Atul Auto has scheduled its 38th Annual General Meeting for September 18, 2026. The meeting will address ordinary business including financial statement adoption and special business involving director reappointments and strategic asset leasing.

The Board recommends a final dividend of ₹3.00 per equity share for FY26. Shareholders on record as of September 11, 2026 will be eligible for the payout.

Director Reappointments

Shareholders will vote on the reappointment of three directors:

• Neeraj J Chandra: Retiring by rotation as Director.
• Mahendra J Patel: Reappointed as Whole-time Director and CFO for three years from April 1, 2027 to March 31, 2030. His proposed remuneration is ₹52.8 lakh per annum, down from ₹66.11 lakh in FY25-26.
• Gurudeo Madhukar Yadwadkar: Reappointed as Independent Director for a second term until August 9, 2029.

Strategic Asset Leasing

The Company seeks approval to lease its manufacturing unit at Shapar (Veraval), Rajkot. The facility comprises approximately 13 acres with a written-down value of ₹6.02 crore as on March 31, 2026.

Management plans to consolidate manufacturing operations at the Ahmedabad facility, which has an installed capacity of 60,000 vehicles per annum. The Rajkot lease is expected to generate recurring revenue from an asset that would otherwise remain underutilized.

Related Party Transactions

Atul Auto seeks shareholder approval for material related-party transactions with Khushbu Auto, an authorized dealer in the Ahmedabad region. The proposed transaction limit is ₹120 crore for FY26-27.

Khushbu Auto is owned by promoter group members Chetankumar Patel (80%) and Hirenkumar Patel’s relatives (20%). Transactions with the dealer totaled ₹36.09 crore in the last financial year and ₹18.53 crore in the first quarter of FY26-27.

What the Numbers Show

The proposed ₹120 crore transaction limit with Khushbu Auto represents approximately 15% of Atul Auto’s annual consolidated turnover from the preceding financial year. This concentration highlights the dealer’s significant role in the Company’s distribution network within the Ahmedabad region.

Meeting Details

The AGM will be held via Video Conferencing/Other Audio Visual Means on September 18, 2026, at 3:30 pm. Remote e-voting begins on September 15, 2026, at 9:00 am and ends on September 17, 2026, at 5:00 pm.

Atul Auto Limited reported a sharp acceleration in profitability for the quarter ended June 30, 2026, with consolidated net profit surging 290.29% year-on-year to ₹8.04 crore from ₹2.06 crore. The three-wheeler manufacturer posted this gain on the back of robust demand, selling 9,878 units compared to 6,929 units in the same quarter last year, representing a 42.56% volume growth. This operational strength translated into a 42.97% rise in consolidated revenue from operations to ₹218.43 crore, while standalone revenue climbed 44.67% to ₹206.93 crore.

The Board of Directors approved the unaudited financial results on August 08, 2026, pursuant to Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee and subjected to a limited review by the statutory auditors, M/s. Maharishi & Co., who issued their report under Standard on Review Engagement (SRE) 2410. The filing also disclosed significant strategic moves, including the closure of manufacturing operations at its Rajkot facility and the re-appointment of key board members.

Financial Performance Highlights

The company's financial results reflect improved operational efficiency across both standalone and consolidated structures. While standalone profit before tax increased 34.23% to ₹9.02 crore, the consolidated segment saw a more dramatic improvement, with profit before tax jumping 231.38% to ₹10.77 crore. Basic and diluted earnings per share (EPS) rose to ₹2.86 at the consolidated level, up from ₹1.06 in the previous year. On the operating front, EBITDA improved to 169M Rupees from 100M Rupees year-on-year, with the EBITDA margin expanding to 7.72% from 6.55% in the same period last year, reflecting stronger cost management and operating leverage.

The following table summarises the key financial and operational metrics for the quarter:

Updated EBITDA metrics for the quarter are as follows:

Strategic Operational Shifts

In a move to optimize costs, the Board approved the closure of existing manufacturing operations for three-wheelers and spares located at Shapar (Veraval), Rajkot. The company will consolidate all vehicle assembling activities at its modern Bhayla facility in Ahmedabad, which has an installed capacity of approximately 60,000 vehicles per annum. Management stated that the Ahmedabad facility offers superior logistical advantages and can meet anticipated demand with minimum capital expenditure.

The Rajkot facility, comprising approximately 13 acres of land and buildings with a written-down value of ₹6.01 crore as of March 31, 2026, is slated for closure on or before December 01, 2026. The Board further approved leasing the Rajkot land and building to generate steady recurring cash flows. This lease arrangement is subject to shareholder approval at the ensuing Annual General Meeting. During FY25-26, the Rajkot unit manufactured parts aggregating to ₹48.34 crore, which were entirely captively consumed or sold as spare parts, generating no independent turnover.

Board Appointments and Restatements

The Board approved the re-appointment of Mr. Mahendra J. Patel as Whole-time Director & Chief Financial Officer for a term of three years from April 1, 2027, to March 31, 2030. Additionally, Mr. Gurudeo Madhukar Yadwadkar was re-appointed as an Independent Director for a second consecutive term from August 11, 2026, to August 10, 2029. Both appointments are subject to shareholder approval.

The statutory auditors included an emphasis of matter regarding the restatement of figures for the quarter ended June 30, 2025. This adjustment followed the slump sale acquisition of the "EV L5 Division" from subsidiary Atul Greentech Private Limited effective January 15, 2026. The transaction was accounted for using the pooling-of-interest method under Appendix C of Ind AS 103, requiring comparative figures to be restated irrespective of the actual combination date.