object clause amendments

• Alter MOA to include green and renewable energy activities.
• Alter MOA to cover AI, IoT, automation and digital technology.
• Alter MOA to include general commodity trading including steel and metals.

Auditor notes and disclosures

• Annexure A cites material uncertainties including doubtful loans/advances.
• Note on bank statements and external confirmations pending.
• Vivad Se Vishwas II receivable of Rs 322.44 lakhs remains recoverable.
• No current year tax provision due to carry-forward losses.
• Prior year had a qualified opinion; no change stated.

Meeting Details

• Board meeting scheduled for August 14, 2026, 04:00 PM, at Corporate office, S-492/A, Greater Kailash-I, New Delhi.

Key Agenda Items

• To approve the unaudited financial results for the quarter ended June 30, 2026.
• To record the Limited Review Report on the unaudited Q1 2026 results.

Other Notes

• Trading window closed from June 01, 2026 to 48 hours after results declaration.

Resignation of Independent Director

• Narendra Kumar Agarwal resigned as Independent Director effective close of business 25 July 2026.
• Also ceased as member of Audit Committee and Nomination & Remuneration Committee from the same date.
• Reason: no other material reasons stated in resignation letter.

Certificate submission status

• Certificate from registrar and transfer agent confirming dematerialisation/rematerialisation activity has been enclosed.
• The certificate will be hosted on the issuer's website.