Dalmia Bharat has issued a postal ballot notice seeking shareholder approval for the remuneration of Managing Directors Gautam Dalmia and Puneet Yadu Dalmia. The special resolutions cover their remaining two-year terms, extending from October 30, 2026, to October 29, 2028.

The company is conducting the vote exclusively through remote e-voting via National Securities Depository Limited (NSDL). The voting window opens on Tuesday, September 22, 2026, at 9:00 am and closes on Wednesday, October 21, 2026, at 5:00 pm. Shareholders on record as of Friday, September 11, 2026, are eligible to cast their votes.

Remuneration Details

The proposed remuneration for both executives remains unchanged from the terms approved at the 10th Annual General Meeting held on June 30, 2023. Neither executive has received an annual increment since the commencement of their current five-year terms in October 2023.

In addition to base salaries, both directors are eligible for allowances and perquisites not exceeding 15% of their salary. These benefits include club fees, three cars with drivers, leave encashment, provident fund contributions, and medical reimbursements. The resolutions also authorize payment of this remuneration in the event of absence or inadequacy of profits during their tenure.

Corporate Governance Context

The board approved these resolutions in its meeting held on September 16, 2026, citing industry benchmarks, the company’s scale of operations, and Schedule V requirements under the Companies Act, 2013. Mr. Gautam Dalmia also serves as Managing Director of Dalmia Bharat Sugar and Industries Limited. Mr. Puneet Yadu Dalmia serves as Managing Director and CEO of the listed entity.

What the Numbers Show

While the holding company reported standalone revenue growth from ₹202 crore in FY25 to ₹361 crore in FY26, its standalone net profit after tax declined from ₹190 crore to ₹141 crore. This divergence highlights the structural reliance on consolidated subsidiary profits, which rose 65% to ₹1,157 crore in FY26, to justify executive compensation despite standalone margin compression.

Dalmia Bharat has expanded into waste management through its wholly owned subsidiary, Ascension Mercantile Private Limited (AMPL). On September 17, 2026, AMPL acquired a 100% equity stake in AMPL Green City Solutions Private Limited.

The acquisition involves 10,000 equity shares of face value ₹10 each, allotted at par. The transaction was completed immediately via cash consideration. Dalmia Bharat disclosed the move pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Strategic Focus on Waste Processing

AMPL Green City Solutions Private Limited is based in Tiruchirappalli, Tamil Nadu. The entity was incorporated on July 13, 2026, just two months prior to this acquisition. Its primary objective is to provide Waste Based Automated Material Recovery Facility (AMRF) services along with associated infrastructure and utilities.

The company aims to achieve efficient waste management through:

• Waste processing plants
• Recycling facilities
• Resource recovery facilities
• Utilities

Transaction Details

The acquisition does not constitute a related party transaction. Promoters and group companies hold no interest in the target entity. No governmental or regulatory approvals were required for the deal.

What the Numbers Show

The target entity was incorporated during FY26-27, resulting in no historical turnover data for the last three years. This indicates that Dalmia Bharat is establishing a new operational vehicle for its waste management initiatives rather than acquiring an existing revenue-generating business with established cash flows. The immediate completion of the acquisition suggests a strategic push to integrate waste processing capabilities into its broader industrial operations without delay.