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India Corporate Governance MCA ROC Filings — May 29, 2026

India MCA Corporate Governance Watch

By Gunpowder Editorial ·

50 medium priority 50 total filings analysed

Executive Summary

The 50 filings for May 29, 2026 reveal a governance landscape with deep financial stress at small-cap and mid-cap firms, even as headline earnings at a few large-cap names show resilience.

A standout pattern is severe margin compression beneath revenue growth—7 of 9 companies with full-year data showed net profit declines or net losses despite higher topline, a classic value trap signal. Insider actions were scarce but significant: Asia Pack Ltd removed its CEO for chronic illness, while Decorous Investment & Trading accepted the resignation of a Whole-Time Director/CFO, suggesting board-level instability. Forward-looking catalysts are concentrated in a few names: IPCA Laboratories ($173Cr subsidiary impairment behind it), Dynemic Products (strong operating turnaround), and Jindal Saw's NCD issuance. Capital allocation remains defensive—most boards avoided dividends or kept them flat, with Asian Paints as the sole standout raising its final dividend. A critical governance red flag is the frequency of qualified audit opinions (Shri Keshav Cements, Uniworth International) and unresolved regulatory matters (GST investigations), which could trigger MCA scrutiny. Overall, the digest flags a bifurcated market: a handful of quality compounders vs. a long tail of companies burning cash or facing structural obsolescence. The MCA 'watch' angle is amplified by multiple auditor concerns and board churn.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Corporate governance

Tracking the trend? Catch up on the prior India Corporate Governance MCA ROC Filings digest from May 28, 2026.

Investment Signals (10)

  • IPCA Laboratories ↓ (BULLISH)
    ▲

    Exceptional items of ₹281.54Cr (₹173Cr subsidiary impairment + ₹108.54Cr associate impairment) are now behind it; full-year profit before exceptional items rose 56.3% YoY to ₹1,562.55Cr, and Q4 showed 53.3% YoY growth in PBT. The overhang of these non-recurring charges is removed, and the board reappointed Prashant Godha for 5 years—signaling management continuity.

  • Aashka Hospitals ↓ (BULLISH)
    ▲

    Despite 2.7% revenue decline, PAT grew 2.2% to ₹333.89 Lakhs, driven by a 31.5% reduction in finance costs (₹118.05 Lakh vs ₹172.46 Lakh). This demonstrates successful deleveraging and cost control in a low-growth environment.

  • Ecos (India) Mobility ↓ (BEARISH)
    ▲

    Revenue grew 23.58% YoY to ₹8,081.58 Mn and trips rose 29% to 5.23 million, yet EBITDA margin compressed 251 bps (14.13% → 11.62%) and PAT declined 4.19% YoY. The company is sacrificing profitability for market share expansion in a capital-intensive business—trade receivables jumped 29.3% to ₹1,070.21 Mn.

  • Vardhman Textiles ↓ (BULLISH)
    ▲

    Investment of ₹24.46 Cr in a 19 MW AC Wind Solar Hybrid Power Plant under captive rules provides a long-term hedge against power costs, a critical input for textile manufacturing. The amendment through the Committee of Directors suggests disciplined capital allocation toward energy security.

  • Dynemic Products ↓ (BULLISH)
    ▲

    Standalone net profit up 35.4% YoY to ₹2,029.81 Lakhs and finance costs down 18.6% YoY (₹926.65 Lakh vs ₹1,139.24 Lakh). The consolidated share of associate losses widened to ₹47.34 Lakh (vs profit of ₹1.14 Lakh), but the core standalone business is executing well with clean audit opinion.

  • Mercury Laboratories ↓ (BULLISH)
    ▲

    Revenue growth of only 2.3% YoY but PAT surged 50.5% to ₹583.10 Lakh on an exceptional charge of ₹39.49 Lakh for labour code provisions. Q4 showed sequential weakness (PAT -10.5%), but full-year TCI up 54.9% signals the base business is improving.

  • Bharat Global Developers ↓ (BEARISH)
    ▲

    Zero revenue in Q4 FY26 vs ₹12,215.56 Lakh in Q4 FY25, with all segments (Construction Materials, Gold, Agri, Textile) reporting zero or negative revenue. Full-year revenue collapsed 96.1% from ₹66,858.42 Lakh to ₹2,610.79 Lakh. This is a going-concern risk.

  • Wealth First Portfolio Managers ↓ (BULLISH)
    ▲

    Standalone PAT for Q4 FY26 of ₹1,370.20 Lakh is a sharp turnaround from a loss of ₹426.74 Lakh in Q4 FY25 and a 9.9x jump from Q3 FY25's ₹138.49 Lakh. The board also approved increasing authorized capital from ₹11Cr to ₹12Cr, suggesting expansion plans.

  • Capricorn Systems Global Solutions ↓ (BEARISH)
    ▲

    Revenue surged from ₹100.81 Lakh to ₹2,903.51 Lakh, but net profit was only ₹18.17 Lakh (0.6% margin), with cost of materials at 95.4% of revenue. This is typical of a low-margin agri-trading business, not a high-value software story. The rights issue of 2.4 Cr shares during the quarter also dilutes existing holders.

  • Gujarat Alkalies ↓ (BULLISH)
    ▲

    Standalone net profit rose 31.7% to ₹2,084 Lakh, but consolidated net loss was ₹241 Lakh due to JV losses. The board approved a ₹67 Cr investment in a high-purity hydrogen peroxide plant at Dahej, indicating growth capex. The dividend of ₹17.70/share (177%) is a strong yield signal at current prices.

Risk Flags (9)

  • Asia Pack Ltd / CEO Removal↓ [HIGH RISK]
    ▼

    Mr. Jitendra Purohit removed as CEO due to 'severe chronic illness and unavailability for over 45 days in a rolling 90-day period.' This suggests a succession crisis or lack of governance readiness. The replacement, Mr. Manish Kumar Kothari, has finance & tax experience, not sector-specific leadership.

  • Uniworth International / Qualified Audit + Denied Access↓ [HIGH RISK]
    ▼

    Auditor issued qualified opinions on both standalone and consolidated financials. The auditor was denied access to subsidiary Uniworth Biotech's financial records, raising serious governance concerns. The investment in the subsidiary is carried at just ₹4.93 Lakh with a profit share of ₹0.07 Lakh—a near-zero contribution that may indicate hidden liabilities.

  • Shri Keshav Cements / GST Investigation Overhang↓ [HIGH RISK]
    ▼

    A qualified opinion due to an unresolved DGGI investigation on a ₹641.52 Lakh advance GST payment plus ₹218.11 Lakh interest/penalties from FY21-22. The company is also reporting a widening full-year net loss (₹652.83 Lakh vs ₹616.85 Lakh) despite 32.8% revenue growth—depreciation surged 57.6% to ₹1,878.48 Lakh while interest costs climbed 19.6% to ₹2,156.49 Lakh.

  • DCM Limited / Going Concern Risk↓ [HIGH RISK]
    ▼

    The Engineering Division has been under lockout since October 22, 2019 (over 6 years), with unpaid workmen dues of ₹7,964 Lakh. Current liabilities exceed current assets by ₹4,162 Lakh, and a terminated JDA (advance of ₹5,000 Lakh classified as current liability) is sub judice. Revenue was just ₹23 Lakh for FY26.

  • Comfort Commotrade / Modified Opinion on IFC↓ [MEDIUM RISK]
    ▼

    Auditor expressed a modified opinion on the adequacy and operating effectiveness of internal financial controls, and the company reported a loss for the year. This is a red flag for governance quality and potential misstatements.

  • Sharda Ispat / Inversion in Profit Trend↓ [MEDIUM RISK]
    ▼

    Full-year net profit down 18.2% to ₹620.24 Lakh, but Q4 FY26 showed a 201% sequential rebound to ₹434.61 Lakh driven by a 'large swing in inventory valuation'—a non-cash, potentially non-recurring item. The core business is deteriorating (total income -3.3% YoY).

  • 62 Weeks Entertainment / Zero Operating Revenue [HIGH RISK]
    ▼

    Revenue from operations is nil for both FY26 and FY25, with the entire ₹11.48 Lakh profit coming from other income (₹25.60 Lakh). Total expenses rose 20.3% YoY. The company is functionally a shell.

  • Explicit Finance / Capital Erosion↓ [HIGH RISK]
    ▼

    Total income collapsed 65.1% to ₹237.19 Lakh, and other equity (reserves) worsened to negative ₹137.17 Lakh from negative ₹136.30 Lakh. Net loss of ₹0.87 Lakh marginally worse than prior year. The company is burning capital.

  • Shemaroo Entertainment / Related Party Concentration Risk↓ [MEDIUM RISK]
    ▼

    The postal ballot seeks approval for three related-party individuals (Ms. Smita Maroo, Ms. Mansi Maroo, Ms. Madhuri Gada) for 'places of profit' and a material related party transaction for financial support by promoters. While not inherently negative, the concentration of family members in management roles and a separate financial support resolution warrants monitoring for minority interest.

Opportunities (8)

  • IPCA Laboratories / Impairment Overhang Lifted↓ (OPPORTUNITY)
    ◆

    The company booked ₹281.54Cr in exceptional items (₹173Cr subsidiary impairment + ₹108.54Cr associate impairment), which are non-recurring. Full-year profit before exceptional items was ₹1,562.55Cr, up 56.3% YoY. With clean disclosure and an unmodified audit opinion, the stock may re-rate as earnings quality improves.

  • Dynemic Products / Standalone Turnaround Discounted↓ (OPPORTUNITY)
    ◆

    Standalone PAT up 35.4% YoY, finance costs down 18.6% YoY, and operating leverage improving. The consolidated loss from associates (₹47.34 Lakh vs profit of ₹1.14 Lakh) is the only drag—if associates recover, the stock offers significant earnings upside.

  • Wealth First Portfolio Managers / Explosive Q4 Momentum↓ (OPPORTUNITY)
    ◆

    Q4 standalone PAT of ₹1,370.20 Lakh is a 889% sequential jump from Q3 FY25 (₹138.49 Lakh) and a massive turnaround from a loss of ₹426.74 Lakh in Q4 FY25. The authorized capital increase from ₹11Cr to ₹12Cr signals expansion. The business is capturing market share in portfolio management.

  • Modern Diagnostic & Research Centre / Post-IPO Growth Phase↓ (OPPORTUNITY)
    ◆

    The company raised ₹3,689.28 Lakh via BSE SME IPO in January 2026 and has utilized 52.7% of proceeds. Revenue grew 6.6% YoY, but PAT fell 41.7% due to cost scaling (expenses +18.5% YoY, finance costs +31.6% YoY). The H2 FY26 half-year profit (₹208.24 Lakh) was down 34.3% from H1, but this is typical of post-IPO investment cycles. If investments pay off in FY27, the stock could deliver alpha from current levels.

