Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Meeting Details

Date: Monday, September 28, 2026

Time: Commenced at 15:00 Hrs and concluded at 16:00 Hrs.

Location/Type: Held through Video Conferencing (VC)/ Other Audio Video Means (OAVM).

Chairperson: Shri. D.V. Srinivas Rao, Director (Technical), chaired the meeting as the Chairman and Managing Director, Shri. Shailesh Vagerwal, was unable to attend due to being abroad as part of a high-level delegation from the Ministry of Defence, Govt. of India.

Attendance: A requisite quorum was present throughout the meeting. In total, 61 members were present.

Chairman's Speech and Key Business Updates

The Chairman delivered a speech covering the company's business performance, economic environment, and future outlook. Key financial and operational highlights from the speech include:

Financial Performance for FY 2025-26:

  • Revenue from Operations: ₹2,441.79 Crores
  • Profit Before Tax (PBT): ₹568 Crores
  • Profit After Tax (PAT): ₹420.34 Crores
  • The company experienced a shortfall in revenue against targets primarily due to complex technical issues in a mainstream product, impacting production schedules and deliveries.

Dividend:

  • The Board recommended a final dividend of ₹0.40 per equity share (face value ₹5).
  • An interim dividend of ₹4.50 per equity share was already paid in February 2026.
  • The total dividend for FY 2025-26, subject to approval, amounts to ₹4.90 per share, compared to ₹4.65 per share for FY 2024-25.

Order Book and Pipeline:

  • Order book as of March 31, 2026, stood at ₹26,176 Crores, providing visibility for the next 4-5 years.
  • Fresh orders worth approximately ₹5,909 Crores were secured in FY26 for products including Anti-Tank Guided Missiles and upgraded Akash systems.
  • Orders worth nearly ₹15,000 Crores (QRSAM, Heavy Weight Torpedoes, etc.) are in advanced stages of finalization, with ₹2,000 Crores already received in the current financial year.
  • The company is targeting revenues of around ₹5,500 Crores in FY27 and aims to achieve a ₹10,000 Crore milestone by FY 2029–30.

Research & Development (R&D):

  • The company has significantly increased its R&D focus, with the budget enhanced from 1-1.5% to 8% of expenditure.
  • Successful development and firing trials were conducted for new systems like Akash-NG, MPATGM, and RUDRAM-II.

Infrastructure Expansion:

  • Two new units are being established: one at Ibrahimpatnam, Telangana (planned as a major production hub), and another at Jhansi, UP (for EDB propellant production).
  • The Ibrahimpatnam unit is expected to be operationalized within FY27; the Jhansi unit is expected by the end of the current calendar year.

Indigenisation:

  • A major focus on increasing indigenous content and reducing import dependence, in line with the Atmanirbhar Bharat initiative.

Proposed Resolutions and Voting Process

Voting Process:

  • Remote E-Voting was provided from September 24, 2026, at 09:00 AM IST to September 27, 2026, at 05:00 PM IST.
  • Members attending the meeting via VC were provided an additional 15-minute facility to cast votes electronically through NSDL after the meeting concluded.
  • M/s C.V. Reddy K and Associates, Practicing Company Secretaries, Hyderabad, were appointed as the Scrutinizer to oversee the voting process in a fair and transparent manner.

Resolutions for Shareholder Approval:

The meeting included 6 Ordinary Resolutions and 3 Special Resolutions:

Ordinary Business:

1. Adoption of Audited Financial Statements for FY ended March 31, 2026, along with Reports of the Board of Directors and Auditors.

2. Confirmation of payment of Interim Dividend (₹4.50/share) and declaration of Final Dividend (₹0.40/share).

3. Re-appointment of Shri Devulapally Venkata Srinivas Rao (DIN: 10652125), who retires by rotation.

Special Business:

4. Ratification of remuneration of the Cost Auditor for FY 2026-27.

5. Appointment of Cmde. Sujay Kapoor (DIN: 11520665) as Director (Production).

6. Appointment of Shri Shailesh Vagerwal (DIN: 11362136) as Chairman and Managing Director.

7. Appointment of Shri Ankush Munjal (DIN: 06787408) as Part Time Non-Official Director (Independent Director).

8. Appointment of Smt. Vandana Agarwal (DIN: 11889628) as Part Time Non-Official Director (Independent Director).

9. Appointment of Shri Pankaj Joshi (DIN: 06385037) as Part Time Non-Official Director (Independent Director).

All appointments are on terms and conditions as stipulated by the Government of India.

Other Proceedings

  • The Notice of the AGM and the Auditors' Report were taken as read.
  • The Auditors' Report for FY 2025-26 contained no qualifications and received "Nil" comments from the Comptroller and Auditor General (C&AG).
  • Members were given an opportunity to ask questions, and all queries were addressed satisfactorily by the management.
  • The detailed results of the remote e-voting and e-voting during the AGM, along with the Scrutinizer's report, were to be announced within 2 working days of the conclusion of the AGM.

Compliance and Signatories

  • The disclosure confirms the meeting was conducted in compliance with the Companies Act and SEBI LODR Regulations.
  • The summary was signed by N. Nagaraja, Company Secretary of Bharat Dynamics Limited, on September 28, 2026.