Meeting Details

The 90th Annual General Meeting was held on Wednesday, August 19, 2026, through Video Conferencing/Other Audio Visual Means. The meeting commenced at 2:00 p.m. IST and concluded at 4:05 p.m. IST.

Attendance

83 members attended the meeting through VC/OAVM.

Directors and Key Managerial Personnel Present:

  • Mr. Sanjay Bagaria - Chairman, Non-Executive Director; Chairman of Share Transfer and Stakeholder Relationship Committee and CSR Committee
  • Mr. Indrajit Sen - Managing Director
  • Mr. Srikumar Menon - Independent Director; Chairman of Audit Committee
  • Ms. Nayantara Palchoudhuri - Independent Director; Chairperson of Nomination and Remuneration Committee
  • Mr. Sandipan Chakravortty - Independent Director
  • Mr. Rana Pratap Singh - Executive, Whole Time Director
  • Mr. Asish Kumar Neogi - Chief Financial Officer
  • Mr. Kundan Jaiswal - Company Secretary

Other Officials Present:

  • Mr. Kaustuv Kanti Ghosh - Partner of Ray & Ray, Statutory Auditors
  • Mr. Arup Kumar Roy - Practising Company Secretary, Secretarial Auditor and Scrutinizer

Financial Performance Highlights (FY2025-26)

  • Revenue from Operations: ₹293.40 crore (previous year: ₹292.98 crore)
  • Loss Before Tax: ₹3.20 crore (previous year: Profit Before Tax of ₹13.54 crore)

Chairman's Address Key Points

The Chairman highlighted several challenges faced by the capital goods industry during the year:

  • Uneven demand from key sectors
  • Delays in project execution
  • Volatility in raw material prices
  • Supply-chain constraints
  • Competitive pricing pressures

The Company's strategic focus areas included:

  • Operational efficiency
  • Timely execution of orders
  • Customer relationships
  • Engineering capabilities
  • Product quality
  • Technological advancement
  • Prudent cost management

Specific business updates included:

  • Encouraging market response to IC Torque Drive (indigenous range of Industrial Gear Boxes)
  • Building Material Division initiatives to strengthen market presence
  • Continued focus on strengthening manufacturing capabilities and improving operational efficiencies

Business Transacted

The following resolutions were put to vote:

1. Adoption of Audited Financial Statements for FY ended March 31, 2026 with Reports of Board and Auditors (Ordinary Resolution)

2. Re-appointment of Mr. Indrajit Sen (DIN: 00216190) who retires by rotation (Ordinary Resolution)

3. Re-appointment of Mr. Rana Pratap Singh (DIN: 10186266) as Executive Director (Whole-time Director) (Special Resolution)

4. Borrowing powers under Section 180(1)(c) of Companies Act, 2013 (Special Resolution)

5. Creation of mortgage/charge on assets under Section 180(1)(a) of Companies Act, 2013 (Special Resolution)

6. Ratification of remuneration payable to M/s. DD & Associates, Cost Accountants, as Cost Auditor for FY ending March 31, 2026 (Ordinary Resolution)

Voting Process

Remote e-voting was available from 9:00 a.m. on August 16, 2026, to 5:00 p.m. on August 18, 2026, through NSDL platform. Members who hadn't voted remotely could vote electronically during the AGM and for 15 minutes after its conclusion.

Additional Information

The Statutory Auditors' Report contained no qualifications, reservations, or adverse remarks. The voting results and Scrutinizer's Report will be submitted to BSE Limited within statutory timelines.