Meeting Details

Nature of Disclosure: Regulatory filing pursuant to Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015, containing proceedings of the 72nd Annual General Meeting.

Meeting Timing: The AGM was held on Wednesday, 19 August 2026 through Video Conferencing/Other Audio-Visual Means. It commenced at 11:00 A.M. (IST) and concluded at 12:25 P.M. (IST). The e-voting facility remained open for a further 30 minutes after conclusion.

Mode and Compliance: The meeting was conducted through VC/OAVM in accordance with circulars issued by MCA and SEBI, and applicable provisions of the Companies Act, 2013, SEBI (LODR) Regulations, 2015, and SS-2. The deemed venue was the Registered Office at 'Satyalaya', Sandur - 583 119, Ballari District, Karnataka.

Attendance

Chairman: T. R. Raghunandan, Chairman of the Board (Independent Director), chaired the meeting from the Corporate Office in Bengaluru.

Directors Present:

  • S. Y. Ghorpade (Chairman Emeritus) - Hosapete
  • Bahirji Ajai Ghorpade (Managing Director) - Corporate Office, Bengaluru
  • G. P. Kundargi (Independent Director, Chairman of Audit Committee) - Nagpur
  • Dr. Latha Pillai (Independent Director, Chairperson of Nomination & Remuneration Committee) - San Francisco
  • H. L. Shah (Independent Director, Chairman of Corporate Social Responsibility Committee) - Mumbai
  • Pankajam Sridevi (Independent Director, Chairperson of Stakeholders Relationship Committee) - London
  • Mohammed Abdul Saleem (Non-Executive Director) - Bengaluru
  • Anand Sen (Non-Executive Director, Chairman of Risk Management Committee) - San Francisco

Key Managerial Personnel Present:

  • Manoj Kumar Jha (Chief Financial Officer & Chief Risk Officer) - Corporate Office, Bengaluru
  • Neha Thomas (Company Secretary & Compliance Officer) - Corporate Office, Bengaluru

Auditors and Scrutinizer Present:

  • Monisha Parikh and Meena S. (Representatives of Deloitte Haskins & Sells, Chartered Accountants, Statutory Auditor) - Bengaluru
  • N. D. Satish (Secretarial Auditor) - Bengaluru
  • T. Sathya Prasad Yadav (Scrutinizer) - Bengaluru

Members Present: 66 Members attended through VC/OAVM, including 3 Director shareholders and 1 KMP. Quorum requirements under Section 103 of the Companies Act, 2013 were met throughout the meeting.

Chairman's Address Highlights

The Chairman's address covered the following key operational and financial highlights for FY26:

1. Production Capacity: The company operated at enhanced Maximum Permissible Annual Production (MPAP) limits of 0.599 Million Tonnes Per Annum (MTPA) for manganese ore and 4.45 MTPA for iron ore.

2. Production Achievement: Achieved highest-ever production and sales in both manganese ore and iron ore. The company is the second largest manganese ore miner in India and third largest iron ore miner in Karnataka.

3. Standalone Financial Performance:

  • Total income: ₹2,076 crore
  • EBITDA (after one-time exceptional cost): ₹904 crore, up 24% year-on-year
  • Profit After Tax (PAT): ₹543 crore, up 22% year-on-year
  • Achieved despite soft ore realizations throughout the year

4. Consolidated Financial Performance (including Arjas Steel):

  • Total income: ₹5,163 crore, up 61% year-on-year
  • EBITDA (after one-time exceptional cost): ₹1,252 crore, up 45% year-on-year
  • PAT: ₹658 crore, up 40% year-on-year
  • First full financial year reflecting Arjas Steel's contribution

5. Debt Repayment: Borrowings raised for Arjas Steel acquisition were substantially repaid through internal accruals. The company became Standalone Net Debt Free as of 31 March 2026 after early redemption of ₹423 crore of Non-Convertible Debentures, well ahead of scheduled maturity.

6. Credit Ratings: CRISIL reaffirmed long-term rating at 'CRISIL A+' and revised outlook to 'Positive'. ICRA reaffirmed ratings assigned to bank facilities.

7. Corporate Actions: Issued Bonus Shares in the ratio of 2:1 during FY26 and increased Authorised Share Capital accordingly.

8. Dividend: Highest-ever dividend payout of ₹24 crore.

9. Market Capitalization Milestone: In October 2025, entered the list of Top 500 listed companies in India by market capitalization for the first time, ranking at 494th position.

10. Future Projects: Actively evaluating further projects at both standalone and Arjas Steel levels, to be revealed upon Board approval.

Procedural Matters

  • The Auditors' Report on Standalone and Consolidated Financial Statements and Secretarial Audit Report for FY26 contained no qualifications, reservations, observations, adverse remarks, or disclaimer.
  • The Managing Director addressed queries from speaker shareholders.
  • E-voting results were to be declared by the scrutinizer and made available on stock exchange websites, company website, and NSDL within two working days from meeting conclusion.
  • All resolutions were deemed passed subject to voting results declaration.