Mauria Udyog Ltd

AGM Details

• Date/time: September 25, 2026, 03:13 PM to 03:50 PM.
• Mode: VC and Other Audio Visual Means (VC&OAVM).
• Remote e-voting window: September 22–24, 2026.
• Attendance: about 40 participants via VC/OAVM.
• Meeting concluded at 03:50 PM IST.

Resolutions Put to Vote

• Ordinary: Adoption of Audited Financial Statements for the year ended 31 March 2026.
• Ordinary: Re-appointment of Navneet Kumar Sureka as Director on rotation.
• Special: Issue of Equity Shares on Preferential Basis.
• Special: Appointment of Radha Chauhan as Non-Executive Independent Director.
• Special: Approval for related party transactions U/s 188.
• Special: Approval/ratification of Cost Auditors' remuneration for FY ending March 2027.

Voting Status

• E-voting results to be announced within 2 working days after the meeting.

Director Changes

• Navneet Kumar Sureka to be re-appointed as Director on rotation.
• Radha Chauhan appointed as Non-Executive Independent Director.

Mauria Udyog Ltd: Trading window closed from October 01, 2026 till expiry of 48 hours after the Board meeting to consider unaudited Q2 and H1 FY 2026-27 results (quarter ended September 30, 2026); Board meeting date to be intimated

AGM details

• Date of AGM: 25 September 2026; Mode: Hybrid (physical/Video Conferencing).
• Total shareholders on record date: 1,228.

Resolution 1: adoption of financials

• Adoption of Audited Financial Statements and reports; passed.

Resolution 2: director re-appointment

• Navneet Kumar reappointed as Director by rotation; approved.

Resolution 3: independent director

• Chauhan appointed as Non-Executive Independent Director; passed.

Resolution 4: related party transactions

• Approves related party transactions with promoters/related parties under Section 188; passed.

Resolution 5: cost auditor remuneration

• Remuneration for Cost Auditors for FY ending March 2027 fixed; passed.

Dividend

• Dividend proposed/declared: none.

46th AGM outcomes

• Audited financial statements for FY2025-26 adopted.
• Navneet Kumar Sureka retires by rotation and offers for re-appointment.
• Radha Chauhan appointed as Non-Executive Independent Director.
• Approval for related party transactions under Section 188.
• Cost Auditors' appointment and remuneration for FY2026-27 approved.
• Voting results to be reported separately after Scrutinizer's report.

Financial snapshot

• Standalone revenue from operations: 42,404.41 lakh; up ~4.6% YoY.
• Total income: 43,423.88 lakh; prior year 41,531.82 lakh.
• Standalone PAT: 2,397.58 lakh; up 31.68% YoY.
• EPS (standalone): 1.80; steady year-on-year.
• Capex: Additions to PPE gross 570.18 lakh; net PPE 5,344.11 lakh.
• Net debt: 11,468.35 lakh; equity: 5,613.24 lakh; D/E 204.31%.
• OTS with Prudent ARC: 8,200 lakh settlement; current portion 2,509.89 lakh.
• No dividend recommended for FY2025-26.
• 46th AGM scheduled for 25 Sept 2026 via VC/OAVM.

Segment performance and geography

• Manufacturing revenue: 41,816.49; Trading: 587.92; total 42,404.41.
• Major customer (10%+ of revenue): 2026 Oryx Gas Tanzania Ltd ₹6,703.47.
• Export revenue: ₹34,217.63; Domestic revenue: ₹8,186.78.
• Segment PBT before tax: Manufacturing 3,119.62; Trading -39.72; total 3,079.90.
• Consolidated assets: Manufacturing 34,151.62; Trading 2,022.20; Unallocable 6,177.44.
• Subsidiaries: Strawberry Star India Pvt Ltd, Bihariji Properties Pvt Ltd, Bihariji Highrise Pvt Ltd.
• Geographic mix: Export-driven; outside India revenue substantial in total mix.

Governance, board and audit

• Board as at 31-03-2026: Navneet Sureka (MD), Deepa Sureka (WTD), Veena Aggarwal, Birendra Kumar, Manohar Punjabi, Atul Kumar.
• Radha Chauhan appointed as Additional Independent Director w.e.f 10 Aug 2026.
• Veena Aggarwal and Birendra Kumar vacated office w.e.f 13 Aug 2026.
• Auditors: NKSC & Co. (Statutory), Jai Prakash & Co. (Cost), Jyoti Arya & Associates (Secretarial).
• Auditors have issued a qualified opinion on FVOCI for unquoted shares and ECL for trade receivables.
• SEBI final order (30 June 2026): promoter penalties ₹1 crore each; 5-year market ban; appeal to SAT in progress.
• 46th AGM notice and remote e-voting timeline published; VC/OAVM participation allowed.