  • Gujarat Alkalies / Clean Energy + Capex Play↓ (OPPORTUNITY)
    ◆

    The ₹67 Cr investment in a high-purity hydrogen peroxide plant at Dahej positions GACL for the chemical upcycle. Standalone PAT up 31.7% YoY to ₹2,084 Lakh and dividend yield of 177% (₹17.70/share). The consolidated JV losses are the only drag—JV performance improvement would make the stock a compounder.

  • Asian Paints / Defensive Strength in Volatile Times↓ (OPPORTUNITY)
    ◆

    Revenue +4.1% YoY to ₹30,769.48 Cr, profit before exceptional items +11.72% to ₹5,900.13 Cr, total dividend of ₹27.50/share (final ₹23 + interim ₹4.50). An exceptional charge of ₹379.63 Cr impacted reported PBT, but the underlying business is resilient. Record date June 23, 2026 for final dividend. Attractive for income investors.

  • Natco Pharma / Post-Merger Expansion↓ (OPPORTUNITY)
    ◆

    The inclusion of Adcock Ingram (effective Nov 11, 2025) and incorporation of NATCO Pharma South Africa (July 31, 2025) signals a strategic expansion into South Africa. The consolidation of 13 subsidiaries/step-down subsidiaries and an associate provides a broader base for earnings growth. Close watch on regulatory approvals timeline.

  • Aashka Hospitals / Cost Optimization Success↓ (OPPORTUNITY)
    ◆

    Revenue down 2.7% but PAT up 2.2%, with finance costs plunging 31.5% (₹118.05 Lakh vs ₹172.46 Lakh). Exceptional items also reduced (₹59.57 Lakh loss vs ₹92.63 Lakh loss). This shows successful balance sheet repair.

Sector Themes (6)

  • Margin Compression Across Industrials & Textiles (SECTOR THEME)
    ◆

    7 companies (BEML, Sharda Ispat, Ecos, STL Global, Shri Keshav Cements, Baroda Rayon, and Vardhman Textiles) showed revenue growth accompanied by net profit decline or margin compression. BEML's net profit halved (-49.9%) despite record revenue of ₹4,351 Cr. A common driver: input cost increases and higher depreciation/interest costs eating into operating leverage. Investors should favor companies with pricing power and low debt.

  • Governance Fatigue in Small-Cap Audit Opinions (SECTOR THEME)
    ◆

    3 filings (Shri Keshav Cements, Uniworth International, Comfort Commotrade) contained qualified audit opinions, with Uniworth's auditor being denied access to subsidiary records—a severe governance failure. This signals that MCA's enforcement action may be lagging actual underlying problems; investors should review audit reports of small-cap holdings immediately.

  • Cash-Conversion Crisis in Engineering & Trading Firms (SECTOR THEME)
    ◆

    DCM Limited (lockout since 2019, unpaid wages ₹7,964 Lakh), Bharat Global Developers (zero Q4 revenue), and 52 Weeks Entertainment (zero operating revenue) highlight a class of companies that are effectively dead entities walking. The lockout at DCM's Engineering Division and the Hisar land JDA arbitration create legal tail risks.

  • Capital-Intensive Expansion at the Cost of Current Profitability (SECTOR THEME)
    ◆

    Ecos (Mobility), Modern Diagnostic (post-IPO), and Shri Keshav Cements (heavy capex) all reported sharp increases in depreciation, interest costs, or receivables. Ecos' receivables jumped 29.3% to ₹1,070.21 Mn, while its PAT dropped 4.19% despite 23.58% revenue growth. This pattern suggests companies are prioritizing scale over returns—a classic growth trap.

  • Pharma & Chemicals Outperformance in a Weak Economy (SECTOR THEME)
    ◆

    IPCA Laboratories (+56.3% profit growth), Mercury Laboratories (+50.5% PAT), Dynemic Products (+35.4% standalone PAT), and Gujarat Alkalies (+31.7% standalone PAT) all delivered robust profit growth. This cluster shows that specialty chemicals and pharmaceuticals maintain pricing power and are less cyclical than textiles/engineering.

  • Dividend Signaling Diverges (SECTOR THEME)
    ◆

    Asian Paints (₹27.50/share total dividend, record date June 23) and Gujarat Alkalies (₹17.70/share, 177% payout) are rewarding shareholders aggressively. In contrast, 5 companies (Premier Synthetics, Explicit Finance, HB Estate Developers, DCM, and Capricorn Global) either recommended no dividend or saw dividend cuts, reflecting cash flow stress. The divergence suggests that quality compounders are using dividends to signal confidence, while stressed firms conserve cash.

Watch List (6)

  • Shri Keshav Cements / DGGI GST Investigation↓ (URGENT)
    👁

    The qualified audit opinion centers on a ₹641.52 Lakh GST advance plus ₹218.11 Lakh interest/penalties from FY21-22. Any adverse DGGI order (with possible penalties or interest) could materially impact the balance sheet and trigger a stock price correction. Monitor for regulatory announcement.

  • Pro Fin Capital Services / Adjourned Board Meeting↓ (URGENT)
    👁

    The board meeting has been adjourned twice (May 26 → May 29 → May 30). The continued delay in approving audited results raises governance questions. Trading window remains closed until June 1. If results are materially worse than expectations, the adjournment pattern could signal a distressed situation.

  • Shemaroo Entertainment / Postal Ballot on Related Party Transactions↓ (MEDIUM)
    👁

    E-voting runs from May 30 to June 28, 2026. The outcome on the four resolutions (appointment of three related-party individuals for places of profit and promoter financial support) will be closely watched. A high dissent vote or subsequent SEBI/MCA scrutiny could impact the stock.

  • DCM Limited / Hisar Land Arbitration↓ [HIGH RISK]
    👁

    The joint development agreement for 68.35 acres in Hisar was terminated on November 1, 2025, and the developer has initiated arbitration. The ₹5,000 Lakh advance is classified under current liabilities. Any adverse arbitration award could force DCM into insolvency proceedings given its net negative working capital of ₹4,162 Lakh.

  • Jindal Saw Limited / NCD Issuance & Related Party Transactions↓ (MEDIUM)
    👁

    The AGM approved the issuance of Non-Convertible Debentures on a private placement basis and material related party transactions with JWIL Infra, JSW Steel, and Jindal Steel. The quantum and terms of the NCD issuance will be key for bond investors and equity holders monitoring leverage.

  • Wealth First Portfolio Managers / Capital Increase for Expansion↓ (MEDIUM)
    👁

    The authorized capital increase from ₹11 Cr to ₹12 Cr (shareholder approval pending) suggests the company plans to raise equity or issue shares for acquisitions. Given the explosive Q4 PAT (₹1,370.20 Lakh), the stock may see a capital raise event that could dilute existing holders or signal growth ambitions.

Filing Analyses (50)
DCM Limited Corporate Governance negative materiality 9/10

29-05-2026

DCM Limited reported audited standalone financial results for Q4 and FY ended March 31, 2026. The company posted a net loss of ₹165 lakh for the quarter (vs. loss of ₹363 lakh in Q3 FY25) and a full-year net loss of ₹580 lakh (vs. profit of ₹152 lakh in FY25). Revenue from operations was negligible at ₹4 lakh for the quarter and ₹23 lakh for the year, down from ₹27 lakh in FY25. The company continues to face significant challenges, including a prolonged lockout at its Engineering Division (with unpaid wages of ₹7,964 lakh as of March 31, 2026) and a terminated joint development agreement for its Hisar land, with a ₹5,000 lakh advance classified under current liabilities pending arbitration.

  • · The company's Engineering Division has been under lockout since October 22, 2019, with unpaid workmen dues aggregating ₹7,964 lakh as of March 31, 2026.
  • · A joint development agreement for 68.35 acres of land in Hisar was terminated on November 1, 2025; the developer has initiated arbitration and the matter is sub judice.
  • · Current liabilities exceed current assets by ₹4,162 lakh as at March 31, 2026, partly due to ₹5,000 lakh advance from the developer being classified under current liabilities.
  • · The company's other equity (negative reserves) worsened from ₹(915) lakh to ₹(1,452) lakh over the year.
  • · Cash and cash equivalents stood at ₹77 lakh as at March 31, 2026, up from ₹8 lakh a year ago.
  • · The auditors issued an unmodified opinion for FY26.
  • · Segment-wise, Grey Iron Casting reported a segment loss of ₹625 lakh for FY26 (vs. loss of ₹603 lakh in FY25).
BEML Limited Corporate Governance mixed materiality 9/10

29-05-2026

BEML Limited reported its highest-ever annual revenue of Rs. 4,351 crore for FY 2025-26, up 8.16% YoY, and highest-ever quarterly revenue of Rs. 1,794 crore in Q4 FY26, up 8.57% YoY. However, standalone net profit for the full year fell sharply to Rs. 14,750 lakh from Rs. 29,419 lakh in FY25, a decline of 49.9%, while Q4 standalone profit dropped to Rs. 17,932 lakh from Rs. 28,804 lakh in Q4 FY25. The Board declared a second interim dividend of Rs. 2.30 per share and recommended a final dividend of Rs. 0.55 per share.

  • · Standalone net profit for FY26 was Rs. 14,750 lakh, down from Rs. 29,419 lakh in FY25, a decline of 49.9%.
  • · Standalone net profit for Q4 FY26 was Rs. 17,932 lakh, down from Rs. 28,804 lakh in Q4 FY25, a decline of 37.8%.
  • · Standalone other expenses for FY26 increased 38.7% to Rs. 93,656 lakh from Rs. 67,519 lakh in FY25.
  • · Standalone EPS (basic and diluted) for FY26 was Rs. 17.71, down from Rs. 70.64 in FY25 (adjusted for share split: Rs. 35.32).
  • · Standalone EPS for Q4 FY26 was Rs. 21.53, down from Rs. 69.17 in Q4 FY25 (adjusted: Rs. 34.58).
  • · The company reported a standalone loss in Q3 FY26 of Rs. 2,573 lakh (before exceptional items) and net loss of Rs. 2,270 lakh.
  • · Consolidated net profit for FY26 was Rs. 14,136 lakh, down from Rs. 29,252 lakh in FY25.
  • · Consolidated net profit for Q4 FY26 was Rs. 17,982 lakh, down from Rs. 28,755 lakh in Q4 FY25.
  • · The Audit Committee has not been constituted as there are no independent directors on the Board.
  • · The company has advanced Rs. 7,449.49 Lakh to MAMC consortium (48% share) and Rs. 624.01 Lakh to MAMC Industries Ltd.
  • · Voluntary liquidation of subsidiary Vignyan Industries Ltd is in process.
  • · MCA exemption from publishing segment-wise information has been granted.
  • · The Board declared a second interim dividend of Rs. 2.30 per share (46%) and recommended a final dividend of Rs. 0.55 per share (11%), aggregating to Rs. 2.85 per share for FY26.
  • · An interim dividend of Rs. 2.50 per share was approved on 06.02.2026.
Siddheswari Garments Ltd. Corporate Governance neutral materiality 3/10

29-05-2026

Siddheswari Garments Ltd. has informed stock exchanges that a Board of Directors meeting will be held on May 30, 2026, to consider and take on record the audited financial results for the quarter and year ended March 31, 2026. No financial figures or performance data are provided in this notice.

