Meeting Details

The 31st Annual General Meeting was held on Wednesday, August 12, 2026 from 4:30 PM IST onwards through Video Conferencing/Other Audio Visual Means without physical presence of members.

Attendance

Board of Directors and Management Present:

1. Mr. Rajiv Mittal - Chairman & Managing Director

2. Mr. Milin Mehta - Independent Director & Chairman of Audit Committee and Capital Allocation Committee

3. Mrs. Vijaya Sampath - Independent Director & Chairperson of Nomination and Remuneration Committee, Corporate Social Responsibility Committee, and Sustainability Committee

4. Mr. Samaresh Parida - Additional (Independent) Director

5. Mr. Ranjit Singh - Independent Director & Chairman of Stakeholders Relationship Committee and Risk Management & Monitoring Committee

6. Mr. Amit Goela - Non-Executive Non-Independent Director

7. Mr. S. Varadarajan - Whole-Time Director & Chief Growth Officer

8. Mr. Bhupesh Chowdary Nagineni - Deputy Managing Director

9. Mr. Shailesh Kumar - Chief Executive Officer India Cluster

10. Mr. Skandaprasad Seetharaman - Chief Financial Officer (CFO)

11. Mr. Arulmozhi - CFO, India Cluster

12. Mr. Rohan Mittal - Head Strategy & Business Growth, GCC

13. Mr. Anup Kumar Samal - Company Secretary & Compliance Officer

Auditors Present:

  • Mr. Rajesh Kumar Padamchand - Partner, M/s Sharp & Tannan, Statutory Auditors
  • Ms. Padma Thiagarajan - Partner, PKF Sridhar & Santhanam LLP (representing Mr. S. Narasimhan)
  • Mr. J Ramakrishna Raju - Head Corporate Assurance and Internal Auditor
  • Mr. K Suryanarayanan - Cost Auditor
  • Mr. M Damodaran - Managing Partner, M/s M. Damodaran & Associates LLP, Secretarial Auditors and Scrutinizer for e-voting

Resolutions for Shareholder Approval

The meeting had six resolutions for shareholder approval through e-voting:

Ordinary Business:

1. Adoption of audited financial statements (standalone and consolidated) for FY ended March 31, 2026 with Board's and Auditors' reports - Ordinary Resolution

2. Declaration of final dividend of ₹5 per equity share - Ordinary Resolution

3. Appointment of Mr. S. Varadarajan as Director liable to retire by rotation - Ordinary Resolution

Special Business:

4. Approval for remuneration payable to Mr. Rohan Mittal, Related Party holding office or place of profit - Ordinary Resolution

5. Ratification of remuneration payable to cost auditor for FY 2025-26 - Ordinary Resolution

6. Appointment of Mr. Samaresh Parida as Independent Director - Special Resolution

E-Voting Process

  • Remote e-voting period: August 7, 2026 (9:00 AM IST) to August 11, 2026 (5:00 PM IST)
  • Cut-off date for voting eligibility: August 5, 2026
  • E-voting during AGM remained open for 30 minutes after meeting conclusion
  • Mr. M. Damodaran appointed as Scrutinizer for both remote e-voting and e-voting during AGM
  • Results to be intimated to Stock Exchanges within two working days and uploaded on Company website and NSDL website

Financial Performance Highlights FY 2025-26

  • Revenue: ₹3,944 Crores (20% YoY growth)
  • EBITDA: ₹524 Crores
  • Profit After Tax: ₹371 Crores (highest ever in company history, 23% growth over 3 years)
  • Net cash positive position maintained for sixth consecutive year (₹950+ Crores excluding HAM)
  • Order Book: ₹17,200+ Crores (providing strong multi-year revenue visibility)
  • Credit Rating: IND AA- (stable outlook) for long-term facilities, A1+ for short-term facilities
  • Return on Equity: Above 15%
  • ROCE: Approximately 20%

Dividend Declaration

The Board recommended a final dividend of ₹5 per equity share for FY 2025-26, higher than previous year's ₹4 per share.

Business Overview and Strategy

Market Position:

  • Global top three private water operators and desalination plant suppliers (GWI survey 2024)
  • 100-year-old company founded in 1924, present in over 25 countries
  • Over 1,500 water and wastewater treatment plants delivered in last three decades
  • 2,500+ engineers and water professionals
  • Serves over 96 million people globally

Growth Drivers:

1. India Market: Jal Jeevan Mission, AMRUT, Namami Gange programs creating sustained opportunities

2. Middle East: Vision 2030 investments in desalination, wastewater treatment and reuse

3. Africa: Multilateral funding for drinking water and sanitation projects

4. Emerging Sectors: Semiconductor, solar PV manufacturing, data centers, green hydrogen, AI-enabled infrastructure requiring ultra-pure water systems

5. Circular Economy: Compressed biogas (CBG) from wastewater, recovering 40 MW of green energy from biogas

Technology and Innovation:

  • Global R&D centers in Europe and India
  • 125+ IPR rights generated
  • BLUE SEED initiative for fostering innovation and startups in water sector
  • Investment in Nimble Vision Private Limited (10% equity stake in April 2026), Bengaluru-based startup in AI and IoT smart water monitoring

Order Intake Highlights FY 2025-26:

India Cluster:

  • Mega orders in Chennai (ring main system water grid and reuse contract)
  • Melamchi project in Nepal
  • Ultra-pure water order from RenewSys India
  • First order from BPCL
  • Repeat order from BWSSB for sewage treatment plant (World Bank funded)

Middle East and Africa Cluster:

  • Mega and large orders in Saudi Arabia and Bahrain
  • Preferred bidder status for projects worth over $400 million in the region

Shareholder Q&A Highlights

1. Market Share: Company focuses on technologically complex projects rather than market share metrics; among top three globally in private water sector

2. Geopolitical Impact: Middle East conflict caused 6-8 month project delays but no impact on existing plants, staff safety, or payments; minor supply chain issues

3. Growth Strategy: Focus on manufactured water (desalination, reuse), new energy sectors, and maintaining asset-light model

4. BLUE SEED Initiative: Evaluating additional startup investments; partnerships with IITs, IIMs, and other incubation centers

5. Name Origin: VA Tech derived from Voest-Alpine Technologies, acquired from Siemens in 2007

6. Emerging Opportunities: Ultra-pure water demand growing for semiconductors (45 m³/hr per gigawatt), data centers (45 MLD per gigawatt), and compressed biogas under GOBARdhan scheme

7. Project Execution: Typically 15-20 projects abroad and 50-60 projects in India under execution at any time

Forward-Looking Statements

Management expressed confidence in long-term water sector growth driven by:

  • Accelerating water infrastructure investments globally
  • Growing adoption of desalination, water reuse, and resource recovery
  • Emerging industrial sectors requiring advanced water treatment
  • Strong order book, robust balance sheet, and technical expertise positioning company for future growth