Rudra Gas Enterprise Ltd

AGM Details

• Date and time: 28 Sep 2026, 11:00 AM–12:30 PM.
• Mode of meeting: not specified.
• Record date: 21 Sep 2026; total shareholders on record: 948.
• Attendees: promoters 5, public 3; video attendees 0.

Resolutions and outcomes

• Resolution 1 (Ordinary): Adoption of financial statements and boards' reports; passed 100% in favour.
• Resolution 2 (Ordinary): Re-appointment by rotation of Director Kush Sureshbhai Patel; passed 100% in favour.
• Resolution 3 (Ordinary): Re-appoint Managing Director Kush Sureshbhai Patel for a further 3-year term; passed.

AGM Details

• AGM held 28 Sept 2026 at 11:00 AM physical meeting at Ahmedabad; quorum eight members in person.

Resolutions

• Ordinary: adopt audited financial statements and reports for year ended 31 March 2026.
• Ordinary: director retiring by rotation eligible for re-appointment.
• Special: re-appoint MD for a further period of 3 years.

Voting results

• Voting results: results to be declared after scrutiny.
• Special MD resolution deemed passed subject to requisite votes.

Directors

• MD appointment for three-year term.

Rudra Gas Enterprise Ltd — Trading Window closure from Thursday, October 1, 2026 till 48 hours after the declaration of unaudited Financial Results for the Half year ended September 30, 2026

Internal Auditor Appointment

• Board approved appointment of M/s. Malay N Shah and Company as Internal Auditor for FY 2026-27.
• Appointment date: 11 September 2026, for FY 2026-27.
• CA firm details: Membership No. 171198; ICAI Firm Registration No. 0142899W; Ahmedabad.
• Consent obtained and eligibility confirmed for appointment.
• Credentials under SEBI LODR Master Circular dated 11 Nov 2024 enclosed.
• Profile: CA Malay Shah has more than 10 years' experience in internal controls and compliance.
• Relationship disclosures: Not Applicable.

Financial Highlights

• Standalone revenue from operations: 12,092.83 Lakhs.
• Standalone total revenue: 12,141.67 Lakhs, up from 10,041.28.
• Standalone PAT: 861.84 Lakhs, up from 670.52.
• Standalone EPS: 10.34.
• Consolidated revenue from operations: 12,415.27 Lakhs.
• Consolidated total revenue: 12,464.11 Lakhs.
• Consolidated PAT: 862.69 Lakhs.
• Consolidated EPS: 10.28.
• Dividend for FY2025-26: Nil.

Strategic Focus & Growth

• Strategic focus on gas distribution, green hydrogen, bio-CNG, solar.
• Post-year: 51% subsidiary Rudra Global Green Energy Private Limited.
• Associate Rudra Gas Greenstat Hydrogen Private Limited at 50%.
• Acquired 71% stake in DS Pipeline Projects Limited for Rs 18.38 crore.
• Rudra Bio Energy Private Limited formed with 51% stake; Rs 51,000 invested.

People & Governance

• CFO Vinita Mistry appointed 5 January 2026.
• Statutory Auditor: Desai & Desai; term to FY2026-27.
• Secretarial Auditor: Premal Shah & Company.
• CSR Committee chaired by Kush Patel; Kashyap and Manjulaben as members.
• 11th AGM date: 28 September 2026.

Audit Flags & Controls

• GST show-cause notices totalling 43.98 Lakhs; outcome uncertain.
• Income tax demand: 4.04 Lakhs; resolution pending.
• Audit reports show no major qualifications; internal controls adequate.
• Cash losses: none in current or preceding year.
• Secretarial audit: no major adverse remarks.

CSR & ESG

• CSR spend 16.50 Lakhs; required 13.44; excess 3.06.
• CSR policy and CSR report hosted on company website.

Shareholder & AGM

• 11th AGM on 28 Sep 2026; venue: Registered Office.
• Notice and annual report available on company website.

