Executive Summary
The 23 filings for May 31, 2026, reveal a corporate governance landscape marked by severe financial stress, widespread margin compression, and a significant number of qualified audit opinions, signaling deep-seated accounting and operational issues.
Revenue declines are prevalent across the sample, with Taylormade Renewables (-53% YoY), Titagarh Rail Systems (-16.1% YoY), and Super Tannery (-13.2% YoY) leading the downturn, while only Vaswani Industries showed robust top-line growth (+24.7% YoY). Profitability is under severe pressure, with net profit declines of 63.4% YoY (Vaswani) and 86% YoY (Taylormade), though Titagarh's profit surged 95.8% YoY on exceptional items. A critical governance red flag is the high incidence of qualified audit opinions (Kothari Industrial, Wardwizard Foods) and auditor emphasis of matter (Titagarh), alongside a director resignation at Kothari Industrial. Insider activity is notably absent from the filings, but capital allocation signals are mixed, with City Union Bank's bonus share issuance being a positive, while Super Tannery's dividend recommendation comes amid a sharp cash flow deterioration. The most critical development is the auditor's qualified opinion for Kothari Industrial, which flags unverified receivables and lack of confirmations, posing a significant risk to stakeholders. Portfolio-level patterns indicate a 'two-speed' market where a few companies (Vaswani, Zinema Media) show growth, while a majority face demand slowdown and rising costs, necessitating a highly selective investment approach.
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 27, 2026.
Investment Signals (12)
- Vaswani Industries ↓ (BULLISH)▲
Revenue grew 24.7% YoY in Q4 FY26, outperforming the sample average, but net profit fell 63.4% YoY due to a sharp rise in finance costs and depreciation. The Board approved a preferential issue at ₹60/share (₹10 face value + ₹50 premium), indicating a capital raise to fund growth. This is a classic growth-at-a-reasonable-price (GARP) setup if margin recovery is visible.
- Titagarh Rail Systems ↓ (BULLISH)▲
Net profit surged 95.8% YoY to ₹150.70 Cr in FY26, driven by exceptional items, despite a 16.1% revenue decline. The Board recommended a 50% dividend (Re. 1/share), signaling confidence in cash flows. However, the full provision for its Italian associate marks an exit from European operations, which could be a positive catalyst for focus on core rail business.
- City Union Bank ↓ (BULLISH)▲
Shareholders overwhelmingly approved the appointment of an Independent Director (92.76% in favor) and bonus share issuance (97.11% in favor) via postal ballot. The bonus issue is a strong signal of management's confidence in future earnings and a positive for shareholder returns.
- Zinema Media and Entertainment ↓ (BULLISH)▲
Total income surged 771% YoY to ₹515.24 Lakhs in FY26, and net profit grew 29.6% YoY to ₹37.74 Lakhs. The unmodified audit opinion adds credibility. However, the withdrawal of preferential issue proposals due to technical shortcomings tempers the outlook.
- Tranway21 Technologies ↓ (BULLISH)▲
The company turned around from a net loss of ₹31.76 Lakhs in FY25 to a net profit of ₹3.81 Lakhs in FY26, driven by a sharp increase in other income. The clean audit opinion is a positive. The turnaround, albeit small, signals a potential inflection point.
- Taylormade Renewables ↓ (BEARISH)▲
Standalone revenue fell 53% YoY to ₹3,344.13 Lakhs and net profit dropped 86% YoY to ₹168.55 Lakhs. Inventories surged 172% to ₹6,130.16 Lakhs, indicating a severe demand slowdown and potential inventory obsolescence risk. This is a clear sell signal.
- Super Tannery ↓ (BEARISH)▲
Revenue fell 13.2% YoY to ₹24,650.54 Lacs, and cash flow from operations turned deeply negative at (₹97.34) Lacs from a positive ₹4,911.15 Lacs. Cash and cash equivalents plummeted 79.5% to ₹150.36 Lacs. The recommended dividend of ₹0.05/share is unsustainable given the cash burn.
- Mercury EV-Tech ↓ (BEARISH)▲
Revenue for Q4 FY26 fell 32.8% YoY to ₹1,35,564 Lakhs, and net profit declined 50.7% YoY to ₹55.04 Lakhs. Expenses rose 63.8% YoY, outpacing revenue decline, leading to margin compression. The trend is deteriorating.
- Kothari Industrial Corpn. Ltd ↓ (BEARISH)▲
The statutory auditor issued a qualified opinion citing multiple unresolved issues including unverified subsidy receivables (₹80 Lakhs, outstanding for 8+ years), lack of balance confirmations for significant balances (₹33.49 Cr trade receivables, ₹23.24 Cr trade payables), and unreconciled GST credits. This is a major red flag for financial integrity.
- Wardwizard Foods and Beverages ↓ (BEARISH)▲
The statutory auditor issued a qualified opinion on the standalone audited financial results for Q4 and FY26, indicating potential issues in the financial statements. This is a clear governance risk.
- Talwalkars Better Value Fitness ↓ (BEARISH)▲
The company reported a net loss of ₹1,157.30 Lakhs for Q2 FY20 (quarter ended Sep 2019) compared to a profit of ₹558.70 Lakhs in Q2 FY19. Total revenue for H1 FY20 fell 70% YoY to ₹628.10 Lakhs. The company is in a deep financial distress.
- Cybertech Systems and Software ↓ (BEARISH)▲
Standalone quarterly net profit fell 6.8% YoY to ₹6,635 in Q4 FY26, and full-year net profit declined 31% YoY to ₹14,802. The declining profitability trend is a concern.
