Jet Solar Ltd

AGM Details

• Date/time: 30 September 2026, 10:00 A.M.; mode: physical.
• Venue: Registered office, Kandivali West, Mumbai.
• Remote e-voting window: 27–29 September 2026.
• Book closure date: Not Applicable.

Key Resolutions

• Resolution 1 (Ordinary): Adopt audited financial statements for year ended 31 March 2026.
• Resolution 2 (Ordinary): Re-appointment of Mrs. Niddhi Shah as Director.
• Resolution 3 (Special): Re-appointment of Mr. Dipesh Maru as Independent Director for five years.

Voting Results

• Resolution 1: Passed with 100% in favour; no dissent.
• Resolution 2: Passed with 100% of valid votes in favour; interested director excluded.
• Resolution 3: Passed with 100% of valid votes in favour; interested director excluded.

Dividend

• No dividend proposed or approved.

Director Changes

• Niddhi Shah re-appointed as Director (retires by rotation).
• Dipesh Maru re-appointed as Independent Director for five-year term.

Auditors

• No auditor appointment changes disclosed.

Related Party Transactions

• No material related party transactions disclosed.

Other Material Approvals

• No other material approvals disclosed.

AGM Details

• Date and time: 30 September 2026, 10:00 a.m.
• Venue: physical meeting at registered office, Kandivali, Mumbai.
• Remote e-voting window: 27–29 September 2026; ballot at meeting.
• Eligibility cut-off for voting: 23 September 2026.

Resolutions Passed

• Resolution 1 (Ordinary): Adopt audited financials and reports; passed.
• Resolution 2 (Ordinary): Re-appoint director retiring by rotation; passed.
• Resolution 3 (Special): Re-appointment of independent director for second five-year term; passed.

Dividend

• Dividend: No dividend proposed or approved.

Director Changes

• Niddhi Shah re-appointed as director (rotational).
• Dipesh Maru re-appointed as Independent Director for second five-year term.

Auditors

• No changes to statutory or secretarial auditors.

Related Party Transactions

• No material related party transactions approved.

Other Approvals

• No ESOPs or other material approvals reported.

Jet Solar Ltd — Trading Window Closed from 1 October 2026 until 48 hours after the declaration of the Unaudited Financial Results for the half year ended 30 September 2026

Financial highlights

• Revenue from operations Rs 54.50 lakhs; total income Rs 208.86 lakhs for year ended 31 Mar 2026.
• Profit after tax Rs 3.52 lakhs; basic EPS Rs 0.03 for year ended 31 Mar 2026.
• Dividend not declared for the year.
• Reserves Rs 889.68 lakhs; paid-up capital Rs 1,187.60 lakhs; total equity Rs 2,077.28 lakhs.
• Converted 18,24,000 warrants into equity shares during 2025-26.
• Net cash from operating activities Rs -416.92 lakhs; year-end cash Rs 36.40 lakhs.
• 100% dematerialised equity; ISIN INE155R01018; scrip 538794.
• Bonus shares 1:1 issued on 24 Apr 2023.

Business and operations

• Operations in real estate/construction; stepping into solar business.
• No AS 17 reportable segments; company-wide operations treated as single stream.
• Revenue recognized on percentage-of-completion basis; unbilled revenue disclosed.
• Inventories comprise plots; work-in-progress reported as part of inventories.
• Tax expense: current Rs 1.37 lakh; deferred Rs 0.05 lakh; total Rs 1.41 lakh.
• Cash and cash equivalents at year-end Rs 36.40 lakh; cash management emphasised.
• Internal controls are in place; Audit Committee oversees financial reporting and controls.
• CSR not applicable; company adheres to statutory compliances.

Capital structure and shareholding

• Authorized capital Rs 14 crore; paid-up capital Rs 11.876 crore; 11,876,000 equity shares.
• Promoter group holds 12.55% at year-end; Rajul Shah 9.55%, Anand Shah 3.00%.
• Top public holder Panchal Janak Navinbhai owns 5.05%.
• Convertible warrants: 29,12,000 issued; 18,24,000 converted into equity shares in 2025-26.
• 100% of shares are dematerialised; ISIN INE155R01018; BSE scrip 538794.
• Bonus issue 1:1 completed on 24 Apr 2023.

