Aplab shareholders approved the company’s audited financial statements for FY26 and key board appointments at its 61st Annual General Meeting on August 28, 2026. All four resolutions passed with 99.41% support.

The meeting, conducted via video conferencing, commenced at 11:30 am and concluded at 12:31 pm. Sanjay N. Mehta, Managing Director, chaired the proceedings after confirming the requisite quorum was present.

Voting Results

Remote e-voting facilities were provided through NSDL from August 25 to August 27, 2026, and for 15 minutes after the AGM start time. Mrs. Rama Subramanian served as the Scrutinizer. The consolidated results are as follows:

Share Capital and Voting Rights

As on the cut-off date of August 21, 2026, Aplab’s paid-up equity share capital comprised fully paid-up equity shares of ₹10 each and partly paid-up equity shares of ₹2.50 each. Voting rights on partly paid-up shares were proportional to the actual amount paid-up. Consequently, 1,25,70,000 partly paid equity shares represented 31,42,500 votes based on their paid-up value.

The total voting pool consisted of 1,57,12,500 votes derived from 2,51,40,000 equity shares. The company created two separate EVENs for fully paid-up and partly paid-up equity shares to facilitate electronic voting.

Board Appointments

Shareholders approved the re-appointment of Sanjay N. Mehta, who retired by rotation. The meeting also passed special resolutions for two new appointments:

• Nishith P. Deodhar: Appointed as Whole-time Director, designated as Executive Director, for a three-year term from June 1, 2026, to May 31, 2029.
• Tanvi Paharia Jain: Appointed as Non-Executive, Non-Independent Director, liable to retire by rotation, for a term up to May 31, 2031.

Management Address and Shareholder Interaction

The Chairman delivered a management address covering the company’s FY25-26 performance, operational improvements, and business outlook across principal verticals including defense, aviation, banking automation, and service operations. No unpublished material information or financial guidance was provided during the address.

Eight registered shareholders raised questions regarding financial performance and product development. Management responded within the scope of publicly available information.

Aplab Limited reported a significant turnaround in profitability for fiscal year 2026, with net profit after tax rising to ₹2.52 crore from ₹0.26 crore in the previous year. This represents an approximate 870% increase, driven by structural cost reductions and margin expansion despite a contraction in top-line revenue.

The electronics engineering firm delivered its 61st Annual General Meeting management address on August 28, 2026. The disclosure highlights operational efficiencies that allowed the company to improve its bottom line while navigating a challenging revenue environment.

Financial Performance

Revenue from operations declined to ₹58.44 crore in FY26, down from ₹63.67 crore in FY25. However, the company achieved substantial margin improvements through disciplined execution and working capital efficiency.

Operating profit margin expanded to 10.07% from a negative 5.29% in the prior year. Net profit margin similarly improved to 4.31% from 0.41%. The Board did not recommend a dividend for the year, directing resources toward strengthening the business.

What the Numbers Show

The divergence between revenue decline and profit surge indicates a shift toward higher-margin activities and strict cost control. With revenue falling 8% while net profit increased nearly ninefold, the improvement was not volume-driven but rather derived from operational leverage. Additionally, debtor days improved sharply from 124 to 53, suggesting enhanced cash collection efficiency that likely contributed to lower finance costs and better liquidity.

Business Segment Updates

Power Control and Conversion Electronics (PCCE) remained the largest revenue contributor, accounting for nearly three-quarters of total income. Revenue from defence and aviation sectors moderated by approximately 2-3% due to project timing and deployment schedules.

Test and Measurement Instrumentation (TMI) saw revenue increase by approximately 30%, albeit from a low base. The Banking and Business Automation segment recorded a 50% revenue increase compared to the previous fiscal year, though management noted this segment remains volatile and dependent on public sector tender wins.

Service revenue stood at ₹6.58 crore in FY26. The year-on-year decline was attributed to the end of operational life for older banking kiosks in the serviceable installed base. Management aims to rebuild this base over time but clarified that achieving a 50% service-revenue mix is a long-term aspirational goal rather than a near-term target.

Balance Sheet and Outlook

The debt-equity ratio reduced significantly to 0.93 from 2.38 in the previous year. Interest coverage improved to 2.37 times from negative 1.05 times, reflecting lower financial leverage and improved earnings before interest and taxes.

Looking ahead, Aplab identified opportunities in critical power, defence, aviation, and banking automation. However, management stated it would not provide specific revenue or order-book guidance for FY27, citing dependence on customer procurement cycles and competitive intensity.