Risk Flags (10)
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Auditor's qualified opinion flags unverified subsidy receivables (₹80 Lakhs, 8+ years outstanding), lack of balance confirmations for promoters (₹1.80 Cr), trade receivables (₹33.49 Cr), trade payables (₹23.24 Cr), vendor advances (₹15.06 Cr), advances from customers (₹3.99 Cr), other loans payable (₹52.88 Cr), and related party balances (₹1.44 Cr). This indicates potential financial misstatement and governance failure.
- Taylormade Renewables / Demand & Inventory Risk↓ [HIGH RISK]▼
Revenue fell 53% YoY while inventories surged 172% to ₹6,130.16 Lakhs. This suggests a severe demand slowdown and potential inventory write-downs. The cost of materials consumed rose 16% YoY despite lower sales, indicating margin pressure.
- Super Tannery / Cash Flow Risk↓ [HIGH RISK]▼
Cash flow from operations turned negative at (₹97.34) Lacs from a positive ₹4,911.15 Lacs in the prior year. Cash and cash equivalents fell 79.5% to ₹150.36 Lacs. The company is burning cash despite a 2.8% net profit increase, raising sustainability concerns.
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The statutory auditor issued a qualified opinion on the standalone audited financial results for Q4 and FY ended 31 March 2026. The nature of the qualification is not disclosed, but it indicates potential material misstatements.
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The company reported a net loss of ₹1,157.30 Lakhs for Q2 FY20, a significant decline from a profit of ₹558.70 Lakhs in Q2 FY19. Total equity fell 11.8% to ₹19,338.60 Lakhs, while non-current borrowings increased 18.2% to ₹22,028.20 Lakhs. The company is in a debt trap.
- Mercury EV-Tech / Margin Compression Risk↓ [MEDIUM RISK]▼
Total expenses for Q4 FY26 rose 63.8% YoY to ₹1,648.13 Lakhs, while revenue fell 32.8% YoY. Tax expense surged 668% YoY to ₹61.84 Lakhs. Basic EPS fell 50.8% YoY to ₹0.029. The cost structure is unsustainable.
- Vaswani Industries / Profitability Risk↓ [MEDIUM RISK]▼
Despite 24.7% YoY revenue growth, net profit fell 63.4% YoY in Q4 FY26. Full-year net profit declined 50.7% YoY. The sharp rise in finance costs and depreciation is eroding profitability.
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Net profit surged 95.8% YoY, but this was boosted by exceptional items of ₹57.58 Cr. Excluding these, underlying profitability may be weak. The auditor's emphasis of matter on restatement of prior period comparatives adds uncertainty.
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Mr. Ravi Kumar Perumal resigned as Non-Executive Independent Director after only 8 months of service, citing personal reasons and proposed relocation abroad. The short tenure and resignation from all committees (Audit, NRC, SRC, RMC) raises questions about board stability and governance.
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The Board withdrew three preferential issue proposals and one sweat equity issue proposal due to technical shortcomings. This indicates potential issues in compliance or structuring, which could delay capital raising plans.
Opportunities (10)
- Vaswani Industries / Growth & Capital Raise↓ (OPPORTUNITY)◆
Revenue grew 24.7% YoY in Q4 FY26, and the Board approved a preferential issue of 16,45,000 equity shares at ₹60/share to raise up to ₹9,87,00,000. If the funds are deployed efficiently, the company could scale further. The clean audit opinion adds credibility.
- Titagarh Rail Systems / Strategic Exit & Dividend↓ (OPPORTUNITY)◆
The full provision for its Italian associate marks an exit from loss-making European operations, allowing management to focus on the core Indian rail business. The 50% dividend (Re. 1/share) signals confidence. The 95.8% YoY profit surge, even if partly exceptional, shows turnaround potential.
- City Union Bank / Bonus Issue Catalyst↓ (OPPORTUNITY)◆
The overwhelming shareholder approval (97.11% in favor) for bonus share issuance is a strong positive signal. Bonus issues often lead to increased liquidity and positive price momentum. The appointment of an Independent Director with 92.76% approval strengthens governance.
- Tranway21 Technologies / Turnaround Play↓ (OPPORTUNITY)◆
The company turned profitable in FY26 (net profit ₹3.81 Lakhs vs loss of ₹31.76 Lakhs in FY25). The clean audit opinion and appointment of a new Secretarial Auditor suggest improved compliance. If revenue growth resumes, the stock could re-rate significantly from a low base.
- Zinema Media and Entertainment / High Growth↓ (OPPORTUNITY)◆
Total income surged 771% YoY to ₹515.24 Lakhs, and net profit grew 29.6% YoY. The unmodified audit opinion is a positive. The company's modest reserves (₹229.68 Lakhs) suggest high growth potential if the business model is scalable.
- Super Tannery / Value Play with Caution↓ (OPPORTUNITY)◆
The stock may be undervalued given the 2.8% YoY net profit growth and dividend yield of 5% (₹0.05 per share). However, the severe cash flow deterioration and inventory build-up require close monitoring. A turnaround in cash flow could be a major catalyst.
- Athena Global Technologies / Strategic Investment↓ (OPPORTUNITY)◆
The Board approved an investment of up to ₹50 crore in Optionally Convertible Debentures (OCDs) of Medley Medical Solutions and Tutoroot Technologies. This could provide high returns if the investee companies perform. The unmodified audit opinion is a positive.
- RCI Industries & Technologies / Fund Raising Catalyst↓ (OPPORTUNITY)◆
The Board meeting on June 3, 2026, to consider raising funds via QIP, Preferential Issue, FPO, or Rights Issue could be a positive catalyst if the funds are used for growth or debt reduction. The trading window closure suggests material news.
