Fine Organic Industries 24th AGM Proceedings Summary

Event Overview

Fine Organic Industries Limited held its Twenty-fourth Annual General Meeting (AGM) on Tuesday, August 18, 2026, at 11:00 a.m. IST through Video Conferencing (VC) / Other Audio-Visual Means (OAVM). The meeting was conducted in compliance with MCA circulars No. 03/2025 dated September 22, 2025, No. 14/2020 dated April 08, 2020, No. 17/2020 dated April 13, 2020, and No. 20/2020 dated May 5, 2020.

Attendance Details

59 members attended the AGM virtually. The following Directors, KMPs, and Auditors were present:

Mr. Mukesh Shah (Chairman and Whole Time Director)
Mr. Jayen Shah (Managing Director)
Mr. Tushar Shah (Whole Time Director and Chief Executive Officer)
Mr. Bimal Shah (Whole Time Director)
Mr. Nikhil Kamat (Whole Time Director)
Mr. Mahesh Sarda (Independent Director and Chairman of the Audit Committee)
Mr. Thiruvengadam Parthasarathi (Independent Director and Chairman of the Nomination and Remuneration Committee)
Mr. Kaushik Shah (Independent Director and Chairman of the Stakeholders' Relationship Committee)
Ms. Rashi Mehta (Independent Director)
Mr. Shailendra Nadkarni (Independent Director)
Ms. Sonali Bhadani (Chief Financial Officer)
Ms. Pooja Lohor (Company Secretary)

Mr. Prakash Apte (Independent Director and Chairman of the Risk Management Committee) was absent due to exigency. Representatives from M/s. CNK & Associates LLP (Statutory Auditors), M/s. Y. R. Doshi & Associates (Cost Auditors), and M/s. NKS & Co. (Secretarial Auditor) were also present.

Board Changes

The Chairman informed that Ms. Pratima Umarji ceased to be an Independent Director effective November 3, 2025, due to health concerns.

Voting Procedures

The remote e-voting facility was available from 9:00 a.m. on August 13, 2026, to 5:00 p.m. on August 17, 2026, with August 11, 2026, as the cut-off date for shareholder eligibility. Mr. Kartik Shah from M/s. KS & Associates was appointed as Scrutinizer. Results will be announced within two working days and submitted to stock exchanges.

Resolutions Put to Vote

The following 11 resolutions were put to vote through remote e-voting and e-voting at AGM:

1. Adoption of Standalone Financial Statements for FY ended March 31, 2026 (Ordinary Resolution)

2. Adoption of Consolidated Financial Statements for FY ended March 31, 2026 (Ordinary Resolution)

3. Declaration of Final Dividend of ₹11 per equity share (face value ₹5) for FY 2025-26 (Ordinary Resolution)

4. Appointment of Mr. Nikhil Kamat (DIN: 00107233) as Director liable to retire by rotation (Ordinary Resolution)

5. Ratification of remuneration payable to Cost Auditors for FY 2026-27 (Ordinary Resolution)

6. Appointment of Mr. Shailendra Nadkarni (DIN: 03401830) as Non-Executive and Independent Director (Special Resolution)

7. Revision in remuneration of Mr. Mukesh Shah (DIN: 00106799), Chairman and Whole-Time Director (Special Resolution)

8. Revision in remuneration of Mr. Jayen Shah (DIN: 00106919), Managing Director (Special Resolution)

9. Revision in remuneration of Mr. Tushar Shah (DIN: 00107144), Whole-Time Director and CEO (Special Resolution)

10. Revision in remuneration of Mr. Bimal Shah (DIN: 03424880), Whole-Time Director (Special Resolution)

11. Revision in remuneration of Mr. Nikhil Kamat (DIN: 00107233), Whole-Time Director (Special Resolution)

Financial Performance Highlights (FY 2025-26)

Total Net Revenue: ₹2,365 crores
EBITDA: ₹483 crores
EBITDA Margin: 20%
Profit After Tax (PAT): ₹417 crores

Strategic Developments and Global Expansion

Incorporated wholly owned subsidiary in the U.S. for manufacturing facility
Infused equity of USD 1.12 million into U.S. subsidiary
Acquired approximately 160 acres of land in Jonesville, Union County, South Carolina
Received all necessary approvals for U.S. project; in advanced discussions with contractors
Incorporated Fine Organics FZE in Dubai to serve GCC and neighboring markets
Continued investment in Fine Organic Industries (SEZ) Private Limited (JNPA SEZ project)
Total funds infused in JNPA SEZ subsidiary: ₹342.5 crores (mix of equity and debt)
Expected commencement of commercial production at JNPA SEZ: Financial Year 2028

Meeting Conclusion

The meeting concluded at 12:03 p.m. IST.