Aztec Fluids & Machinery concluded its 16th Annual General Meeting on September 10, 2026, with shareholders approving all eight resolutions. The meeting featured the launch of AZTRACE, a new digital traceability software, and saw 10,617,600 valid votes cast.

Group CFO Devraj Pandya presented the AZTRACE launch during the meeting, conducted via Video Conferencing and Other Audio-Visual Means (OAVM) from 3:00 pm to 3:58 pm IST. Mr. Pulin Kumudchandra Vaidhya, Managing Director, chaired the proceedings.

Voting Results Overview

The company reported that out of 700 shareholders on the record date of September 4, 2026, only 14 members participated in the meeting through video conferencing. No shareholders attended in person or via proxy. The consolidated voting results were filed with BSE Limited on September 12, 2026.

Key Resolutions Approved

Shareholders approved the reappointment of Mr. Pulin Kumudchandra Vaidhya as Managing Director and Mrs. Amisha Vaidhya as Whole-time Director. Both appointments required special resolutions and received unanimous support from voting shareholders.

Additionally, the board secured approval for material related-party transactions regarding remuneration for both directors and for the rental use of their respective premises. These transactions required promoter abstention, meaning they were decided solely by public shareholders.

Promoter Voting Dominance

The voting pattern highlights significant promoter influence on non-related-party matters. For resolutions where promoters were not interested parties—such as the approval of financial statements and director reappointments—the promoter group cast 10,167,600 votes, representing approximately 95.8% of the total valid votes polled. Public institutional and non-institutional shareholders contributed the remaining 450,000 votes.

For related-party transactions involving remuneration and property rentals, promoters abstained from voting as per regulatory requirements. These resolutions passed based entirely on public shareholder votes, with 450,000 votes cast in favor and zero against.

AZTRACE Platform Details

AZTRACE is categorized under Software and Technology Services. It aims to provide a digital identity for physical products, enabling real-time traceability from manufacturing to consumer. Key features include serialization, inventory management, anti-counterfeit measures, and reward systems.

The company stated that AZTRACE connects the physical world with the digital world through a "digital thread." This allows businesses to track every product movement, detect anomalies, and analyze interactions. The platform integrates with existing enterprise systems such as ERP, CRM, and WMS via an API layer.

Core Capabilities

AZTRACE is built around three core capability pillars: Identity (serialization and unique-ID generation), Execution (printing, scanning and verification), and Intelligence (dashboards, analytics and alerts). These pillars feed a single, unbroken digital thread linking physical products with digital records.

Key intelligence engines include:

• Track & Trace Control Tower: Operational view of product movement across the network.
• Anti-Counterfeit Intelligence: Territory-level risk heatmaps to detect duplication risk.
• Inventory & Ageing Visibility: Stock visibility across the chain with ageing profiles.
• Reward Control Tower: Consumer engagement programmes with integrity checks.
• Executive Command Centre: Enterprise-wide live overview with prioritised alerts.

Market Context

AZTRACE is positioned within a broader industry context of rising regulatory focus on product traceability and anti-counterfeiting. Independent industry estimates place the global track-and-trace solutions market at approximately USD 7–8 billion in 2026. Within India, the anti-counterfeit packaging market alone has been estimated at roughly USD 5–8.5 billion in the 2025–26 period.

Management Commentary

Mr. Pulin Vaidhya, Chairman & Managing Director, said the launch marks a natural extension of Aztec's traceability heritage into a scalable, technology-driven digital layer. He noted that AZTRACE is designed to give every product a digital identity that can be tracked, authenticated and analysed end-to-end.

The Company plans to continue its domestic rollout of AZTRACE, with international deployment to follow in due course. No specific revenue, customer-adoption or timeline commitments for AZTRACE have been disclosed beyond what is stated above.