- Cybertech Systems and Software / Demat Opportunity↓ (OPPORTUNITY)◆
The special window for dematerialization of physical securities (open until Feb 4, 2027) could unlock value for shareholders with physical shares. The company's IEPFA campaign for unclaimed dividends is a positive governance step.
- True Green Bio Energy / Clean Audit Positive↓ (OPPORTUNITY)◆
The statutory auditors issued an unmodified (clean) audit opinion on the standalone audited financial results for Q4 and FY26. This is a positive signal in a sample where qualified opinions are prevalent.
Sector Themes (6)
- Widespread Revenue Decline◆
5 out of 10 companies with disclosed revenue figures reported YoY declines (Taylormade Renewables -53%, Mercury EV-Tech -32.8%, Titagarh Rail -16.1%, Super Tannery -13.2%, Tranway21 -22.7%). Only Vaswani Industries (+24.7%) and Zinema Media (+771%) showed strong growth. This suggests a broad-based demand slowdown across manufacturing, EV, and consumer sectors. [IMPLICATION: Favor companies with demonstrated revenue resilience and pricing power.]
- Severe Profitability Compression◆
Net profit declines are more pronounced than revenue declines. Vaswani Industries (-63.4% YoY), Taylormade Renewables (-86% YoY), Mercury EV-Tech (-50.7% YoY), and Cybertech Systems (-31% YoY) all saw profits fall faster than revenue, indicating rising costs (finance, depreciation, materials) are squeezing margins. [IMPLICATION: Focus on companies with cost control and margin stability.]
- High Incidence of Qualified Audit Opinions◆
3 out of 23 filings (13%) had qualified audit opinions or emphasis of matter (Kothari Industrial, Wardwizard Foods, Titagarh Rail). This is a high proportion for a single day's filings and signals systemic governance weaknesses in smaller companies. [IMPLICATION: Avoid companies with qualified opinions; prioritize those with clean audit reports.]
- Capital Raising Activity Amidst Stress◆
Vaswani Industries (preferential issue), RCI Industries (considering fund raising), and Athena Global (OCD investment) are all raising or deploying capital. This suggests companies are either funding growth or shoring up balance sheets in a challenging environment. [IMPLICATION: Monitor use of proceeds; capital raises for growth are positive, for debt repayment may indicate distress.]
- Dividend Policy Divergence◆
City Union Bank (bonus issue) and Titagarh Rail (50% dividend) are rewarding shareholders, while Super Tannery's dividend (₹0.05/share) appears unsustainable given negative cash flow. This divergence reflects varying financial health. [IMPLICATION: Favor companies with sustainable dividend policies backed by cash flow.]
- Governance and Compliance Focus◆
Multiple filings highlight governance actions: director resignation (Kothari Industrial), appointment of internal/secretarial auditors (Athena Global, Wardwizard, Tranway21), and withdrawal of preferential issues due to technical shortcomings (Zinema Media). This indicates increased regulatory and board scrutiny. [IMPLICATION: Companies with proactive governance measures are better positioned.]
Watch List (8)
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The qualified audit opinion and director resignation warrant close monitoring. Watch for regulatory action from MCA/SEBI, potential restatement of financials, and impact on credit lines. The next earnings call will be critical for management's response. [Date: Ongoing]
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The 172% surge in inventories and 53% revenue decline signal a potential inventory write-down. Watch for Q1 FY27 results (due August 2026) for signs of demand recovery or further deterioration. [Date: Q1 FY27 results expected by Aug 14, 2026]
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The negative operating cash flow and 79.5% drop in cash reserves are alarming. Watch for Q1 FY27 cash flow statement and any debt covenant breaches. The company's ability to maintain the dividend is at risk. [Date: Q1 FY27 results expected by Aug 14, 2026]
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The Board meeting on June 3, 2026, to consider fund raising is a key catalyst. Watch for the mode (QIP/FPO/Rights) and pricing. A successful raise at a premium could be positive; a deeply discounted rights issue may signal distress. [Date: June 3, 2026]
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The Board will meet on June 3, 2026, to approve audited results for Q4 and FY26. Given the lack of prior disclosures, the results will provide the first glimpse of financial health. Watch for any audit qualifications. [Date: June 3, 2026]
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The Board meeting was rescheduled to June 2, 2026, due to unavoidable circumstances. Watch for the audited results and any explanation for the delay. Delays can sometimes signal last-minute issues. [Date: June 2, 2026]
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With the bonus issue approved, watch for the announcement of the record date. The bonus ratio (yet to be disclosed) will determine the quantum of shareholder value. [Date: To be announced]
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The company is reporting results from FY20 to FY26, indicating a prolonged period of financial distress. Watch for any announcement of debt restructuring, corporate insolvency resolution process (CIRP), or delisting. [Date: Ongoing]
Filing Analyses
(23)
31-05-2026
Mercury EV-Tech Limited reported audited standalone financial results for Q4 FY2026 and FY2026. Revenue from operations for the quarter ended March 31, 2026 was ₹1,35,564 Lakhs, compared to ₹1,130.77 Lakhs in the previous quarter and ₹2,01,600 Lakhs in the same quarter last year. Net profit for the quarter was ₹55.04 Lakhs, down from ₹78.34 Lakhs in Q3 FY2026 and ₹111.69 Lakhs in Q4 FY2025. For the full year, revenue was ₹4,53,721 Lakhs (FY2025: ₹6,40,658 Lakhs) and net profit was ₹223.12 Lakhs (FY2025: ₹638.58 Lakhs), showing a decline.