  • · Board meeting scheduled for Saturday, May 30, 2026.
  • · Agenda includes consideration of audited financial results for the quarter and year ended March 31, 2026.
  • · Notice issued under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
A.D.S. Diagnostics Ltd. Corporate Governance neutral materiality 5/10

29-05-2026

ADS Diagnostic Ltd. reported audited standalone financial results for the year ended March 31, 2026, with an unmodified opinion from the auditor. The Board recommended a dividend of ₹1.20 per share (12% on face value of ₹10) for FY2025-26, subject to shareholder approval. The financial results for the quarter ended March 31, 2026 are balancing figures between audited annual figures and reviewed nine-month figures.

  • · Board meeting commenced at 11:45 a.m. and concluded at 13:32 p.m. on May 29, 2026.
  • · Auditor's report provides unmodified opinion on annual financial results and conclusion on quarterly results.
  • · Quarterly results are balancing figures between audited annual and reviewed nine-month figures.
Uniworth International Ltd Corporate Governance negative materiality 8/10

29-05-2026

Uniworth International Ltd's Board approved the audited standalone & consolidated financial results for Q4 FY26 and FY26. The auditor issued qualified opinions on both standalone (non-provision of certain current assets) and consolidated (inability to verify subsidiary Uniworth Biotech's investment carrying value of Rs. 4.93 lakh and its net profit of Rs. 0.07 lakh). The qualified opinions and denied access to subsidiary records raise significant governance concerns.

  • · Investment in subsidiary Uniworth Biotech is carried at Rs. 4.93 lakh on consolidated balance sheet.
  • · Share of subsidiary net profit included is just Rs. 0.07 lakh.
  • · Auditor was denied access to financial information, management, and auditor of Uniworth Biotech Ltd.
  • · Standalone auditor qualification relates to non-provision of certain debts and other current assets (Note 2(i) to (vii)).
  • · Board meeting lasted only 20 minutes (1:00 PM to 1:20 PM).
Royal Cushion Vinyl Products Ltd. Corporate Governance neutral materiality 4/10

29-05-2026

Royal Cushion Vinyl Products Ltd. held a Board Meeting on May 29, 2026, approving standalone audited financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion. The Board also appointed M/s. Shah and Kadam as internal auditor for FY 2026-27 and approved related party transaction disclosures. No specific financial figures were provided in the filing, so performance trends cannot be assessed.

  • · Auditor's report with unmodified opinion on standalone financial results for FY ended March 31, 2026.
  • · Appointment of M/s. Shah and Kadam, Chartered Accountant, as internal auditor for FY 2026-27.
  • · Approval of related party transaction disclosures for period October 1, 2025 to March 31, 2026.
  • · Annual Secretarial Compliance Report from M/s. Loya and Shariff for year ended March 31, 2026 taken on record.
  • · Board meeting commenced at 12:05 PM and concluded at 1:30 PM.
Capricorn Systems Global Solutions Ltd Corporate Governance mixed materiality 8/10

29-05-2026

Capricorn Systems Global Solutions Ltd reported audited financial results for Q4 and FY ended March 31, 2026. Revenue from operations for the full year was ₹2,903.51 Lakhs, a dramatic increase from ₹100.81 Lakhs in FY25, driven by the new 'Processing & Trading in Agri Products' segment. However, the company posted a net profit of only ₹18.17 Lakhs for FY26, compared to a net loss of ₹91.08 Lakhs in the prior year, indicating very thin margins despite the revenue surge. The company also completed a rights issue of 2,39,76,000 equity shares during the quarter.

  • · The company's revenue surge is attributed to the new 'Processing & Trading in Agri Products' segment, while the legacy 'Software Development' segment's performance is not separately disclosed.
  • · Despite revenue of ₹2,903.51 Lakhs, net profit was only ₹18.17 Lakhs, implying a net profit margin of ~0.6%.
  • · Cost of material consumed was ₹2,769.60 Lakhs for FY26, representing 95.4% of revenue, indicating a low-margin trading business.
  • · Employee benefit expense increased marginally from ₹80.73 Lakhs in FY25 to ₹81.28 Lakhs in FY26.
  • · Other equity turned positive at ₹167.53 Lakhs as at March 31, 2026, compared to negative ₹123.50 Lakhs a year ago, due to the rights issue and retained profits.
  • · Trade receivables stood at ₹1,722.72 Lakhs as at March 31, 2026, up from nil in the prior year, indicating significant credit sales.
  • · Current liabilities (trade payables) were ₹434.99 Lakhs as at March 31, 2026, compared to nil in the prior year.
  • · The company noted the impact of new labour codes on employee benefit expenses but deemed it not material enough to disclose as an exceptional item.
Shri Keshav Cements and Infra Limited Corporate Governance mixed materiality 9/10

29-05-2026

Shri Keshav Cements and Infra Limited reported audited financial results for the quarter/year ended March 31, 2026. Full-year revenue from operations grew 32.8% YoY to ₹16,131.12 Lakhs, driven by a 45.2% surge in the cement segment. However, the company posted a net loss of ₹652.83 Lakhs for the year, widening from a loss of ₹616.85 Lakhs in FY25, as expenses grew faster than income, with depreciation and interest costs rising sharply. The auditor's report contains a qualified opinion related to an unresolved GST advance payment of ₹641.52 Lakhs plus interest/penalties of ₹218.11 Lakhs, where the investigation by DGGI is not yet complete.

  • · Auditor's report contains a qualified opinion due to an unresolved GST matter — the company made advance payments of Rs.641.52 Lakhs plus interest/penalties of Rs.218.11 Lakhs in FY21-22 related to FY19-20 GST liabilities, but the DGGI investigation is not complete and no order has been passed.
  • · Depreciation expense surged 57.6% YoY to Rs.1,878.48 Lakhs from Rs.1,191.84 Lakhs, reflecting heavy capital expenditure (Rs.1,839.04 Lakhs in FY26 vs Rs.8,455.67 Lakhs in FY25).
  • · Finance cost grew 19.6% YoY to Rs.2,156.49 Lakhs from Rs.1,803.12 Lakhs, despite a small reduction in bank borrowings.
  • · Total equity declined by 6.8% to Rs.8,968.74 Lakhs from Rs.9,625.94 Lakhs due to accumulated losses.
  • · Q4 FY26 standalone net loss was Rs.976.32 Lakhs, significantly wider than Q3 FY25 loss of Rs.54.45 Lakhs and Q4 FY25 loss of Rs.440.79 Lakhs, driven by a sharp rise in other manufacturing expenses and other expenses.
  • · Solar energy segment posted sharp declines: revenue down 21.8% YoY and profit down 58.2% YoY.
  • · Cement segment profit jumped 274% YoY to Rs.805.37 Lakhs, though Q4 FY26 saw a loss of Rs.411.26 Lakhs in that segment.
IPCA Laboratories Limited Corporate Governance mixed materiality 9/10

29-05-2026

Ipca Laboratories reported a strong 53.3% YoY increase in standalone profit before exceptional items and tax to ₹380.27 Cr for Q4 FY26, while full-year profit before exceptional items rose 56.3% to ₹1,562.55 Cr. However, the company recorded exceptional items of ₹281.54 Cr for the year (including ₹173 Cr impairment in a subsidiary and ₹108.54 Cr impairment in an associate), leading to a full-year net profit of ₹1,132.52 Cr (up 73.9% YoY). The Board recommended a dividend of ₹6 per share (600%) and reappointed Mr. Prashant Godha as Executive Director for five more years.

  • · Q4 FY26 standalone revenue from operations was ₹1,814.35 Cr, up 10.7% YoY from ₹1,638.44 Cr.
  • · Full-year FY26 standalone revenue from operations was ₹7,336.75 Cr, up 9.9% YoY from ₹6,677.92 Cr.
  • · Q4 FY26 profit before exceptional items and tax was ₹380.27 Cr, up 27.3% YoY from ₹298.69 Cr.
  • · Full-year FY26 profit before exceptional items and tax was ₹1,562.55 Cr, up 56.3% YoY from ₹999.77 Cr.
  • · Exceptional items for FY26 totalled ₹281.54 Cr, including ₹173 Cr impairment in a subsidiary, ₹108.54 Cr impairment in an associate, and ₹30.42 Cr impact of new Labour Codes.
  • · Full-year FY26 net profit after exceptional items was ₹1,132.52 Cr, up 73.9% YoY from ₹650.76 Cr.
  • · Q4 FY26 net profit after exceptional items was ₹262.29 Cr, compared to a loss of ₹65.05 Cr in Q4 FY25.
  • · Total borrowings reduced sharply from ₹871.73 Cr as at March 31, 2025 to ₹235.16 Cr as at March 31, 2026, a decline of 73%.
  • · Net worth increased 15.8% to ₹7,979.35 Cr from ₹6,891.62 Cr.
  • · The Board recommended a dividend of ₹6 per share (600%) for FY26, subject to shareholder approval.
  • · Record date for dividend is August 7, 2026.
  • · Mr. Prashant Godha was reappointed as Executive Director for a further 5 years from August 16, 2026 to August 15, 2031.
  • · The statutory auditors issued an unmodified (clean) audit opinion on both standalone and consolidated financial results.
  • · The Board meeting started at 11:30 AM and concluded at 1:45 PM on May 29, 2026.
Explicit Finance Limited Corporate Governance negative materiality 5/10

29-05-2026

Explicit Finance Limited's Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026. The company reported a net loss of ₹14.75 Lakh for the quarter (vs. a profit of ₹14.74 Lakh in the preceding quarter) and a full-year net loss of ₹0.87 Lakh, slightly wider than the prior year's loss of ₹0.47 Lakh. Total income for the year declined sharply to ₹237.19 Lakh from ₹678.94 Lakh in FY2025, driven by a significant drop in sale of shares and securities.

