Diamond Power Infrastructure Limited passed all nine resolutions proposed at its 34th Annual General Meeting (AGM) held on September 25, 2026. Key approvals included the appointment of Umeshkumar Chhaya as Whole-time Director and the relocation of the company's registered office from Vadodara to Ahmedabad.

The meeting was conducted through Video Conferencing and Other Audio-Visual Means. Remote e-voting preceded the meeting, with results consolidated by scrutinizer Ashish Shah & Associates. The voting period ran from September 22 to September 24, 2026.

Director appointments and remuneration

Shareholders approved the re-appointment of Rakesh Ramanlal Shah, who retired by rotation. Additionally, Umeshkumar Chhaya was appointed as a Director and subsequently as Whole-time Director via a special resolution. Both appointments received overwhelming support from the promoter group and institutional investors.

The meeting also ratified the remuneration for cost auditors for FY27. Special resolutions approving the remuneration for Chairman Maheswar Sahu and Independent Director Rabindra Nath Nayak were also passed with requisite majorities.

Registered office relocation

A special resolution to shift the registered office from Vadodara to Ahmedabad was approved by shareholders. This administrative change aims to align the corporate headquarters with operational or strategic priorities in Gujarat's capital city.

Voting participation details

The total number of shareholders on the record date (September 18, 2026) stood at 78,121. Voting participation varied across categories, with promoters holding a significant majority of shares.

What the numbers show

The voting data reveals a stark divergence in shareholder sentiment between institutional and non-institutional public investors. While public institutions voted against approximately 15.84% of the shares polled on financial statement adoption, non-institutional public shareholders voted almost unanimously in favour (99.86%). Despite this institutional dissent, the massive voting power of the promoter group (holding 44.27 crore shares) ensured all resolutions passed comfortably, as their votes alone constituted over 84% of the total votes cast.

Diamond Power Infrastructure Limited reported total revenue of ₹1,910 crore for FY26, marking a significant increase from ₹1,115 crore in the previous year. The company also posted profit after tax of ₹158 crore, up from ₹34 crore, driven by a strategic shift toward higher-value medium- and extra-high-voltage cables.

The financial turnaround was highlighted during the company's 34th Annual General Meeting held on September 25, 2026. The Chairman noted that the improvement in margins was primarily attributed to the increased focus on premium cable segments, which enhanced overall profitability.

Financial Performance Highlights

The company’s EBITDA rose to ₹224 crore with the margin improving to 11.7% from 6% in the prior year. This substantial expansion in operating profitability reflects better operational efficiency and product mix optimization.

Balance Sheet Strengthening

The company has substantially completed its obligations under the NCLT-approved Resolution Plan. It prepaid instalments to lenders ahead of schedule by one year, originally scheduled for September 2027. In July 2026, Diamond Power Infrastructure raised approximately ₹1,614 crore through a Qualified Institutions Placement (QIP). This capital infusion not only strengthened the balance sheet but also enabled compliance with the Minimum Public Shareholding requirement.

What the Numbers Show

A clear divergence exists between the top-line growth and margin expansion. While revenue grew by approximately 71%, the EBITDA margin expanded by 570 basis points, indicating that the profit growth was disproportionately driven by operational leverage and product mix rather than volume alone. The shift to higher-value cables likely reduced cost intensity per unit of revenue, allowing fixed costs to be spread over a more profitable base.

Governance and Compliance Updates

During the AGM, the Board addressed several qualified audit reports for FY26:

• Statutory Audit: M/s Naresh & Co. issued a qualified report regarding the maintenance of the Fixed Assets Register and impairment assessment.
• Secretarial Audit: M/s Ashish Shah & Associates flagged non-compliance with Minimum Public Shareholding requirements, which was subsequently resolved via the QIP.
• Cost Audit: M/s Dalwadi & Associates issued qualifications linked to the statutory auditor’s observations.

Key resolutions passed included the re-appointment of Mr. Rakesh Ramanlal Shah as Director, the appointment of Mr. Umeshkumar Chhaya as Whole-time Director, and the approval to shift the registered office from Vadodara to Ahmedabad.