Shree Marutinandan Tubes Ltd

Shree Marutinandan Tubes Limited: Closure of Trading Window from October 01, 2026 till 48 hours after the declaration of Financial Results of the Company for the half-year ending September 30, 2026

AGM Details

• 13th AGM held on Sep 23, 2026 at 11:30 a.m. via VC/OAVM.

Key Resolutions

• Adopt audited standalone and consolidated financial statements for FY ended Mar 31, 2026 (Ordinary).
• Re-appoint Vikram Sharma as Director by rotation (Ordinary).
• Kavita Khatri appointed Independent Director (Special).
• Manish Pradyumna Pancholy appointed Independent Director (Special).
• Borrowing limits up to Rs 300 crore (Special).
• Creation of charges on assets up to Rs 300 crore (Special).
• Loans/guarantees or security up to Rs 300 crore (Special).
• Investments, loans, guarantees up to Rs 300 crore (Special).
• Material related party transactions with Shree Maruti Green Energy Private Limited (Ordinary).

Voting Results

• Voting results to be disseminated to stock exchange and on company website.
• Chair authorized to declare results; voting concluded; e-voting period open for 15 minutes after meeting.

Director Changes

• Vikram Sharma re-appointed as Director by rotation.
• Kavita Khatri appointed Independent Director.
• Manish Pradyumna Pancholy appointed Independent Director.

Related Party Transactions

• Material related party transactions with Shree Maruti Green Energy Private Limited approved.

Purpose of postal ballot

• Special resolutions sought: rename to Shree Marutinandan Industries Limited and approve executive remuneration for three resolutions.

Resolutions and outcomes

• R1: Special resolution to change name; MOA/AOA alterations; passed with 100% of valid votes.
• R2: Vikram Sharma appointed Chairman and Whole-time Director; remuneration approved; promoter-interest; 1 abstention; some votes not counted.
• R3: Bharat Sharma appointed Managing Director; remuneration approved; promoter-interest; 1 abstention; votes not counted.

Financial performance

• Standalone revenue from operations rose to 14,931.17 lakh.
• Standalone total revenue 14,942.86 lakh; PAT 357.74 lakh.
• Consolidated revenue 14,970.76 lakh; Consolidated PAT 357.74 lakh.
• YoY growth: revenue up about 29.8%, PAT up about 27.7%.
• Dividend not recommended for FY2025-26.
• Net worth stood at 2,551.49 lakh, up from 2,193.76.
• CWIP at 632.50 lakh; capex for manufacturing infra.
• Warrants issued: 47,57,280; upfront 1,225.00 lakh; Rs 103 per warrant.
• Equity capital remained 346.00 lakh; no immediate equity change.
• Joint Venture Shree Maruti Fire Protection: 98% owned; JV revenue 39.58 lakh.
• JV assets total 44.28 lakh; carrying amount 1.57 lakh.
• IPO proceeds utilized; specifics disclosed in notes.

Business developments and strategy

• Diversified into fire protection systems via JV to broaden offerings.
• Capex of 632.50 lakh for factory infra and machinery.
• Joint Venture with Mehta & Associates Fire Protection Systems; 98% owned by company.
• Manufacturing infra aims for forward integration and margin improvement.
• Plan to expand BIS-compliant product lines; geographic footprint expansion.
• Board approved potential name change to Shree Marutinandan Industries Limited.

Capital structure and liquidity

• Equity capital of 346.00 lakh (34.60 lakh shares).
• 47,57,280 fully convertible warrants issued; upfront 1,225.00 lakh.
• Warrants exercisable at Rs 103 within 18 months.
• Short-term borrowings 413.16 lakh; long-term borrowings 69.32 lakh.
• Net worth strengthened by warrant proceeds; balance sheet liquidity improved.

Governance and board changes

• Independent Directors Kavita Khatri and Manish Pradyumna Pancholy appointed Dec 12, 2025.
• Ankitkumar Agrawal and Shwetaben Saparia resigned Dec 12, 2025.
• Board held 12 meetings; committees reconstituted from Dec 12, 2025.
• Aug 5, 2026: name change considered; executive roles realigned.
• Dividend policy unchanged; post-employment benefits noted for actuarial review.

Related party transactions

• Material RPT with Shree Maruti Green Energy up to 33 crore.
• Transactions include sale, purchase, and trade advances; Audit Committee approval.
• Promoters Sharma hold 50% each in related party.
• RPT disclosures provided in Form AOC-2; arm's length pricing basis.

Risks and outlook

• Geopolitical tensions noted; management expects no material impact.
• Risks: steel price volatility and working capital intensity.
• Credit risk from customer concentration; BIS-compliant demand supports stability.
• Outlook: capex for manufacturing; scale up fire protection JV; broaden distribution.

Audit, controls and compliance

• Statutory auditors SK Jha & Co; post-employment benefits noted but not quantified.
• Secretarial audit: investor section on website to be updated.
• Internal controls deemed adequate; COSO-based framework; effective as at 31-Mar-2026.
• No material fraud; CSR not applicable.

Contract award details

• Awarded by GS PEB & Civil Works Pvt. Ltd. on 25 Aug 2026 for sanitary fixtures.
• Order value approximately ₹1.10 crore excluding GST.
• Completion period: 1.5 months from commencement; Defect Liability Period: 18 months.
• Advance payment 10% against submission of Advance Bank Guarantee; 10% retention.
• GST payable extra as applicable.
• Location: Plot No. 31, Sector 16, Auric Bidkin, Chhatrapati Sambhajinagar, Maharashtra.
• Promoter/promoter group has no interest in the award entity.
• Not a related party transaction.
• Bagging date/time: 25 Aug 2026 at 04:28 PM.

IT equipment order

• Material (Purchase) order for IT and networking equipment for HP server setup.
• Order value approximately ₹0.2595 crore including GST.
• Awarded by S M Techno Consultants Private Limited.
• Delivery location: Maharana Pratap Airport, Udaipur, Rajasthan 313022.
• To be executed within one month; payment terms 30 days from delivery.
• Promoter group has no interest in the supplier; not a related party transaction.
• Order bagged on 10 Aug 2026 at 02:09 PM; ordinary course, domestic.

Resolutions via Postal Ballot

• Change of name to Shree Marutinandan Industries Limited; Special; MOA/AOA alterations.
• Appoint Vikram Shivrattan Sharma as Chairman & Whole-time Director; Special resolution; remuneration up to Rs 40 lakh.
• Appoint Bharat Shivratan Sharma as Managing Director; Special resolution; remuneration up to Rs 40 lakh.