Glen Industries Ltd

AGM details

• AGM held on 20 August 2026 at 12:00 IST via VC/OAVM.

Resolutions and outcomes

• All ordinary and special AGM businesses approved with requisite majority.
• Voting results published on company website and NSDL.

Target overview

• Target: Glen Industries Ltd; description not disclosed in filing.

Promoter acquisitions

• Promoter group bought 6,000 shares on Aug 20, 2026 at ₹121.50 each.
• Total consideration: ₹7,29,000.
• Promoter group bought 3,600 shares on Aug 21, 2026 at ₹121.50 each.
• Total consideration: ₹4,37,400.

Holding impact

• Aggregate promoter and promoter group stake rose from 74.17% to 74.21%.

Regulatory & approvals

• Compliance with minimum public shareholding requirements observed.
• Regulatory approvals: not disclosed.

Timeline

• Acquisitions completed on Aug 20 and Aug 21, 2026.

Target background

• Target products/services not disclosed.
• Incorporation date not disclosed.
• Recent turnover history not disclosed.

Appointment of Joint Statutory Auditor

• Type: Appointment of Joint Statutory Auditor.
• Auditor: M/s Tosniwal & Associates, Chartered Accountants.
• Effective date and term: August 20, 2026; five-year term until AGM 24 in 2031.
• Reason: appointment by the members on the Board's recommendation.
• Profile: Chartered Accountants firm registered with ICAI; offers statutory/internal audits, taxation, GST, and advisory services.
• Relationships with other directors: N.A.

AGM outcomes

• 19th AGM held on 20 August 2026 via VC/OAVM.
• Remote e-voting ran Aug 17–19, 2026; Scrutiniser appointed.
• Audited standalone and consolidated financial statements for year ended 31 March 2026 approved.
• Nikhil Agrawal appointed director retiring by rotation.
• Tosniwal & Associates ratified as statutory auditors to fill casual vacancy.
• Tosniwal & Associates appointed as statutory auditors for five-year term.
• Remuneration revised for Lalit Agrawal, Whole-Time Director.
• Remuneration approved for Nikhil Agrawal, Managing Director.
• Remuneration revised for Niyati Seksaria, Whole-Time Director.
• All resolutions passed with requisite majority.

Promoter stake changes

• Target: Glen Industries Ltd, Indian company (line of business not disclosed).
• Promoter group stake increased to 74.17% from 73.97%.
• Promoter Lalit Agrawal (HUF) acquired shares from public shareholders.
• First tranche: 9,600 shares at ₹118.17 each on Aug 18, 2026.
• Second tranche: 38,400 shares at ₹117.76 each on Aug 19, 2026.
• Total consideration: ₹56,56,632.
• Form of consideration: cash at prevailing market price.
• Regulatory approvals: not disclosed.
• Rationale: consolidate promoter stake respecting minimum public shareholding norms.
• Timeline: acquisitions completed by Aug 19, 2026.
• Background: not disclosed.

Fund-raising and deviation status

• Mode of fund-raising: IPO.
• Monitoring agency confirms nil deviation and nil range of deviation.

IPO proceeds and utilisation

• Net proceeds available after IPO expenses; exact amounts redacted.
• Utilisation progressed with partial use; no deviation observed.

Monitoring and audit statements

• Monitoring report provided by an external agency; not an audit.
• Report relies on management data and documents.

Progress on objects and timeline

• Progress reported on manufacturing facility and general corporate purposes.
• Implementation timeline extended within permissible window and approved by the board.

Utilisation status and unutilised funds

• Some funds utilised; remaining unutilised funds kept as fixed deposits.
• No deviation; unutilised funds maintain planned deployment.

Acquisition details

• Target: Glen Industries Ltd; line of business, sector, and country not disclosed.
• Industry/sector: not disclosed.
• Date of acquisition: 7 August 2026.
• Related party: promoter group acquisition by Lalit Agrawal (HUF) of 19,200 shares.
• Consideration: Rs 21,75,774; Rs 113.32 per share; cash.
• Shareholding impact: promoter group stake rises from 73.89% to 73.97%.
• Shares acquired: 19,200.
• Purpose/rationale: increases promoter holding; complies with minimum public shareholding.
• Regulatory approvals: not disclosed.
• Timeline: not disclosed.
• Background of target: not disclosed.
• Size: not disclosed.

