30th AGM Held; 4 Resolutions Taken Up, Chairman Flags Moderation in FY26 Revenue and Profit

30th AGM held Sept 30, 2026 via video conferencing.

Wed 30 Sep 2026

AGM Date

September 30, 2026

Warrant Conversion by Promoters

5,00,000 Warrants converted into 5,00,000 Equity Shares at ₹200 per share in March 2026

Chairman Commentary on FY 2025-26

Moderation in revenue and profitability vs previous year, with healthy order booking

Key Customers Mentioned

Tata Steel, Larsen & Toubro, AMNS India

What was shared

The company shared the summary of proceedings of its 30th Annual General Meeting, held on Wednesday, September 30, 2026 through video conferencing. The meeting commenced at 11:05 A.M. and concluded at 11:32 A.M.

Items taken up

• Adoption of audited financial statements for the year ended March 31, 2026 with Board and Auditors' reports (Ordinary Resolution)
• Re-appointment of Mr. Puneet Pradeep Badkur as Director retiring by rotation (Ordinary Resolution)
• Increase in the limit under Section 186 of the Companies Act, 2013 for making loans and investments (Special Resolution)
• Alteration in the Objects Clause of the Memorandum of Association (Special Resolution)

Chairman's remarks

The Chairman acknowledged that FY 2025-26 witnessed moderation in revenue and profitability compared to the previous year, placing it in the context of India's industrial capital expenditure cycle. He noted increased activity in the Steel and Power sectors and a rise in enquiries and tender opportunities, including new steel capacity and power projects. He referred to healthy order booking and continued engagement with customers including Tata Steel, Larsen & Toubro and AMNS India.

He explained that order booking and revenue recognition run on different timelines, as orders are executed over subsequent periods.

Promoter infusion

The Chairman stated that promoters converted 5,00,000 Warrants into 5,00,000 Equity Shares at ₹200 per share in March 2026, infusing funds into the company.

Voting

Remote e-voting ran from September 27, 2026 (09:00 A.M.) to September 29, 2026 (05:00 P.M.). Shareholders attending who had not voted earlier were given e-voting access for 15 minutes after the proceedings. The Scrutinizer's report and results will be intimated to the stock exchanges and uploaded on the company's website.

Points noted in the proceedings

• The audited financial statements and audit reports bore no qualification, observation, adverse remark or disclaimer.
• Due to a technical issue with the RTA's platform, audio of certain shareholders could not be heard and some could not unmute, so their queries could not be heard during the meeting.
• Two Non-Executive Independent Directors could not attend; leave of absence was granted in one case.

How to read it

This is a procedural disclosure of AGM proceedings. The substantive items for investors are the two special resolutions (higher Section 186 loan/investment limit and change in the objects clause), the acknowledged moderation in FY26 revenue and profitability, and the promoter fund infusion through warrant conversion. The actual voting outcome comes in the separate scrutinizer's results update.

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