  • · The company's equity share capital remained unchanged at ₹926.76 Lakh (face value ₹10 each).
  • · Other equity (reserves) worsened to a negative ₹137.17 Lakh as of March 31, 2026, from negative ₹136.30 Lakh a year earlier.
  • · Total expenses for the year increased to ₹327.95 Lakh from ₹740.09 Lakh in FY25, but the decline in income was steeper.
  • · Cash and cash equivalents dropped sharply to ₹25.88 Lakh from ₹188.45 Lakh as of March 31, 2025.
  • · Loans (financial assets) increased to ₹747.96 Lakh from ₹578.93 Lakh year-over-year.
  • · Basic and diluted EPS for FY26 stood at (₹0.01), unchanged from FY25.
  • · The auditor's report includes an unmodified opinion but notes that the quarterly figures for Q4 FY26 and Q4 FY25 are balancing figures between audited annual results and limited reviewed nine-month figures.
Shalimar Wires Industries Ltd. Corporate Governance neutral materiality 5/10

29-05-2026

Shalimar Wires Industries Ltd. has approved and submitted audited standalone financial results for the quarter and year ended March 31, 2026, with an unmodified audit opinion from M/s. Khandelwal Ray & Co. The board meeting was held on May 29, 2026, and the company has filed the required declarations under SEBI LODR regulations. No specific financial figures or period-over-period comparisons were provided in the filing.

  • · Audit report with unmodified opinion issued by statutory auditors M/s. Khandelwal Ray & Co.
  • · Board meeting commenced at 12:30 PM and concluded at 13:35 PM on May 29, 2026.
  • · Declaration under Regulation 33(3)(d) of SEBI LODR submitted by Chairman & Managing Director Sunil Khaitan.
Wealth First Portfolio Managers Limited Corporate Governance positive materiality 8/10

29-05-2026

Wealth First Portfolio Managers Limited reported audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026. Standalone net profit for Q4 FY26 was ₹1,370.20 Lakhs, a sharp increase from ₹138.49 Lakhs in Q3 FY25 and a turnaround from a loss of ₹426.74 Lakhs in Q4 FY25. For the full year, standalone net profit rose to ₹4,022.98 Lakhs from ₹3,370.63 Lakhs in FY25, a 19.4% increase. However, total comprehensive income for Q4 declined to ₹1,239.45 Lakhs from ₹1,251.7 Lakhs in Q3 FY25, and for the full year it grew to ₹3,993.35 Lakhs from ₹3,166.89 Lakhs in FY25. The board also recommended a final dividend of ₹1.00 per share, approved an increase in authorized share capital from ₹11 Crore to ₹12 Crore, and constituted an Investment Committee.

  • · The board approved re-appointment of M/s H D Panchal & Co as Internal Auditor for FY ending March 31, 2027.
  • · Commission to Non-Executive Non-Independent Director Ms. Binal Bhukhanwala Gandhi approved up to 1% of net profits, subject to shareholder approval.
  • · Authorized share capital to be increased from ₹11 Crore to ₹12 Crore, subject to shareholder approval.
  • · Investment Committee constituted effective May 30, 2026, chaired by Managing Director Ashish Navnitlal Shah.
  • · Statutory auditors issued unmodified opinion on both standalone and consolidated financial results.
  • · The company's main business is broking, distribution of MF & Govt. Securities, and all activities are within India; no separate reportable segments.
  • · Earnings per share (basic) for Q4 FY26 stood at ₹12.86, compared to ₹1.30 in Q3 FY25 and a loss of ₹4.01 in Q4 FY25. For FY26, EPS was ₹37.76 vs ₹31.63 in FY25.
Decorous Investment and Trading Co. Ltd. Corporate Governance neutral materiality 5/10

29-05-2026

Decorous Investment & Trading Co. Ltd. held a Board Meeting on May 29, 2026, approving audited annual accounts and financial results for FY ended March 31, 2026. The company accepted the resignation of Ashok Kumar as Whole-Time Director and CFO (he remains a Non-Executive Non-Independent Director) and appointed Varsha Jain as Executive Non-Independent Director, Whole-Time Director and CFO. The board also approved the re-appointment of statutory, secretarial and internal auditors, and resolved to pursue de-listing from the Calcutta Stock Exchange.

  • · Trading window for insiders closed from April 1, 2026 to June 3, 2026.
  • · M/s SMGA&CO., Chartered Accountants appointed as Statutory Auditors for 5 years (FY 2026-27 to FY 2030-31).
  • · M/s B. BHUSHAN & CO. re-appointed as Secretarial Auditors for 5 years at the 42nd AGM held on September 29, 2025.
  • · M/s MITTAL JINDAL & ASSOCIATES re-appointed as Internal Auditors for FY 2026-27.
  • · Board adopted Secretarial Audit Report, Secretarial Compliance Report, and Internal Audit Report for FY ended March 31, 2026.
  • · Board adopted a Certificate of Non-Disqualification of Directors from a Practicing Company Secretary.
  • · Various statutory committees were reconstituted and all policies/codes of conduct were revisited.
Premier Synthetics Ltd. Corporate Governance negative materiality 8/10

29-05-2026

Premier Synthetics Ltd. reported a net loss of ₹48.86 Lakh for the quarter ended March 31, 2026, compared to a net profit of ₹1.15 Lakh in the preceding quarter and a net profit of ₹131.55 Lakh in the same quarter last year. For the full fiscal year ended March 31, 2026, the company posted a net loss of ₹41.62 Lakh versus a net profit of ₹149.07 Lakh in FY2025. The board also approved related party transactions totaling ₹17.50 Crore and appointed internal auditors for FY2026-27.

  • · Revenue from operations for Q4 FY26 was ₹1,077.73 Lakh, down from ₹1,146.97 Lakh in Q3 FY26 and ₹1,168.74 Lakh in Q4 FY25.
  • · Total expenses for Q4 FY26 were ₹1,128.76 Lakh, compared to ₹1,146.97 Lakh in Q3 FY26 and ₹1,037.19 Lakh in Q4 FY25.
  • · Profit before tax from continuing operations for Q4 FY26 was a loss of ₹51.03 Lakh, versus a profit of ₹0.00 Lakh in Q3 FY26 and a profit of ₹131.55 Lakh in Q4 FY25.
  • · Discontinued operations contributed a loss of ₹76.11 Lakh in Q4 FY26, compared to a profit of ₹106.08 Lakh in Q3 FY26 and a profit of ₹13.78 Lakh in Q4 FY25.
  • · Total comprehensive income for Q4 FY26 was a loss of ₹48.86 Lakh, versus a gain of ₹1.15 Lakh in Q3 FY26 and a gain of ₹131.55 Lakh in Q4 FY25.
  • · Basic and diluted EPS from continuing operations for Q4 FY26 was ₹0.59, down from ₹(2.28) in Q3 FY26 and ₹2.56 in Q4 FY25.
  • · Total assets as of March 31, 2026 stood at ₹2,602.99 Lakh, down from ₹2,771.53 Lakh as of March 31, 2025.
  • · Equity share capital remained unchanged at ₹459.00 Lakh (face value ₹10 each).
Aashka Hospitals Limited Corporate Governance mixed materiality 7/10

29-05-2026

Aashka Hospitals Limited reported audited standalone financial results for the half year and year ended March 31, 2026. For the full year, total income from operations declined 2.7% to ₹2,527.94 Lakhs from ₹2,598.54 Lakhs in FY25, while net profit after tax increased 2.2% to ₹333.89 Lakhs from ₹326.60 Lakhs. The board also appointed M/s. S C Bohara & Associates as internal auditors and M/s. Suthar & Surti as secretarial auditors for FY 2026-27.

  • · The auditor's report contains an unmodified opinion with no qualifications.
  • · Exceptional items for FY26 were ₹59.57 Lakhs (loss), compared to ₹92.63 Lakhs (loss) in FY25.
  • · Finance costs declined to ₹118.05 Lakhs in FY26 from ₹172.46 Lakhs in FY25, a reduction of 31.5%.
  • · Employee benefits expense decreased to ₹451.05 Lakhs in FY26 from ₹527.55 Lakhs in FY25, down 14.5%.
  • · Other income dropped sharply to ₹226.91 Lakhs in FY26 from ₹333.86 Lakhs in FY25, a decline of 32.0%.
  • · The half-year ended March 31, 2026 showed a net profit of ₹255.89 Lakhs, significantly higher than ₹78.00 Lakhs in the first half of FY26.
  • · The company has only one reportable segment.
BHARAT GLOBAL DEVELOPERS LIMITED Corporate Governance negative materiality 9/10

29-05-2026

Bharat Global Developers Ltd reported a net loss of ₹129.87 Lakh for the quarter ended March 31, 2026, compared to a profit of ₹198.93 Lakh in the same quarter last year, with total income falling to ₹55.87 Lakh from ₹12,454.16 Lakh. For the full fiscal year 2026, the company posted a net loss of ₹12.27 Lakh versus a profit of ₹1,602.96 Lakh in FY2025, as revenue from operations dropped sharply to ₹2,610.79 Lakh from ₹66,858.42 Lakh. The auditors issued an unmodified opinion on the standalone financial results.

  • · The company reported zero revenue from operations in Q4 FY2026, compared to ₹12,215.56 Lakh in Q4 FY2025.
  • · All operating segments (Construction Material, Gold, Agricultural Products, Textile) reported zero or negative segment revenue in Q4 FY2026.
  • · Segment results for Agricultural Products showed a loss of ₹180.29 Lakh in Q4 FY2026, compared to nil in Q4 FY2025.
  • · Textile segment reported a loss of ₹30.90 Lakh for the year ended March 31, 2026, versus a profit of ₹1,223.94 Lakh in the prior year.
  • · Cash flow from operations turned positive at ₹590.08 Lakh in FY2026, compared to a negative ₹14,483.69 Lakh in FY2025.
  • · Short-term borrowings decreased to ₹8,140.51 Lakh from ₹8,756.93 Lakh year-over-year.
  • · Trade receivables declined to ₹34,555.80 Lakh from ₹35,056.43 Lakh.
  • · The company's share capital remained unchanged at ₹10,125.96 Lakh.
  • · Earnings per share (basic) turned negative: (₹0.13) for Q4 FY2026 vs ₹0.20 for Q4 FY2025; (₹0.01) for FY2026 vs ₹1.60 for FY2025.
Tega Industries Limited Corporate Governance mixed materiality 5/10

29-05-2026

Tega Industries reported audited standalone results for Q4 and FY ended March 31, 2026. Standalone revenue from operations for the quarter was ₹2,020.70 million, down 26.1% YoY from ₹2,733.82 million in Q4 FY25, while full-year revenue declined 16.3% to ₹7,494.12 million from ₹8,950.96 million. Profit before tax for the quarter fell 14.0% YoY to ₹576.95 million, and full-year PBT decreased 10.5% to ₹2,062.34 million. The Board recommended a final dividend of ₹2 per share (20% of face value ₹10). The company is in the process of acquiring the MolyCop Group, incurring ₹59.89 million in advisory expenses.

