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Confidence Petroleum Shareholders Approve 3 Director Appointments with 99.9% Majority
Confidence Petroleum India Limited (CONFIPET) successfully concluded its Extraordinary General Meeting (EGM) on February 27, 2026, with shareholders approving all proposed resolutions. The appointments include Mrs. Nimisha Rohit Agrawal as an Independent Director, Mr. Prasad Manjarkhede as an Executive Director, and Mrs. Ketki Mahendra Save as a Non-Executive Non-Independent Director. All resolutions were passed with an overwhelming majority of over 99.99% of the votes cast. The total voting turnout represented approximately 46.25% of the company's total 332.24 million outstanding shares.
Key Highlights
Appointment of Mrs. Nimisha Rohit Agrawal as Independent Director approved with 153,645,472 votes in favor (99.99%)
Mr. Prasad Manjarkhede appointed as Executive Director with 153,656,021 votes in favor and only 45 votes against
Mrs. Ketki Mahendra Save appointed as Non-Executive Non-Independent Director with 99.99% shareholder approval
Total voter turnout recorded at 46.25% of the 332,241,043 total shares from a base of 111,392 shareholders
💼 Action for Investors
Investors should view these appointments as a routine strengthening of the board; monitor future strategic decisions from the new leadership for impact on operational efficiency.
Confidence Petroleum Reports Zero Deviation in ₹250.11 Cr Fund Utilization for Q3 FY26
Confidence Petroleum India Limited has reported no deviations in the utilization of funds raised through its ₹250.11 crore preferential issue from February 2024. As of December 31, 2025, the company has utilized ₹194.29 crore across various segments including Auto LPG, CNG, and LPG Cylinder segments. Specifically, ₹55.66 crore was spent on Auto LPG Capex and ₹69.92 crore on Pack LPG Cylinder Capex. The monitoring agency, Care Ratings Ltd, confirmed that the funds are being used as per the original objects.
Key Highlights
Total funds raised via preferential issue amount to ₹250.11 Crores.
No deviation or variation reported in the use of funds for the quarter ended December 31, 2025.
Cumulative utilization stands at ₹194.29 Crores, representing approximately 77.7% of the total funds.
Significant progress in Capex for Pack LPG Cylinder (₹69.92 Cr) and Auto LPG (₹55.66 Cr) segments.
💼 Action for Investors
Investors should view this as a positive sign of management's commitment to its stated expansion plans. Monitor the remaining ₹55.82 crore utilization in upcoming quarters to ensure timely completion of projects.
Confidence Petroleum Q3 Revenue Doubles YoY to ₹1,394 Cr; Net Profit Dips 19% to ₹21.3 Cr
Confidence Petroleum reported a massive 99.9% YoY increase in consolidated revenue to ₹1,393.88 crore for Q3 FY26, primarily driven by the LPG division. However, net profit declined by 19.2% YoY to ₹21.28 crore as margins were squeezed by higher purchase costs and finance expenses. The Cylinder division saw a sharp revenue decline of 45.7% YoY, while the LPG division grew 132%. Investors should also note significant regulatory overhangs, including an ongoing Income Tax search outcome and a GST show-cause notice regarding tax rate differentials.
Key Highlights
Consolidated Revenue from operations surged 99.9% YoY to ₹1,393.88 crore in Q3 FY26.
Net Profit for the quarter stood at ₹21.28 crore, down 19.2% from ₹26.34 crore in the same period last year.
LPG Division revenue grew 132% YoY to ₹1,324.56 crore, while Cylinder Division revenue fell to ₹69.32 crore.
Company is contesting a GST Show Cause Notice for differential tax on supplies worth ₹23,384.84 lakhs.
Finance costs increased to ₹24.97 crore in Q3 FY26 compared to ₹18.99 crore in Q3 FY25.
💼 Action for Investors
While the top-line growth is exceptional, the margin contraction and legal uncertainties regarding GST and Income Tax searches warrant a cautious stance. Investors should monitor the resolution of these regulatory matters and the profitability of the LPG segment in upcoming quarters.
Confidence Petroleum Joint Statutory Auditor L N J & Associates Resigns
Confidence Petroleum India Limited has announced the resignation of L N J & Associates, one of its Joint Statutory Auditors, effective December 30, 2025. The auditor cited preoccupation with other personal and professional commitments as the reason for leaving before the scheduled end of their term in FY 2026-27. Importantly, the outgoing auditor confirmed there are no disputes or concerns regarding the suppression of information by the company's management. The firm had been associated with the company since September 2021 and recently completed the limited review for the quarter ended September 30, 2025.
Key Highlights
L N J & Associates resigned as Joint Statutory Auditor effective December 30, 2025.
The auditor was originally appointed for a 5-year term on September 30, 2021, intended to last until the FY 2026-27 AGM.
The firm explicitly certified that there are no disputes or concerns relating to management's suppression of information.
The resignation is attributed to preoccupation with other professional and personal commitments.
The auditor had recently issued the limited review report for the quarter ended September 30, 2025, on November 14, 2025.
💼 Action for Investors
Investors should monitor the appointment of a replacement auditor to ensure continuity in financial oversight. While the auditor cited no disputes, mid-term resignations are a governance touchpoint that requires ongoing observation.
Confidence Petroleum to Expand Globally via New Dubai Subsidiary; Announces Board Changes
Confidence Petroleum India Limited has approved the incorporation of a 100% wholly-owned subsidiary in Dubai, UAE, named Confidence LPG Trading FZCO. This new entity will focus on LPG trading and ancillary businesses, marking a strategic international expansion. On the governance front, the board accepted the resignation of Mr. Simon Charles Hill and appointed Mrs. Ketki Mahendra Save, a qualified Company Secretary with over 20 years of experience, as an Additional Director. The investment in the Dubai subsidiary will be funded through a 100% cash subscription to its initial share capital.
Key Highlights
Incorporation of 100% wholly-owned subsidiary 'Confidence LPG Trading FZCO' in Dubai, UAE.
The new subsidiary will engage in LPG trading and ancillary business activities.
Appointment of Mrs. Ketki Mahendra Save, a CS with 20+ years of experience, as Additional Director.
Resignation of Mr. Simon Charles Hill as Non-Executive Non-Independent Director effective Dec 8, 2025.
The expansion is aimed at strengthening the company's global footprint in the petroleum and gas industry.
💼 Action for Investors
Investors should view the Dubai expansion as a positive step toward scaling international trading operations. Monitor future disclosures regarding the specific capital outlay for the new subsidiary and its contribution to consolidated margins.