Company and Meeting Details

Meeting Proceedings and Attendance

The 18th AGM was held on Friday, September 11, 2026 at 11:30 AM through video conferencing and Other Audio Visual Means in accordance with MCA circulars and SEBI Listing Regulations.

Management Present:

  • Mr. Rakesh Ashok Markhedkar – Chairman and Managing Director
  • Mr. Avinash Ashok Markhedkar – Whole Time Director & CSR Committee Chairperson
  • Mr. Nakul Markhedkar – Whole Time Director & Risk Management Committee Chairperson
  • Mr. Rakesh Kumar Sharma – Independent Director & Nomination and Remuneration Committee Chairperson
  • Mr. Arun Unhale – Independent Director & Stakeholders Relationship Committee Chairperson
  • Ms. Priti Savla – Independent Director & Audit Committee Chairperson
  • Mr. Ashish Bahety – Chief Financial Officer
  • Ms. Kajal Rakholiya – Company Secretary and Compliance Officer

External Representatives Present:

  • Statutory Auditors: M/s. Walker Chandiok & Co LLP
  • Cost Auditors: M/s. R. R. Ahirwar & Associates
  • Internal Auditors: RSM Astute Consulting Private Limited
  • Scrutinizer: M/s. Geeta Canabar & Associates

Voting was conducted through remote e-voting (September 7-10, 2026) and e-voting during the meeting, with results to be announced post-scrutiny by the appointed scrutinizer.

Financial Performance Highlights - FY 2025-26

Revenue Growth: Revenue from operations increased by 36.4% to approximately ₹1,249 crore from ₹916 crore in previous year.

Profitability: EBITDA stood at approximately ₹175 crore; Profit After Tax increased by 17.9% to approximately ₹92 crore.

Order Book: Consolidated order book strengthened significantly from approximately ₹2,044 crore (March 31, 2025) to approximately ₹5,206 crore (March 31, 2026).

Q1 FY 2026-27 Performance Update

Standalone Revenue: Approximately ₹204 crore

Standalone EBITDA: Approximately ₹28 crore

Margin Improvement: EBITDA margin grew by 24% year-over-year; PAT increased by 210% year-over-year

Current Order Book: As of August 11, 2026 - approximately ₹6,496 crore with composition:

  • Solar: 62%
  • Power T&D: 28%
  • Water Infrastructure & Railways: 10%

Strategic Developments and Business Updates

Listing Milestone: Company listed on BSE and NSE on September 3, 2025, marking transition to public markets.

Renewable Energy Expansion:

  • Vikran MP Solar Private Limited: Developing 45.75 MW AC grid-connected Solar PV-based Power Plants under Surya Mitra Krishi Feeders Scheme of Madhya Pradesh
  • NOPL Solar Acquisition: Acquired 100% of NOPL Solar Projects Private Limited, entering development and ownership of 969 MW solar renewable power portfolio with long-duration PPAs
  • Market Position: Company now part of exclusive club of solar asset developers with >1 GW Assets under development in Madhya Pradesh and Maharashtra

Business Diversification: Evolution in business composition with Solar emerging as major growth engine alongside established strengths in Power Transmission & Distribution, Water Infrastructure and Railway Electrification.

Execution Capabilities Highlighted:

  • Successful commissioning of 132 kV D/C Miao–Namsai Transmission Line in Arunachal Pradesh under POWERGRID TW-30B package despite challenging terrain
  • Award of 400 kV GIS substation package from POWERGRID at Malerkotla
  • Delivery of three major POWERGRID 765 kV substations ahead of schedule by 2.5-3 months

Future Strategy and Priorities

Company outlined five key focus areas:

1. Disciplined execution with focus on timely delivery, quality and project-level profitability

2. Selective growth pursuing opportunities with competitive advantage

3. Renewable energy expansion through solar EPC and integrated renewable business

4. Technology and operational excellence strengthening systems and processes

5. Prudent capital allocation and governance as a listed company

Resolutions Proposed for Approval

The meeting included twelve resolutions for shareholder approval:

Ordinary Business:

1. Adoption of Annual Audited Financial Statements for FY ended March 31, 2026 and Reports of Board of Directors and Auditors

2. Re-appointment of Mr. Nakul Markhedkar as Director retiring by rotation

3. Declaration of final dividend of ₹0.18 per equity share of ₹1 each for FY ended March 31, 2026

Special Business:

4. Amendment of Object Clause of Memorandum of Association

5. Alteration of Articles of Association

6. Approval of limits under Section 180(1)(a) of Companies Act, 2013

7. Approval of borrowing limits under Section 180(1)(c) of Companies Act, 2013

8. Approval of limits under Section 186 of Companies Act, 2013

9. Ratification of remuneration of cost auditors for FY ending March 31, 2027

10. Approval of payment of remuneration to Mrs. Kanchan Rakesh Markhedkar, CHRO (related party)

11. Approval of payment of remuneration to Mr. Vipul Markhedkar, CBO (related party)

12. Issuance of Debt securities for amount not exceeding ₹1,000 crores

Shareholder Q&A Highlights

Tender Win Ratio: Management confirmed approximately 20% tender winning ratio maintained consistently.

NOPL Solar Project Details:

  • Total project cost: Approximately ₹4,200 crores
  • Debt component: 70-75% (approximately ₹2,800-3,150 crores)
  • Equity infusion: ₹1,000-1,200 crores (50% already infused)
  • Financial closure process ongoing

Margin Protection: Company maintains minimum profitability criteria in tender selection; uses price escalation clauses and vendor management (4,500 registered vendors) to protect margins against raw material cost fluctuations.

Geographical Expansion: Company expressed interest in Bengal region opportunities as part of eastern India expansion strategy.

Tariff Impact: Management indicated minimal impact from tariffs due to limited import/export exposure and price escalation provisions in contracts.

Dividend Declaration

Final dividend of ₹0.18 per equity share of ₹1 each declared for financial year ended March 31, 2026, subject to shareholder approval.