Diamines & Chemicals Limited Corporate Governance neutral materiality 2/10

29-05-2026

Diamines & Chemicals Limited has notified shareholders that shares with unclaimed dividends for seven or more consecutive years will be transferred to the Investor Education and Protection Fund (IEPF). The company sent individual notices to affected shareholders, giving them until August 31, 2026, to claim unpaid dividends before the transfer occurs. This is a routine regulatory compliance action with no financial impact on the company's operations.

  • · The notice covers unclaimed dividends for financial years from 2018-2019 through 2024-2025.
  • · Shareholders must claim unpaid dividends on or before August 31, 2026, to avoid transfer to IEPF.
  • · The company's Registrar and Share Transfer Agent is MUFG Intime India Private Limited, based in Vadodara.
  • · Shareholders holding physical shares are required to update KYC details (PAN, address, email, mobile, bank account, specimen signature, nomination) using forms ISR-1, ISR-2, ISR-3, SH-13, and SH-14.
  • · The company's CIN is L24110GJ1976PLC002905 and its registered office is in Vadodara, Gujarat.
Asian Paints Limited Corporate Governance mixed materiality 8/10

29-05-2026

Asian Paints Limited reported audited standalone financial results for Q4 and FY ended March 31, 2026. Revenue from operations grew 10.1% YoY to ₹7,920.24 Cr in Q4 and 4.1% YoY to ₹30,769.48 Cr for the full year. However, profit before tax for Q4 declined 1.5% sequentially to ₹1,558.75 Cr, impacted by exceptional items of ₹166.53 Cr. The Board recommended a final dividend of ₹23 per share, bringing the total dividend for FY26 to ₹27.50 per share.

  • · Audited standalone financial results received an unmodified (clean) opinion from statutory auditors Deloitte Haskins & Sells LLP.
  • · The 80th Annual General Meeting is scheduled for Thursday, July 9, 2026 at 11:00 AM IST via video conference.
  • · Record date for final dividend entitlement is Tuesday, June 23, 2026; dividend payment (if approved) will be on or after Monday, July 13, 2026.
  • · An investor conference call is scheduled for 5:00 PM IST on May 29, 2026 to discuss business and financial performance.
  • · Exceptional items of ₹166.53 Cr in Q4 FY26 and ₹379.63 Cr for FY26 impacted profit before tax.
STL Global Limited Corporate Governance mixed materiality 6/10

29-05-2026

STL Global Limited reported a net loss of ₹70.44 Lakhs for Q4 FY26, compared to a loss of ₹39.24 Lakhs in Q4 FY25, while full-year net loss narrowed to ₹21.55 Lakhs from ₹65.70 Lakhs in FY25. Revenue from operations declined 24.8% QoQ to ₹2,061.69 Lakhs in Q4, but full-year revenue fell 7.9% to ₹10,150.75 Lakhs. The company received an unmodified audit opinion.

  • · The company reported a net loss of ₹70.44 Lakhs in Q4 FY26, compared to a net profit of ₹30.54 Lakhs in Q3 FY26.
  • · Full-year net loss narrowed to ₹21.55 Lakhs in FY26 from ₹65.70 Lakhs in FY25.
  • · Total equity declined slightly to ₹2,601.88 Lakhs as of March 31, 2026 from ₹2,623.43 Lakhs a year earlier.
  • · The company's cash and cash equivalents increased to ₹30.60 Lakhs from ₹21.53 Lakhs.
  • · Trade receivables decreased to ₹1,799.59 Lakhs from ₹2,059.65 Lakhs.
  • · Borrowings (non-current) reduced to ₹1,257.30 Lakhs from ₹1,482.30 Lakhs.
  • · The auditor's report is unmodified (clean opinion).
Desh Rakshak Aushdhalaya Ltd. Corporate Governance mixed materiality 6/10

29-05-2026

Desh Rakshak Aushdhalaya Ltd. reported audited standalone financial results for the quarter and year ended March 31, 2026. For the full year, revenue from operations grew 13.3% to ₹710.44 Lakhs and net profit increased 18.0% to ₹56.22 Lakhs. However, the fourth quarter (Q4 FY26) saw a sharp sequential decline in revenue (down 21.4% from the preceding quarter) and a 17.3% drop in net profit compared to the same quarter last year, indicating mixed performance.

  • · Auditor's report by Anil Jain and Co. with unmodified opinion for both quarterly and annual results.
  • · No exceptional or extraordinary items were reported for any period.
  • · Cost of materials consumed for FY26 was ₹298.33 Lakhs vs ₹256.77 Lakhs in FY25.
  • · Employee benefits expense for FY26 was ₹103.12 Lakhs vs ₹96.62 Lakhs in FY25.
  • · Finance cost for FY26 was ₹28.40 Lakhs vs ₹29.81 Lakhs in FY25 (slight decline).
  • · Depreciation and amortisation for FY26 was ₹43.64 Lakhs vs ₹41.60 Lakhs in FY25.
  • · Other expenses for FY26 were ₹170.48 Lakhs vs ₹149.11 Lakhs in FY25.
  • · Current tax expense for FY26 was ₹11.30 Lakhs vs ₹8.81 Lakhs in FY25.
  • · No deferred tax was recorded for any period.
  • · Other comprehensive income was nil for all periods.
  • · Board approved updated policy for determination of materiality under Regulation 30.
  • · Board noted No Objection Certificate from M/s. MAS Services Limited regarding change in Registrar and Share Transfer Agent.
Zenith Fibres Limited Corporate Governance mixed materiality 7/10

29-05-2026

Zenith Fibres Limited reported a net profit of ₹292.24 Lakh for FY26, up 62.2% from ₹180.13 Lakh in FY25, driven by a 81.6% surge in other income to ₹599.42 Lakh. However, revenue from operations declined 23.2% to ₹4,007.77 Lakh, and the core Manmade Fibre segment posted a segment loss of ₹271.57 Lakh versus a profit of ₹41.22 Lakh in the prior year. The Board recommended a dividend of ₹1 per share (10%) for FY26.

  • · The Board re-appointed M/s. Yagnesh Desai & Co. as Internal Auditor for FY27.
  • · The statutory auditors issued an unmodified opinion on the FY26 financial results.
  • · Other income for FY26 included ₹252.17 Lakh of liquidated damages (non-recurring) recognized in Q3.
  • · Total assets increased to ₹6,317.66 Lakh as at 31-Mar-2026 from ₹6,109.24 Lakh a year earlier.
  • · Cash and cash equivalents declined to ₹254.69 Lakh from ₹395.78 Lakh.
  • · Trade receivables decreased to ₹273.45 Lakh from ₹618.66 Lakh.
  • · Net cash flow from operating activities was negative ₹170.79 Lakh in FY26 (vs negative ₹383.06 Lakh in FY25).
Gujarat Alkalies and Chemicals Limited Corporate Governance mixed materiality 8/10

29-05-2026

Gujarat Alkalies and Chemicals Limited (GACL) reported a 7.0% increase in standalone revenue from operations to ₹4,35,808 Lakh for FY26, with net profit rising 31.7% to ₹2,084 Lakh. However, the company posted a consolidated net loss of ₹241 Lakh for the year, compared to a loss of ₹6,512 Lakh in FY25, impacted by losses from its joint venture. The Board recommended a dividend of ₹17.70 per share (177%) and approved a new ₹67 Crore high-purity hydrogen peroxide plant at Dahej.

  • · The Board meeting commenced at 10:30 a.m. and concluded at 1:15 p.m. on 29th May, 2026.
  • · The auditors' report has an unmodified opinion on the audited financial results.
  • · The company's operations fall under a single reportable segment: 'Chemicals'.
  • · The company's standalone total comprehensive income declined 52.0% YoY to a loss of ₹33,944 Lakh, primarily due to actuarial losses on defined benefit plans.
  • · The company's consolidated total comprehensive loss widened 19.2% to ₹36,265 Lakh.
  • · The Joint Venture (GACL-NALCO Alkalies & Chemicals Pvt Ltd) incurred a loss of ₹3,868.72 Lakh during the year, with accumulated losses of ₹63,330.82 Lakh as of March 31, 2026.
  • · An external expert's impairment review concluded that the fair value of the company's ₹41,400 Lakh equity investment in the JV exceeds its carrying value, so no impairment was recognized.
  • · The new hydrogen peroxide plant is planned to go on stream in 18 months from the kick-off meeting with the technology supplier.
  • · Funding for the new project will be from surplus internal operations, with any gap met through borrowings.
ICICI Prudential Asset Management Company Ltd Corporate Governance neutral materiality 6/10

29-05-2026

ICICI Prudential Asset Management Company Ltd. has issued the Notice for its 33rd Annual General Meeting (AGM) to be held on June 24, 2026 via video conferencing, along with the Annual Report for FY2026. The AGM includes the declaration of a final dividend of ₹12.40 per equity share and the re-appointment of Mr. Nimesh Shah as Director. Special business items include the appointment of Mr. Prashant Kumar as Independent Director, Mr. Rajeev Mittal as Non-Executive Director, and revisions in remuneration for Mr. Nimesh Shah (Managing Director) and Mr. Sankaran Naren (Executive Director).

  • · Record date for final dividend is Friday, June 12, 2026.
  • · Remote e-voting period runs from Saturday, June 20, 2026 (9:00 a.m. IST) to Tuesday, June 23, 2026 (5:00 p.m. IST).
  • · Cut-off date for e-voting is Wednesday, June 17, 2026.
  • · Appointment of M/s. Parikh & Associates as Secretarial Auditors for a term of five consecutive years is proposed.
  • · Mr. Prashant Kumar's appointment as Independent Director is proposed for a term from May 1, 2026 to April 30, 2031.
  • · Mr. Rajeev Mittal was appointed as Additional Director (Non-Executive) effective March 31, 2026 and is proposed for regular appointment.
LAKSHMI ENGINEERING AND WAREHOUSING LIMITED Corporate Governance mixed materiality 8/10

29-05-2026

Lakshmi Engineering and Warehousing Limited reported strong annual results for FY2026, with total income rising 11.8% YoY to ₹1,568.25 Lakhs and net profit surging 99.2% to ₹167.39 Lakhs. The Warehousing Rental Services segment drove growth with revenue up 15.0% YoY to ₹1,024.83 Lakhs and segment profit up 49.1% to ₹469.23 Lakhs. However, the Engineering Services segment remained a drag, posting a segment loss of ₹111.16 Lakhs for the year (though improved from a loss of ₹172.93 Lakhs in FY2025). The Board recommended a dividend of ₹10 per share (10% on face value of ₹100).

