Mittal Sections Ltd

Dematerialisation/rematerialisation status

• No dematerialisation/rematerialisation requests were received during the quarter ended 30 September 2026.
• Regulation 74(5) is not applicable as all shares are in dematerialised form.

Mittal Sections Limited: Trading Window closes from 1 October 2026 until 48 hours after unaudited half-year results ended 30 September 2026

AGM details

• Date and time: 18 September 2026, 1:00 PM IST, via VC/OAVM.
• Notice date: August 14, 2026.
• Record date: 11 September 2026; voting cut-off: 11 September 2026.

Key resolutions

• Resolution 1 (Ordinary): Adopt Audited financial statements and reports for FY2026.
• Resolution 2 (Ordinary): Re-appoint Mrs. Sushiladevi Balwantrai Mittal as Director.
• Resolution 3 (Ordinary): Ratify remuneration payable to Cost Auditors for FY2026-27.
• Resolution 4 (Special): Revision in remuneration of Managing Director from 1 June 2026.
• Resolution 5 (Special): Revision in remuneration of Whole Time Director from 1 June 2026.

Voting outcomes

• Resolution 1: Passed; 25 in favour, 1 against.
• Resolution 2: Passed; 24 in favour, 2 against.
• Resolution 3: Passed; 25 in favour, 1 against.
• Resolution 4: Passed; 24 in favour, 2 against.
• Resolution 5: Passed; 24 in favour, 2 against.

Director actions

• Sushiladevi Balwantrai Mittal re-appointed as Director (retiring by rotation).
• Remuneration revisions approved for MD Ajaykumar Mittal and WTD Atul Mittal from 1 June 2026.

Auditor matters

• Cost Auditors remuneration for FY2026-27 ratified.

AGM details and voting

• AGM held on 18 Sep 2026 at 1:00 PM IST via VC/OAVM.
• Remote e-voting opened 15 Sep 2026, 10:00 AM; closed 17 Sep 2026, 5:00 PM.
• Meeting conducted with CFO, statutory and secretarial auditors, and Scrutinizer via VC.
• Resolutions transacted; combined results to be announced within 2 working days and on NSDL/website.
• Statutory and secretarial audit reports had no qualifications; not read out.
• Notice and annual report for FY2025-26 circulated to shareholders.
• No member queries were raised.
• Meeting concluded at 1:11 PM.

Year at a glance

• 17th AGM on 18 September 2026, via VC/OAVM.
• Annual Report for FY2025-26 filed with AGM Notice.
• IPO: listed on BSE SME platform on 14 Oct 2025.
• Annual Report and AGM notice available at mittalsectionslimited.com.

Financial performance

• Revenue from operations: 14,858.04 Lakh.
• Total income: 14,939.56 Lakh.
• Profit after tax: 345.50 Lakh.
• Earnings per share: Basic and Diluted 3.61.
• Operating profit before interest/depreciation: 831.77 Lakh.
• Profit before tax: 510.91 Lakh.
• Net cash from operating activities: (631.91) Lakh.
• Cash and cash equivalents: 258.67 Lakh.
• Dividend for FY2025-26 not recommended.

IPO & capital structure

• IPO raised Rs 52.91 crore; 37,00,000 equity shares at Rs 143.
• Post-IPO paid-up capital: Rs 11.56 crore; 1,15,67,500 shares.
• Promoters Ajay & Atul Mittal hold 27.69% each; Welplan 11.61%.
• Unutilized IPO proceeds: Rs 0.61 crore as of 30 Jun 2026.
• IPO proceeds monitored; deviation < 10% reported.
• Listed on SME Platform of BSE on 14 Oct 2025.

Reserves & dividends

• Dividend policy not applicable under Regulation 43A.
• Securities premium: Rs 4,070.08 Lakh; Surplus: Rs 575.61 Lakh.
• Total reserves: Rs 4,645.69 Lakh; no transfer to general reserve.

Operations & market context

• Single reportable segment: manufacturing of structural steel products.
• 40 permanent employees as of 31 March 2026.
• Outlook: pursue government/institutional tenders; expand vendor registrations.
• Industry remains competitive with raw material price volatility.

Governance & risk

• Board meetings: 17 times in FY2025-26.
• Audit Committee: 6 meetings; NRC: 2; SRC: 1.
• Independent Directors: Aishwarya Singhavi (Chair) and Dhruvi Kapadia.
• Vigil mechanism and whistleblower policy in place.

Auditors & controls

• Statutory Auditor: Milind Nyati & Co.; Internal Auditor: Nirav D. Shah & Co.; Cost Auditor: Devang Patel & Associates.
• Secretarial Auditor: V. N. Vasani & Associates.
• Auditors’ report: no qualifications; financial statements fairly present.

CSR & compliance

• CSR not applicable; no CSR spend for the year.
• Insider trading policy and code of conduct in place; compliance ongoing.

Issue Overview

• Type: SME IPO of equity shares.
• Net proceeds: revisions among objects; no undersubscription mentioned.
• Main objectives: capex, working capital, debt repayment, GCP and issue expenses.

Utilisation of Proceeds

• Utilisation largely as disclosed; management confirms alignment with offer document.
• Capex utilisation progressed with reimbursements; final accounting considers inter-object adjustments.
• Excess IPO funds used for working capital in a prior quarter; some reimbursement from internal accruals.
• Unutilised IPO proceeds parked in fixed deposits; some internal accruals also parked.
• Capex completion date extended; object remains ongoing.
• Overall unutilised funds status: remaining IPO proceeds parked; other funds deployed as per objects.

Governance & Compliance

• Approvals for objects: Not Applicable.
• Material events: Stock price movement described as market-driven; no other material risk identified.
• Additional information: No material deviations reported; MA relied on certificates.

GCP

• GCP not applicable for Q1FY27; funds allocated to this object utilised earlier.
• Board approval for allocation: not recorded separately.

Dematerialisation/rematerialisation status

• Regulation 74(5) not applicable for quarter ended 30 June 2026.
• Entire holding is in demat form; no demat/remat requests received.
• Period covered: 31 Mar 2026 to 30 Jun 2026.

Financial results approved

• Board approved audited standalone financial results for half year and year ended 31 March 2026.
• Auditors issued an unmodified opinion on the standalone audited results.
• Profit after tax was ₹345.50 lakh for FY2025-26, versus ₹343.78 lakh last year.
• Revenue from operations was ₹14,858.04 lakh for FY2025-26, versus ₹13,686.29 lakh last year.
• Cash and cash equivalents closed at ₹258.67 lakh as at 31 March 2026.

Auditor and compliance

• Statutory auditor: Milind Nyati & Co. LLP.
• Auditor reported no modification or emphasis of matter.
• Company stated no investor complaints were pending on 29 May 2026.
• Company disclosed total financial indebtedness of ₹2,480.54 lakh, with no defaults.

Business and capital actions

• Company noted IPO of 37,00,000 equity shares at ₹143 each, listed on BSE SME on 14 October 2025.
• No segment reporting was applicable because the company has a single reportable business segment.
• Impact of new Labour Codes on employee benefit obligations was assessed as not material.