Astra Microwave Products concluded its 35th Annual General Meeting on September 18, 2026. The meeting adopted the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026.

The company declared a final dividend on equity shares for FY26. Members also approved the re-appointment of directors Mr. Prakash Anand Chitrakar and Mr. Atim Kabra, who retired by rotation.

Key Board and Management Changes

Shareholders passed a special resolution to redesignate Dr. M. V. Reddy from Joint Managing Director to Managing Director. This structural change aligns with the company's leadership succession planning.

The meeting also approved an ordinary resolution for a revision in remuneration for Mr. Atim Kabra, who serves as Whole-time Director designated as Director (Strategy and Business Development).

Additionally, shareholders approved a special resolution for the payment of cash compensation to Mr. S. Gurunatha Reddy, the current Managing Director.

Related Party Transactions and Audits

Members ratified the remuneration of Cost Auditors through an ordinary resolution. The company also sought approval for material related-party transactions with its joint venture, Astra Rafael Comsys Private Limited, for the financial year 2026-2027.

Dr. Avinash Chander, Chairman, presided over the meeting. He confirmed that the requisite quorum was present via Video Conferencing or other Audio Visual Means. Eighty-four members participated in the proceedings.

What the Numbers Show

The statutory auditor’s report and secretarial auditor’s report were both unqualified, indicating no adverse observations or comments regarding the company’s compliance and financial reporting for the period.

Voting Process

The company extended e-voting facilities to members from September 14, 2026, to September 17, 2026. Mr. L.D. Reddy, Practicing Company Secretary, served as the scrutinizer for the voting process. Results will be announced within 48 hours of the meeting's conclusion.

Astra Microwave Products has scheduled its 35th Annual General Meeting for September 18, 2026. The meeting will address key corporate governance changes, including leadership redesignations and significant related-party transaction approvals.

The Board of Directors has recommended a final dividend of ₹2.40 per equity share for FY26, subject to shareholder approval. The record date for determining dividend entitlement is set for September 11, 2026. Shareholders on record by this date will be eligible to receive the payout, which will be paid after deducting applicable taxes at source.

E-Voting and Meeting Logistics

The AGM will be held via electronic mode (Video Conference or Other Audio-Visual Means) at 3:00 pm IST. Remote e-voting is available from 9:30 am on Monday, September 14, 2026, until 5:00 pm on Thursday, September 17, 2026. Members who have cast their votes remotely cannot vote again during the meeting. Those present via VC/OAVM who have not voted remotely may vote electronically during the session.

Leadership Restructuring

A central focus of the AGM is the proposed redesignation of Dr. M. V. Reddy from Joint Managing Director to Managing Director. This change is effective from October 1, 2026, for the remainder of his tenure until April 29, 2028.

The resolution outlines a revised remuneration structure for Dr. Reddy, featuring a basic salary of ₹6 lakh per month. His performance bonus is capped at ₹3.2 crore, linked to revenue (30% weightage), EBITDA (30%), and strategic initiatives including ESG and human capital management.

Additionally, the Board seeks approval to revise the remuneration of Whole-time Director Mr. Atim Kabra. Effective October 1, 2026, his basic salary will increase to ₹5.42 lakh per month, with a performance bonus ceiling of ₹80 lakh. Both appointments aim to align executive compensation with the company’s expanding operations in Defence, Space, and Meteorology sectors.

Related Party Transactions

Shareholders will vote on an omnibus approval for material related-party transactions with Astra Rafael Comsys Private Limited (ARC), a joint venture in which Astra Microwave holds a 50% stake. The proposed aggregate value for FY27 is ₹200 crore.

This figure represents approximately 16.93% of the company’s consolidated turnover for FY26. In the preceding financial year (FY26), transactions with ARC totaled ₹160.09 crore. The approval covers the sale and purchase of materials, equipment, corporate guarantees, and miscellaneous services, all intended to be conducted on an arm’s length basis.

Exit Compensation and Director Re-appointments

The AGM will also approve a cash compensation payment of ₹1.35 crore to outgoing Managing Director Mr. S. Gurunatha Reddy. He ceased holding office on September 30, 2026. The compensation covers the unexpired portion of his tenure, calculated based on his average remuneration over the last three financial years.

Furthermore, Non-Executive Director Mr. P. A. Chitrakar and Executive Director Mr. Atim Kabra retire by rotation and offer themselves for re-appointment. Both directors attended all seven board meetings during FY26.