Kesar Enterprises Ltd

AGM Details

• AGM date: 20 August 2026; time and mode not specified.

Documentation Filed

• Voting results and Scrutinizer's report submitted.
• Results uploaded on company website and MUFG India Private Limited site.

AGM Highlights

• Chairman speech delivered at the 91st AGM on 20 August 2026 via video conference.
• Revenue from operations ₹304.50 crore; down from ₹333.97 crore.
• Sugar volumes declined to 6.23 lakh quintals from 7.53 lakh.
• Net loss narrowed to ₹48.41 crore from ₹72.62 crore.
• EBITDA improved to negative ₹11.00 crore from negative ₹38.92 crore.
• Crushing: 55.31 lakh quintals in 98 days; cane area fell to 18,636 ha from 27,012.
• Sugar recovery improved to 10.23% from 9.55%.
• Power division tariff set at ₹4.43/unit for FY2025-26, improving revenue visibility despite limited generation.
• Spirits division remains shut; restart decision around Sep-Oct 2026.
• Outlook: FY2026-27 price steady; new mill within 15 km; cane payment cycle priority.

AGM Details

• AGM held on 20 August 2026 at 3:00 PM via VC/OAVM.
• Chairman & Managing Director chaired; all directors attended via VC.
• Statutory Auditor and Secretarial Auditor representatives attended via VC.
• Meeting concluded at 4:08 PM.

Key Resolutions

• Adoption of audited Balance Sheet, P&L, and Directors’ and Auditors’ Reports (Ordinary).
• Appointment of Shri Devendra J Shah as Director by rotation (re-appointment eligibility) (Ordinary).
• Ratification of remuneration to Shri Rishi Mohan Bansal, Cost Auditor, for FY 2026-27 (Ordinary).
• Approval of Material Related Party Transactions with Kesar Terminals & Infrastructure Limited (Ordinary).

Voting Status

• Voting results to be declared within statutory period.

Financial results

• Board approved unaudited quarterly results for quarter ended 30 June 2026, with Limited Review Report in prescribed format.

Financials

• Revenue from operations: Rs 30,449.72 lakh.
• EBITDA: Rs (1,100.28) lakh.
• Profit after tax: Rs (4,840.91) lakh.
• Total comprehensive income: Rs (4,673.71) lakh.
• EPS: Rs (4.80) per share.
• Dividend not proposed for FY25-26.
• No equity or debt fundraise; paid-up capital unchanged post split.
• Cash and cash equivalents: Rs 426.02 lakh; bank balances: Rs 247.92 lakh.

Operational performance by division

• Sugar: 55.31 lakh quintals crushed in 98 days; recovery 10.23%.
• Sugar production: 5.66 lakh quintals; molasses 2.56 lakh quintals.
• Power: 0.74 lakh MW generated; 0.48 lakh MW exported; tariff Rs 4.43/unit for 2025-26.
• Spirits: Distillery not operated in 2025-26; restart decision by Sep/Oct 2026.
• Cogeneration plant to start with sugar plant in Oct 2026.

Dividend & capital allocation

• Dividend not proposed for 2025-26.
• Equity split: face value reduced from Rs 10 to Rs 1; total shares 10,079,682.
• Paid-up capital after split: Rs 1,007.97 lakh.
• No employee stock options; reserves affected by revaluation transfers.

Capital structure & liquidity

• Total borrowings: Rs 3,281.96 lakh; non-current Rs 2,531.96 lakh; current Rs 750 lakh.
• Net debt: Rs 9,206.99 lakh; debt/equity 1.28.
• Cash & cash equivalents: Rs 426.02 lakh; other bank balances Rs 247.92 lakh.
• No fresh credit facilities in FY25-26.
• Ongoing matters: NCLT case with Sugar Development Fund; hearing 5 June 2026.

Governance & controls

• Board: 5 directors; 60% independent.
• CFO changes: Rohit Balu resigned 09/07/2025; Prem Nagar appointed 07/10/2025; CFO vacancy later filled in Apr 2026.
• Independent auditors’ report: going concern acknowledged; no fraud; no qualifications.
• Secretarial audit: gaps in Audit Committee meetings; fines paid for late filings.
• Internal controls: adequate; strong oversight by Audit Committee.

Related party transactions

• KTIL is a related party; material RPT up to Rs 65 crore for 2026-27.
• RPTs include loans, shared services, and reimbursements; arm’s length terms.
• FY25-26 total transactions with KTIL: Rs 171.37 lakh to date; loan Rs 90 lakh; interest Rs 63.65 lakh.
• KTIL and Company have cross-promoter group relationships; management reviewed by auditors.
• Balance sheet disclosures of KTIL loan outstanding and related balances.

Outlook & risks

• Sugar sector exposed to cane price policies (FRP, SAP) and MSP revisions.
• Cane diversion risk if cane payments remain delayed; new mill within 15 km increases pressure.
• Sugar prices expected to be steady; export policy may affect margins.
• Spirits viability tied to molasses cost and ethanol pricing; restart contingent on market.

AGM & notices

• 91st AGM scheduled 20 August 2026 at 3:00 PM via VC/OAVM.
• Notice and Annual Report sent electronically; available on Company/BS E portals.
• Explanatory statements for director appointment and RPTs annexed to AGM notice.

AGM notice and voting

• Notice of the 91st AGM to be held via VC/OAVM on 20 Aug 2026 at 3:00 PM.
• Quorum to be recognised through VC/OAVM attendance per Companies Act requirements.
• Annual Report 2025-26, Board's Report and Auditors’ Report sent to members on 28.07.2026.
• Annual report and materials available on company, BSE and MUFG Intime websites.
• Cut-off date for voting rights: 13 Aug 2026.
• Remote e-voting from 17 Aug 2026 9:00 to 19 Aug 2026 17:00 IST; e-voting at AGM also available.
• MUFG Intime India Private Limited engaged to provide e-voting facility.
• Members not on the cut-off date may view the notice for information only.