Suyog Gurbaxani Funicular Ropeways Ltd

Financials (Standalone)

• FY2025-26 total income ₹4,726.69 lakh; revenue from operations ₹4,715.79 lakh.
• EBITDA ₹23.89 crore; PAT ₹11.15 crore; Basic EPS ₹4.48.
• PAT grew ~28% YoY to ₹11.15 crore.
• Operating cash flow ₹13.47 crore.
• Current ratio 4.69; debt-to-equity 2.81; debt service coverage 0.24.
• Authorized capital ₹25 crore; issued ₹24.862 crore across 2,48,62,222 shares.
• ROE stood at 37.10%, signaling strong return on equity.
• Dividend proposed: final ₹0.50 per equity share, subject to AGM.

Projects & portfolio

• Haji Malang (Malanggad) Funicular Railway completed and inaugurated January 18, 2026.
• Saptashrungi Funicular Ropeway remains flagship asset enabling pilgrim access.
• Expanded project portfolio with Malanggad project, strengthening execution capabilities.
• Acquired 50.74% in Supreme Suyog Funicular Ropeways Pvt Ltd; became subsidiary.
• Ticket collection revenue ₹2,496.89 lakh; unbilled revenue ₹2,009.20 lakh.
• Total revenue from operations ₹4,715.79 lakh; other income ₹10.90 lakh.
• Subsidiary turnover ₹28.532 lakh; loss after tax ₹51.878 lakh.
• Intangible toll collection rights drive asset base and amortization schedule.

Dividend & capital allocation

• Final dividend ₹0.50 per equity share; aggregate ₹1.2431 crore.
• Dividend will be paid subject to AGM approval and regulatory requirements.
• Dividend records/entitlements governed by AGM outcomes and statutory provisions.
• No change in Authorized or paid-up capital during FY2025-26.

Capital structure & liquidity

• Authorized share capital ₹25 crore; issued and paid-up ₹24.862 crore across 2,48,62,222 shares.
• Long-term borrowings standalone ₹10,003.66 lakh; consolidated ₹16,992.20 lakh.
• Cash and cash equivalents ₹43.66 lakh (standalone); ₹49.74 lakh (consolidated).
• Net cash from operating activities ₹1,346.62 lakh ( standalone ); ₹657.97 lakh (consolidated).
• No deposits; liquidity supported by cash flows and project execution cycle.

Governance & management

• Ramlal Sarote resigned as Independent Director on 29 Oct 2025.
• Mr. B. Padmanabhan appointed Independent Director for five years from 13 Jan 2026.
• Ameya Bodas appointed Company Secretary & Compliance Officer from 1 Jun 2025.
• Board met 4 times during FY2025-26; committees reconstituted as needed.

Audits & regulatory

• Statutory auditors: Aniket Kulkarni & Associates; Internal: SKSS & Associates; Secretarial: Amruta Giradkar.
• BSE LODR penalty of ₹23,600; corrective actions implemented post-notification.

CSR & ESG

• CSR expenditure ₹10.67 lakh; CSR policy not a separate committee due to spend threshold.
• CSR projects: Integrated Food Security and Healthcare program; Madhya Pradesh project listed.
• CSR obligation ₹10.66 lakh; balance carried forward as applicable.

Risks & outlook

• MD&A cites regulatory, execution, safety and financial risks inherent to ropeway projects.
• Opportunities include Parvatmala Pariyojana, PPP/ EPC projects and urban mobility use cases.
• Company emphasizes selective, disciplined growth with focus on feasibility and safety.

Subsidiaries & consolidation

• Supreme Suyog Funicular Ropeways Pvt Ltd remains subsidiary; SGFRL holds 50.74%.
• Consolidated revenue reflects group activities; intangible assets include toll collection rights.

AGM Details

• Date and time: 29-09-2026 at 11:30 IST via VC/OAVM.
• Record date: 22-09-2026.
• Duration: 11:30–12:13 IST.
• Held via video conferencing; no physical attendance.

Resolutions

• Resolution 1 (Ord): Adopt Audited Financial Statements for year ended 31 March 2026.
• Resolution 2 (Ord): Re-appoint Suyash Shivshankar Lature as Director by rotation.
• Resolution 3 (Ord): Re-appoint Aditya Rajkumar Gurbaxani as Director by rotation.
• Resolution 4 (Ord): Declare dividend of Re 0.50 per equity share for year ended 31 March 2026.
• Resolution 5 (Special): Appointment of B. Padmanabhan as Independent Director.

Voting Results

• Resolution 1: Passed; 100% in favour of votes polled.
• Resolution 2: Passed; 100% in favour.
• Resolution 3: Passed; 100% in favour.
• Resolution 4: Passed; 100% in favour.
• Resolution 5: Passed; 100% in favour; turnout 62.42% of outstanding shares.

Dividend Details

• Dividend proposed/approved: Re 0.50 per equity share for FY ended 31 March 2026.

Directors & Appointments

• Independent Director appointed: B. Padmanabhan (DIN: 01987724).
• Re-appointments by rotation: Lature and Gurbaxani.

Auditors

• No new auditor appointment; financials adopted with existing Auditors.

Material Related Party Transactions

• No material related party transactions disclosed.

Other Material Approvals

• No other material approvals disclosed.

AGM Details

• Date/time/mode: 29 Sep 2026, 11:30 IST, VC/OAVM.

