East West Freight Carriers Ltd

Financial performance

• Standalone revenue 18,172.69 ₹ Lakhs in FY2025-26, down from 27,048.17 ₹ Lakhs.
• Consolidated revenue 20,162.67 ₹ Lakhs in FY2025-26, down from 28,535.41 ₹ Lakhs.
• Standalone net loss 461.78 ₹ Lakhs in FY2025-26, vs 63.41 ₹ Lakhs profit prior year.
• Consolidated net loss 374.69 ₹ Lakhs in FY2025-26, vs 151.84 ₹ Lakhs profit prior year.
• Q1 FY2026: consolidated revenue 45.56 crore; bottom line turned positive.
• Management notes operating discipline and margin improvement efforts beginning to deliver results.
• Earnings per share: standalone -0.36 ₹; consolidated -0.31 ₹ for FY2025-26.

Operations & market dynamics

• FY2025-26 global headwinds: US tariffs, Middle East disruptions, and overseas-delivery delays.
• Domestic demand remained healthy; domestic subsidiaries provided resilience against international shocks.
• Company pursuing digitisation and intelligent automation across processes and controls.
• Hub-and-spoke network with 14+ domestic offices and 180+ global associates across 75+ countries.
• Core business remains freight forwarding; asset-light model supports scalable operations.
• Strategic focus on high-margin, niche sectors and disciplined opportunity-driven expansion.

Capital structure & liquidity

• Authorized capital Rs 33 crore; issued/paid-up capital Rs 25.15 crore; 12.75 crore equity shares.
• Share capital unchanged; proposed reclassification from Rs 2 to Rs 10 pending NCLT sanction.
• Total borrowings (consolidated) 6,925.68 ₹ Lakhs; long term 2,878.06; short term 4,197.63.
• Debt-to-equity ratio stands at 1.10x.
• Cash flow: Operating cash flow positive in FY2025-26; standalone 421.11 ₹ Lakhs; consolidated 442.02 ₹ Lakhs.
• NSE admission under Permitted to Trade category enhances liquidity; ticker EASTWEST.

Dividend & capital allocation

• Dividends not recommended for FY2025-26; no transfer to General Reserve.
• 45th AGM scheduled for 30 September 2026 via VC/OAVM.
• Related party transactions require member approvals; material limits include Marshal Mfg, Tandem, Cardinal, Landmark, and Unique Air.
• Remuneration cap for MD & CEO revised to Rs 70 Lakhs per annum; Rs 26.24 Lakhs waived from recovery.
• Unclaimed dividends and shares to be transferred to IEPF; details disclosed in annual report.

Governance & leadership

• Board composition: 5 Directors; Suman Jhawar resigned 28 Feb 2026; Manish Synghal appointed 1 Apr 2026.
• Audit, Nomination & Remuneration, and Stakeholders Relationship Committees in place; reconstituted post changes.
• Seven board meetings held; Independent Directors declarations reaffirmed independence.
• Familiarisation programs for independent directors; governance policy disclosures on website.
• Secretarial and internal audit functions in place; SDD delay noted with corrective actions implemented.

Related party transactions & audit flags

• Material RPT limits: Marshal Mfg & Export Rs 16 crore; Tandem Rs 5 crore; Cardinal Rs 5 crore; Landmark Rs 1 crore; Unique Air Rs 4 crore.
• All related party transactions reviewed and approved; no adverse conflicts reported.
• Secretarial audit flagged delay in Structured Digital Database deployment; remedial action completed.

Risks & outlook

• Geopolitical and tariff-related uncertainties continue to influence trade flows and freight rates.
• FX fluctuations and energy-cost pass-through may impact margins in near term.
• Domestic demand resilience supports cash generation; technology-led efficiency improvements expected to lift margins.
• Management remains focused on cash-flow improvement, cost optimization, and selective high-margin opportunities.

AGM Details

• Held on 30 Sep 2026 at 11:23 IST via VC/OAVM.
• Remote e-voting from 27 Sep 2026 09:00 to 29 Sep 2026 17:00.
• Meeting concluded at 11:31 IST.
• Scrutinizer appointed for e-voting.

Key Resolutions

• Ordinary: approve audited standalone and consolidated financial statements and reports.
• Ordinary: reappoint a director by rotation.
• Ordinary: reappoint statutory auditors.
• Ordinary: approve related party transaction limits.
• Special: revise remuneration limits and recover excess remuneration paid.

Voting Status

• EVoting results to be declared within 48 hours.
• Results to be posted on website and stock exchange.

Auditors & Related Party

• Statutory auditor appointment: continued for the year.
• Related party approvals: limits approved.

East West Freight Carriers Ltd closes trading window from 1st October, 2026; will open 48 hours after the announcement / declaration of the Financial Results of the Company for the quarter ended 30th September, 2026.

