Dredging Corporation of India Limited has initiated a postal ballot process to secure shareholder approval for the regular appointment of Susanta Kumar Purohit as a Director. The proposal seeks to formalize his role as an Additional Director, appointed effective September 14, 2026.

Purohit serves as a Promoter, Non-Executive, and Non-Independent Director. The company stated that the Annual General Meeting is not scheduled within the stipulated time frame required for obtaining member approval under the Companies Act, 2013. Consequently, the consent of members is being sought through remote e-voting to comply with regulatory timelines.

Profile and appointment details

Susanta Kumar Purohit is a senior officer of the Indian Railway Service of Electrical Engineers (IRSEE) from the 1996 batch. He holds a Bachelor of Engineering in Electrical Engineering from Sambalpur University and a Post Graduate Diploma in Personnel Management and Industrial Relations from Andhra University. Currently, he serves as the Chairperson of V.O. Chidambaranar Port Authority and holds the additional charge of Chairman, Paradip Port Authority.

His career includes significant roles in Indian Railways, the Ministry of Power, and the Government of Odisha. He previously served as Joint Secretary in the Department of Chemicals and Petrochemicals, Government of India. The board highlighted his experience in administration, infrastructure development, and public policy as key assets for the company's leadership.

Voting timeline and eligibility

The remote e-voting period commences on October 6, 2026, at 9:00 am and concludes on November 5, 2026, at 5:00 pm. Members holding shares as of the cut-off date, October 2, 2026, are eligible to vote. The scrutinizer will submit the report on or before November 7, 2026, with results announced shortly thereafter.

Governance and compliance notes

The resolution is proposed as an Ordinary Resolution. Purohit does not hold any equity shares in the company and has no relationship with other directors or key managerial personnel. As a Promoter Director, he is not entitled to sitting fees, remuneration, or other perks for attending board meetings. The board recommends the passage of the resolution to ensure compliance with Section 152(2) of the Companies Act, 2013, and SEBI (LODR) Regulations, 2015.

Dredging Corporation of India Limited shareholders approved all three ordinary resolutions at its 50th Annual General Meeting held on September 24, 2026. The voting results disclosed on September 25, 2026, confirm the adoption of audited standalone financial statements for FY26 and the re-appointment of Sushil Kumar Singh as a director.

During the meeting, the company highlighted its return to profitability, reporting a Profit After Tax (PAT) of ₹4.75 crore for FY26, compared with a loss of ₹27.46 crore in the previous year. Revenue from operations stood at ₹1,208.33 crore, while total income reached ₹1,214.10 crore. The operating profit margin improved significantly to 16.84% from 12.33% in the prior year.

Voting Results Breakdown

The consolidated scrutinizer’s report indicates high shareholder approval across all items. For the adoption of financial statements (Resolution 1) and fixing auditor remuneration (Resolution 3), votes in favor stood at 99.99% of total valid votes polled. However, the re-appointment of Director Sushil Kumar Singh (Resolution 2) saw a divergence in institutional sentiment.

While promoter group support was unanimous at 100%, public institutions voted against the re-appointment with 93.08% opposition among their polled votes. Public non-institutional shareholders supported the re-appointment with 91.09% in favor. The overall result for Resolution 2 remained positive with 92.71% votes in favor.

Shareholder Participation

A total of 49,858 shareholders were on record as of the cut-off date, September 17, 2026. During the AGM, 61 shareholders participated via video conferencing, representing 5,547,216 shares or 19.81% of the paid-up capital. Promoter and promoter group members accounted for 5,451,710 shares (19.47%), while public shareholders represented 95,506 shares (0.34%).

Remote e-voting facilities were provided by KFin Technologies Limited from September 21, 2026, to September 23, 2026. Sachin Agarwal, Partner at Agarwal S. & Associates, served as the scrutinizer to ensure a fair voting process. The meeting concluded at 12:31 pm on September 24, 2026.

Fleet Modernization and Growth Strategy

Marking its Golden Jubilee, DCI outlined a major fleet modernization programme involving the acquisition of 11 new dredgers over the next five years. The indicative investment for this programme is approximately ₹3,560 crore, proposed to be funded through a combination of equity and debt. A key component is DCI Dredge Godavari, a 12,000 m³ Trailer Suction Hopper Dredger constructed at Cochin Shipyard Limited, expected to join the fleet during FY27.

To support this expansion, the company issued secured, unrated, unlisted, and redeemable non-convertible debentures of ₹111.48 crore to Cochin Shipyard Limited in FY26. Additionally, a rights issue of approximately ₹1,000 crore is under consideration to support capacity expansion.

Business Visibility and New Opportunities

DCI secured a five-year maintenance dredging contract for Mumbai Harbour and JN Port channels, strengthening core business visibility. The company also completed the first year of a three-year contract for developing a 32-metre fairway in the North Eastern Region. During India Maritime Week 2025, DCI signed 22 MoUs with an aggregate indicative value of approximately ₹17,645 crore.

The company is exploring new segments including inland waterways, reservoir desiltation, marine construction, offshore installations, and subsea cable trenching. Strategic alliances are being pursued to improve vessel availability and reduce turnaround times.

What the Numbers Show

The shift from a ₹27.46 crore loss to a ₹4.75 crore profit represents a swing of over ₹32 crore in bottom-line performance. This turnaround coincides with a 451 basis point expansion in operating profit margin (from 12.33% to 16.84%), suggesting that operational efficiency gains, rather than just volume growth, drove the return to profitability. The substantial planned capital expenditure of ₹3,560 crore against a current PAT of ₹4.75 crore highlights a significant dependency on external financing, evidenced by the recent NCD issuance and the proposed rights issue.