Resolutions

• Resolution 1 (Ordinary): Adopt audited financial statements for FY ending 31 March 2026.
• Resolution 2 (Ordinary): Re-appoint Suyash Shivshankar Lature as Director.
• Resolution 3 (Ordinary): Re-appoint Aditya Rajkumar Gurbaxani as Director.
• Resolution 4 (Ordinary): Declare dividend of Re 0.50 per equity share.
• Resolution 5 (Special): Appoint B. Padmanabhan as Independent Director.

Dividend

• Dividend declared/approved: Re 0.50 per equity share.

Director Changes

• Two directors re-appointed by rotation.
• Independent Director appointment: B. Padmanabhan.

Voting Results

• Voting outcomes not disclosed in filing.
• Results to be posted on company/stock exchange websites.

Rating action

• CRISIL withdraws the long-term bank facility rating for Rs 35 crore facilities.
• Total facilities rated: Rs 35 crore; bank: Union Bank of India.
• Long-term rating previously: BBB/Stable.
• Withdrawal requested by issuer with lender no-objection.
• CRISIL press release dated Sep 24, 2026 confirms withdrawal.

Rationale and status

• Rating was kept under continuous surveillance prior to withdrawal.
• Withdrawal reflects issuer request and lender consent, not a credit event.
• Outlook not applicable due to rating withdrawal.

Material change

• Withdrawal of Crisil ratings on the bank facilities constitutes a material change.

Suyog Gurbaxani Funicular Ropeways Limited — Trading Window Closure from Oct 01, 2026 till expiry of 48 hours after the declaration of Unaudited standalone and consolidated financial results for the quarter & half year ending September 30, 2026.

Financials

• Standalone revenue from operations ₹47.16 crore in FY2025-26, down from ₹53.01 crore.
• Standalone EBITDA ₹23.89 crore; Standalone PAT ₹11.15 crore; EPS ₹4.48.
• Consolidated revenue from operations ₹49.79 crore; Consolidated PAT ₹5.95 crore; Consolidated EPS ₹2.39.
• Dividend per share ₹0.50, final dividend proposed for 2025-26.
• Operating cash flow ₹13.47 crore; CFO supports profitability, aided by cost controls.
• Standalone ROE at 37.10%; current ratio 4.69x; debt service coverage 0.24.
• AGR: No major impairment; assets include toll rights and intangible assets under development.

Projects & Operations

• Haji Malang (Malanggad) Funicular completed and inaugurated January 18, 2026.
• Saptashrungi Funicular Ropeway remains flagship operational asset.
• Haji Malang EPC success expands SGFRL’s project execution capabilities.
• Unbilled revenue for Haji Malang project recognized at ₹2,009.20 lakh.
• Ticket collection fees contributed substantially to revenue mix; other visitor services monetized.

Portfolio & Assets

• Saptashrungi and Haji Malang projects anchor the integrated mobility platform.
• Toll collection rights and intangible assets underpin concession-based revenue streams.
• Investment in Supreme Suyog Funicular Ropeways Pvt Ltd enhanced consolidation scope.

Governance & Compliance

• Independent Director B. Padmanabhan appointed 13 Jan 2026 for five-year term.
• Ramlal Sarote ceased as Independent Director on 29 Oct 2025.
• Board comprises nine directors; independent directors include one woman.
• Auditors: Aniket Kulkarni & Associates; Internal: SKSS & Associates; Secretarial: Amruta Giradkar.
• BSE penalty of ₹23,600 for SEBI LODR non-compliance; corrective actions implemented.

Dividends & Shareholder matters

• Final dividend of ₹0.50 per equity share proposed, subject to AGM approval.
• Register of Members/dividend payments aligned with cut-off; AGM on 29 Sep 2026 via VC.
• E-voting window from 24 Sep to 28 Sep 2026; cut-off date 22 Sep 2026.

Capital structure & liquidity

• Standalone long-term borrowings ₹100.04 crore; Consolidated long-term ₹169.92 crore.
• Standalone short-term borrowings nil; Consolidated short-term borrowings ₹6.23 crore.
• Share capital 24.862 million equity shares; paid-up ₹24.862 crore.
• Cash and cash equivalents Standalone ₹0.437 crore; Consolidated ₹0.498 crore.

CSR & Sustainability

• CSR spend ₹10.67 lakh; company meets two percent average net profit obligation.
• CSR project: Integrated Food Security, Education & Healthcare Welfare Program in Seoni, Madhya Pradesh.
• CSR policy and project details are disclosed on the company's website.

Subsidiaries & related parties

• Subsidiary Supreme Suyog Funicular Ropeways Private Limited acquired; 50.74% stake.
• Subsidiary turnover and loss metrics disclosed; consolidation impacts reflect the group structure.
• Related party transactions disclosed; arm's length basis and NRC/Board approvals.

AGM Details

• AGM date/time/mode: Sept 29, 2026 at 11:30 IST via VC/OAVM.
• Books/record closure: Sept 23–29, 2026.
• e-voting cut-off: Sept 22, 2026.

Ordinary Business

• Adopt Audited Standalone and Consolidated financial statements for FY 2025-26.
• Re-appoint Suyash Lature as Director, retiring by rotation.
• Re-appoint Aditya Gurbaxani as Director, retiring by rotation.
• Declare final dividend of ₹0.50 per equity share for FY 2025-26.

Special Business

• Appoint B. Padmanabhan as Independent Director for five years (Jan 13, 2026–Jan 12, 2031).

Voting Status

• Voting results not provided in filing; outcomes pending AGM vote.