Meeting Details

The 54th Annual General Meeting was held on Thursday, August 13, 2026, commencing at 04:00 PM and concluding at 04:55 PM through video conference/OAVM. 468 members attended the meeting (including 6 from Promoters & Promoter Group) holding 85,01,074 shares.

Directors Present

  • Mr. Surinder Paul Kanwar (Chairman and Managing Director)
  • Mr. Naresh Kumar Verma (Executive Director-Operations)
  • Mr. Raman Nanda (Non-Executive Independent Director)
  • Mr. N.V. Srinivasan (Non-Executive Independent Director)
  • Ms. Kavita Jha (Non-Executive Independent Director)
  • Mr. Bharat Dev Singh Kanwar (Non-Executive Independent Director)
  • Mr. Satya Prakash Mangal (Non-Executive Independent Director)

Other Attendees

  • Mr. Milind Pujari (Chief Financial Officer)
  • Mr. Prashant Khattry (Corporate Head (Legal) & Company Secretary)
  • Mr. Tanuj Vohra (Representative of Statutory Auditors - Deloitte Haskins & Sells LLP)
  • Ms. Sampada Narvankar (Representative of Secretarial Auditors - TVA & CO. LLP)
  • Ms. Rashmi Aswal (Scrutinizer - Partner M/s AGB & Associates Company Secretaries)

Financial Performance Highlights (FY 2025-26)

  • Total Income: ₹179,050 lakhs (up 21.60% year-on-year)
  • EBITDA: ₹5,859 lakhs (up 110.68% year-on-year)
  • EBITDA Margin: 7.4% (improved from previous year)
  • Profit After Tax: ₹1,650 lakhs (up 417.24% from ₹319 lakhs previous year)
  • Exports: ₹235.12 crores (30% of overall revenues), up from ₹189.61 crores previous year
  • Total Turnover (including other income): ₹790.50 crores

Dividend Declaration

Board recommended and shareholders approved dividend of 10% on equity shares @ Re. 1.00 per equity share of face value ₹10 each for Financial Year 2025-26. Dividend to be paid to members whose names appear in the Register of Members as on August 6, 2026.

Key Resolutions Approved

1. Ordinary Resolution: Adoption of Audited Financial Statements for year ended March 31, 2026

2. Ordinary Resolution: Declaration of dividend @ Re. 1.00 per equity share

3. Special Resolution: Appointment of Mr. Naresh Kumar Verma as Executive Director-Operations

4. Ordinary Resolution: Ratification of remuneration payable to Cost Auditors

Director Appointment Details

Mr. Naresh Kumar Verma appointed as Executive Director-Operations and designated as Whole-time Director for 5 years with effect from June 1, 2026. Remuneration package for 3 years effective June 1, 2026:

  • Salary: ₹1,08,00,000 per annum
  • Perquisites: ₹9,00,000 per annum
  • Additional benefits: Provident Fund contributions, gratuity, leave encashment, reimbursement of business expenses
  • Total remuneration package: ₹1,17,00,000 per annum

Mr. Verma (age 66 years) has been with the company since February 4, 2004, currently serving as Corporate Business Head. He holds Master of Commerce and Post Graduate Diploma in Personnel Management & Industrial Relations with 44 years of experience.

Cost Auditor Appointment

Members ratified remuneration of ₹2,25,000 plus applicable taxes to M/s M.K. Kulshrestha & Associates as Cost Auditors for Financial Year 2026-27 for auditing cost records of all 3 plants at Mumbra (Maharashtra), Lonand (Maharashtra), and Faridabad (Haryana).

Voting Results

Total shares on record date: 1,53,55,058

Total voted shares: 88,19,439 (57.4367% of outstanding shares)

Resolution 1 (Ordinary - Financial Statements):

  • Votes in favor: 87,01,641 shares (98.6643%)
  • Votes against: 1,17,798 shares (1.3357%)
  • Passed

Resolution 2 (Ordinary - Dividend):

  • Votes in favor: 87,01,641 shares (98.6643%)
  • Votes against: 1,17,798 shares (1.3357%)
  • Passed

Resolution 3 (Special - Director Appointment):

  • Votes in favor: 87,01,640 shares (98.6643%)
  • Votes against: 1,17,799 shares (1.3357%)
  • Passed

Resolution 4 (Ordinary - Cost Auditor Remuneration):

  • Votes in favor: 87,01,639 shares (98.6643%)
  • Votes against: 1,17,799 shares (1.3357%)
  • Passed

Strategic Highlights from Chairman's Address

  • Strong demand from farm equipment segment and new acquisitions drove 20% growth
  • Advanced customer diversification strategy and export relationships
  • First steps into EV products with discussions with two and three-wheeler EV players
  • Project Vasundhara (ESG framework) advancement with renewable Power Purchase Agreement for Faridabad facility
  • 67% of manufacturing operations certified under ISO 45001 for occupational health and safety
  • Received multiple supplier awards including from Carraro, John Deere, Eaton Corporation, Tuff Torq, Escorts Kubota, Mahindra Swaraj, ZF, ACMA, and Toyota