Bhagawati Oxygen Limited held its 54th Annual General Meeting (AGM) on September 28, 2026, in Ballabgarh, Haryana. The meeting saw the adoption of audited financial statements for FY26 and the re-appointment of a director, with resolutions passing by overwhelming majority.

The company provided both remote e-voting and physical voting facilities to its members. Remote e-voting was open from September 25, 2026, to September 27, 2026. The scrutinizer’s report confirmed that no votes were cast through physical ballot papers at the venue, with all valid votes recorded via the electronic system.

Meeting proceedings

Mr. Suresh Kumar Sharma occupied the Chair and declared that the requisite quorum was present. A total of 82 members attended the meeting as per the records of attendance. The Chairman informed members that statutory registers and other documents referred in the notice were available for inspection. With shareholder consent, the notice convening the meeting was taken as read.

The Chairman explained the financial highlights and performance of the company for the financial year ended March 31, 2026. Members who had pre-registered as speakers were given an opportunity to share their views, suggestions, and queries. The Chairman noted these inputs and answered several queries immediately, while requesting a few days to respond to those requiring further detail.

Resolutions passed

Two ordinary resolutions were tabled during the meeting. The first concerned the adoption of the audited financial statements for the year ended March 31, 2026, along with the Directors' and Auditors' reports. The second resolution addressed the re-appointment of Mrs. Jaya Sharma (DIN: 07135989), who retired by rotation but offered herself for re-election.

Both resolutions received near-unanimous approval from the voting members. The voting pattern indicates strong shareholder alignment with the board's proposals, with dissenting votes accounting for a negligible fraction of the total shares voted.

Voting results summary

The consolidated voting results for the two key agenda items are detailed below:

A total of 1,288,145 shares were voted across both resolutions. Of these, 1,288,137 shares were cast in favour, while only 8 shares were cast against. Three members voted against the resolutions, representing a minimal portion of the shareholder base participating in the e-voting process.

Category-wise voting breakdown

Detailed analysis of the voting patterns reveals distinct participation levels among shareholder categories. Promoter and promoter group members voted 100% in favour of both resolutions, casting 988,816 shares via remote e-voting. Public institutions did not participate in the voting process, recording zero votes polled despite holding 300,375 shares. Public non-institutional shareholders cast 299,329 votes, with 299,321 shares in favour and 8 shares against.

Procedural details

Manoj Prasad Shaw of M/s Manoj Shaw & Co., Practicing Company Secretaries, served as the scrutinizer for the remote e-voting process conducted through NSDL. The e-voting results were unblocked on September 28, 2026, at 3:53 pm, in the presence of two independent witnesses. The meeting commenced at 3:00 pm and concluded at 4:10 pm. Voting through polling paper concluded 15 minutes after the closure of the meeting. Results were declared latest by September 29, 2026.

Bhagawati Oxygen Limited reported a net profit of ₹326.8 crore for the fiscal year ended March 31, 2026, marking a sharp turnaround from a loss of ₹45.1 crore in FY25. The company also announced its 54th Annual General Meeting (AGM) scheduled for September 28, 2026.

The financial results were primarily driven by significant non-operating income, including an arbitration settlement gain of ₹350.6 crore. Total income rose to ₹517.0 crore from ₹167.6 crore in the previous year. Revenue from operations, however, declined to ₹48.7 crore from ₹81.0 crore, reflecting a strategic shift away from specialty gases and cylinders.

Financial Performance

The company’s profit before tax (PBT) stood at ₹335.0 crore, compared to a loss of ₹50.9 crore in FY25. Other income increased substantially to ₹468.3 crore from ₹86.6 crore, largely due to the arbitration settlement and gains on fair value valuation of investments (₹62.6 crore). Finance costs decreased to ₹5.3 crore from ₹12.2 crore, aided by reduced borrowings.

Balance Sheet and Cash Flows

As of March 31, 2026, total assets amounted to ₹1,039.2 crore, down from ₹1,113.3 crore in the prior year. Equity expanded significantly to ₹725.2 crore from ₹397.1 crore, driven by retained earnings. The company maintained a net cash position, with gross debt at ₹106.1 crore against cash and bank balances of ₹127.9 crore. Trade receivables dropped sharply to ₹11.3 crore from ₹272.5 crore, indicating improved collection or settlement of legacy dues.

AGM and Corporate Governance

The 54th AGM will be held at the company’s registered office in Ballabgarh, Haryana, at 3:00 pm on September 28, 2026. Key agenda items include:

• Adoption of audited financial statements for FY26.
• Re-appointment of Mrs. Jaya Sharma as a director, retiring by rotation.

Mrs. Sharma, who has served since March 31, 2015, holds 90,500 shares and is the wife of Managing Director Mr. Himanshu Sharma. Remote e-voting will be available from September 25 to September 27, 2026, via the NSDL platform. Mr. Manoj Prasad Shaw has been appointed as the scrutinizer.

The Register of Members and Share Transfer Books of the company will remain closed from Tuesday, September 22, 2026 to Monday, September 28, 2026 (both days inclusive).

What the Numbers Show

The company’s profitability in FY26 was overwhelmingly driven by non-recurring items rather than operational performance. Arbitration settlement income constituted approximately 68% of the total profit before tax, while revenue from operations declined by 40%. This divergence highlights that the bottom-line improvement is not reflective of core business growth but rather the resolution of past legal disputes and investment gains.