Ecoplast Limited has submitted the voting results of its 44th Annual General Meeting to the Bombay Stock Exchange. The filing confirms shareholder approval of key resolutions passed during the meeting held on Monday, September 7, 2026.

The company reported that the AGM concluded at 3:48 pm at Shantivan Resort in Valsad, Gujarat. Shareholders utilized remote electronic voting facilities from September 4 to September 6, 2026, while those present at the venue cast votes via ballot paper. The requisite quorum was present throughout the proceedings.

Resolutions Passed

Shareholders adopted the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026. These statements were presented alongside the reports of the Board of Directors and the Auditors.

The meeting also addressed governance matters. Members re-appointed Mr. Ravi Amulbhai Mehta as a director upon his retirement by rotation. He offered himself for re-appointment pursuant to Section 108 of the Companies Act, 2013.

Director Remuneration Revisions

Four special resolutions were passed to approve revisions in remuneration for the following executives:

• Mr. Jaymin B. Desai, Managing Director
• Mr. Atul Baijal, Whole-time Director
• Mr. Aditya Nitinkumar Patel, Whole-time Director
• Mr. Ravi Amulbhai Mehta, Whole-time Director

Additionally, an ordinary resolution ratified the remuneration of the Cost Auditors. The voting results were furnished separately as per Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Scrutinizer's Report

Mitesh Dhabliwala of Parikh & Associates served as the scrutinizer for the remote e-voting process and ballot paper voting. The notice for the AGM, dated May 30, 2026, was sent to shareholders via electronic mode in compliance with relevant MCA circulars.

Ecoplast Limited reported a 6.4% year-on-year rise in revenue from operations to ₹22,108.23 lakh for the financial year ended March 31, 2026 (FY26), while net profit declined by 13% to ₹1,198.12 lakh. The divergence between top-line growth and bottom-line contraction reflects margin pressures stemming from raw material volatility and export headwinds. Shareholders will vote on executive remuneration hikes at the upcoming Annual General Meeting (AGM) on September 7, 2026, as the company integrates operations following its merger with Kunal Plastics Private Limited.

The Board of Directors has recommended special resolutions to revise the compensation of Managing Director Jaymin B. Desai and Whole-time Directors Atul Baijal, Aditya Nitinkumar Patel, and Ravi Amulbhai Mehta, effective June 1, 2026. These revisions exceed the limits previously delegated to the Board, necessitating shareholder approval under Sections 196, 197, 198, and 203 of the Companies Act, 2013. The proposed increases are attributed to the expanded operational scale post-merger and heightened responsibilities borne by key managerial personnel.

Remuneration Revisions

The Nomination and Remuneration Committee and Audit Committee recommended the pay hikes to align with industry standards and the increased volume of multi-location activities. The revised monthly basic salaries are detailed below:

Jaymin B. Desai’s package includes allowances totaling ₹1,48,336 per month. Other directors receive various allowances including leave travel, medical, house rent, and conveyance, as per company policy. The resolutions also seek ratification of the cost auditor’s remuneration of ₹2,50,000 plus taxes for M/s Kishore Bhatia & Associates.

Financial Performance

Turnover grew from ₹20,778.26 lakh in FY25 to ₹22,108.23 lakh in FY26. However, net profit declined from ₹1,377.01 lakh in FY25 to ₹1,198.12 lakh in FY26. No dividend was declared during either period. Operating profit before depreciation and tax fell to ₹2,168.52 lakh from ₹2,401.15 lakh in the previous year. The financial results are presented on a merged basis pursuant to the National Company Law Tribunal (NCLT)-sanctioned merger of Kunal Plastics Private Limited, effective from April 1, 2025.

What the Numbers Show

While revenue expanded by approximately 6.4%, net profit contracted by roughly 13% in FY26. This divergence suggests rising operational expenses or integration costs from the Kunal Plastics merger. Management cited increased trade tariffs from the USA affecting export orders and escalation of conflict in West Asia impacting raw material availability and pricing. The absence of dividends indicates a focus on retaining earnings for operational scaling rather than immediate shareholder payouts. The company has committed over ₹75 crore towards greenfield and brownfield expansions, aiming to increase annual production capacity from ~9,000 MTPA to ~13,600 MTPA.

Shareholder Communication Guidelines

Pursuant to Regulation 36(1)(b) of the SEBI Listing Regulations, Ecoplast sent physical letters with web-links to members without registered email addresses. Remote e-voting will be facilitated by Central Depository Services (India) Limited (CDSL) from September 4, 2026, to September 6, 2026. The record date for voting rights is August 31, 2026. Members holding physical shares are urged to dematerialize their holdings to ensure compliance with SEBI guidelines.