Azad India Mobility Limited held its 65th Annual General Meeting on Monday, September 28, 2026, at 12:30 pm in Mumbai. The meeting addressed eight key agenda items, including the adoption of accounts for FY26 and a proposed stock split. Voting results for all resolutions are scheduled to be declared on or before September 30, 2026.

The company, formerly known as Indian Bright Steel Co Ltd, convened the meeting at The Kanara Saraswat Association in Tardeo. A total of 48 shareholders attended either in person or through authorized signatories. The meeting was chaired by Bupinder Singh Chadha, Managing Director, with Sabina Khurana, Chief Operating Officer, and Nitin Sarfare, Non Executive Independent Director, also present.

Key Resolutions and Agenda Items

Shareholders deliberated on several critical matters ranging from financial approvals to structural changes in the company's capital structure. The notice dated August 25, 2026, outlined these items, which were taken as read during the proceedings.

Governance and Remuneration Approvals

Two special resolutions sought shareholder approval to waive the recovery of excess managerial remuneration paid to the Managing Director, Bupinder Singh Chadha, and the Executive Director, Charnjit Singh Chadha, for the financial year ended March 31, 2026. Additionally, ordinary resolution approval was sought for material related party transactions involving Azad Coach Private Limited.

Capital Structure Changes

A significant operational update involved the proposal to sub-divide equity shares. The company seeks to split its existing equity shares of ₹10 each into ₹2 each. This action is accompanied by a proposal to alter the capital clause of the Memorandum of Association to reflect the new share structure.

Voting Process and Timeline

Voting was conducted via remote e-voting from September 25, 2026, to September 27, 2026, alongside physical ballot forms for attendees present at the venue. M/s Janki and Associates served as the scrutinizer. The Company Secretary confirmed that the scrutinizer will count votes and submit results to the Chairman within 48 hours of the meeting's conclusion. The final voting results, along with the scrutinizer report, will be intimated to the Bombay Stock Exchange by September 30, 2026.

Azad India Mobility has scheduled its 65th Annual General Meeting for September 28, 2026, to approve a proposed 5:1 stock split and seek shareholder consent for related-party transactions. The meeting follows the release of the company's 65th Annual Report for FY26, which highlights significant top-line growth despite margin pressures.

The company plans to subdivide its equity shares from a face value of ₹10 to ₹2 each. This move aims to enhance liquidity and make shares more affordable for small investors. The authorized share capital will increase from 8.3 crore shares to 41.5 crore shares, while the total capital remains unchanged at ₹83 crore.

Key Agenda Items

Shareholders will vote on several special business resolutions during the meeting:

• Stock Split: Subdivision of equity shares from ₹10 to ₹2 face value.
• Remuneration Waiver: Waiver of recovery for excess managerial remuneration paid to Managing Director Bupinder Singh Chadha (₹6.05 lakh) and Executive Director Charnjit Singh Chadha (₹2.63 lakh) in FY26.
• Related-Party Transactions: Approval for transactions with Azad Coach Private Limited up to ₹200 crore annually.

Financial Context

The explanatory statement notes that operational performance was muted in FY26 due to higher inventory costs. This resulted in inadequate profits, triggering the need for waivers under Section 197(10) of the Companies Act, 2013.

Despite revenue growing significantly from ₹1,005.88 lakh in FY25 to ₹6,617.03 lakh in FY26, expenses rose proportionally. Net profit increased to ₹239.30 lakh from ₹7.21 lakh in the prior year.

What the Numbers Show

The financial data reveals a divergence between top-line growth and profitability drivers. While revenue expanded over six-fold year-on-year, net profit remained marginal relative to turnover. The explicit link between "inadequate profits" and the remuneration waiver suggests that statutory limits on managerial pay were breached despite the revenue surge, highlighting margin pressure from inventory costs.

Related-Party Transactions

The company seeks omnibus approval for transactions with Azad Coach Private Limited, a fellow electric bus manufacturer. These transactions include supply of goods, services, and leasing of property. The aggregate value is capped at ₹200 crore per financial year, with individual unforeseen transactions limited to ₹50 crore.

Bupinder Singh Chadha and Charnjit Singh Chadha are interested parties as they are brothers of Amrinder Singh Chadha, a director at Azad Coach Private Limited. The Audit Committee has granted initial approval, citing arm's length terms.