Atul Auto Limited held its 38th Annual General Meeting on September 18, 2026. Shareholders approved ordinary and special resolutions, including the re-appointment of directors and a proposal to lease the company’s manufacturing facility in Rajkot.

The meeting commenced at 3:30 pm via video conference and concluded at 4:13 pm. Neeraj Chandra, Managing Director, chaired the proceedings. Mrs. Honey Sethi, Independent Director, assumed the chair for the re-appointment of Mr. Neeraj J. Chandra, who retired by rotation.

Voting Results and Scrutinizer Report

The consolidated scrutinizer’s report, filed with BSE and NSE on September 22, 2026, confirmed that all eight resolutions were passed. The voting process included remote e-voting from September 15 to September 17, 2026, and e-voting during the meeting.

Ordinary Business Outcomes

Shareholders overwhelmingly supported routine business items. The adoption of standalone and consolidated financial statements for FY26 received 99.99% support. The declaration of the final dividend for FY25-26 was also approved with a similar margin.

Special Business and Related Party Transactions

The special resolution to lease the manufacturing unit in Shapar, Rajkot, passed with 99.9964% votes in favour. The re-appointment of Gurudeo Madhukar Yadwadkar as Independent Director also secured near-unanimous approval.

The ordinary resolution regarding material related party transactions with Khushbu Auto saw slightly lower participation but still passed comfortably. Notably, promoter group members abstained from voting on this item as they are interested parties. Invalid votes for this resolution accounted for 5,802,017 shares.

Governance and Compliance

The meeting adhered to the Companies Act, 2013, and relevant circulars from the Ministry of Corporate Affairs and SEBI. Paras Viramgama, Company Secretary and Compliance Officer, facilitated the regulatory aspects and e-voting process.

CA Kapil Sanghvi of M/s. Maharishi & Co served as the statutory auditor. Mr. Hardik Hudda acted as the secretarial auditor and scrutinizer for the e-voting process. The scrutinizer’s report and voting results have been communicated to the exchanges in compliance with Regulation 44(3) of SEBI (LODR) Regulations, 2015.

Atul Auto reported total three-wheeler sales of 4,012 units in August 2026, up 32.58% from 3,026 units in the same month last year.

Year-on-year sales performance

The following table captures the year-on-year comparison of Atul Auto's total sales for August:

The volume data reflects a year-on-year increase in total units sold during the month of August, indicating improved offtake compared to the corresponding period.

Segment-wise breakdown

Growth was driven primarily by internal combustion engine (ICE) vehicles. Total ICE sales (domestic plus export) reached 3,386 units, up 46.01% from 2,319 units in August 2025. In contrast, electric vehicle (EV) sales declined to 626 units, down 11.46% from 707 units in the prior year period.

Year-to-date performance

For the year-to-date (YTD) FY27 period, Atul Auto sold 17,690 units, a 39.57% increase from 12,675 units in the same period of FY26. YTD ICE sales grew 53.19% to 14,711 units, while EV sales saw a marginal decline of 3.03% to 2,979 units.

What the Numbers Show

The divergence between ICE and EV performance is notable. While ICE sales expanded by over 46% in August, EV sales contracted by 11.5%. This suggests that current demand growth is heavily concentrated in traditional engine variants, with EV adoption facing headwinds or seasonal variability in this specific reporting period.