Salasar Exteriors and Contour Limited (SECL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Salasar Exteriors' revenue was ₹0.0 Cr (-100.0% year on year, -100.0% on the previous half-year), and net profit ₹-2.5 Cr (a bigger loss than a year earlier).
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹0.0 | -100.0% | -100.0% |
| Operating profit | ₹-2.5 | to loss | to loss |
| Net profit | ₹-2.5 | loss widened | to loss |
| EPS (₹) | -0.25 | — | to loss |
📢 Recent Corporate Announcements
Salasar Exteriors and Contour Limited reported the voting results of its 8th Annual General Meeting held on September 30, 2026. All four resolutions were passed with 100% of polled votes in favor, though overall voting participation was low at 8.56% (88,12,500 votes out of 10,29,48,350 total shares). Notably, shareholders approved the rescinding of an earlier EGM resolution dated January 29, 2024, fixing the authorized share capital back at Rs 10.50 crore (10.50 crore equity shares of Rs 1 each). Additionally, Prakash Jasvantbhai Shukla was regularized as an Independent Director for a 5-year term ending June 12, 2031.
- All 4 resolutions passed with 100% favorable votes among the 88,12,500 votes polled
- Overall voter turnout stood at 8.56% of total 10,29,48,350 outstanding shares
- Authorized share capital reset to Rs 10.50 crore (10,50,00,000 shares of Rs 1 each) by rescinding previous EGM resolution
- Independent Director Prakash Jasvantbhai Shukla regularized for a 5-year tenure from June 13, 2026 to June 12, 2031
- Only 13 shareholders attended the virtual meeting (2 promoter group, 11 public)
Salasar Exteriors and Contour Limited concluded its 8th Annual General Meeting on September 30, 2026. Shareholders approved the audited financial statements for FY26 along with the re-appointment of director Sohilkumar Dineshkumar Patel. Notably, shareholders passed a special resolution rescinding an earlier January 29, 2024 EGM resolution regarding an increase in authorized share capital. Independent Director Prakash Jasvantbhai Shukla's regularization was also approved.
- AGM held on September 30, 2026, commencing at 03:10 P.M. and concluding at 03:24 P.M.
- Audited financial statements for FY ended March 31, 2026 adopted by shareholders
- Rescinded previous EGM resolution dated January 29, 2024 regarding increase in authorized share capital
- Approved regularization of Prakash Jasvantbhai Shukla as Non-Executive Independent Director
Salasar Exteriors and Contour Limited concluded its 8th Annual General Meeting on September 30, 2026. A total of 13 shareholders (2 promoter, 11 public) attended the 14-minute online meeting out of 395 total shareholders as of the record date. Key resolutions tabled included the adoption of FY26 financial statements, re-appointment of director Sohilkumar Patel, regularization of independent director Prakash Shukla, and rescinding a January 2024 resolution regarding an increase in authorized share capital. Voting results will be submitted by October 5, 2026.
- 8th Annual General Meeting held online on September 30, 2026, lasting 14 minutes (03:10 PM to 03:24 PM)
- Total shareholder count stood at 395 as of the cut-off date on September 23, 2026
- Only 13 shareholders attended the meeting (2 from promoter group and 11 public shareholders)
- Resolution tabled to rescind the January 29, 2024 EGM resolution for increasing authorized share capital
- Scrutinizer voting results scheduled to be declared by October 5, 2026
Salasar Exteriors and Contour Limited has issued notice for its 8th Annual General Meeting (AGM) to be held virtually on September 30, 2026. Key agenda items include the adoption of FY26 financial statements and the regularization of Independent Director Mr. Prakash Jasvantbhai Shukla for a 5-year term. Crucially, the company is rescinding a previously passed January 2024 resolution to increase authorized share capital to facilitate a fundraise, stating the fundraise was abandoned and e-Form SH-7 was never filed. This restores the authorized share capital to Rs 10.50 crore (10.50 crore equity shares of Rs 1 each).
- AGM scheduled for September 30, 2026, at 3:00 PM IST via Video Conferencing.
- Proposed special resolution to rescind the January 29, 2024 EGM resolution that authorized an increase in share capital.