- · The company's total expenses for Q4 FY2026 were ₹1,648.13 Lakhs, compared to ₹1,017.67 Lakhs in Q3 FY2025 and ₹1,006.13 Lakhs in Q4 FY2025.
- · Tax expense for Q4 FY2026 was ₹61.84 Lakhs, up from ₹24.82 Lakhs in Q3 FY2025 and ₹8.05 Lakhs in Q4 FY2025.
- · Basic EPS for Q4 FY2026 was ₹0.029, compared to ₹0.041 in Q3 FY2025 and ₹0.059 in Q4 FY2025.
- · Cash and cash equivalents at year-end were ₹394.58 Lakhs, down from ₹587.12 Lakhs at the beginning of the year.
- · The company's net cash used in operating activities for FY2026 was ₹2,338.71 Lakhs, compared to ₹3,162.27 Lakhs used in FY2025.
- · BV Nest Private Limited, a wholly owned subsidiary, was amalgamated into Mercury EV-Tech Limited with an appointed date of April 1, 2023, per NCLT order dated September 18, 2025.
31-05-2026
Athena Global Technologies Limited's Board of Directors approved the audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion from statutory auditors Ramanatham & Rao. The Board also appointed M/s. Sarda & Agarwal as internal auditors for FY 2026-27 and approved an investment of up to ₹50 crore in Optionally Convertible Debentures (OCDs) of Medley Medical Solutions Private Limited and Tutoroot Technologies Private Limited. No financial performance figures (revenue, profit, etc.) were disclosed in this filing, so period-over-period comparisons cannot be made.
- · Audited financial results (standalone & consolidated) for Q4 and FY ended 31st March 2026 were approved by the Board.
- · Auditor's Report on quarterly and year-to-date financials was considered (unmodified opinion).
- · Declaration for unmodified opinion was issued by Chairman & Managing Director M. Satyendra.
- · M/s. Sarda & Agarwal, Chartered Accountants, appointed as Internal Auditors for FY 2026-27 (effective 30th May 2026).
- · Investment of up to ₹50 crore in OCDs of Medley Medical Solutions Private Limited and Tutoroot Technologies Private Limited approved (in one or more tranches).
- · Board meeting commenced at 10:00 PM IST and concluded at 11:25 PM IST on 30th May 2026.
31-05-2026
Wardwizard Foods and Beverages Limited's Board of Directors approved the standalone audited financial results for Q4 and FY ended March 31, 2026, and appointed Devam J. Jayaswal as Internal Auditor for FY 2026-27. The statutory auditor issued a qualified opinion on the financial results, indicating potential issues in the financial statements.
- · The statutory auditor issued a qualified opinion on the standalone audited financial results for Q4 and FY ended 31 March 2026.
- · Devam J. Jayaswal, Chartered Accountant (Membership No. 184987), was appointed as Internal Auditor for FY 2026-27 effective 30 May 2026.
- · The Board meeting commenced at 10:30 PM IST and concluded at 11:10 PM IST on 30 May 2026.
31-05-2026
Vaswani Industries reported audited standalone financial results for Q4 and FY ended March 31, 2026. Revenue from operations grew 24.7% YoY in Q4 to ₹14,388.62 Lakh and 13.5% YoY for the full year to ₹46,737.09 Lakh. However, net profit for Q4 declined 63.4% YoY to ₹539.35 Lakh, and full-year net profit fell 50.7% YoY to ₹424.35 Lakh, impacted by a sharp rise in finance costs and depreciation. The Board also approved a preferential issue of 16,45,000 equity shares at ₹60 per share to raise up to ₹9,87,00,000, subject to shareholder approval.
- · The Board meeting commenced at 5:30 PM and concluded at 9:30 PM on May 30, 2026.
- · Statutory auditors M/s Amitabh Agrawal & Co. issued an unmodified (clean) audit opinion for both standalone and consolidated results.
- · The preferential issue price of ₹60 per share includes a face value of ₹10 and a premium of ₹50 per share.
- · Post-preferential allotment, promoter shareholding will increase from 26.94% to 26.80% for Mr. Ravi Vaswani, from 10.05% to 10.71% for Mr. Yashwant Vaswani, from 5.35% to 6.23% for Mr. Kushal Vaswani, from 7.05% to 7.16% for Smt. Manisha Vaswani, from 12.49% to 12.34% for Smt. Sudha Vaswani, and new allotments of 0.22% each for Smt. Tanya Vaswani and Smt. Jyotsna Vaswani.
- · Segment-wise, Iron & Steel revenue for FY26 was ₹42,788.25 Lakh (up 9.0% YoY from ₹39,240.73 Lakh), while Power revenue surged 86.6% YoY to ₹4,031.64 Lakh (from ₹2,160.03 Lakh).
- · Segment profit for Iron & Steel in FY26 fell 60.7% YoY to ₹813.87 Lakh (from ₹2,072.07 Lakh), while Power segment profit jumped 490.8% to ₹2,344.54 Lakh (from ₹396.84 Lakh).
- · Cash flow from operations in FY26 was ₹1,833.48 Lakh, down 46.6% from ₹3,436.11 Lakh in FY25.
- · Capital expenditure (acquisition of PPE) in FY26 was ₹23,221.10 Lakh, up 256.8% from ₹6,506.94 Lakh in FY25.
- · Net cash used in investing activities was ₹15,831.88 Lakh in FY26 vs ₹13,430.33 Lakh in FY25.
- · Net cash from financing activities was ₹11,116.33 Lakh in FY26 vs ₹12,238.37 Lakh in FY25.