Governance and board

• Board: 4 directors; 1 Executive, 3 Non-Executive; 2 Independent; 1 Woman Director.
• Nine board meetings held in FY2025-26; independent directors met on 25 Mar 2026.
• Audit Committee: 3 members; functions include financial reporting and auditor oversight.
• Nomination & Remuneration Committee: 3 members; remuneration policy published on website.
• Stakeholders' Relationship Committee: 3 members; four meetings in year.
• CEO/CFO certification and Code of Conduct in place; Whistle Blower policy active.
• Secretarial audit by Pooja Malkan; Annexure IV notes provide qualifications and management responses.

Auditors and compliance

• Statutory auditors: Mittal & Associates; five-year term to conclusion of 2028-29.
• Secretarial audit: Ms. Pooja Malkan; report contains qualifications with management explanations.
• Directors’ responsibility and management’s internal control statements are included in the annual report.

Related parties and transactions

• Related-party loan from promoter Rajul Shah; opening balance Rs 8.35 lakh, closing Rs 0.09 lakh.
• All related-party transactions on an arm's length basis; disclosures in financial statements.
• Total remuneration to Key Managerial Personnel (KMP) 24.85 lakh; MD 12.00, CFO 6.10, CS 6.75.

Risk, outlook and internal control

• Outlook: Real estate sector remains positive; company pursues cautious, sustainable growth.
• Risks: interest rates, regulatory changes, financing costs, project delays, market demand shifts.
• Internal controls: robust framework; periodic reviews by Audit Committee and Board.

AGM Details

• Date/time/venue: 30 Sep 2026, 10:00 AM, at registered office; physical meeting.
• Remote e-voting: 27–29 Sep 2026; cut-off date 23 Sep 2026.
• Book closure: Not Applicable.

Key Resolutions

• Ordinary Business 1: Adopt financial statements and reports for year ended Mar 31, 2026.
• Ordinary Business 2: Re-appoint Mrs. Niddhi Shah, retire by rotation.
• Special Resolution 3: Re-appoint Dipesh Maru as Independent Director for second five-year term.

Voting Status

• Voting results to be declared within 2 working days after the AGM.
• Results to be posted on company site and CDSL evoting portal.

Dividend

• Dividend not proposed or declared for the year.

Director Changes

• Mrs. Niddhi Shah to be re-appointed; retires by rotation.
• Dipesh Maru to be re-appointed as Independent Director from Oct 1, 2026 to Sept 30, 2031.

Auditors

• Statutory auditor Mittal & Associates appointed for 5 years (to 2028-29).
• Secretarial auditor Pooja Malkan appointed; report attached.
• Internal auditor Sanjay Kadam & Associates appointed.

Related Party Transactions

• Arm's-length RPTs; Rajul Shah loan received and repaid; closing balance 29.42 L; max outstanding 0.09.

Other Material Approvals

• Nomination and Remuneration Policy adopted; governance framework disclosed.
• Independent Directors meeting held; board evaluation completed.
• CSR not applicable; SME listing; CEO/CFO certification provided.

Audit opinion

• 📊 Audited standalone financial results cover half year and FY ended March 31, 2026.
• 📍 Auditor issued an unmodified opinion on the financial results.
• 📍 Results were presented as true and fair under applicable accounting standards.

Board actions

• 📍 Board approved reappointment of Mr. Dipesh Maru as independent director.
• 🗓️ Second five-year term runs from October 1, 2026 to September 30, 2031.
• 🗒️ Reappointment remains subject to shareholder approval by special resolution.

Director profile

• 🗒️ Mr. Dipesh Maru has over 25 years' experience in garment exports.
• 🗒️ His background includes admin, finance, strategic planning, restructuring, and international business relations.

Business model

• 🗒️ Jet Solar Limited is referenced in the filing as a listed company.
• 🗒️ The document does not provide operating segment or revenue details.

Financial results

• Board approved audited financial results for half year and year ended March 31, 2026.
• Auditor issued an unmodified opinion on the year ended March 31, 2026 results.

Director reappointment

• Board approved reappointment of Mr. Dipesh Maru as non-executive independent director.
• Second five-year term starts October 1, 2026, subject to shareholder approval.

Meeting Details

• Board meeting scheduled for Friday, May 8, 2026.
• Meeting location: registered office, Office No.1, 1st Floor, Nandanvan Apartment, Kandivali, Mumbai 400067.

Key Agenda Items

• Consider and approve audited financial results for the half year and year ended March 31, 2026.
• Take on record the audit report on those audited financial results.

Other Notes

• Trading window closed from April 1, 2026 until 48 hours after results declaration.