Financial performance

• Standalone revenue from operations: ₹18,172.69 Lakhs.
• Consolidated revenue from operations: ₹20,162.67 Lakhs.
• Standalone net loss: ₹461.78 Lakhs.
• Consolidated net loss: ₹374.69 Lakhs.
• Standalone profit before tax: ₹-579.73 Lakhs.
• Consolidated profit before tax: ₹-453.16 Lakhs.
• Dividend for FY2025-26: not declared.

Revenue mix by product lines

• Air export sales: ₹12,157.00 Lakhs.
• Air import sales: ₹2,243.03 Lakhs.
• Sea export sales: ₹1,525.96 Lakhs.
• Sea import sales: ₹2,186.35 Lakhs.

Capital structure & liquidity

• Total borrowings (standalone): ₹6,925.89 Lakhs.
• Debt-Equity: Standalone 1.15x, Consolidated 1.10x.
• Cash and cash equivalents ₹273.78 Lakhs; other bank balances ₹214.26 Lakhs.
• NSE admission granted; symbol EASTWEST.

Dividend & capital changes

• Dividend not declared for FY2025-26.
• Share capital: Authorized ₹3,300.00 Lakhs; Issued ₹2,551.50 Lakhs.
• Shares reclassified from ₹2 to ₹10; NCLT sanction pending.

Governance updates

• Suman Jhawar resigned as Independent Director on 28 Feb 2026.
• Manish Synghal appointed Independent Director effective 1 Apr 2026.
• Board committees reconstituted on 1 Apr 2026.

Auditors & risk management

• Statutory auditors Mittal & Associates reappointed for a second five-year term.
• Key audit matter: liquidity position; management actions underway.
• Secretarial audit noted SDD delay; corrective measures implemented.

Subsidiaries & associates

• Subsidiary: Unique Airfreight Express & Logistics Pvt Ltd; turnover ₹1,999.88 Lakhs.
• PAT ₹87.09 Lakhs; 75% ownership.
• Associate: Tandem Global Logistics (India) Pvt Ltd; 20% stake.

Outlook & risks

• Global headwinds include US tariffs and Middle East disruptions.
• Digitisation and cost optimization planned to improve margins and cash flows.

AGM & disclosures

• 45th AGM on 30 September 2026; VC/OAVM; record date 23 September 2026.

NED resignation from subsidiary

• Suman Jhakal resigns as Non-Executive Independent Director from Unique Airfreight Express And Logistics Private Limited, 11 September 2026.
• Resignation from subsidiary, while director remains on holding company board and committees.
• Reason cited: personal commitments; no material reasons cited.
• Disclosure filed under Regulation 30(6) SEBI LODR and related circulars.
• Continues on East West Freight Carriers Ltd board; remains on Audit, Nomination and Remuneration, and Stakeholder Relationship Committees.

Book closure & AGM details

• Book closure from 24 September 2026 to 30 September 2026, both days inclusive.
• Purpose: for the 45th AGM to be held via VC/OAVM on 30 September 2026 at 11:00 IST.
• Cut-off date for e-voting: 23 September 2026 (determines voting eligibility).
• E-voting period: 27 September 2026, 9:00 AM to 29 September 2026, 5:00 PM.
• Security type: equity shares.
• AGM date: 30 September 2026 at 11:00 IST.

AGM and governance actions

• Approved 45th AGM for FY 2025-2026 on 30 Sep 2026 via VC/OAVM at 11:00 IST.
• Approved the Notice of the 45th AGM.
• Approved Board Report for the year ended 31 March 2026.
• Members and share transfer books closed Sep 24-30, 2026.
• Cut-off date for e-voting fixed Sep 23, 2026; e-voting from Sep 27-29, 2026.
• Re-appointed Mittal & Associates as Statutory Auditors for five years, pending shareholder approval.
• Noted Secretarial Audit Report for FY ended 31 March 2026.
• Remuneration for MD & CEO Ajaz Shafi Mohammed increased to Rs 5.40 lakh per month.
• Waiver of recovery of excess remuneration for 2024-25 and 2025-26 approved subject to shareholder approval.
• Appointed M/s Nuren Lodaya & Associates as Scrutinizer for AGM e-voting.

Meeting Details

• Board meeting scheduled for 7 September 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve the day, date, time, and venue of the 45th AGM for FY 2025-2026.
• Consider and approve the Notice of the 45th AGM.
• Consider and approve the Board Report for the Financial Year ended 31 March 2026.

Other Notes

• No additional material items disclosed in this notice.

NSE trading admission

• NSE admitted East West Freight Carriers Limited to dealings; trading effective from 17 August 2026.
• Trading symbol on NSE is EASTWEST; NSE circular ref 1355/2026 dated 14 August 2026.
• NSE listing table shows 127,575,000 shares at Rs 2 face value; market lot 1.