Key Quantitative Figures and Dividend Details

The Board of Directors, at their meeting held on 27th May 2026, recommended a Final Dividend of Rs. 2 per Equity Share of Rs. 10 each (20%) for the Financial Year ended 31st March 2026. This dividend is subject to approval by shareholders at the 50th Annual General Meeting (AGM) scheduled for Wednesday, 29th July 2026.

Applicable TDS Provisions and Rates

As per the Indian Income Tax Act, 2025, dividend income is taxable, and the company is obligated to deduct TDS.

  • For Resident Shareholders: TDS is applicable under Section 393(1) read with 393(4) at a rate of 10% on the dividend amount payable that exceeds INR 10,000 per shareholder per financial year, subject to valid documentation.
  • Higher TDS for Invalid PAN: If a shareholder's Permanent Account Number (PAN) is invalid or inoperative due to non-linkage with Aadhaar as per section 262, TDS will be deducted at a higher rate of 20% as per Section 397(2) of the Act.

Documentation Requirements and Deadlines

Shareholders must submit requisite documents to claim exemption or a lower TDS rate. The absolute deadline for submission is 07:00 PM (IST) on Wednesday, 15th July 2026. Documents are to be sent via email to ranjan.mitra@in.mpms.mufg.com, chkarnab@goodricke.com, and goodricke@goodricke.com.

  • Resident Individual Shareholders: Must submit Form 121 (Declaration for receipt of dividend without deduction of Tax) by the deadline. This form can be submitted electronically through depositories NSDL or CDSL via the respective depository participants, or directly to the company's Registrar and Transfer Agent, MUFG Intime India Private Limited.
  • Other Resident Entities (Companies, Firms, HUFs, AOPs, Trusts etc.): Must submit a lower withholding tax certificate for FY 2026-27 from Income Tax authorities or documentary evidence for tax exemption status under any provisions of the Act (Annexure-5).
  • Specific Exempt Entities: Mutual Funds, Insurance Companies, and Category I/II SEBI-registered Alternative Investment Funds (AIFs) must submit specific declarations (Annexure-2, Annexure-3, Annexure-4) to claim nil or exempt TDS rates as per relevant schedules of the Income Tax Act, 2025.
  • Non-Resident Shareholders: Must provide a comprehensive set of documents to avail benefits under Double Tax Avoidance Agreements (DTAAs), including a valid Tax Residency Certificate (TRC) for FY 2026-27, Form 41 (for claiming Tax Treaty Relief), a copy of PAN card, and self-declarations regarding beneficial ownership, absence of a permanent establishment in India, and fulfilment of DTAA conditions (Annexure-7, Annexure-8, Annexure-9).

Parties and Entities Involved

  • Stock Exchange: BSE Limited
  • Registrar and Transfer Agent: MUFG Intime India Private Limited (formerly C B Management Services Pvt. Ltd.)
  • Depositories: National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL)
  • Regulatory References: The disclosure is made pursuant to applicable provisions of the Income Tax Act, 2025, and SEBI Listing Regulations.

Additional Important Information

  • The company will rely on reports from the income tax department's portal to check PAN validity.
  • For shareholders holding shares under multiple accounts linked to a single PAN, the highest applicable TDS rate for any status under that PAN will be applied to the entire dividend income.
  • Rule 203 allows for the transfer of TDS credit to the beneficial owner if a declaration is provided by the shareholder of record (Refer to Annexure-6/10 for format).
  • Shareholders are urged to ensure their bank account details are updated with their depository participants and that their folios are KYC compliant for timely dividend credit.
  • The company clarifies that it will not be liable for any claims if TDS is deducted at a higher rate due to non-receipt of documents by the deadline; shareholders can claim refunds by filing their income tax returns.
  • Soft copies of the TDS certificate (Form 168) will be emailed to shareholders post-dividend payment and will also be available for download from the income tax e-filing portal.

Annexures Included

The communication includes ten annexures providing templates and formats for the various required declarations:

  • Annexure-1: Form 121
  • Annexure-2: Declaration for Insurers
  • Annexure-3: Declaration for Mutual Funds
  • Annexure-4: Declaration for AIFs
  • Annexure-5: Declaration for exemption under Circular 18/2017
  • Annexure-6 & 10: Declaration by Joint Shareholders for TDS credit transfer
  • Annexure-7: Information for non-residents under Rule 217(2)
  • Annexure-8: Self-declaration of Beneficial ownership (Non-resident)
  • Annexure-9: Self-declaration of no permanent establishment (Non-resident)