Meeting Details
The 18th Annual General Meeting was held on Saturday, September 26, 2026, through two-way video conferencing via the ZOOM Platform. The meeting commenced at 04:00 P.M. IST and concluded at 04:37 P.M. IST.
Summary of Proposed Resolutions
The meeting transacted fourteen (14) business agendas as per the notice. The resolutions and their types were as follows:
| Sr. No. | Business | Type of Resolution |
| 1 | To receive, consider and adopt the Audited Financial Statement for FY ended March 31, 2026, with Reports of Board and Auditor | Ordinary |
| 2 | To reappoint Mr. Samarth Bharatbhai Patel (DIN: 08036100), retiring Director | Ordinary |
| 3 | Approval for enhancement of borrowing limits under section 180(1)(c) of Companies Act, 2013 | Special |
| 4 | Approval for mortgage, sell, lease or dispose of assets under section 180(1)(a) | Special |
| 5 | Increasing limits for Loans, Investments, Guarantees under Section 186 | Special |
| 6 | Revision in Remuneration payable to Mr. Jagrutkumar Rameshbhai Patel (DIN: 06785595), Managing Director | Special |
| 7 | Revision in Remuneration payable to Mr. Samarth Bharatbhai Patel (DIN: 08036100), Chairman and Whole-Time Director | Special |
| 8 | Revision in Remuneration payable to Mr. Saurabh Amrutbhai Patel (DIN: 07627068), Executive Director | Special |
| 9 | To alter Articles of Association by inserting new article 121 relating to marking securities as non-transferable | Special |
| 10 | To Approve Related Party Transactions with Mr. Ravi Patel, CFO | Ordinary |
| 11 | To Approve Related Party Transactions with Mr. Vipul Patel, President (SMP) | Ordinary |
| 12 | To Approve Related Party Transactions with Mr. Nisarg Rameshbhai Patel, Vice President – Sales & Business Development | Ordinary |
| 13 | To approve expenses for service of documents to members | Special |
| 14 | To ratify remuneration payable to the Cost Auditor for FY 2026-27 under Section 148 | Ordinary |
Voting Process and Methods
The remote e-voting facility was provided by National Securities Depository Limited (NSDL). It commenced at 09:00 A.M. on Wednesday, September 23, 2026, and ended at 05:00 P.M. on Friday, September 25, 2026. During the AGM itself, an additional remote electronic voting facility was enabled for members present who had not already voted via the NSDL platform. This facility was available until 15 minutes after the closure of the meeting. There was no voting by show of hands.
Key Voting Outcomes and Scrutinizer's Role
The Board of Directors appointed M/s. Prasad and Partners LLP (Formerly Known as M/s. ALAP & CO. LLP), Practicing Company Secretaries, with Mr. Anand Lavingia as the Scrutinizer. The Scrutinizer checked the requisite quorum at the meeting's commencement and instructed the Company Secretary to formally start the meeting. The results of the voting were to be declared after receiving the Scrutinizer's report, within 2 working days after the meeting. The results were also to be made available on the company's website and submitted to the stock exchanges.
Financial and Operational Highlights Presented
The Chairman, Mr. Samarth Bharatbhai Patel, presented key financial and operational highlights for FY 2025-26:
- Revenue: ₹518.7 crore, a 7% increase.
- Profit After Tax (PAT): ₹38.8 crore, a 22.4% increase.
- Export Revenue: ₹179.5 crore, a significant 39% growth.
- Net Debt-to-Equity: Improved from 1.1x to 0.3x.
- Production Capacity: 21,088 MTPA across 33 seamless and 2 welded production lines.
- Customer Base: 349 customers across 32 countries.
- Capacity Expansion Plan: Target of ~21,150 MTPA by FY 2027-28, with plans to enter new sectors like data centers.
- Sustainability Initiative: Installing 8.79 MW of captive solar capacity with an investment of ₹31.7 crore, expected to generate annual savings of about ₹8.7 crore.
- Production was temporarily affected in March 2026 due to a gas-related disruption linked to the West Asia conflict.
Compliance and Other Procedural Information
The meeting was conducted in compliance with circulars issued by the Ministry of Corporate Affairs and SEBI. The facility for appointment of proxies was dispensed with. The Register of Directors and Key Managerial Personnel and the Register of Contracts and Arrangements were made available electronically for inspection by members upon request. The Annual Report for FY 2025-26, including the Director's Report and Auditor's Report, had been circulated to all shareholders. The Secretarial Audit Report contained a remark regarding delayed filing of certain e-forms with the ROC, which were subsequently filed with additional fees. The Management assured that such delays would be avoided in the future. The Statutory Auditor's report contained no qualifications or observations. Shareholders were given the opportunity to ask questions via a chat box facility, with replies to be provided after the meeting.