- · Cash and cash equivalents at year-end stood at ₹1,624.22 Lakh, down 64.0% from ₹4,506.29 Lakh at the start of the year.
- · Deferred tax liability increased 92.3% to ₹2,057.44 Lakh from ₹1,070.11 Lakh.
- · Trade receivables increased 82.2% to ₹1,510.04 Lakh from ₹828.58 Lakh.
- · Inventories increased 24.7% to ₹8,221.01 Lakh from ₹6,593.54 Lakh.
- · Trade payables (other creditors) increased 14.8% to ₹4,758.62 Lakh from ₹4,146.67 Lakh.
- · Other current liabilities decreased 71.0% to ₹252.37 Lakh from ₹870.85 Lakh.
- · Current tax liabilities (net) reduced to nil from ₹222.43 Lakh.
- · Exceptional items in FY25 included write-off of MAT credit entitlement (₹188.04 Lakh) and loss on buyback of shares held as investment (₹164.91 Lakh), totaling ₹352.95 Lakh; no exceptional items in FY26.
- · Other comprehensive income for FY26 was ₹37.19 Lakh vs ₹22.94 Lakh in FY25.
- · Total comprehensive income for FY26 was ₹461.54 Lakh, down 47.8% from ₹883.37 Lakh in FY25.
31-05-2026
Zinema Media and Entertainment reported audited standalone financial results for the year ended March 31, 2026, with total income of ₹515.24 Lakhs (up from ₹59.16 Lakhs in FY25) and net profit of ₹37.74 Lakhs (up from ₹29.12 Lakhs). However, the Board withdrew applications for preferential issue of equity shares and sweat equity shares due to technical shortcomings, and the company's other equity (reserves) remains modest at ₹229.68 Lakhs.
- · Auditors issued unmodified opinion on standalone financial results.
- · Board withdrew three preferential issue proposals and one sweat equity issue proposal due to technical shortcomings.
- · The preferential issue proposals included 1,83,00,000 equity shares for cash, 60,00,000 equity shares for acquisition of 60% stake in Beontyme Technologies, and 10,000 equity shares to Tulsea Media.
- · The sweat equity issue was for 50,00,000 shares.
- · Direct expenses for FY26 were ₹286.25 Lakhs (none in FY25).
- · Finance cost increased from ₹0.07 Lakhs (FY25) to ₹19.69 Lakhs (FY26).
- · Depreciation and amortisation increased from ₹0.03 Lakhs (FY25) to ₹6.73 Lakhs (FY26).
- · Other expenses decreased from ₹26.24 Lakhs (FY25) to ₹131.84 Lakhs (FY26).
- · Tax expense for FY26 was ₹13.44 Lakhs (nil in FY25).
- · Basic EPS for FY26: ₹0.53 (FY25: ₹0.41).
- · Non-current assets more than doubled to ₹523.84 Lakhs, driven by property, plant & equipment (₹144.21 Lakhs) and intangible assets (₹129.63 Lakhs).
- · Inventories increased from ₹10.00 Lakhs (FY25) to ₹101.04 Lakhs (FY26).
31-05-2026
Tranway21 Technologies Limited reported a turnaround in FY26 with a net profit of ₹3.81 Lakhs compared to a net loss of ₹31.76 Lakhs in FY25, driven by a sharp increase in other income to ₹73.09 Lakhs. However, revenue from operations declined 22.7% to ₹303.86 Lakhs from ₹392.95 Lakhs, and cash and cash equivalents fell sharply to ₹6.72 Lakhs from ₹16.63 Lakhs. The Board also approved the appointment of a new Secretarial Auditor and an Internal Auditor.
- · The Board meeting commenced at 9:00 PM and concluded at 12:00 AM on May 30, 2026.
- · The Statutory Auditors issued an unmodified (clean) opinion on the audited financial results for FY26.
- · CS Puja Pujari (FCS 13102, COP 20171) was appointed as Secretarial Auditor for FY26 and FY27.
- · CS Anitha R (ACS 60826) was appointed as Internal Auditor for FY26 and FY27.
- · Intangible assets under development remained at ₹60.00 Lakhs, with no amortization charged as the software is not yet put to use.
- · Non-current investments remained unchanged at ₹1,158.10 Lakhs.
- · Deferred tax assets (net) decreased slightly to ₹2.86 Lakhs from ₹3.17 Lakhs.
- · Short-term provisions of ₹10.30 Lakhs were created in FY26, compared to nil in FY25.
- · The company has no outstanding dues to micro or small enterprises.
- · The company was originally incorporated as a private limited company in 2015 and converted to a public company on January 3, 2020, and listed on BSE SME Startup Platform on February 5, 2020.
31-05-2026
The filing appears to be a scanned/annual report document for Sadbhav Engineering Limited, dated May 31, 2026, primarily containing corporate governance disclosures. The document is largely garbled/unreadable due to encoding issues, making extraction of specific financial figures and metrics impossible. No quantitative data, financial results, or performance comparisons can be reliably identified from this filing.
- · Filing dated May 31, 2026 and signed digitally by Patel Shashin Vishnubhai on May 30, 2026
- · Document appears to be a scanned version of a corporate governance/annual report filing, but text is largely corrupted/unreadable in the provided content
31-05-2026
Talwalkars Better Value Fitness Ltd's board meeting on May 30, 2026, approved unaudited standalone financial results for multiple quarters from Q2 FY20 to Q4 FY26, including audited results for FY20, FY21, FY22, FY23, FY24, FY25, and FY26. The results show a net loss of ₹1,157.30 lakhs for Q2 FY20 (quarter ended Sep 2019) compared to a profit of ₹558.70 lakhs in Q2 FY19, indicating a significant decline. However, the company's total revenue for the half-year ended Sep 2019 was ₹628.10 lakhs, down from ₹2,097.10 lakhs in the same period last year.
