Event Details

  • Meeting Type: 31st Annual General Meeting
  • Date: 18th September 2026
  • Time: 11:00 AM IST to 12:53 PM IST
  • Mode: Video Conferencing/Other Audio Visual Means (VC/OAVM)

Attendance and Quorum

  • 53 members attended the meeting
  • Requisite quorum was present throughout the meeting
  • Meeting commenced at 11:02 AM IST and concluded at 12:38 PM IST, with e-voting remaining open until 12:53 PM IST

Key Participants

  • Mr. Atul Sud, Company Secretary and Compliance Officer
  • Mr. Ashish Agarwal, Chairman
  • Mr. Rajiv Dewan, Chairman of Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee
  • Mr. Tarun Gupta and Mr. Karan Tibrewal from Walker Chandiok & Co LLP, Statutory Auditors
  • Mr. Bhupesh Gupta from B.K. Gupta & Associates, Scrutinizer
  • Mr. Anoop Bector, Managing Director
  • Mr. Manu Talwar, CEO

Voting Process

  • Remote e-voting facility provided through MUFG Intime India Private Limited
  • Voting period: 15th September 2026 (9:00 AM) to 17th September 2026 (5:00 PM)
  • Online voting also permitted during the meeting
  • Scrutinizer: B.K. Gupta & Associates, Company Secretaries
  • Results to be declared within 2 days from meeting conclusion and uploaded on company website and MUFG Intime website

Business Transacted

1. Adoption of Financial Statements: Received, considered and adopted:

  • Audited standalone financial statements for FY ended March 31, 2026
  • Audited consolidated financial statements for FY ended March 31, 2026

2. Dividend Declaration: Confirmed Interim Dividend of ₹0.60 per equity share and declared Final Dividend of ₹0.70 per equity share of ₹2 each for FY ended March 31, 2026

3. Director Appointment: Re-appointed Mr. Ishaan Bector (DIN: 02906180) who retired by rotation

Financial Performance Highlights (FY2026)

  • Consolidated revenue: ₹2,044 crore (9.1% growth)
  • EBITDA: ₹258 crore
  • Profit after tax: ₹141 crore
  • Achieved 20% compounded annual revenue growth over past four years

Business Segment Performance

Bakery Business:

  • 14% annual growth
  • Successfully commissioned Kolkata bakery facility (Eastern India expansion)
  • Major expansion at Khopoli (Mumbai) bakery facility in Q4
  • English Oven brand expanded to Hyderabad
  • Product innovations: Protein Bread under NaturBaked portfolio, Cheesecake Jars

Biscuit Business:

  • Delivered steady annual growth despite export disruptions and domestic market adjustments
  • Products reach consumers in 70+ countries
  • Maintained leadership across premium and value-added segments

Strategic Initiatives

  • Expanded route to market across traditional trade, modern retail, institutional channels and quick commerce
  • Collaborations with Blinkit during seasonal campaigns
  • Institutionalized Project IMPACT - structured cost optimization program for manufacturing, procurement, supply chain and operating efficiencies
  • Focus on manufacturing capacity expansion across biscuits and bakery categories

Corporate Social Responsibility

Initiatives focused on:

  • Healthcare promotion
  • Education promotion
  • Women health
  • Environment and community development
  • Relief and community support
  • Women empowerment and wellness
  • Water conservation around operations

Management Commentary

  • FY2026 described as a "defining year" with transformation of enterprise
  • Growth achieved despite challenges including global tariffs, GST 2.0 implementation, geopolitical tensions in West Asia impacting exports, logistics and input costs
  • Inflation pressures across palm oil, packaging materials, fuel and labour
  • Investments focused on long-term strategic priorities including manufacturing, brand strengthening, market presence expansion and organizational capabilities
  • Confidence in future growth driven by rising consumer aspirations, premiumisation, health-conscious consumption, organized retail expansion, quick commerce and global acceptance of Indian food brands

Resolution Outcomes

All resolutions set out in the Notice were passed by Members with requisite majority.