Minal Industries Ltd

AGM details

• Date and mode: 29 September 2026, via VC/OVAM.
• Start time 11:31 AM, end 11:44 AM.
• Record date: 22 September 2026.

Resolutions to vote

• Resolution 1: Ordinary—receive, consider and adopt standalone financial statements.
• Resolution 2: Ordinary—receive, consider and adopt consolidated financial statements.
• Resolution 3: Ordinary—re-appoint Divyanshu Navlakha by rotation.
• Resolution 4: Ordinary—approve material related party transactions.
• Resolution 5: Special—revise and approve MD remuneration.

Voting outcomes

• Resolution 1: Passed by majority; all votes in favour.
• Resolution 2: Passed; all votes in favour.
• Resolution 3: Passed; overwhelming in favour.
• Resolution 4: Passed; related party approved; interested party votes invalid.
• Resolution 5: Passed; MD remuneration approved; MD's vote treated as invalid.

Dividend

• No dividend proposed or declared.

Directors / auditors

• Divyanshu Navlakha retires by rotation; re-appointment approved.

Material related party transactions

• Material related party transaction approved; details not disclosed.

AGM Details

• AGM held on 29 September 2026 via VC/OAVM.
• Meeting commenced at 11:31 A.M.
• Attendance: 68 members.
• Registered office deemed AGM venue.

Resolutions

• Ordinary Resolution: Adopt standalone financial statements for year ended March 31, 2026.
• Ordinary Resolution: Adopt consolidated financial statements for year ended March 31, 2026.
• Ordinary Resolution: Reappoint retiring director by rotation.
• Ordinary Resolution: Approve material related party transactions.
• Special Resolution: Revise and approve MD remuneration.

Voting & Outcome

• Resolutions deemed passed on 29 September 2026, subject to requisite majority.

Material Related Party Transactions

• Approval of material related party transactions.

MD Remuneration

• Remuneration of Managing Director revised and approved.

Minal Industries Limited — Closure of Trading Window from 01 October 2026 for Unaudited Standalone & Consolidated Financial Results for the Quarter and Half year ending 30 September 2026; The Trading Window shall open 48 hours after the announcement of Unaudited Standalone & Consolidated Financial Results for the Quarter and Half year ending 30 September, 2026 becomes generally available.

Promoter demise

• Jesingbhai Badarmal Parikh, Promoter of Minal Industries Limited, has died.
• He shall cease to be included in the Promoter/Promoter Group from 21 September 2026.
• His name will not be reflected in promoter group in forthcoming shareholding patterns.
• Shareholding details or transmission arrangements not disclosed.
• No interim arrangements or replacements specified.
• Cessation date: 21 September 2026.
• Intimation records update to promoter group status.

AGM notice and annual report access

• 38th AGM scheduled for 29 September 2026 at 11:30 IST via VC/OAVM.
• Letters dispatched to shareholders without registered email with web-link to Annual Report.
• Annual Report for FY2025-26 accessible at MIL website; also on BSE and NSDL.
• Cut-off date for non-registered emails: 28 August 2026.
• SEBI circular requires KYC updation and dematerialization of physical securities.
• Physical-holders must update PAN, address, and bank details to receive payments.

Book Closure Details

• Book closure window from 23 September 2026 to 29 September 2026 (inclusive).
• Purpose: for the 38th AGM.
• AGM date: 29 September 2026.
• Security: equity shares.

Financial snapshot

• Consolidated revenue from operations: ₹4,283.37 lakh.
• Consolidated total income: ₹4,512.68 lakh.
• Consolidated net profit after tax: ₹59.82 lakh.
• Consolidated EPS (basic): ₹0.03.
• Dividends proposed: none for FY2025-26.
• Total assets (consolidated): ₹8,773.07 lakh.
• Total equity (consolidated): ₹6,414.91 lakh.
• Total borrowings (consolidated): ₹568.71 lakh.
• Gearing ratio: 0.01x.
• Overdue loans >90 days: ₹1,464.95 lakh.
• MIJL related party sales: ₹423.09 lakh.
• Trade receivables from MIJL: ₹1,418.02 lakh.
• Net cash from operating activities: ₹741.99 lakh.
• Cash and cash equivalents: ₹479.80 lakh.

Revenue mix & customers

• Revenue by geography: Domestic ₹303.03 lakh; Exports ₹3,980.34 lakh; Total ₹4,283.37 lakh.
• Top customers (>10% of revenue): Selection Inc ₹1,787.51 lakh; Anila Jewels ₹1,398.01 lakh.
• MIJL is associate with 49.40% holding in MIL.
• Material RPT disclosures and thresholds discussed; aggregate ₹15 crore limit.

Capital structure & liquidity

• Total assets: ₹8,773.07 lakh; Total equity: ₹6,414.91 lakh.
• Consolidated borrowings: ₹568.71 lakh; Cash and bank balances: ₹634.80 lakh (₹479.80 cash, ₹155 bank).
• Gearing ratio: 0.01x; No significant long-term debt in the group’s latest accounting.
• Net cash from operations: ₹741.99 lakh; liquidity position supported by promoter funding.

Governance & board

• Board comprised 5 directors; 3 Independent Directors; Disha Rathod appointed 30 May 2025.
• Divyanshu Navlakha appointed as Additional Non-Executive Non-Independent on 04 Mar 2025.
• Audit Committee: 3 members; four meetings in FY2025-26.
• Independent Directors meeting held on 13 Feb 2026.

Audit flags & going concern

• Material uncertainty related to going concern due to accumulated losses ₹2,216.82 lakh.
• Management expects improvement with ongoing strategy and promoter support.
• Emphasis of matter: MIJL interest not accrued; overseas subsidiary winding-up; NCLT dispute.
• Assets records and fixed asset verification noted as needing improvements.

Related party transactions

• Material RPT framework: aggregate transactions with related parties may exceed materiality thresholds.
• MIJL: sale of goods ₹423.09 lakh; loans and advances between MIL and MIJL.
• Loans to MIJL: ₹1,187.96 lakh; MIJL interest receivable ₹276.99 lakh; impairment provided in prior years.
• MD remuneration revised: up to ₹14 lakh per month from 1 January 2026.
• Divya Navlakha and Parikh are related; governance disclosures on related party transactions.

Outlook & risks

• Diamond industry remains volatile with freight, trade and FX pressures.
• Management aims for margin recovery via cost rationalisation, capacity utilisation, and export expansion.
• Regulatory changes (Labour Codes) monitored; no material impact expected yet.

Key decisions

• Approved Directors Report with annexures for FY 2025-26.
• Subject to shareholder approval, approved related party transactions for FY 2027-28.
• Closure of Register of Members and Share Transfer Books for AGM from 23 Sep to 29 Sep 2026.
• Cut-off date to record electronic voting entitlement: 22 Sep 2026.
• Convene 38th AGM on 29 Sep 2026 at 11:30 AM via VC/OAVM.
• Approved 38th Annual Report for FY 2025-26, including AGM notice.
• Appointed Kunal Sakpal as AGM Scrutinizer; in his absence, Hemant Shetye.
• Approved NSDL to facilitate AGM e-voting.
• Authorized Directors/Company Secretary to conduct AGM and issue notices.

Share price movement clarification

• No UPSI or undisclosed information is available that may affect share price.
• Movement appears market-driven and not due to company-specific announcements.
• Reiterates commitment to timely disclosures under applicable regulations.
• Future disclosures will be promptly made as material events arise.