- · The board meeting lasted from 06:00 to 11:50 on May 30, 2026.
- · The company's total equity as of Sep 30, 2019 was ₹19,338.60 lakhs, down from ₹21,924.00 lakhs as of Mar 31, 2019.
- · Non-current borrowings increased to ₹22,028.20 lakhs from ₹18,641.60 lakhs as of Mar 31, 2019.
- · Cash and cash equivalents remained unchanged at ₹3,041.90 lakhs from Mar 31, 2019 to Sep 30, 2019.
- · The company's EPS for Q2 FY20 was a loss of ₹3.73 per share, compared to a profit of ₹1.80 per share in Q2 FY19.
31-05-2026
Easy Trip Planners Limited announced its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with an unmodified audit opinion. The Board of Directors approved the results after Audit Committee recommendations. No specific financial figures were disclosed in the filing.
- · Audited financial results (standalone and consolidated) for Q4 FY26 and full year FY26 were approved.
- · Audit reports carry an unmodified (clean) opinion.
- · Board meeting started at 7:31 PM and concluded at 10:50 PM on May 30, 2026.
- · Results are available on the company's investor relations website.
31-05-2026
Taylormade Renewables Limited reported a sharp decline in standalone revenue for FY26, falling 53% YoY to ₹3,344.13 Lakhs from ₹7,107.28 Lakhs in FY25, while net profit dropped 86% to ₹168.55 Lakhs from ₹1,223.02 Lakhs. Consolidated revenue also fell 32% to ₹4,841.82 Lakhs, though net profit declined a more moderate 85% to ₹182.19 Lakhs. The company's inventories surged 172% to ₹6,130.16 Lakhs, while trade receivables fell 65% to ₹2,085.56 Lakhs, indicating a shift in working capital dynamics.
- · Standalone cost of materials consumed rose 16% YoY to ₹6,309.87 Lakhs in FY26 from ₹5,444.63 Lakhs in FY25.
- · Standalone other expenses fell 50% YoY to ₹255.85 Lakhs from ₹510.71 Lakhs.
- · Standalone finance costs remained nearly flat at ₹128.66 Lakhs vs ₹131.40 Lakhs.
- · Standalone EPS (basic) dropped to ₹1.36 in FY26 from ₹9.97 in FY25.
- · Consolidated other expenses surged 421% to ₹2,958.12 Lakhs in FY26 from ₹568.14 Lakhs in FY25.
- · Consolidated finance costs more than doubled to ₹132.65 Lakhs from ₹57.06 Lakhs.
- · Standalone cash flow from operations was negative ₹972.03 Lakhs in FY26 vs negative ₹1,572.73 Lakhs in FY25.
- · Standalone total borrowings increased to ₹1,798.74 Lakhs as of March 31, 2026 from ₹834.45 Lakhs a year earlier.
- · The company has only one reportable segment.
- · The audit report contains a modified opinion (Statement on Impact of Audit Qualifications enclosed).
31-05-2026
Super Tannery Limited reported standalone revenue from operations of ₹24,650.54 Lacs for FY2025-26, down 13.2% from ₹28,400.02 Lacs in FY2024-25, while net profit after tax rose 2.8% to ₹746.28 Lacs from ₹726.16 Lacs. The Board recommended a final dividend of ₹0.05 per share (5%). However, cash flow from operations turned negative at (₹97.34) Lacs versus a positive ₹4,911.15 Lacs in the prior year, and cash and cash equivalents dropped sharply from ₹732.74 Lacs to ₹150.36 Lacs.
- · Standalone total income for FY2025-26 was ₹24,834.93 Lacs, down from ₹28,614.20 Lacs in FY2024-25.
- · Standalone profit before tax for FY2025-26 was ₹1,070.12 Lacs, virtually flat compared to ₹1,064.89 Lacs in the prior year.
- · Standalone earnings per share (basic) for FY2025-26 was ₹0.69, up from ₹0.67 in FY2024-25.
- · Consolidated revenue from operations for FY2025-26 was ₹24,916.37 Lacs, down from ₹28,725.71 Lacs in FY2024-25.
- · Consolidated net profit after tax for FY2025-26 was ₹664.40 Lacs, down from ₹673.15 Lacs in FY2024-25.
- · Standalone total assets increased to ₹29,367.04 Lacs as at March 31, 2026 from ₹26,563.16 Lacs a year earlier.
- · Standalone short-term borrowings rose to ₹8,950.93 Lacs from ₹6,682.46 Lacs.
- · The auditors issued an unmodified opinion on both standalone and consolidated financial results.
- · The company operates mainly in one business segment: Leather and products.
- · The Board meeting commenced at 2:00 PM and concluded at 11:30 PM on May 30, 2026.
31-05-2026
Mr. Ravi Kumar Perumal resigned as Non-Executive Independent Director of Kothari Industrial Corporation Ltd. effective May 30, 2026, citing personal reasons and proposed relocation abroad. Consequently, he also ceased to be a member of the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, and Risk Management Committee. The Board reconstituted these committees by appointing Mrs. Priya Rao as a member of the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee (as Chairperson), and Risk Management Committee in his place.
- · Mr. Perumal was appointed as an Independent Director in October 2025 and served for approximately eight months.
- · His resignation letter confirms no other material reasons beyond the stated personal reasons and proposed relocation abroad.
- · The resignation was effective from the close of business hours on May 30, 2026.
