Date: September 2, 2026

Meeting Details

The 32nd Annual General Meeting was held on Tuesday, August 4, 2026, from 10:00 A.M. to 10:48 A.M. (IST) through Video Conferencing from the Registered Office in Ahmedabad.

Participants

Board Members & KMPs:

  • Dr. Sharvil P. Patel - Chairman
  • Ms. Dharmishtaben N. Raval - Independent Director and Chairperson of Audit Committee
  • Mr. Apurva S. Diwanji - Independent Director
  • Mr. Srivishnu R. Nandyala - Independent Director
  • Mr. Kulin S. Lalbhai - Independent Director and Chairman of Nomination and Remuneration Committee
  • Mr. Ganesh N. Nayak - Non-Executive Director and Chairman of Stakeholders' / Investors' Relationship Committee
  • Mr. Tarun Arora - Chief Executive Officer & Whole Time Director
  • Mr. Umesh V. Parikh - Chief Financial Officer
  • Mr. Nandish P. Joshi - Company Secretary & Compliance Officer

Auditors:

  • Mr. Mukesh M. Shah - Statutory Auditor
  • Mr. Hitesh D. Buch - Secretarial Auditor and Scrutinizer

Business Transacted

Ordinary Business:

  • Adoption of Standalone Audited Financial Statements for FY26
  • Adoption of Consolidated Audited Financial Statements for FY26
  • Declaration of Dividend of ₹1.20 (60%) per equity share for FY26
  • Re-appointment of Dr. Sharvil Patel as Non-Executive Director

Special Business:

  • Appointment of Mr. Apurva Diwanji as Independent Director for five years
  • Ratification of remuneration of Cost Auditors for FY27

Financial Performance Highlights

FY26 Performance:

  • Revenue from operations: ₹36,610 million (46.2% growth)
  • EBITDA: ₹5,097 million (34.2% growth)
  • International business contributed over 30% of revenue

Strategic Updates

Comfort Click Acquisition:

  • Acquired Comfort Click Limited (UK) with subsidiaries in Ireland, India, and United States
  • Acquisition value: ₹3,000 crore
  • EBITDA multiple: 11.5 times
  • Strengthens presence in Vitamins, Minerals and Supplements (VMS) category
  • Enhances digital-first and direct-to-consumer capabilities

Portfolio Performance:

  • Seasonal brands impacted by delayed summers and unseasonal rainfall
  • Skincare and haircare portfolio delivered strong growth supported by innovation and premiumisation
  • Food and nutrition segment witnessed continued growth
  • Iconic brands include: Sugar Free, Glucon-D, Complan, Everyuth, Nycil, Nutralite, RiteBite Max Protein, I'm Lite

Corporate Governance

Board Changes:

  • Mr. Apurva Diwanji appointed as additional Independent Director effective May 18, 2026
  • Mr. Diwanji has 32+ years experience with Desai and Diwanji, specializing in M&A, Private Equity and Joint Ventures

Voting Details:

  • Representations received for 22.14 crore shares (69.6% of total share capital)
  • Remote e-voting period: July 31, 2026 (9:00 a.m.) to August 3, 2026 (5:00 p.m.)
  • Cut-off date: July 28, 2026
  • Mr. Hitesh Buch appointed as Scrutinizer

Shareholder Q&A Highlights

Product Innovation & Strategy:

  • Complan showing improvement with new formats and occasion-based segmentation
  • Ready-to-use formats launched for convenience
  • 30% of business driven by modern trade, E-Comm and Q-Comm

Financial Concerns:

  • Debt of ₹30,711 million primarily for Comfort Click acquisition
  • Borrowed at competitive GBP rates (~5% interest)
  • Debt repayment planned over 5.5-7 years
  • Net profit decline attributed to finance costs and higher depreciation/amortization from acquisition

Goodwill & Intangible Assets:

  • Goodwill: ₹49,419 million
  • Intangible assets: ₹33,387 million
  • Goodwill tested annually with no impairment required
  • Valuation methodology included discounted cash flow and peer benchmarking

Operational Management:

  • Seasonal inventory management challenge acknowledged
  • Focus on margin improvement through cost reduction and premiumisation

ESG & Recognition:

  • Recognized in S&P Global Sustainability Yearbook 2026
  • Rated 99th percentile in ESG performance
  • Great Place to Work for fourth consecutive year
  • India's Best Workplaces™ in FMCG 2026
  • CSR spending: ₹8.72 million
  • Water conservation initiatives including magnetic flow meters

Auditor Reports

  • No adverse qualifications, observations or comments in Statutory Auditor's Report
  • No adverse qualifications in Secretarial Auditor's Report
  • Goodwill valuation identified as key audit matter

Dividend Information

  • Dividend: ₹1.20 per equity share (60%)
  • Financial year: March 31, 2026