- Authorized share capital retained at Rs 10,50,00,000 divided into 10,50,00,000 equity shares of Rs 1 each.
- Appointment of Mr. Prakash Jasvantbhai Shukla as Independent Director for a 5-year term ending June 12, 2031.
Salasar Exteriors and Contour Limited has announced that its 8th Annual General Meeting (AGM) will take place on Wednesday, September 30, 2026, at 03:00 P.M. via Video Conferencing / Other Audio Visual Means. The Register of Members and Share Transfer Books will remain closed from September 24, 2026, to September 30, 2026 (both days inclusive) for AGM purposes. The company is currently operating with a market cap of approximately Rs 27 Cr and reported a net loss of Rs 1 Cr over the trailing twelve months. Remote e-voting facilities will be provided to eligible shareholders per SEBI regulations.
- 8th Annual General Meeting scheduled for Wednesday, September 30, 2026, at 03:00 P.M. via VC/OAVM
- Share transfer books and register of members closed from September 24, 2026, to September 30, 2026
- Remote e-voting facility provided under Regulation 44 of SEBI (LODR) Regulations, 2015
Salasar Exteriors and Contour Limited has scheduled its 8th Annual General Meeting (AGM) for September 30, 2026, at 3:00 PM via video conferencing. Pursuant to Regulation 42 of SEBI LODR Regulations, the company's Register of Members and Share Transfer Books will be closed from September 24, 2026, to September 30, 2026 (both days inclusive). This is a routine statutory intimation with no operational or financial changes to the company, which currently has a market cap of ₹27 Cr and TTM revenue of ₹7 Cr.
- 8th Annual General Meeting fixed for Wednesday, September 30, 2026, at 03:00 P.M.
- Book closure period scheduled from September 24, 2026, to September 30, 2026 (both days inclusive)
- Meeting to be conducted virtually through Video Conferencing/Other Audio Visual mode
Salasar Exteriors and Contour Limited has scheduled its 8th Annual General Meeting (AGM) for September 30, 2026, to be conducted via video conferencing. The board approved the annual reports for FY26 and set the cut-off date for e-voting eligibility as September 23, 2026. Additionally, the board approved rescinding the earlier resolution passed at the EGM on January 29, 2024, regarding an increase in authorized share capital and the corresponding alteration of the capital clause.
- 8th AGM scheduled for Wednesday, September 30, 2026, at 03:00 PM via VC/OAVM
- Board approved rescinding the January 29, 2024 EGM resolution regarding increase in authorized share capital
- Record/Cut-off date for e-voting fixed as September 23, 2026
- Book closure set from September 24, 2026, to September 30, 2026
- Remote e-voting window open from September 27, 2026 (09:00 AM) to September 29, 2026 (05:00 PM)
Salasar Exteriors and Contour Limited (SECL) has notified the exchange of its exemption from filing the Corporate Governance Report for the quarter ended June 30, 2026. This exemption is permitted under Regulation 15(2) of SEBI (LODR) for SME-listed entities with paid-up capital below ₹10 crore and net worth below ₹25 crore. Given SECL's current net worth of ₹11 crore and its listing on the NSE SME platform, it meets these criteria. This is a routine administrative filing and does not impact the company's operational status.
- Exemption claimed under Regulation 15(2) of SEBI (LODR) Regulations, 2015
- Applicable for the 1st quarter ended June 30, 2026
- Company qualifies as an SME with net worth of ₹11 crore, below the ₹25 crore threshold
- Paid-up equity share capital remains below the ₹10 crore regulatory limit for mandatory reporting
Financial Performance
Revenue Growth by Segment
The company reported a total revenue of INR 3.526 Cr for H1 FY26, representing a 349.9% growth compared to INR 0.7837 Cr in H1 FY25. Revenue is currently 100% driven by the 'Agriculture' segment as of September 2025, a significant shift from its historical interior design focus which generated INR 66.98 Cr in FY19.
Geographic Revenue Split
Not disclosed in available documents, though the company is headquartered in Mumbai and listed on the NSE SME exchange.
