Event Details

Meeting Date: August 24, 2026

Meeting Time: 10:30 AM to 10:55 AM (IST)

Meeting Mode: Video Conference / Other Audio-Visual Means (OAVM)

Deemed Venue: Registered Office of the Company

Attendance

Directors Present:

  • Mr. Deepak Thombre - Chairperson of the Board
  • Mr. Rishi Sanghvi - Executive Director and Managing Director
  • Mrs. Madhu Dubashi - Chairperson of Audit Committee
  • Mr. Tushar Mehendale - Chairperson of Nomination & Remuneration Committee
  • Mr. Indraneel Chitale - Chairperson of Stakeholders Relationship Committee
  • Mr. Amitabha Mukhopadhyay - Non-Executive & Independent Director
  • Mr. Ishwar Chand Mangal - Non-Executive & Independent Director
  • Mrs. Maithili Sanghvi - Non-Executive & Non-Independent Director and Chairperson of Corporate Social Responsibility Committee

Key Managerial Personnel:

  • Mr. Gaurang Desai - Chief Executive Officer
  • Mr. Pradeep Mehta - Chief Financial Officer
  • Mr. Vinav Agarwal - Company Secretary

Other Attendees:

  • Statutory Auditors: MSKA & Associates represented by Mr. Rashish Gangadharani, Manager-Audit and Assurance
  • Secretarial Auditor: M/s Kanj & Co. LLP represented by Mr. Hrishikesh Wagh, Partner
  • Scrutinizer: CS Hrishikesh Wagh, partner of Kanj & Co., LLP

Meeting Proceedings

The 37th Annual General Meeting commenced at 10:30 AM with quorum present. Chairperson Mr. Deepak Thombre called the meeting to order.

Voting Arrangements:

  • Remote e-voting period: August 21, 2026 to August 23, 2026 through Central Depository Services (India) Limited
  • Additional e-voting facility provided during the meeting for 15 minutes
  • Statutory registers under Companies Act, 2013 were open for inspection by Members until meeting conclusion

Management Presentation

Managing Director Mr. Rishi Sanghvi presented the Company's progress under the "Elevate 2030" strategic framework:

Financial Performance FY 2025-26:

  • Revenue from operations: ₹1,070 crore (36.9% YoY growth)
  • EBITDA: ₹429 crore
  • EBITDA margin: 40.1%
  • Profit after tax: ₹184 crore (17.7% YoY growth)
  • Final dividend recommended: ₹2.00 per equity share

Operational Metrics:

  • Fleet utilization: 79% (improved from 73%)
  • Domestic crane hiring business growth: 35%
  • Capital expenditure deployed: ₹474 crore (investments in India and Saudi Arabia)
  • Net debt-to-equity ratio: 0.47
  • Net worth: ₹1,310 crore

Strategic Updates:

  • Saudi Arabian subsidiary achieved monthly EBITDA profitability
  • Secured order book: approximately ₹1,250 crore
  • Focus areas: disciplined capital allocation, international expansion, operational excellence, safety, governance standards

Business Items Transacted

Ordinary Business (Ordinary Resolutions):

1. Adoption of Audited Standalone and Consolidated financial statements for FY ended March 31, 2026 with Board of Directors and Auditors reports

2. Declaration of Final Dividend of ₹2 per equity share for Financial Year 2025-26

3. Appointment of M/s MSKA & Associates LLP as Statutory Auditors and fixation of their remuneration

4. Re-appointment of Mr. Rishi C. Sanghvi (DIN: 08220906) as Director who retires by rotation

Special Business (Special Resolutions):

5. Alteration of Articles of Association of the Company

6. Ratification of remuneration paid to Managing Director for year 2025-26

Additional Information

  • Notice of AGM and Annual Report 2025-26 circulated electronically in compliance with MCA and SEBI Circulars
  • Q&A session conducted with registered speaker shareholders
  • Meeting concluded at 10:55 AM after 15-minute e-voting window
  • Voting results to be communicated separately