Meeting Details

  • Date: Tuesday, 29th September 2026
  • Time: 3:00 p.m. IST
  • Location: Conducted through Video Conferencing/Other Audio Visual Means (e-AGM)
  • Type: 45th Annual General Meeting

Attendance

Directors Present through Video Conferencing:

  • Shri Chetan Shah (Director)
  • Shri Hemul Shah (Executive Director & CEO)
  • Shri Jagdish Shetty (Independent Director & Chairman of the Audit Committee)
  • Shri Wilson Mathais (Independent Director & Chairman of the Stakeholders Committee)
  • Shri Dipak Vora (Independent Director)
  • Smt Surekha Sathe (Independent Woman Director)
  • Smt Himani Shah (Director)

Other Participants:

  • Shri Ashish Desai (Group Chief Financial Officer)
  • Shri Sachin Polke (Company Secretary and Compliance Officer)
  • Representative of M/s. PARK & Co. (Statutory Auditors)
  • Shri Virendra Bhatt (Practicing Company Secretary & appointed Scrutinizer)

Meeting Proceedings

Shri Sachin Polke, Company Secretary, welcomed members and confirmed compliance with Companies Act 2013 and SEBI circulars. Since there was no designated Chairman of the Board, directors elected Shri Chetan Shah as Chairman of the AGM as per Article 47 of the Articles of Association.

Shri Jagdish Shetty proposed Shri Chetan Shah's name, which was seconded by Shri Hemul Shah. Shri Chetan Shah was subsequently elected as Chairman and confirmed quorum was present.

Documents and Facilities

  • Register of Directors and Key Managerial Personnel and Register of Contracts or Arrangements were available electronically for inspection
  • Members could request inspection via email: cosec@sec@ashapura.com
  • No proxy facility was provided as meeting was held through VC
  • E-voting facility was provided through CDSL
  • Members who didn't vote electronically could vote after the AGM through the e-voting system
  • Annual Report along with Notice of AGM had been circulated previously
  • Company sent letters to shareholders without email addresses providing web link to access annual report

Chairman's Address

Shri Chetan Shah highlighted the company's financial and operational performance:

  • Consolidated Income from Operations: Rs. 5,237 crores for FY 2025-26
  • Profit Before Tax and Exceptional Items: Rs. 449 crores for FY 2025-26
  • Bauxite exports from Guinea operations increased to approximately 8 million tonnes (vs. 3.5 million tonnes previous year)
  • Recommended 100% final dividend for FY 2025-26 (vs. 50% in previous financial year)

Strategic initiatives mentioned included infrastructure and logistics development, port capacity expansion, investments in Indian businesses, raw material sustainability, and introduction of ESOP 2026.

Management Changes

Shri Chetan Shah announced his retirement as Director at the conclusion of the AGM but would continue as Chief – Strategy & Planning effective 1st October 2026.

Shareholder Queries

Members including Shri Subhash Chand Gupta, Shri Nalin Shah from NVS Brokerage Pvt. Ltd., and Shri Rajendraprasad Joshi sought clarifications on:

  • Company's business performance
  • Future outlook
  • Revenue/bottom line guidance
  • Contribution of iron ore in business performance

The Chairman responded to all queries to the satisfaction of members.

Voting Process

  • E-voting facility remained open for 15 minutes post conclusion of AGM
  • Results of e-voting to be announced after receipt of Scrutinizer's Report
  • Results and Scrutinizer's Report to be placed on company website, CDSL website, and sent to stock exchanges

Resolutions Transacted

1. Adoption of audited financial statements for year ended 31st March 2026 with Reports of Board of Directors and Auditors (Ordinary Resolution)

2. Declaration of final dividend of 100% i.e. Rs. 2/- per Equity Share of face value Rs. 2/- each for FY 2025-26 (Ordinary Resolution)

3. Ratification of remuneration of Cost Auditor (Ordinary Resolution)

4. Approval of place of profit of Shri Chetan Shah as Chief – Strategy & Planning (Key Managerial Personnel) (Ordinary Resolution)

Compliance

No observations were reported by Statutory Auditors and Secretarial Auditors. The meeting complied with all applicable provisions of the Companies Act, 2013 and SEBI regulations.

Meeting Duration

The meeting commenced at 3:00 p.m. and concluded at 3:54 p.m.