Dividend Recommendation

The Board of Directors at their meeting held on 16 May 2026 recommended payment of final dividend of ₹1.75 per equity share (87.50% on face value of ₹2 each) for the financial year ended 31 March 2026.

Record Date and Payment Conditions

The final dividend will be paid subject to shareholders' approval at the ensuing Annual General Meeting to:

  • Beneficial owners of shares as per list from depositories (NSDL/CDSL) at closing hours on Friday, 29 May 2026
  • Members on the Register of Members as on Friday, 29 May 2026

TDS Framework Under Income Tax Act 2025

The Income Tax Act 1961 has been replaced by Income Tax Act 2025. Dividends paid after 1 April 2020 are taxable in shareholders' hands, and the company must deduct TDS at prescribed rates.

TDS Rates for Resident Shareholders

  • Individual shareholders receiving dividend exceeding ₹10,000 in a financial year: 10% TDS (with valid PAN) or 20% (without valid PAN)
  • Non-individual resident shareholders: 10% TDS (with valid PAN) or 20% (without valid PAN), no threshold limit
  • No TDS if shareholder provides Form No. 121 (replacing 15G/15H) fulfilling conditions

TDS Rates for Non-Resident Shareholders

  • All non-resident shareholders including FIIs/FPIs: 20% withholding tax plus applicable surcharge and cess
  • Treaty benefits available if documents submitted: Tax Residency Certificate for FY 2026-27, Form No. 41, self-declaration of beneficial ownership, and other required documents
  • Company not obligated to apply DTAA rates if documents incomplete or insufficient

Surcharge Rates for Non-Residents

Individuals/HUF/AOP/BOI/FIIs/FPIs:

  • Dividend above ₹50 lakhs but not exceeding ₹1 crore: 10% surcharge
  • Dividend above ₹1 crore: 15% surcharge
  • No surcharge for dividend less than ₹50 lakhs

Companies:

  • Dividend above ₹1 crore but not exceeding ₹10 crore: 2% surcharge
  • Dividend above ₹10 crore: 5% surcharge
  • No surcharge for dividend less than ₹1 crore
  • Additional 4% cess applicable on above tax and surcharge

Exemptions from TDS

  • Insurance companies: No TDS if providing self-declaration, registration certificate, and self-attested PAN
  • Mutual Funds: No TDS if specified under Schedule VII of Income Tax Act 2025 and providing required documents
  • Alternative Investment Funds (AIF): No TDS if established in India, income exempt under Schedule V, and Category I/II under SEBI regulations
  • Other exempt entities: Must submit valid documentary evidence and self-declaration

Document Submission Deadlines

  • Resident Non-Individual Members and Non-Resident Non-Individual Members must submit forms through custodians registered with NSDL by close of business hours on 10 June 2026
  • All shareholders must provide required details and documents by close of business hours on 10 June 2026
  • Documents can be uploaded at https://einward.alankit.com/
  • Rule 203 declarations must be filed by 10 June 2026

Additional Important Notes

  • Shareholders with multiple accounts under different status/category with single PAN will have higher tax rate applied to entire holding
  • Shareholders responsible for indemnifying company against any income tax demands arising from misrepresentation
  • Physical shareholders must update PAN, contact details, bank account details, and specimen signatures as per SEBI Master Circular dated 7 May 2024 to receive dividend electronically

Annexures Provided

  • Form No. 121 (replacing 15G/15H) - Declaration for receipt of incomes without deduction of tax
  • Form No. 41 (replacing form 10F) - Information under section 159(8)
  • Self-Declaration format for non-resident shareholders
  • Declaration format for exemption of TDS for specified entities