Nirlon Limited 67th Annual General Meeting Proceedings

Meeting Details

The 67th Annual General Meeting of Nirlon Limited was held on Friday, September 18, 2026 at 12:00 noon (IST) through Video Conference (VC) / Other Audio Visual Means (OAVM). The meeting commenced with requisite quorum as required.

Attendance

Shareholders: 56 members attended the AGM.

Company Representatives:

  • Directors: Mr. Rajinder Pal Singh (Chairman), Ms. Anjali Seth, Mr. Chandresh Ruparel, Mr. Kunnasagaran Chinniah, Mr. Arjun Khullar, and Mr. Rahul Sagar (CEO and Executive Director)
  • Management: Mr. Manish Parikh (CFO & V.P. Finance)
  • Auditors: SRBC & CO. LLP (Statutory Auditors), Price Waterhouse Coopers Services LLP (Internal Auditors), Mr. Vinay Mulay (Cost Auditors)
  • Scrutinizers: Alwyn Jay & Co. (Secretarial Auditors and Scrutinizers)

Meeting Procedures

The meeting was conducted in compliance with Regulation 44(6) of SEBI listing regulations and relevant MCA and SEBI circulars. Voting was conducted exclusively through e-voting without physical proposing or seconding of resolutions. The remote e-voting period ran from September 14, 2026 (9:00 AM) to September 17, 2026 (5:00 PM) on MUFG Intime India Private Limited's platform, with additional voting available for 15 minutes after meeting closure.

Chairman's Remarks Summary

Operational Overview:

  • Completed approximately 47.63 lakh sq.ft. of construction in Nirlon Knowledge Park (NKP) comprising Phases 1-5
  • Successfully licensed and managed all five phases of NKP, corresponding to approximately 30.80 lakh sq. ft. of licensable area
  • License Fees from all five phases recognized in Profit & Loss Account for entire FY 2025-26

Operations Summary:

  • Maintained occupancy level of 99.95% across chargeable area of phases 1-5 during FY 2025-26
  • A major occupant vacated approximately 4,50,000 sq. ft. between FY 2024-25 and FY 2025-26
  • Vacated area relicensed to combination of existing and new licensees at commercially competitive rates
  • License fee escalations (approximately 15% every three years) took effect substantially as contracted
  • As of June 30, 2026, approximately 99.5% of licensable area in NKP successfully committed or licensed

Financial Performance:

  • Outstanding loan to HSBC: ₹1,150.00 Crore as of March 31, 2026 (as per IGAAP)
  • Loan facility rated by CRISIL as AA+/Stable
  • Revenue increased from ₹636.07 crore to ₹669.17 crore (as per Ind AS)
  • Profit before tax increased from ₹338.41 crore to ₹371.94 crore compared to previous year
  • Company generated strong and improved free cash flows after accounting for all expenses including interest payments
  • Board recommended final dividend of ₹15.00 per share (@150%) in addition to interim dividend of ₹15.00 per share (@150%) already paid

FY 2026-27 Priorities:

  • Ensure full occupancy across all 5 phases of NKP
  • Strengthen and enhance ESG initiatives
  • Reduce carbon footprint by increasing renewable energy sourcing and improving water efficiency
  • Proactively identify emerging trends in commercial office space market and IT/Financial Services/Banking/GCC sectors
  • Identify potential new risks including AI impact on employment generation and climate change impact

Business Climate Summary

Demand for commercial real estate in suburban Mumbai driven by IT, multinational Banking and Financial Services Industries (BFSI), and corporate offices sectors. India hosts approximately 2117 GCCs employing approximately 3-4 million professionals. NKP benefits from location on Western Express Highway, proximity to commuter rail network, Mumbai Metro, and airport. Recent infrastructure developments including Metro station approximately 300 metres from NKP and Coastal Road enhance connectivity.

Voting Results

The scrutinizer's report confirmed all four ordinary resolutions were passed:

Resolution 1: Adoption of Audited Financial Statements for FY ended March 31, 2026

  • Votes in favor: 5,89,83,030 (100.00%)
  • Votes against: 9 (0.00%)

Resolution 2: Declaration of final dividend of ₹15 per equity share (@150%)

  • Votes in favor: 5,89,83,030 (100.00%)
  • Votes against: 9 (0.00%)

Resolution 3: Reappointment of Mr. Kunnasagaran Chinniah (DIN 01590108) as director

  • Votes in favor: 5,89,78,066 (99.99%)
  • Votes against: 4,973 (0.01%)

Resolution 4: Ratification of remuneration payable to Cost Auditor for FY 2026-27

  • Votes in favor: 5,89,83,027 (100.00%)
  • Votes against: 12 (0.00%)

Meeting Conclusion

The meeting included a Q&A session with questions from multiple shareholders answered by Mr. Rahul Sagar. The meeting concluded at 12:37 PM (IST). The results of e-voting will be uploaded to the company's website and sent to BSE Limited as per Regulation 44(3) of SEBI (LODR) Regulations, 2015.