Karnika Industries

Karnika Industries withdrew five resolutions from the notice of its 30 September 2026 annual general meeting, including proposals to raise borrowing powers and permit loans and investments up to ₹500 crore. It also removed the proposed authority to create charges over company assets, provide guarantees or security, and alter the memorandum’s main-object clauses. The board attributed the withdrawal to a change in the company’s strategic requirements. Remote e-voting remains scheduled, but votes on resolutions 4-8 will be invalid while resolutions 1-3 remain unchanged. Karnika reported consolidated FY26 revenue of ₹248.48 crore and current borrowings of ₹74.75 crore.

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Karnika Industries withdrew five special resolutions from the notice of its 30 September AGM after a board meeting on 11 September, citing a change in strategic requirements. The resolutions covered authority to borrow up to ₹500 crore, create charges over company assets, make loans and investments up to ₹500 crore, provide guarantees under Section 185 and alter the memorandum’s main objects. The 8 September AGM notice had included the measures, while all other resolutions remained unchanged for shareholder voting. Karnika reported consolidated FY26 revenue of ₹248.48 crore and current borrowings of ₹74.75 crore, and operated a kidswear manufacturing and trading business alongside its Kidcity subsidiary.

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Karnika Industries' board approved a proposal to broaden the company's main objects into construction, manpower and security, fittings and interiors, vehicle rentals, artificial intelligence and data analytics, and hospitality. It also sought shareholder approval for borrowing power, secured charges, loans, investments, guarantees and securities of up to ₹500 crore. The annual general meeting was scheduled for 30 September 2026 through video conferencing. The company’s existing business was kidswear manufacturing and trading, alongside the 55-plus-store Kids City retail chain. Revenue was ₹248 crore and profit after tax was ₹28 crore in FY26.

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Karnika Industries' board approved its standalone and consolidated directors' reports for FY26 and proposals for shareholder approval that would raise borrowing powers to up to ₹500 crore. The resolutions also authorised charges over assets, loans and investments, and loans, guarantees or securities under Companies Act provisions, each up to ₹500 crore, and proposed changes to the memorandum's main objects. The annual general meeting was scheduled for 30 September 2026 at 1pm by video conference. The kidswear manufacturer reported FY26 revenue of ₹248 crore and profit after tax of ₹28 crore.

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** Shares of garment manufacturer Karnika Industries KARN.NS up 3.84% at 295 rupees, highest since Sept. 6

** Co to set up new plant in Gurugram city for production of denim, with 50 mln-rupee ($593,348.56) investment over 5 yrs

** Co expects profit to rise by 300 mln rupees on increased capacity

** More than 8,500 shares changed hands as of 14:05 pm IST, 1.9x more than the 30-day avg volume

** YTD, shares have more than doubled in value

($1 = 84.2675 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

Sept 4 (Reuters) - Karnika Industries Ltd KARN.NS:

• GETS ORDER WORTH 4 MILLION RUPEES

Source text for Eikon: ID:nNSE8njC2

Further company coverage: KARN.NS

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