Meeting Proceedings

Board members participating remotely included Mrs. Amisha Vaidhya, Whole-time Director; Mr. Kumudchandra Vaidhya, Non-Executive Director; Mr. Ashish Shah, Independent Director; and Mr. Milan Desai, Independent Director. Mr. Harsh Rawal, Chief Financial Officer, and Mr. Devraj Pandya were present in the boardroom.

Statutory Auditor Jignesh Dhaduk and Secretarial Auditor Ravi Kapoor attended via video conference. Ravi Kapoor also served as the scrutinizer for remote e-voting facilitated by Bigshare Services Private Limited. The scrutinizer’s report confirmed that the e-voting process complied with Section 108 of the Companies Act, 2013.

Aztec Fluids & Machinery Limited has fixed Thursday, September 10, 2026, as the date for its 16th Annual General Meeting (AGM). The meeting will be conducted through Video Conferencing or Other Audio Visual Means (OAVM) at 3:00 pm IST. This announcement was made pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board has fixed Thursday, September 3, 2026, as the record date to ascertain shareholders entitled to participate in the AGM and receive dividends. Shareholders can exercise their voting rights electronically during the remote e-voting window, which commences on Monday, September 7, 2026, and ends on Wednesday, September 9, 2026. The notice convening the AGM was sent to all shareholders on August 17, 2026.

E-Voting Schedule

Shareholders can exercise their voting rights electronically during the specified window. The facility is available for transacting items of business as per the AGM notice.

Financial Performance Overview

Aztec Fluids released its Annual Report for the financial year ended March 31, 2026 (FY26), reporting consolidated revenue from operations of ₹9,653.04 lakh, marking a growth of 9.2% over ₹8,842.49 lakh in FY25. Standalone revenue grew more robustly at 12.9%, reaching ₹8,337.81 lakh from ₹7,387.09 lakh in the previous year.

Despite top-line expansion, consolidated Profit After Tax (PAT) saw a marginal decline to ₹740.71 lakh from ₹756.40 lakh in FY25. Management attributed this dip entirely to an 85.2% increase in depreciation charges, which rose from ₹118.67 lakh to ₹219.81 lakh due to accelerated capital investments, including a new manufacturing unit in Kanera and technology platform deployments. Underlying operational strength remained intact, with EBITDA growing 9.6% and EBITDA margin expanding by 38 basis points.

What the Numbers Show

The divergence between rising EBITDA margins and declining PAT highlights the impact of aggressive capital expenditure on short-term profitability. While core operations expanded efficiently—evidenced by the margin expansion—the heavy depreciation burden from new assets suppressed net earnings. This suggests a strategic phase where investment in capacity and technology is prioritized over immediate bottom-line optimization.

Governance and Related Party Transactions

The AGM agenda features several special resolutions regarding board appointments and related-party transactions:

• Reappointment of Directors: Shareholders will vote to reappoint Mr. Pulin Kumudchandra Vaidhya as Managing Director and Mrs. Amisha Pulin Vaidhya as Whole-Time Director for three-year terms effective from November 25, 2026, to November 24, 2029.
• Remuneration Approval: Approval is sought for managerial remuneration up to ₹350 lakh per annum for both directors over the three-year period.
• Rental Agreements: The company seeks approval for material related-party transactions involving the lease of premises owned by the MD and WTD. The aggregate rent is capped at ₹15 lakh per financial year for each property, for a duration of five years starting FY27. These premises are used as guest houses for staff and guests.

Mr. Kumudchandra Bhawandas Vaidhya, Non-Executive Director, retires by rotation and offers himself for reappointment.

Subsidiary Integration

The financial results include the full-year contribution of Jet Inks Private Limited, acquired in FY25. The subsidiary delivered profitable growth, validating the acquisition thesis of backward integration into ink manufacturing. The integration was completed within three months with zero operational disruption, strengthening Aztec’s control over consumables supply chain and recurring revenue streams.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0SCB01016/3e6afc3b-c303-4556-90f8-c317756de97e.pdf