Regulatory, legal and governance flags

• SEBI interim order and final order affecting market access; pending SAT appeal on relief.
• Insolvency/forensic matters: Nexus Commosales and Amrapali-related actions; contingent exposures disclosed.
• Labour codes compliance noted; potential compensation restructuring from April 2026.
• Auditor reports flag internal controls and certain accounting policy judgments; management disputes noted.

Related party transactions and policies

• QSIL related party transactions proposed for FY2026-27 exceed materiality threshold (₹91 crore).
• Past year (FY2025-26) related party transactions with QSIL included sale ₹29.82 crore; purchase ₹37.81 crore; interest ₹3.68 crore.
• Arm's-length terms; Audit Committee oversight; omnibus approvals and annual approvals described.
• Part A/B disclosures outline basic details and evaluation criteria; no defaults reported.

ESG, CSR and people

• CSR expenditure was ₹31.00 lakh in FY2025-26; minimum requirement ₹29.40 lakh; 1.60 lakh carry-forward.
• CSR activities: subsidized medicines; education for underprivileged; monitoring by CSR committee.
• No adverse whistleblower findings; maternity benefits compliance maintained; labour wage adjustments per new codes.

Outlook and risks

• Indian economy remains resilient with growth projections; exports to key markets & FTAs could boost demand.
• Key risks: raw material price volatility, currency and global macro uncertainty, and tariffs.
• Management focus: quality, productivity, cost competitiveness; leveraging in-house manufacturing for better rates.
• Trade and regulatory developments, including labour code reforms, could impact cost structures.

Operational highlights and metrics

• Capex: PPE additions ₹570.18 lakh; net block ₹5,344.11 lakh; capital work-in-progress ₹10.40 lakh.
• Total assets (standalone): ₹43,100.13 lakh; equity ₹7,607.40 lakh; major subsidiaries consolidated.
• Cashflow: operating ₹3,065.99 lakh; investing ₹0.02 lakh; financing ₹3,335.83 lakh; year-end cash ₹421.36 lakh.
• Geographic revenue split confirms outside-India demand remains material to the top line.

Key Decisions

• Directors' Report for FY 2025-26 approved.
• Secretarial Audit Report for FY 2025-26 taken on record.
• Book closure fixed for 19-25 Sep 2026 for 46th AGM.
• 46th AGM scheduled for 25 Sep 2026 at 3:00 PM via Audio-Video mode.
• Notice of 46th AGM approved for sending to members.
• Cessation of office for Veena Aggarwal and Birendra Kumar w.e.f 13 Aug 2026.
• Audit Committee recommendations on proposed material related party transaction approved.

Directors vacated

• Birendra Kumar, Non-Executive Independent Director, ceasing Aug 13, 2026 for absence from all board meetings in 12 months.
• Veena Agarwal, Non-Executive Non-Independent Director, ceasing Aug 13, 2026 for absence from all board meetings.

Financials

• Standalone Q1 FY2026: revenue from operations ₹10,936.96 Lacs; total income ₹11,026.08 Lacs.
• Standalone PAT ₹486.88 Lacs; basic and diluted EPS ₹0.37.
• Consolidated Q1 FY2026: revenue ₹10,936.96 Lacs; total income ₹11,026.08 Lacs; PAT ₹486.70.
• Consolidated EPS ₹0.37; total comprehensive income ₹488.53 Lacs.
• Trade receivables gross ₹10,236.29 Lacs; provision ₹3,924.43; net ₹6,311.86 Lacs.
• Long-outstanding trade receivables classified as non-current; net ₹6,311.86 Lacs.
• OTS with Prudent ARC: ₹2,300.00 Lacs payable till Dec 2026; current liabilities.
• SEBI final order dated 30 Jun 2026; management challenging; no liability recorded.
• DDJAY project: 107 plots, 44 shops; agreement revoked Aug 2025; case filed.
• Labour Codes: four codes notified; company to consider compensation restructuring.
• Auditor’s review: qualified opinion on standalone & consolidated; FVTOCI unvalued; ECL not used.
• Provision for doubtful debts: ₹3,924.43 Lacs provision.
• Three subsidiaries' interim results not material to the group.
• Board meeting dated Aug 7, 2026; time 2:00–3:45 PM.

SEBI Final Order details

• SEBI Final Order dated 30 June 2026 restrains Mauria Udyog and directors from market participation for five years.
• Period includes adjustment of the restraint period already undergone.
• Directors Navneet Kumar Sureka and Deepa Sureka are prohibited from buying, selling, or dealing in securities.
• Alleged lapses relate to price and volume manipulation under SEBI Act and related regulations.
• No material impact on Mauria Udyog's financials or operations.
• Delay in disclosure due to the order's voluminous nature and legal review.
• Order receipt date: 14 July 2026.