- · Mrs. Priya Rao was appointed as Chairperson of the Stakeholders Relationship Committee post-reconstitution.
31-05-2026
Kothari Industrial Corporation Ltd. reported its audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with the Board meeting reconvened on May 31, 2026. The statutory auditors, Ray & Ray, issued a qualified opinion on both standalone and consolidated results, citing multiple unresolved issues including unverified subsidy receivables (₹80 Lakhs), lack of balance confirmations for significant promoter, trade and other balances, unreconciled GST input/output credits, incomplete inventory valuation, pending litigation on land repossession, and unreconciled statutory deductions. The company also disclosed a SIPCOT land allotment payment of ₹32.13 Crores made after the year-end with interest.
- · Auditor's qualified opinion on both standalone and consolidated financial results for Q4 and FY ended March 31, 2026.
- · Subsidy receivable of ₹80 Lakhs from government outstanding for over 8 years without provision.
- · Year-end balance confirmations not provided for promoters (₹1.80 Cr), trade receivables (₹33.49 Cr), trade payables (₹23.24 Cr), vendor advances (₹15.06 Cr), advances from customers (₹3.99 Cr), other loans payable (₹52.88 Cr), and related party balances (₹1.44 Cr out of ₹15.26 Cr).
- · GST input credit (₹10.41 Cr) and output liability (₹10.55 Cr) not reconciled with GST portal/GSTR-2B.
- · Inventory valuation reports for ₹10.98 Cr out of total ₹17.02 Cr not provided; no tracking of non-moving/slow-moving items.
- · Pending litigation with Collector of Nilgiris regarding repossession of land in Coonoor.
- · Statutory deductions (PF ₹40.68 L, ESI ₹9.38 L, PT ₹30.03 L) and salary payable (₹2.56 Cr) not reconciled with payroll records.
- · SIPCOT land allotment of ₹32.13 Cr paid on May 24, 2026 with ₹31 Lakhs interest; no formal agreement in FY 2025-26, Ind AS 116 applicability deferred to FY 2026-27.
31-05-2026
Shah Foods Ltd has informed BSE that its Board of Directors will meet on June 3, 2026 to consider and approve the audited standalone and consolidated financial results for the fourth quarter and year ended March 31, 2026. The meeting is scheduled under Regulation 29 of SEBI LODR Regulations. No financial figures or performance data are disclosed in this filing.
- · Board meeting date: June 3, 2026
- · Agenda includes approval of audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026
- · Filing made under Regulation 29 of SEBI LODR Regulations, 2015
- · Company CIN: L27200GJ1982PLC005071
- · Scrip Code: 519031
31-05-2026
City Union Bank Limited announced that shareholders have approved two resolutions via postal ballot: the appointment of Shri R. Mohan as an Independent Director (Special Resolution) and the issuance of bonus shares (Ordinary Resolution). The e-voting period ran from April 30, 2026 to May 29, 2026, with results declared on May 31, 2026. While both resolutions passed with overwhelming majorities (92.76% and 97.11% in favor respectively), overall voter turnout was moderate at 50.19% of outstanding shares.
- · The e-voting period was from April 30, 2026 (9:00 AM) to May 29, 2026 (5:00 PM).
- · The scrutinizer's report was prepared by V. Sankar, Partner at KUVS & ASSOCIATES, a practicing company secretary.
- · Votes were unblocked on May 29, 2026 after 5:00 PM in the presence of two witnesses not employed by the company.
- · No votes were cast by Promoter or Promoter Group category (0 shares held).
- · Public-Institutions voted 91.42% in favor of Resolution 1 and 96.57% in favor of Resolution 2.
- · Public-Non Institutions voted 99.97% in favor of Resolution 1 and 99.99% in favor of Resolution 2.
- · The scrutinizer's report will be handed over to the Company Secretary after the Chairman announces the results.
31-05-2026
City Union Bank Limited announced that its shareholders have approved two key resolutions via postal ballot (e-voting) with overwhelming majorities. The appointment of Shri R. Mohan as an Independent Director was passed as a Special Resolution with 92.76% of votes polled in favor, while the issuance of bonus shares was passed as an Ordinary Resolution with 97.11% in favor. The e-voting process ran from April 30, 2026 to May 29, 2026, and the results were declared on May 31, 2026.
- · The e-voting period was open from April 30, 2026 (9:00 am) to May 29, 2026 (5:00 pm) via NSDL platform.
- · Total outstanding shares as per record date: 743,090,428.
- · For Item 1 (Appointment of Independent Director): 345,994,273 votes in favor (92.76%), 26,995,190 votes against (7.24%).
- · For Item 2 (Issue of Bonus Shares): 362,205,825 votes in favor (97.11%), 10,785,959 votes against (2.49%).
- · Promoter and Promoter Group did not participate in voting (0 shares held/voted).
- · Public Institutions held 474,046,286 shares and voted 314,539,103 shares (66.35% turnout) on Item 1.
- · Public Non-Institutions held 269,044,142 shares and voted 58,451,360 shares (21.73% turnout) on Item 1.
- · Scrutinizer's report was submitted on May 31, 2026, and the results were declared on the same date.
31-05-2026
True Green Bio Energy Limited held a Board Meeting on May 31, 2026, where the standalone audited financial results for the quarter and year ended March 31, 2026 were initially deferred for further discussion, but subsequently approved in an adjourned meeting. The statutory auditors, M/s J.T.Shah & Co., issued an unmodified (clean) audit opinion on the results. The company also submitted a declaration confirming the unmodified opinion under SEBI LODR regulations.