MD Re-appointment

• Change type: Re-appointment of Managing Director.
• Name and designation: Kush Sureshbhai Patel, Managing Director.
• Effective date and term: 4 September 2026 for a 3-year term.
• Reason for change: Re-appointment.
• Profile: BTech from Pandit Deendayal Petroleum University; 10+ years in oil and gas; manages finance and network design.
• Relationships: Mother and brother of appointee are directors.
• Shareholder approval: Appointment subject to shareholders' approval.
• Debarment: Not debarred from director office.
• Impact: Board approves; subject to shareholders; no other changes announced.

Target and deal overview

• Target: DS Pipeline Projects Limited, gas pipeline contractor in India (HP steel, MDPE, PNG).
• Turnover (INR thousands): FY2024-25 848,505; FY2023-24 694,867; FY2022-23 532,515.
• Acquisition: 71% equity stake via 87,53,730 DSPL shares for INR 18,38,28,330.
• Payment: cash, through banking channels.
• Closing: 4 August 2026 or mutually agreed date.
• Related party: not a related party; promoter group has no interest.
• Regulatory approvals: third-party consents obtained; no objections or conditions.
• Background: incorporated 2019; CIN U45309DL2019PLC355850; registered office East Delhi; presence in India.
• Purpose: diversify and inorganic expansion into DSPL's gas pipeline business.

Cessation of CFO and KMP

• Vinita Arvindbhai Mistry resigned as CFO and KMP; effective 5 September 2026; to pursue another opportunity.

Target and Ownership

• Target: Rudra Global Green Energy Private Limited, subsidiary engaged in solar and renewable energy.
• Post-issuance Rudra holds 50.95% of equity.
• Shares allotted: 3,500,000 at Rs 10 each; cost Rs 3.50 crore.
• Pre-transaction Rudra held 51% equity.
• Related party transaction; investment by Rudra Gas at arm's length.

Financials of Target

• Post-allotment paid-up capital Rs 6,88,00,000.
• Pre-issue paid-up capital Rs 1,00,000.
• Turnover NIL for year ended 31/03/2025; earlier Rs 3,22,44,157 as on 31/03/206.

Transaction Details & Rationale

• Investment for execution of existing and future tenders.
• Nature: equity share allotment; cash not involved.
• Cost: Rs 3.50 crore for 3.5 million shares.
• Industry: solar and renewable energy; target services include renewable tech.

Regulatory & Completion

• Regulatory approvals: Not Applicable.
• Timeline: Allotment completed today; no separate completion date.

Target Background

• Incorporation date: 03/01/2025.
• Business: transmitting, distributing, selling solar and renewable energy.
• Country/presence: not disclosed.

Rating Action & Scope

• Long-term rating: Crisil BB/Stable; Issuer Not Cooperating; Removed from Watch Developing.
• Short-term rating: Crisil A4+; Issuer Not Cooperating; Removed from Watch Developing.
• Total rated facilities: Rs 80 crore bank facilities.
• Long-term outlook: Stable.

Instruments Rated

• Bank Guarantee: Rs 50 crore; Crisil A4+; Issuer Not Cooperating.
• Cash Credit: Rs 25 crore; Crisil BB/Stable; Issuer Not Cooperating.
• Letter of Credit: Rs 5 crore; Crisil A4+; Issuer Not Cooperating.
• Bank Guarantee (co-operating lines): Rs 25 crore; Crisil A4+; Issuer Not Cooperating.
• Cash Credit (co-operating lines): Rs 10 crore; Crisil BB/Stable; Issuer Not Cooperating.
• Cash Credit (co-operating lines): Rs 15 crore; Crisil BB/Stable; Issuer Not Cooperating.
• Letter of Credit (co-operating lines): Rs 5 crore; Crisil A4+; Issuer Not Cooperating.

Rationale & Key Points

• Issuer Rudra Gas Enterprise Ltd has not cooperated; rating based on best available information.
• Consolidated view includes Rudra Global Green Energy Pvt Ltd; strategic integration noted.
• Non-cooperation limits forward-looking assessment; information-adequacy risk highlighted.
• Long-term rating outlook remains Stable.
• Investors should exercise caution due to Issuer Not Cooperating suffix.

Material Changes

• Migration to Issuer Not Cooperating; removed from Watch Developing.
• Rating history shows BBB-/Watch Developing previously; now BB/Stable with non-cooperation.