Profitability Margins
The PAT margin for H1 FY26 was reported at 33.2% (INR 1.17 Cr profit on INR 3.52 Cr revenue), a sharp increase from the 5.9% PAT margin reported in FY19. However, auditors have issued a disclaimer of opinion, stating they cannot verify the genuineness of these transactions.
EBITDA Margin
EBITDA margin for H1 FY26 stood at 33.5% (INR 1.18 Cr), compared to historical interest coverage of 5.18x in FY19. The current high margin is unverified due to a lack of supporting documentation for sales and purchases.
Capital Expenditure
Not disclosed. Auditors noted the absence of a Fixed Assets register, making it impossible to ascertain the genuineness of depreciation or historical asset investments.
Credit Rating & Borrowing
The company's credit rating was downgraded to 'CRISIL D' (Default) in April 2020 due to overutilization of cash credit limits for more than 30 days and delays in interest payments. Ratings were later migrated to 'Issuer Not Cooperating' and eventually withdrawn.
Operational Drivers
Raw Materials
Not specifically named, but categorized as 'Cost of Materials Consumed' which amounted to INR 2.34 Cr in H1 FY26, representing 66.4% of total revenue.
Key Suppliers
Not disclosed. Auditors highlighted a lack of third-party balance confirmations for trade payables as of September 30, 2025.
Capacity Expansion
Not applicable as the company currently claims to operate a trading model where goods are moved directly from suppliers to customers without being held in company possession.
Raw Material Costs
Raw material costs were INR 2.34 Cr in H1 FY26 (66.4% of revenue). Historically, inventory was maintained at 60 days, but current auditors cannot verify inventory valuation due to missing Goods Inward Reports.
Manufacturing Efficiency
Not applicable; the company operates in interior design services and agricultural trading.
Strategic Growth
Growth Strategy
The company appears to be pivoting from its core interior and exterior designing business (commercial offices and malls) toward agricultural trading, which accounted for 100% of H1 FY26 revenue. However, the strategy is obscured by a lack of financial transparency and a disclaimer of opinion from auditors.
Products & Services
Interior and exterior designing services for commercial offices, malls, and factories; agricultural commodity trading.
Brand Portfolio
Salasar Exteriors and Contour Limited (SECL).
New Products/Services
Agricultural trading is the primary new revenue stream, contributing 100% of the INR 3.52 Cr revenue in H1 FY26.
Market Share & Ranking
Not disclosed; the company faces intense competition from both organized and unorganized players in the interior design industry.
External Factors
Industry Trends
The interior design industry is seeing a shift toward organized players, but SECL's pivot to agriculture suggests a move into a high-volume, low-margin trading environment currently growing at 288% YoY (unverified).
Competitive Landscape
Intense competition from numerous organized and unorganized players in the interior and exterior designing sector.
Competitive Moat
The primary moat is the promoter Mr. Shreekrishna Joshi's 30+ years of experience. However, this moat is currently undermined by the company's default status and severe audit qualifications.
Macro Economic Sensitivity
Highly sensitive to commercial real estate cycles for its design business and commodity price fluctuations for its agricultural trading segment.
Regulatory & Governance
Industry Regulations
The company is in non-compliance with the MSMED Act, 2006, as it failed to provide the required bifurcation of Micro, Small, and Medium Enterprise creditors in its financial statements.
Taxation Policy Impact
Not disclosed. Auditors noted they could not ascertain the genuineness of deferred tax liabilities/assets due to missing documents.
Legal Contingencies
Not disclosed, but the company is under scrutiny for 'Issuer Not Cooperating' status with credit agencies and has received a disclaimer of opinion from its statutory auditors.
Risk Analysis
Key Uncertainties
The most critical uncertainty is the 'Disclaimer of Opinion' from auditors regarding the completeness and genuineness of all transactions (sales, purchases, inventory) for H1 FY26, posing a 100% risk to the reliability of reported financials.
Geographic Concentration Risk
Primarily concentrated in Mumbai, Maharashtra.
Third Party Dependencies
High dependency on third-party suppliers for direct-to-customer delivery, which auditors have been unable to verify.
Credit & Counterparty Risk
Extremely high risk; receivables are stretched to 172 days, and the company has been unable to provide third-party confirmations for these balances to its auditors.