Promoter stake increase details

• Target: Glen Industries Ltd; sector and line of business not disclosed.
• Two cash acquisitions: 13,200 shares on Aug 5 for ₹14,43,744 at ₹109.37.
• 31,200 shares on Aug 6 from public for ₹35,22,840 at ₹112.91.
• Promoter stake after acquisition: 73.89% (up from 73.71%).
• Acquisition compliant with SEBI minimum public shareholding requirements.
• Regulatory approvals: compliance under SEBI LODR.
• Completion timeline: Aug 6, 2026.
• Form of consideration: cash.
• Cost/price: aggregate ₹49,66,584 across two tranches.
• Related party transaction: No.

Investor meeting update

• Concluded scheduled meetings with Analysts/Institutional Investors on July 30–31, 2026.
• Meetings were One-on-One, physical, conducted in Mumbai.
• Four sessions were held: July 30 (3:30–4:30 PM) and July 31 (12–1, 2–3, 4–5 PM).
• Intimation for meetings was shared on July 27, 2026.
• No material financial or operational updates disclosed in this filing.

AGM & filing details

• 19th AGM on 20 August 2026 at 12:00 PM via VC/OAVM.
• Annual Report for FY2025-26 released; notices on company website.
• Remote e-voting window 17-19 Aug 2026; cut-off 13 Aug 2026.
• Nikhil Agrawal retires by rotation; eligible for re-appointment.
• Board recommends re-appointment of Nikhil Agrawal.
• M/s Tosniwal & Associates appointed as Statutory Auditors for five years.
• Casual vacancy of S N Guha & Co filled; subject to member approval.

Financial performance FY26

• Revenue from operations Rs 20,312.61 Lakhs; ~19% YoY growth.
• EBITDA Rs 3,906.75 Lakhs; EBITDA margin 19%.
• PBT Rs 2,172.32 Lakhs; PAT Rs 1,650.25 Lakhs.
• PAT margin ~8.1%; EPS Rs 6.86.
• Three-year revenue CAGR ~22%; exports pressured by geopolitics.
• Management targets turnover Rs 50,000 Lakhs by FY29.

Balance sheet & liquidity

• Net worth increased to Rs 13,961.04 Lakhs.
• Total borrowings around Rs 12,072.81 Lakhs.
• Cash and bank balance Rs 3,380.07 Lakhs.
• Capital work-in-progress Rs 1,188.85 Lakhs.
• Inventories Rs 7,841.52 Lakhs.
• Equity raising net proceeds Rs 6,294.22 Lakhs.
• Financing cash flows: net inflow Rs 1,114.57 Lakhs; liquidity strengthened.
• Fixed deposits deployed toward new facility.

IPO details

• SME IPO allotted 64,96,800 Equity Shares.
• Allocation: 60,18,000 Public; 3,25,200 Market Maker; 1,53,600 Employees.
• Issue price Rs 97 per share; premium Rs 87.

Remuneration & governance

• Nikhil Agrawal: MD remuneration up to Rs 6,00,000 monthly.
• Lalit Agrawal: WTD remuneration up to Rs 8,00,000 monthly.
• Niyati Seksaria: WTD remuneration up to Rs 3,00,000 monthly.
• Auditors Tosniwal & Associates appointed for five years.
• Casual vacancy filled; appointment subject to member approval.
• Nikhil Agrawal re-appointment as Director liable to rotation.

Audit & compliance flags

• GST disputes: two stay petitions pending before court.
• Two subsidiaries; no long-term loss contracts.
• Auditors issued unmodified opinions on internal controls.
• No cash losses in current or prior year; no default on borrowings.

Outlook & risks

• Turnover target: Rs 50,000 Lakhs by FY29.
• Plan to invest Rs 10,022 Lakhs in new facilities and lines.
• Diversification and sustainability initiatives to support growth.
• Key risks: export concentration, input costs, execution delays, regulatory shifts.

CSR overview

• CSR policy under Section 135; 2% of average net profits.
• Average net profit (3 years) ~ Rs 1,912 Lakhs; CSR rate 2%.
• FY26 CSR spend Rs 16.88 Lakhs; remaining Rs 22.00 Lakhs to be spent by Sept 30, 2026.
• Carry-forward available: Rs 22.00 Lakhs.