Shareholders of Balkrishna Paper Mills have approved the reappointment of key leadership roles, including Chairman and Managing Director Anuraag Poddar and Whole-Time Director Manish Malpani, at the company’s 13th Annual General Meeting held on September 18, 2026.

The meeting, conducted via Video Conferencing and Other Audio Visual Means, saw all five resolutions passed with requisite or special majority. The agenda included ordinary business items such as the adoption of audited financial statements for FY26 and special business items concerning board appointments.

Key Resolutions Passed

The shareholders voted on the following resolutions:

• Adoption of the audited financial statements for the financial year ended March 31, 2026.
• Reappointment of Anuraag Poddar as a director liable to retire by rotation.
• Reappointment of Anuraag Poddar as Chairman and Managing Director for a three-year term from February 11, 2027, to February 10, 2030.
• Reappointment of Manish Malpani as Whole-Time Director and Chief Financial Officer for a three-year term from December 9, 2026, to December 8, 2029.
• Reappointment of Prof. (Dr.) Mangesh D. Teli as a Non-Executive Independent Director for a second term of five years, effective December 9, 2026.

Voting Participation and Results

A total of 68 shareholders attended the meeting through video conferencing, comprising 14 from the promoter group and 54 from the public category. The promoter group holds 19,315,802 shares, while public non-institutional investors hold 12,903,703 shares.

The voting results for each resolution are detailed below:

What the Numbers Show

The promoter group demonstrated unanimous support for all agenda items, casting 18,203,720 votes in favour with zero votes against across all resolutions. This represents a participation rate of 94.24% of their total holding. In contrast, public non-institutional shareholders showed minimal dissent, with only 1,588 votes cast against the CFO’s reappointment out of 1,396,127 total votes polled in that category. The near-unanimous approval underscores strong alignment between the promoter group and the broader shareholder base regarding the current leadership structure.

Balkrishna Paper Mills has scheduled its 13th Annual General Meeting (AGM) for September 18, 2026, at 3:00 pm via video conferencing. The company will also enable remote e-voting through NSDL.

The deterioration in profitability stems from significant operating losses in continuing operations, partially offset by gains from discontinued activities. Revenue from operations in continuing segments rose 103.6% year-on-year to ₹473.22 lakh, driven by trading activities after the cessation of paper manufacturing at its Ambivali plant in November 2024.

Financial Performance

Despite the revenue growth, the company faced heavy finance costs and operational expenses. The loss before tax from continuing operations widened to ₹688.58 lakh from ₹664.49 lakh in the previous year. This was primarily due to finance costs rising to ₹607.95 lakh from ₹585.69 lakh, alongside a sharp increase in other expenses to ₹67.36 lakh from ₹39.68 lakh.

Discontinued operations contributed a profit of ₹36.95 lakh in FY26, compared to ₹1,483.14 lakh in FY25. The prior year's figure included substantial exceptional items, including the write-back of provisions on preference shares.

What the Numbers Show

The financial data reveals a critical divergence between top-line growth and bottom-line performance. While revenue from continuing operations more than doubled, it was insufficient to cover the fixed financial obligations. Finance costs alone consumed over 128% of the total revenue from continuing operations, highlighting the severe leverage pressure on the business model as it transitions away from manufacturing.

Balance Sheet and Liquidity

As of March 31, 2026, the company’s net worth stood at a negative ₹17,544.16 lakh. Total borrowings increased to ₹16,605 lakh, comprising ₹14,250 lakh in non-current liabilities and ₹2,355 lakh in current liabilities. The auditor’s report qualified the financial statements, citing material uncertainty regarding the company’s ability to continue as a going concern due to its negative net worth and discontinued manufacturing activities.

Corporate Governance and AGM Details

The Board of Directors has proposed the re-appointment of Anuraag Poddar as Chairman and Managing Director, and Manish Malpani as Whole Time Director and CFO, for three-year terms. Additionally, shareholders will vote on the re-appointment of Prof. (Dr.) Mangesh D. Teli as an Independent Director for five years. No dividend has been recommended for FY26.

Shareholders eligible to vote must hold shares as on the cut-off date of September 11, 2026. Remote e-voting will be available from September 15, 2026, at 9:00 am to September 17, 2026, at 5:00 pm. Mr Prasen Naithani has been appointed as the scrutinizer for the e-voting process.