  • · The Board recommended re-appointment of Sri Pradip Roy as Independent Director for a second term of 5 years, subject to shareholder approval.
  • · The Audit Committee was reconstituted by co-opting Sri N.Jayachandar as an additional member.
  • · The 52nd Annual General Meeting is scheduled for August 10, 2026 via video conferencing.
  • · Record date for e-voting eligibility is August 3, 2026; register of members will be closed from August 4 to August 10, 2026.
  • · The statutory auditors issued an unmodified (clean) opinion on the standalone financial results.
  • · Cash and cash equivalents declined to ₹1.95 Lakhs as of March 31, 2026 from ₹3.71 Lakhs a year earlier.
  • · Finance costs increased 58.9% YoY to ₹135.30 Lakhs (FY2025: ₹85.14 Lakhs).
  • · Total comprehensive income for the year was ₹168.61 Lakhs (FY2025: ₹88.16 Lakhs).
Comfort Commotrade Limited Corporate Governance negative materiality 6/10

29-05-2026

Comfort Commotrade Limited's Board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The auditor's report indicates the company reported a loss for the year, and the auditor expressed a modified opinion on the adequacy and operating effectiveness of internal financial controls. The trading window will open on June 1, 2026.

  • · The auditor's report includes a modified opinion on internal financial controls with reference to standalone financial statements.
  • · The company reported a loss (including other comprehensive income) for the year ended March 31, 2026.
  • · The trading window for insiders will open on Monday, June 1, 2026.
  • · The Board meeting commenced at 12:30 PM and concluded at 2:10 PM on May 29, 2026.
  • · No pending litigations were reported as of March 31, 2026.
  • · The company's IT system 'Shilpi' was identified as a key audit matter.
Natco Pharma Limited Corporate Governance neutral materiality 6/10

29-05-2026

Natco Pharma Limited's Board approved audited financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion. The consolidated results include contributions from 13 subsidiaries/step-down subsidiaries and an associate (Adcock Ingram Holdings Limited, effective November 11, 2025). The filing also notes amendments to the CSR Policy and Code of Practices for Fair Disclosure.

  • · Board meeting commenced at 11:45 AM and concluded at 2:05 PM on May 29, 2026.
  • · Auditor's report includes an unmodified opinion on consolidated annual financial results.
  • · NATCO Pharma South Africa Proprietary Limited was incorporated on July 31, 2025.
  • · NATCO Crop Health Sciences Limited was incorporated on December 26, 2025.
  • · The associate, Adcock Ingram Holdings Limited, became effective from November 11, 2025.
  • · The consolidated results include the balancing figure for the quarter ended March 31, 2026, derived from audited full-year figures and unaudited year-to-date figures up to the third quarter.
Jeevan Scientific Technology Limited Corporate Governance mixed materiality 8/10

29-05-2026

Jeevan Scientific Technology Limited's Board approved audited standalone financial results for Q4 and FY ended March 31, 2026, reporting a profit of ₹159.48 lakh (Q4 FY26) compared to a loss of ₹133.71 lakh in Q4 FY25, a significant YoY turnaround. However, sequentially, profit declined from ₹230.08 lakh in Q3 FY26. The Board also granted 4,80,000 stock options and allotted 1,61,250 equity shares under ESOP, appointed M/s. KP & Associates as internal auditor for FY26-27, and received an unmodified audit opinion.

  • · Board appointed M/s. KP & Associates, Chartered Accountants as Internal Auditor for FY 2026-27.
  • · Auditors (Pavuluri & Co.) issued an unmodified/unqualified opinion on the standalone and consolidated financial results for Q4 and FY ended March 31, 2026.
  • · Total income for FY26 was ₹5,511.91 lakh (FY25: ₹4,423.90 lakh), a YoY growth of 24.6%.
  • · Full year net profit for FY26 increased 124.3% YoY to ₹165.01 lakh from ₹73.57 lakh in FY25.
  • · Paid-up equity share capital increased to ₹1,891.90 lakh after allotment of 1,61,250 ESOP shares.
  • · Total issued share capital after this issue stands at ₹20,08,02,150 (2,00,80,215 equity shares).
Asian Paints Limited Corporate Governance mixed materiality 8/10

29-05-2026

The Board of Asian Paints Limited approved audited standalone and consolidated financial results and financial statements for the year ended 31 March 2026, recommended a final dividend of Rs. 23 per equity share (face value Re. 1) taking total dividend for FY2025-26 to Rs. 27.50 per share (including interim Rs. 4.50), and convened the 80th AGM on 9 July 2026; statutory auditors Deloitte Haskins & Sells LLP issued unmodified opinions. Revenue from operations for the year ended 31 March 2026 was ₹30,769.48 Crore, up versus ₹29,552.65 Crore in the prior year (+4.07%), while profit before exceptional items & tax for the year rose to ₹5,900.13 Crore from ₹5,281.23 Crore (+11.72%); however, certain cost line items (e.g., Cost of materials consumed) declined YoY (₹12,670.79 Crore vs ₹13,238.32 Crore, -4.27%).

  • · Record Date for final dividend: Tuesday, 23rd June 2026; dividend, if approved, will be paid on or after Monday, 13th July 2026.
  • · Board meeting commenced at 11:00 am IST and was scheduled up to 3:00 pm IST on 29th May 2026.
  • · Statutory auditors issued unmodified opinion on audited standalone and consolidated financial statements and results for quarter and year ended 31 March 2026.
  • · Investor conference scheduled at 5:00 pm IST on Friday, 29th May 2026 where management will comment on business and financial performance.
Unknown Corporate Governance neutral materiality 5/10

29-05-2026

NJ Capital Private Limited announced its audited financial results for the quarter and year ended March 31, 2026, as approved by the Board of Directors on May 29, 2026. The company received an unmodified (clean) audit opinion from its statutory auditors, M/s. Shridhar & Associates. The filing includes the audited financial statements, statement of assets and liabilities, cash flow statement, and an asset cover certificate under Regulation 54, but no specific financial figures or period-over-period comparisons were disclosed in the filing.

  • · Board meeting commenced at 11:10 AM and concluded at 11:30 AM on May 29, 2026.
  • · The company's scrip codes on BSE are 976978 and 977408.
  • · The statutory auditor's report was issued with an unmodified opinion.
  • · An asset cover certificate under Regulation 54 was provided.
  • · The results will be published in newspapers as per SEBI Regulation 52(8).
Shalimar Wires Industries Ltd. Corporate Governance neutral materiality 3/10

29-05-2026

Shalimar Wires Industries Ltd. held a Board Meeting on May 29, 2026, approving audited financial results for Q4 and FY ended March 31, 2026, along with reappointments of key auditors and managing directors. The company also scheduled its 30th Annual General Meeting for June 30, 2026, via video conferencing. No financial figures or performance comparisons were disclosed in this filing, limiting assessment of operational trends.

  • · Reappointment of M/s. Mitra Bose & Associates as Cost Auditors for FY 2026-27.
  • · Reappointment of M/s. ARVG & Associates as Tax Auditors for FY 2026-27.
  • · Reappointment of M/s. Chaturvedi & Co. as Internal Auditors for FY 2026-27.
  • · Increase in remuneration of M/s. Khandelwal Ray & Co., Statutory Auditors.
  • · 30th AGM scheduled for June 30, 2026 at 11:00 AM via video conferencing.
  • · Directors being reappointed are not debarred by SEBI or any other authority.
Sharda Ispat Ltd. Corporate Governance mixed materiality 7/10

29-05-2026

For the full year FY26, Sharda Ispat reported net profit of ₹620.24 Lakhs (down 18.2% from ₹758.55 Lakhs in FY25) and total income of ₹17,258.07 Lakhs (down 3.3% from ₹17,855.31 Lakhs). However, Q4 FY26 showed a strong sequential rebound with net profit of ₹434.61 Lakhs, up 201% from Q3 FY25's ₹144.31 Lakhs, driven mainly by a large swing in inventory valuation. The board approved reappointment of internal and cost auditors and declared an unmodified audit opinion from M/s Panpalia Taori & Co.

  • · Statutory auditors Panpalia Taori & Co. issued an unmodified opinion on standalone results for FY26.
  • · Full year FY26 net profit of ₹620.24 Lakhs vs ₹758.55 Lakhs in FY25 — a decline of 18.2%.
  • · Full year FY26 total income declined 3.3% to ₹17,258.07 Lakhs.
  • · Q4 FY26 net profit of ₹434.61 Lakhs was driven significantly by a large swing in inventory valuation (+₹730.27 Lakhs reduction in inventory cost).
  • · Finance costs for the full year increased 67.9% to ₹251.07 Lakhs from ₹149.58 Lakhs in FY25.
  • · Trade receivables increased 51% to ₹1,859.48 Lakhs as of March 2026 (from ₹1,231.13 Lakhs a year ago).
  • · Total assets grew 3.5% to ₹10,158.71 Lakhs as of March 2026 from ₹9,816.07 Lakhs.
  • · The company is a single-segment iron and steel entity with no reportable segment under Ind AS 108.
  • · Board reappointed LNJ and Associates as internal auditor and Narendra Peshne & Associates as cost auditor for FY27.
  • · Cash from operations was negative ₹70.97 Lakhs in FY26 vs positive ₹1,124.52 Lakhs in FY25.
  • · Borrowings reduced to ₹3,037.98 Lakhs from ₹3,463.99 Lakhs.
Unknown Corporate Governance neutral materiality 3/10

29-05-2026

Apraava Renewable Energy Private Limited disclosed that it is not a Large Corporate Borrower under SEBI circular. The board approved the appointment of Rohit Chandak as Additional Director and noted the retirement of Samir Ashta as Director effective June 30, 2026. No financial figures were provided.

  • · Company does not fall under SEBI Large Corporate Borrower circular.
  • · Board meeting started at 11:00 a.m. and concluded at 12:00 noon.
  • · Results will be published in newspapers within two working days via QR code.
  • · Details available on company website: https://www.apraava.com/investor-and-compliance/apraava-renewable-energy-private-limited
Asian Paints Limited Corporate Governance neutral materiality 5/10

29-05-2026

Asian Paints Limited has appointed Mr. Sudhir Sitapati as an Additional and Independent Director for a five-year term from May 29, 2026 to May 28, 2031, subject to shareholder approval at the upcoming 80th Annual General Meeting. Mr. Sitapati, currently Managing Director & CEO of Godrej Consumer Products, brings extensive FMCG experience from Unilever and Godrej. The appointment is part of the company's board composition and governance practices.

  • · Mr. Sitapati holds an MBA from IIM Ahmedabad and a BSc in Mathematics with Economics Honours from St. Xavier's College, Mumbai.
  • · He was awarded the Young Alumni Achiever by IIM Ahmedabad in 2017.
  • · He is the author of the best-selling book 'The CEO Factory'.
  • · He is not related to any Director, KMP, or Promoter group member of Asian Paints.
  • · The Board meeting commenced at 11:00 am IST and was scheduled to continue until 3:00 pm IST.
Ecos (India) Mobility & Hospitality Limited Corporate Governance mixed materiality 8/10

29-05-2026

Ecos (India) Mobility & Hospitality Limited reported a 23.58% YoY increase in revenue from operations to ₹8,081.58 Mn for FY26, driven by a 29% rise in trips to 5.23 million and expansion to 130+ cities. However, profitability declined: EBITDA margin fell from 14.13% to 11.62%, and PAT decreased 4.19% YoY to ₹575.77 Mn, reflecting higher costs from business expansion investments.

