Spice Islands Industries Ltd

Spice Islands Industries Limited – Trading Window closed from Sep 30, 2026; shall reopen after expiry of 48 hours from the declaration of unaudited financial results for the 2nd quarter and half year ended Sep 30, 2026 (FY 2026-27).

Opening of The Ocean Prime hotel

• Opening ceremony held September 25, 2026; hotel operations commenced.
• Hotel includes 26 rooms and restaurant; management by Spice Islands.

Lease & operating agreement terms

• Parties: Spice Islands Industries Limited and Ladhu Kara Charities.
• Property: The Ocean Prime hotel site in Dwarka, Gujarat, with assets.
• Effective date July 1, 2026; term 11 months 29 days to June 30, 2027.
• Monthly rent Rs 3,00,000; 10% annual escalation; refundable security deposit Rs 50,00,000.
• Not a related party transaction; with an unrelated party.

Operational impact

• Strategic expansion of hospitality business; expected new revenue opportunities.
• Operations commenced as per agreement terms; hotel is to be managed under lease.

Regulatory / disclosure status

• Intimation filed under SEBI LODR Schedule III; opening and operations disclosed.

Resignation of Secretarial Auditor

• Alok Khairwar and Associates, Secretarial Auditor, resigned effective 19 Sep 2026 for professional/administrative reasons; tenure unspecified; appointment pending.

Regulatory action

• SEBI conducted search and seizure at the registered office and other locations on Sept 10, 2026.
• Residence of a director and other associated persons were included in the proceedings.
• Company cooperated and provided information, clarifications, and documents as required.
• No specific violation communicated to the company as of the date of this intimation.
• Operations continued without disruption; no quantified financial impact reported yet.

Results and board action

• Board reconvened on Aug 19, 2026 to approve the unaudited standalone results for June 30, 2026.
• Revenue from operations: ₹1,783.05 lakhs; total income: ₹1,871.61 lakhs for the quarter.
• Profit before tax: ₹140.51 lakhs; profit after tax: ₹139.92 lakhs; EPS ₹2.24.
• Segment revenue: EV renting ₹45.94L, Food & Beverages ₹1,485.86L, Hospitality ₹251.26L; total ₹1,783.05L.
• Limited Review Report issued by Giriraj Bang & Co; no material misstatement identified.
• No subsidiary; consolidated results not applicable for quarter ended June 30, 2026.

Regulatory applicability under LODR

• Paid-up capital as of 31 Mar 2026: ₹6.23 crore; net worth: ₹14.02 crore (below thresholds).
• Regulation 23(9) related party disclosures not applicable for quarter ended 30 Jun 2026.
• Regulatory compliance under Regulation 15(2) exemption applies, removing Corporate Governance disclosure requirements.
• No related party transactions disclosure required for the quarter.

Financial results approved

• Unaudited standalone results for quarter ended June 30, 2026 approved.
• Limited Review Report by statutory auditors on June 30, 2026 results.
• Consolidated results not applicable due to absence of subsidiary.

Audit report and compliance

• Auditors issued an unmodified Limited Review Report on the results.
• Results prepared under Ind AS 34 per SEBI LODR Regulation 33.

Board actions and timing

• Board reconvened on August 19, 2026 to approve the results.

Meeting reschedule and actions

• Original meeting date was scheduled but subsequently adjourned.
• Meeting reconvenes on a rescheduled date to finalize unaudited results.
• Adjournment due to need for additional information and clarifications on accounting matters.
• Agenda includes consideration and approval of unaudited results for the quarter and related matters.
• Trading window remains closed until 48 hours after results are declared.

AGM Details

• AGM conducted on 07 August 2026 through VC/OAVM.
• Start time 11:30 a.m., end time 12:50 p.m.
• Record date for entitlement: 31 July 2026.
• Postal ballot last date mentioned: 07 August 2026.

Key Resolutions

• Adopt Audited Financial Statements for the year ended 31 March 2026.
• Note interim dividends declared and paid; final dividend to be declared.
• Re-appoint Chirag Chandulal Rajpopat by rotation.
• Appoint Nitu Vishwakarma as Independent Director.
• Stock split: one Rs 10 share into five Rs 2 shares.
• Alter Capital Clause V of MOA due to sub-division.
• Re-designate Sandeep Jamnadas Merchant as MD and Vice Chairman.
• Appoint Huzaifa Habil Khorakiwala as Non-Executive Director and Chairman.
• Appoint Nikhil Saran Mathur as Non-Executive Director.
• Approve material RPT with Faraaz Chapra's entities.
• Approve material RPT with Sandeep Jamnadas Merchant's entities.
• Approve material RPT with Dhaval Girish Chheda's entities.
• Approve formation of joint venture with Peace Mission Private Limited.

Voting Results

• All resolutions passed by requisite majority.
• Total votes polled across all resolutions: 70,923.
• Public attendees via video: 32; promoter attendance: 0.

Dividend Actions

• Interim dividends were declared and paid during FY 2025-26.
• Final dividend on equity shares to be declared.

Director and Management Changes

• Independent Director Nitu Vishwakarma appointed.
• Non-Executive Director Huzaifa Habil Khorakiwala appointed as Chairman.
• Non-Executive Director Nikhil Saran Mathur appointed.
• Sandeep Jamnadas Merchant redesignated as MD and Vice Chairman.

Material Related Party Transactions

• RPT with Faraaz Chapra's entities approved.
• RPT with Sandeep Jamnadas Merchant's entities approved.
• RPT with Dhaval Girish Chheda's entities approved.

Other Corporate Actions

• Stock split approved.
• Alter MOA Capital Clause V approved.
• JV formation with Peace Mission Private Limited approved.