Amic Forging Limited shareholders approved a significant increase in the remuneration of Managing Director G L Chamaria and Whole Time Director Anshul Chamaria during the Annual General Meeting held on September 30, 2026. The resolutions passed allow the monthly salary for both directors to rise from ₹5 lakh to ₹15 lakh, effective April 1, 2025.

The company disclosed the voting results to BSE Limited on October 5, 2026, pursuant to Regulation 44 of SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015. The scrutinizer’s report confirmed that all six ordinary resolutions proposed at the meeting were passed. The meeting was conducted via Video Conference / Other Audio-Visual Means.

Key Resolutions Passed

Shareholders adopted the audited standalone and consolidated financial statements for FY26. They also ratified the re-appointment of Mr. Anshul Chamarla, who retired by rotation. Additionally, the meeting approved the remuneration of the Cost Auditor for FY27 at ₹50,000 plus applicable taxes.

Remuneration Details

The most material financial decision involved the revision of director compensation. The resolution for Mr. G L Chamaria (Managing Director) and Mr. Anshul Chamaria (Whole Time Director) increased their monthly remuneration by ₹10 lakh each.

Voting Pattern Analysis

The voting results highlight a distinct concentration of power in the promoter group. For all six resolutions, the Promoter and Promoter Group voted in favor using 60,77,750 votes. In contrast, Public Non-Institutional shareholders cast only 8,800 votes in total across the entire meeting.

While the first three resolutions received 100% support from those voting, the last three resolutions (Cost Auditor remuneration and both Director pay hikes) saw dissent from the public shareholder segment. Specifically, 2,700 votes were cast against these three items by Public Non-Institutional shareholders, representing approximately 30.68% of the public votes polled on those specific items. Despite this dissent, the massive promoter vote share ensured all resolutions passed with over 99.95% overall support.

Scrutinizer Report Summary

Mr. B K Barik, Practising Company Secretary, submitted the scrutinizer’s report on October 1, 2026. The report verified the e-voting results provided by Bigshare Services Pvt Ltd. The total number of members voting through electronic means was 13 for the initial resolutions and 12 for the subsequent items, reflecting minor variations in participation or eligibility checks during the process.

Amic Forging will convene its 19th Annual General Meeting on September 30, 2026, to transact ordinary and special business. The agenda includes the adoption of financial statements for FY26 and a significant revision in key managerial personnel remuneration.

The Board of Directors is seeking shareholder approval to increase the monthly salary of Managing Director Girdhari Lal Chamaria and Whole Time Director Anshul Chamaria from ₹5 lakh to ₹15 lakh each. This represents a 200% increase in their fixed compensation, effective April 1, 2025. The explanatory statement cites increased operational scale and complexity as justification for the revised pay structure.

Financial Performance FY26

For the financial year ended March 31, 2026, the company reported revenue from operations of ₹14,178.48 lakh, up from ₹12,131.58 lakh in the previous year. However, profit after tax declined to ₹2,827.71 lakh compared to ₹3,555.70 lakh in FY25. The drop in net profit occurred despite higher revenue, driven by a sharp contraction in other income.

Other income fell drastically to ₹103.28 lakh from ₹2,070.91 lakh in FY25, primarily due to the absence of significant profits on the sale of investments recorded in the prior year. Total expenses rose to ₹10,309.15 lakh from ₹9,659.93 lakh, reflecting higher employee benefit expenses and other operating costs.

Capital Raise and Dividend

The company completed a preferential allotment of 2,60,425 equity shares and 65,000 convertible equity warrants during the year, raising approximately ₹50 crore. Proceeds were utilized for capacity expansion and working capital requirements. The Board decided not to recommend any dividend for FY26, opting to reinvest earnings to support future growth initiatives and backward integration projects.

What the Numbers Show

The divergence between revenue growth and profit decline highlights the impact of non-recurring items on Amic Forging's bottom line. While core operations generated higher sales, the absence of investment gains that boosted FY25 results led to a lower net profit. Additionally, the proposed tripling of director salaries coincides with a period of reduced profitability, signaling management's confidence in long-term value creation despite short-term margin pressure.