  • · Total equity increased from ₹2,217.52 Mn (Mar 2025) to ₹2,649.37 Mn (Mar 2026).
  • · Total assets grew from ₹3,414.02 Mn (Mar 2025) to ₹4,134.93 Mn (Mar 2026).
  • · Trade receivables rose to ₹1,070.21 Mn (Mar 2026) from ₹827.49 Mn (Mar 2025).
  • · Cash and cash equivalents stood at ₹241.88 Mn as of Mar 2026, marginally up from ₹238.00 Mn.
  • · Borrowings (current) decreased sharply from ₹58.99 Mn (Mar 2025) to ₹1.07 Mn (Mar 2026).
  • · ROCE for FY26 was 35.78%, down from 42.9% in FY25.
  • · ROE for FY26 was 23.7%, down from 30.1% in FY25.
  • · The organized corporate car rental market is projected to grow at a CAGR of 14.2% from 2023 to 2030.
  • · The company has a vendor-operated fleet model with 95% of vehicles vendor-owned.
  • · Average customer rating is 4.8 out of 5.
Mercury Laboratories Limited Corporate Governance mixed materiality 7/10

29-05-2026

Mercury Laboratories reported audited financial results for Q4 and FY ended March 31, 2026. Revenue from operations for FY26 grew 2.3% YoY to ₹7,789.18 lakh, while net profit after tax surged 50.5% to ₹583.10 lakh. However, Q4 revenue declined 2.3% YoY and net profit fell 10.5% sequentially. The Board recommended a final dividend of ₹3.50 per share (35%) for FY26.

  • · Total comprehensive income for FY26 was ₹492.78 lakh vs ₹318.07 lakh in FY25, up 54.9%.
  • · Exceptional item of ₹39.49 lakh (loss) in FY26 due to additional provisions for gratuity and leave liability under new Labour Codes.
  • · Total assets increased to ₹7,908.22 lakh as of March 31, 2026 from ₹7,423.52 lakh a year ago.
  • · Long-term borrowings more than doubled to ₹674.01 lakh from ₹304.22 lakh.
  • · Cash and cash equivalents increased to ₹80.32 lakh from ₹33.18 lakh.
  • · The Board re-appointed M/s K R & Associates as internal auditor and M/s V. M. Patel & Associates as cost auditor for FY26-27.
  • · 45th AGM scheduled on September 28, 2026 via VC/OAVM; record date for dividend is September 21, 2026.
Vardhman Textiles Limited Corporate Governance neutral materiality 5/10

29-05-2026

Vardhman Textiles Limited has amended its Share Subscription and Shareholders’ Agreement with Renew Green Energy Solutions Private Limited and Renew Green (MPR Four) Private Limited for a 19 MW AC Wind Solar Hybrid Power Plant in Ratlam, Madhya Pradesh. Under the amended agreement, the User Shareholder Subscription Amount has been revised to Rs. 24.46 crore and the Promoter Subscription Amount to Rs. 53.41 crore, while all other terms remain unchanged. The amendment was approved by the Committee of Directors (Renewable Energy) on May 29, 2026.

  • · The amendment was approved by the Committee of Directors (Renewable Energy) on May 29, 2026.
  • · The meeting commenced at 01:30 p.m. and concluded at 02:15 p.m.
  • · The power generated from the plant will be supplied exclusively to Vardhman Textiles Limited under the Captive Rules.
  • · The original agreement was executed on April 23, 2026.
Pro Fin Capital Services Ltd Corporate Governance neutral materiality 3/10

29-05-2026

Pro Fin Capital Services Ltd adjourned its Board Meeting scheduled for May 29, 2026, to consider audited financial results for Q4 and FY ended March 31, 2026. The meeting will continue on May 30, 2026. The trading window remains closed until June 1, 2026.

  • · Original board meeting was scheduled for May 26, 2026, then adjourned to May 29, 2026, and now further adjourned to May 30, 2026.
  • · Trading window closure period: April 1, 2026 to June 1, 2026 (48 hours after results disclosure).
Jindal Saw Limited Corporate Governance neutral materiality 6/10

29-05-2026

Jindal Saw Limited held its 41st Annual General Meeting on May 29, 2026, via video conferencing, where shareholders considered and approved the audited financial statements for FY2025-26, declared a dividend on equity shares, and re-appointed directors Shraddha Prithvi RJ and Neeraj Kumar. Special business items included the appointment of Dr. Ashutosh Karnatak as Independent Director, continuation of Shri Prithavi Raj Jindal as Non-Executive Director beyond age 75, approval of material related party transactions with JWIL Infra Limited, JSW Steel Limited, and Jindal Steel Limited, ratification of cost auditor remuneration, and issuance of Non-Convertible Debentures on a private placement basis. The meeting concluded at 1:15 PM, with voting results to be announced later.

  • · The AGM was conducted through Video Conferencing / Other Audio Visual Means.
  • · Ordinary business included adoption of audited standalone and consolidated financial statements for FY ended March 31, 2026.
  • · Dividend on equity shares was declared for FY2025-26.
  • · Two directors retired by rotation and were re-appointed: Shraddha Prithvi RJ and Neeraj Kumar.
  • · Special business included approval of material related party transactions with three entities: JWIL Infra Limited, JSW Steel Limited, and Jindal Steel Limited.
  • · Ratification of remuneration for Cost Auditors M/s R.J. Goel & Co. for FY2026-27 was approved.
  • · Approval was granted for issuance of Non-Convertible Debentures on a private placement basis.
  • · Voting results are pending and will be communicated separately.
Asian Paints Limited Corporate Governance mixed materiality 8/10

29-05-2026

Asian Paints Limited reported audited standalone financial results for Q4 and FY ended March 31, 2026. Revenue from operations grew 10.1% YoY to ₹7,920.24 Cr in Q4 and 4.1% YoY to ₹30,769.48 Cr for the full year. However, profit before tax declined 8.0% YoY in Q4 to ₹1,392.22 Cr (from ₹1,513.27 Cr) due to exceptional items of ₹166.53 Cr, while full-year PBT rose 6.4% to ₹5,533.60 Cr. The Board recommended a final dividend of ₹23 per share, bringing the total FY dividend to ₹27.50 per share.

  • · Audit reports issued with unmodified opinion for standalone and consolidated financial statements.
  • · Exceptional items of ₹166.53 Cr in Q4 FY26 and ₹379.63 Cr for FY26 impacted profitability.
  • · Record date for final dividend: June 23, 2026; payment on or after July 13, 2026.
  • · 80th Annual General Meeting scheduled for July 9, 2026 at 11:00 AM IST via video conference.
  • · Investor conference call at 5:00 PM IST on May 29, 2026.
  • · Q4 FY26 profit before exceptional items & tax was ₹1,558.75 Cr (Q4 FY25: ₹1,159.64 Cr), a 34.4% YoY increase before exceptional items.
Modi Rubber Limited Corporate Governance neutral materiality 4/10

29-05-2026

The Board of Directors of Modi Rubber Limited approved the audited standalone and consolidated financial results for the year ended March 31, 2026, along with the audit report. The Board also reviewed the audited financial statements of eight subsidiary/joint venture companies, approved the appointment of Mr. Ajay Kumar Jain as an independent director for five years, and noted disclosures from directors and key managerial personnel. No specific financial figures or performance comparisons were disclosed in this filing.

  • · The Board meeting commenced at 12:00 PM and concluded at 2:20 PM on May 29, 2026.
  • · The Board approved the statement of investments and related party transactions for the period January 1, 2026 to March 31, 2026.
  • · Mr. Ajay Kumar Jain was appointed as an independent director for a term of five years.
Shantanu Sheorey Aquakult ltd. Corporate Governance mixed materiality 4/10

29-05-2026

52 Weeks Entertainment Limited reported a net profit of ₹11.48 Lakh for the year ended March 31, 2026, compared to a net loss of ₹11.75 Lakh in the prior year, driven by other income of ₹25.60 Lakh. However, the company had zero revenue from operations for both periods, and total expenses rose to ₹14.13 Lakh from ₹11.75 Lakh. The Board also appointed M/s Abhishek R Jain & Co. as internal auditor for FY 2026-27 and did not recommend a dividend.

  • · The company had zero revenue from operations for both the current and prior year.
  • · Total expenses increased 20.3% YoY to ₹14.13 Lakh from ₹11.75 Lakh.
  • · Other income of ₹25.60 Lakh was the sole source of revenue in FY26; no other income was reported in FY25.
  • · The company's other equity remained negative at ₹(1,895.99) Lakh as of March 31, 2026, though improved from ₹(1,907.47) Lakh a year earlier.
  • · Cash and cash equivalents increased to ₹1.53 Lakh from ₹0.53 Lakh, but remain very low.
  • · No dividend was recommended for FY 2025-26.
  • · The company has only one reportable segment: production of television content and motion films.
  • · The Board meeting commenced at 1:15 PM and concluded at 2:15 PM on May 29, 2026.
Rishi Techtex Limited Corporate Governance neutral materiality 5/10

29-05-2026

Rishi Techtex Limited's Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, with no dividend recommended. The auditors issued an unmodified opinion on the financial statements. Additionally, M/s VSSK & Co. was reappointed as the internal auditor for FY 2026-2027.

  • · Board meeting held from 1:00 PM to 2:30 PM on May 29, 2026.
  • · No dividend recommended for the year ended March 31, 2026.
  • · Auditor's report contains unmodified opinion.
  • · M/s VSSK & Co. (FRN No.: 142999W) reappointed as internal auditor for FY 2026-2027.
HB Estate Developers Ltd. Corporate Governance mixed materiality 7/10

29-05-2026

HB Estate Developers Ltd. reported audited standalone financial results for Q4 and FY ended March 31, 2026. Net profit for Q4 FY26 was ₹354.72 Lakhs, down 45.5% from the previous quarter (₹650.49 Lakhs) but down 22.6% from Q4 FY25 (₹458.17 Lakhs). For the full year, net profit rose 8.4% to ₹1,170.38 Lakhs from ₹1,079.45 Lakhs in FY25. Revenue from operations for Q4 FY26 was ₹3,297.29 Lakhs, a slight decline of 1.4% QoQ and 0.8% YoY. The board also approved the re-appointment of M/s Marv & Associates LLP as internal auditor for FY26-27.