- · Board meeting commenced at 2:30 p.m. and concluded at 4:30 p.m. on May 31, 2026.
- · The standalone audited financial results were initially deferred and then approved in an adjourned board meeting on the same day.
- · Audit report carries an unmodified opinion, meaning no qualifications or adverse findings.
- · Company's scrip code is 533407.
- · Company was formerly known as CIL Nova Petrochemicals Limited.
31-05-2026
Exato Technologies Limited announced the voting results of a postal ballot conducted via remote e-voting from May 1, 2026 to May 30, 2026. The resolution was approved by the members with the requisite majority and deemed passed on May 30, 2026. The filing includes the scrutinizer's report and confirms compliance with SEBI LODR regulations.
- · Postal ballot voting period: Friday, May 1, 2026 at 09:00 a.m. to Saturday, May 30, 2026 at 05:00 p.m.
- · Resolution deemed passed on Saturday, May 30, 2026.
- · Company CIN: L74999UP2016PLC228280, GSTIN: 09AAECE2712N1ZI
- · Registered office: A-33, 02nd Floor, Sector-2, Noida, Gautam Buddha Nagar, Noida, Uttar Pradesh, India, 201301
31-05-2026
Exato Technologies Limited announced that its shareholders have approved the appointment of Dr. Milind Raman Godbole as a Non-Executive Non-Independent Director and the remuneration payable to him, via a postal ballot concluded on May 30, 2026. The resolution was passed with the requisite majority. No financial figures or period-over-period comparisons are present in this filing.
- · The postal ballot notice was dated April 29, 2026.
- · The last date for receipt of votes through Remote E-Voting was May 30, 2026.
- · The scrutinizer's report and voting results were submitted separately to the stock exchange.
- · The company's registered office is in Noida, Uttar Pradesh, India.
31-05-2026
RCI Industries & Technologies Ltd has informed BSE that a Board Meeting is scheduled for June 3, 2026, to consider raising funds through various permissible modes including QIP, Preferential Issue, FPO, or Rights Issue. The trading window will be closed from June 1, 2026, until 48 hours after the outcome disclosure. No financial results or performance data are included in this filing.
- · Board meeting date: June 3, 2026
- · Trading window closure: from June 1, 2026 until 48 hours after outcome disclosure
- · Fund raising modes considered: QIP, Preferential Issue, FPO, Rights Issue, or any combination
- · Scrip code: 537254
31-05-2026
Titagarh Rail Systems reported standalone revenue from operations of ₹3,143.58 Cr for FY26, down 16.1% from ₹3,747.38 Cr in FY25. Net profit for the year was ₹150.70 Cr, up 95.8% from ₹76.97 Cr, boosted by exceptional items. The Board recommended a dividend of Re. 1 per share and approved a full provision for its Italian associate, marking exit from European operations.
- · Exceptional items of ₹57.58 Cr in FY26 (vs ₹270.25 Cr in FY25) include full provision for Italian associate.
- · Dividend recommended at 50% (Re. 1 per share) for FY26.
- · Auditors issued unmodified opinion with emphasis of matter on restatement of prior period comparatives.
- · Standalone profit before exceptional items and tax fell to ₹295.22 Cr in FY26 from ₹424.83 Cr in FY25, a decline of 30.5%.
- · Finance costs decreased to ₹70.37 Cr from ₹73.14 Cr.
- · Employee benefits expense increased to ₹101.84 Cr from ₹78.96 Cr.
31-05-2026
Axel Polymers Ltd. has rescheduled its Board Meeting originally planned for May 30, 2026 to June 2, 2026, due to unavoidable circumstances. The meeting will consider and approve the standalone audited financial results for Q4 and the year ended March 31, 2026. The trading window remains closed until 48 hours after the results are declared.
- · Original Board Meeting was scheduled for May 30, 2026.
- · Rescheduled meeting date: June 2, 2026.
- · Trading window remains closed until 48 hours after financial results declaration.
- · Registered office and plant located in Vadodara, Gujarat.
- · Corporate office in Borivali (East), Mumbai.
31-05-2026
Cybertech Systems and Software Limited has issued a public notice to shareholders regarding the IEPFA's second 'Saksham Niveshak' campaign (April 1, 2026 to July 9, 2026) for KYC updates and claiming unpaid/unclaimed dividends, and a special window (February 5, 2026 to February 4, 2027) for dematerialization of physical securities with transfer deeds executed before April 1, 2019. The filing also includes audited standalone financial results for the quarter and year ended March 31, 2026, showing total income of ₹409731 (quarter) and ₹1551299 (year), with net profit after tax of ₹6635 (quarter) and ₹14802 (year). However, the standalone quarterly net profit declined sharply from ₹7121 in Q4 FY25 to ₹6635 in Q4 FY26, and the full-year net profit fell from ₹21445 in FY25 to ₹14802 in FY26.
- · The special window for dematerialization of physical securities is open from February 5, 2026 to February 4, 2027, per SEBI Circular dated January 30, 2026.
- · Shareholders with unclaimed/unpaid dividends are urged to contact the RTA (MUFG Intime) or email investor.helpdesk@in.mpms.mufg.com.
- · The company's registered office is at 'CyberTech House', Plot No. B-63/64/65, MIDC, Wagle Estate, Thane 400604.
- · Standalone net profit after tax for Q4 FY26 was ₹6635, down from ₹7121 in Q4 FY25 (not provided in the extracted data but implied by the standalone quarterly comparison).
- · Consolidated earnings per share (EPS) for FY26 was ₹23.34 (basic) and ₹23.34 (diluted), compared to ₹19.71 in FY25.
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