Meeting Details

The 65th Annual General Meeting was held on 27th June 2026 at 11:00 AM through Video Conference/Other Audio Visual Means. Deemed venue was Registered Office: "ESVIN House", Perungudi, Chennai 600 096.

Attendance

  • Directors Present: 7 directors including Mr. N Gopalaratnam (Chairman), Dr. G.A. Pathanjali (Managing Director), Mr. M. Ignatius (Director Operations), Dr. Vijayamohanan K Pillai, Cmde Saroj Kumar Patel, Dr. R.Subrahmaniya Sivam, Mr. C. V. Ramana, and Mrs. Jayashree Ajit Shankar
  • Key Managerial Personnel: Mr. R. Swaminathan (CFO) and Mr. V. Anantha Subramanian (Company Secretary & Compliance Officer)
  • Auditors: M/s. Maharaj N R Suresh And Co LLP (Statutory), M/s. R Subramanian And Co LLP (Internal), M/s. V Suresh Associates (Secretarial)
  • Scrutinizer: Mr. A S Kalyanaraman, Practicing Chartered Accountant
  • Shareholders: 72 shareholders representing 47,36,142 equity shares (52.84% of share capital)

Voting Results

All four ordinary resolutions were passed with requisite majority:

1. Adoption of Financial Statements: 99.9998% votes in favor (54.3094% of total share capital)

2. Declaration of Dividend: 99.9998% votes in favor (54.3094% of total share capital)

  • Dividend of ₹3 per equity share on 89,63,840 equity shares of ₹2 each fully paid-up
  • Payable to shareholders as on 12th June 2026

3. Re-appointment of Mr. M Ignatius as Director: 99.9971% votes in favor (54.3080% of total share capital)

4. Commission to Non-Executive Directors: 99.3298% votes in favor (53.9456% of total share capital)

  • Commission payable out of net profit for FY 2026-2027 to FY 2028-2029
  • Aggregate commission not to exceed limits specified in Section 197 of Companies Act, 2013
  • divisible among directors as Board may decide

Financial Performance FY 2025-26

  • Turnover: ₹83.10 crore (vs. ₹80.75 crore previous year, +2.35%)
  • Profit Before Tax: ₹20.75 crore (vs. ₹20.68 crore previous year)
  • Debt-free status maintained since FY 2022-23
  • Dividend: 150% declared for FY 2025-26
  • CSR Spending: ₹52.27 lakhs on education, rural development, war veterans, and healthcare

Operational Highlights

Defence Battery Development

  • Received development cum supply order for Silver Zinc system battery for Heavy Weight Torpedoes
  • Developed Silver Zinc cells with improved cycle life and wet life (testing in progress)
  • Developed Sea Water activated battery for Light Weight Torpedo (120 kW power)
  • Completed sea trials successfully; supply orders from DRDO and Indian Navy expected in FY 2026-27
  • Developed long endurance Sea Water battery through TDF DRDO
  • Completed field trials with National Institute of Ocean Technology
  • Developed Sea Water activated battery for underwater expendable acoustic devices

Diversification Initiatives

  • Nickel Cadmium Batteries: Received development cum supply order for Indian Railways Electric Loco application. Facility established; production commencement pending customer approval
  • Torpedo Reel & Towed Reel: Indigenization of mechanical hardware achieved. Reel wire development in progress
  • Vanadium Flow Battery (VRFB): Completed scaling up to 10 kW/50 kWh system using solar PV. Exploring tender opportunities
  • Lithium-Ion Battery: Facility for cell screening, pack assembly, BMS, and testing at advanced stage. Developing integrated BESS with inverter and electronics
  • Drones Battery: R&D work planned over next 6-8 months; facilities to be ready by Q1/Q2 2027-28
  • Fuel Cells & Electrolyzer: Developed 1 kW PEMFC stack, demonstrated PEMFC-operated 3-wheeler, developed and demonstrated 3kW hydrogen electrolyzer

Export Performance

  • Merchant export of ₹10.90 crore during FY 2025-26

Outlook for FY 2026-27

  • Company expects improved financial performance
  • Banking operations at comfortable level
  • Expected orders from Navy of ₹50-60 crore per year for Silver Chloride Magnesium Battery (LWT) and Silver Oxide Zinc Battery (HWT)
  • Delay in MoD orders in Q1 impacted performance, but expected recovery in coming quarters

Director Appointments

  • Dr. G A Pathanjali reappointed as Managing Director from 01st April 2026 to 31st March 2029
  • Mrs. Jayashree Ajit Shankar appointed as Woman Independent Director from 01st April 2026 to 31st March 2031
  • Mr. C V Ramana appointed as Nominee Director replacing Mr. N P Sinha (LIC nominee)