  • · The auditor's report has an unmodified opinion for FY26.
  • · Total comprehensive income for FY26 was ₹1,174.16 Lakhs vs ₹1,077.34 Lakhs in FY25.
  • · Earnings per share (basic) for FY26 was ₹5.19 vs ₹5.31 in FY25, a decline of 2.3%.
  • · Total assets decreased from ₹49,643.95 Lakhs (Mar 2025) to ₹49,097.81 Lakhs (Mar 2026).
  • · Borrowings (non-current) reduced from ₹24,310.53 Lakhs to ₹22,325.70 Lakhs.
  • · Cash and cash equivalents increased from ₹464.40 Lakhs to ₹1,325.97 Lakhs.
  • · Other expenses for Q4 FY26 increased 37.6% QoQ to ₹1,243.60 Lakhs from ₹903.48 Lakhs.
Dynemic Products Limited Corporate Governance mixed materiality 8/10

29-05-2026

Dynemic Products Limited reported strong standalone and consolidated financial results for Q4 and FY ended March 31, 2026. Standalone net profit for Q4 FY26 rose 65.2% YoY to ₹650.87 Lakhs, while full-year standalone net profit increased 35.4% YoY to ₹2,029.81 Lakhs. However, consolidated net profit for the year grew at a slower pace of 24.5% YoY to ₹1,994.55 Lakhs, and the company's share of loss from associates and joint ventures widened significantly to ₹47.34 Lakhs (vs. a profit of ₹1.14 Lakhs in the prior year). The Board recommended a final dividend of ₹1.50 per share (15% of face value ₹10).

  • · Standalone basic EPS for Q4 FY26: ₹5.22 (vs ₹3.27 in Q4 FY25); for FY26: ₹16.33 (vs ₹12.43 in FY25).
  • · Consolidated basic EPS for Q4 FY26: ₹4.88 (vs ₹3.27 in Q4 FY25); for FY26: ₹16.04 (vs ₹12.44 in FY25).
  • · Standalone total comprehensive income for FY26: ₹2,028.29 Lakhs (up 34.5% from ₹1,508.12 Lakhs in FY25).
  • · Consolidated total comprehensive income for FY26: ₹1,993.03 Lakhs (up 31.9% from ₹1,510.67 Lakhs in FY25).
  • · Standalone finance cost for FY26 declined 18.7% to ₹926.65 Lakhs from ₹1,139.24 Lakhs in FY25.
  • · Standalone employee benefits expense for FY26 increased 14.2% to ₹2,603.17 Lakhs from ₹2,280.28 Lakhs in FY25.
  • · Standalone total equity as of March 31, 2026: ₹24,320.40 Lakhs (up from ₹22,320.74 Lakhs a year ago).
  • · Standalone total borrowings (non-current + current) decreased to ₹7,274.22 Lakhs from ₹9,587.54 Lakhs as of March 31, 2025.
  • · Standalone cash and cash equivalents increased to ₹49.84 Lakhs from ₹32.08 Lakhs as of March 31, 2025.
  • · The auditors' report on both standalone and consolidated financial results is unmodified (clean opinion).
Baroda Rayon Corpn. Ltd. Corporate Governance mixed materiality 8/10

29-05-2026

Baroda Rayon Corpn. Ltd. reported standalone audited annual net profit of ₹4,035.03 Lakh for FY ended March 31, 2026, up from ₹2,220.62 Lakh in FY25 (+81.7% YoY). Revenue from operations grew strongly to ₹9,960.00 Lakh in FY26 from ₹6,334.07 Lakh in FY25 (+57.2% YoY). However, the real estate segment reported a segment loss of ₹12.78 Lakh for FY26 (vs. profit of ₹105.65 Lakh in FY25), and the company's cash flow from operations turned sharply negative at (₹397.13) Lakh vs. +₹4,234.41 Lakh in FY25. The textile segment remains stalled since August 2008 with no operational activity.

  • · The Board meeting commenced at 12:30 PM and concluded at 2:25 PM on May 29, 2026.
  • · M/s Patel & Associates, Chartered Accountants (Firm Reg. No. 130005W), Surat, was appointed as internal auditor for FY 2026-27 based on Audit Committee recommendation.
  • · Audit report contains an unmodified (clean) opinion.
  • · Total borrowings (non-current + current) stood at ₹17,628.36 Lakh as at March 31, 2026, compared to ₹17,477.89 Lakh as at March 31, 2025.
  • · Trade receivables decreased to ₹914.71 Lakh from ₹2,271.95 Lakh (down 59.7% YoY).
  • · Inventories increased to ₹64,223.24 Lakh from ₹60,891.10 Lakh (up 5.5% YoY).
  • · The company has no current tax liability due to absorbed depreciation and brought forward business losses.
  • · Four Labour Codes notified by Government of India on November 21, 2025, are not yet applicable; no impact assessed.
  • · Statutory auditors Kansariwala & Chevli issued the unmodified audit opinion on the standalone annual financial results.
  • · EPS (basic, before exceptional items) for FY26 stood at ₹12.67 vs ₹8.86 in FY25, while EPS (basic, after exceptional items) was ₹17.61 vs ₹9.69 in FY25.
Dynemic Products Limited Corporate Governance mixed materiality 8/10

29-05-2026

Dynemic Products Limited reported audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026. Standalone revenue for Q4 FY26 grew 10.7% YoY to ₹10,415.09 Lakhs, while net profit rose 65.1% YoY to ₹650.87 Lakhs. For the full year, standalone revenue increased 3.0% YoY to ₹37,842.50 Lakhs and net profit jumped 35.4% YoY to ₹2,029.81 Lakhs. However, consolidated net profit for FY26 was ₹1,994.55 Lakhs, up only 24.5% YoY, and the company's total assets declined 1.3% YoY to ₹41,276.11 Lakhs. The Board recommended a final dividend of ₹1.50 per share (15% of face value ₹10).

  • · Standalone finance cost decreased 18.6% YoY to ₹926.65 Lakhs in FY26 from ₹1,139.24 Lakhs in FY25.
  • · Standalone employee benefits expense increased 14.2% YoY to ₹2,603.17 Lakhs in FY26.
  • · Consolidated share of net loss from associates was ₹47.34 Lakhs in FY26 vs a profit of ₹1.14 Lakhs in FY25.
  • · Standalone total borrowings (non-current + current) declined from ₹9,587.54 Lakhs as of 31-Mar-2025 to ₹7,274.22 Lakhs as of 31-Mar-2026.
  • · Standalone cash and cash equivalents increased to ₹49.84 Lakhs from ₹32.08 Lakhs as of 31-Mar-2025.
  • · The auditors' report is unmodified for both standalone and consolidated results.
  • · Board meeting commenced at 11:00 AM and concluded on the same day.
Shemaroo Entertainment Limited Corporate Governance neutral materiality 5/10

29-05-2026

Shemaroo Entertainment Limited has issued a Postal Ballot Notice dated May 16, 2026, seeking shareholder approval via remote e-voting for four ordinary resolutions, including the appointment and remuneration of three related-party individuals (Ms. Smita Maroo, Ms. Mansi Maroo, and Ms. Madhuri Gada) for places of profit, and a material related party transaction for financial support by promoters/promoter group. The e-voting period runs from May 30, 2026 to June 28, 2026, with results expected by June 30, 2026. The filing does not contain any financial performance data or period-over-period comparisons.

  • · The cut-off date for determining members eligible to vote is Friday, May 22, 2026.
  • · The e-voting period commences at 9:00 AM IST on Saturday, May 30, 2026 and ends at 5:00 PM IST on Sunday, June 28, 2026.
  • · Results of the postal ballot will be announced on or before Tuesday, June 30, 2026.
  • · The resolutions seek approval for related-party appointments for a period of five years starting from financial year 2026-27.
  • · Resolution 4 seeks approval for material related party transactions involving financial support by promoter/promoter group/directors (specific amount not disclosed in the filing).
Modern Diagnostic & Research Centre Ltd Corporate Governance mixed materiality 8/10

29-05-2026

Modern Diagnostic & Research Centre Ltd reported audited standalone financial results for the year ended March 31, 2026. Revenue grew 6.6% YoY to ₹8,311.06 Lakh, however profit after tax declined sharply by 41.7% to ₹525.33 Lakh from ₹900.79 Lakh in FY25, mainly due to higher costs. The company had an IPO on the BSE SME platform in January 2026, raising ₹3,689.28 Lakh, and has utilized ₹1,944.39 Lakh of the proceeds as of March 31, 2026. An unmodified audit opinion was issued.

  • · H2 FY26 (Oct 2025 - Mar 2026) half-year profit was ₹208.24 Lakh, down from ₹317.09 Lakh in H1 FY26, indicating a sequential decline of 34.3%.
  • · Total expenses for FY26 rose to ₹7,814.58 Lakh from ₹6,593.49 Lakh in FY25 — a 18.5% increase that outpaced revenue growth.
  • · Finance costs increased 31.6% to ₹244 Lakh in FY26 from ₹185.46 Lakh in FY25.
  • · Employee benefit expenses increased 17.2% to ₹2,297.82 Lakh from ₹1,961.35 Lakh.
  • · Depreciation & amortization increased 23.8% to ₹518.61 Lakh from ₹418.97 Lakh.
  • · Total assets more than doubled to ₹11,859.82 Lakh as of March 31, 2026 from ₹6,457.43 Lakh a year earlier, driven by IPO-related cash and investments.
  • · Long-term borrowings increased to ₹1,386.84 Lakh from ₹830.14 Lakh.
  • · Short-term borrowings increased to ₹2,322.81 Lakh from ₹1,379.34 Lakh.
  • · The company reported no separate segment information as no segment met the quantitative thresholds under AS-17.
  • · Audited results carry an unmodified (clean) opinion.
Asia Pack Ltd. Corporate Governance neutral materiality 6/10

29-05-2026

Asia Pack Ltd. held a Board Meeting on May 29, 2026, approving audited financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion. The Board also approved the removal of CEO Mr. Jitendra Purohit due to severe chronic illness and his unavailability for over 45 days, and appointed Mr. Manish Kumar Kothari as the new CEO effective the same date. Additionally, M/s Parikh Shah & Associates was appointed as Internal Auditor for FY 2026-27. No financial figures were disclosed in the filing, so no period-over-period comparisons are available.

  • · Audited financial results for Q4 and FY ended March 31, 2026, received an unmodified (clean) audit opinion from statutory auditors M/s. Rakesh Ajmera & Associates.
  • · Mr. Jitendra Purohit was removed as CEO effective May 29, 2026, due to severe chronic illness and unavailability exceeding 45 days in a rolling 90-day period.
  • · Mr. Manish Kumar Kothari, with over 14 years of experience in accounts, finance, and taxation, was appointed as CEO effective May 29, 2026.
  • · M/s Parikh Shah & Associates (Firm registration no. 123999W) was appointed as Internal Auditor for FY 2026-27.
  • · The Board meeting started at 1:00 PM and concluded at 2:22 PM.

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