Garuda Construction & Engineering Limited held its 16th Annual General Meeting on September 30, 2026, via video conferencing. Shareholders adopted the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026.

The meeting was chaired by Managing Director and Chairman Pravin Kumar Brijendra Kumar Agarwal. Company Secretary Aaushi Batheja confirmed the quorum and informed attendees that the Statutory Auditor's and Secretarial Auditor's reports for FY26 had been circulated. Agarwal highlighted the company's total revenue and net profit for the period during his address.

Resolutions passed

The members considered and passed resolutions regarding ordinary and special business items. The key decisions included:

• Adoption of audited standalone and consolidated financial statements for FY26, along with Board and Auditors' reports.
• Re-appointment of Rohit Ramanand Pareek as Director, who retired by rotation under Section 152(6) of the Companies Act, 2013.
• Appointment of Ketan Vyas & Company as Secretarial Auditors.
• Approval for related party transactions.

Meeting details

The proceedings commenced at 11:00 am and concluded at 11:23 am with a vote of thanks. All questions raised by registered speakers were addressed by the Chairman. The voting results, along with the scrutinizer's report, are scheduled to be uploaded on the company website and stock exchange platforms within 48 hours.

Garuda Construction & Engineering has entered into a Memorandum of Understanding (MoU) for the construction of a landmark tower in Jeddah, Saudi Arabia. The deal carries an estimated revenue potential of ₹1,800 crore for its wholly owned subsidiary, Dream City Builders.

The agreement was signed with Almasarat Company Limited on September 7, 2026. Dream City Builders, formerly known as Garuda Arabia, will undertake the complete Engineering, Procurement and Construction (EPC) scope. This includes construction, finishing and handover of the project, which is expected to span approximately five years from commencement.

Project Details

The proposed development is envisioned as a distinctive 360-degree twisting tower featuring panoramic sea views. The structure will stand at 93 storeys across a project area of approximately 1,53,451 sq. metres.

Key features of the development include:

• A five-star hotel comprising approximately 350 rooms across the lower 14 floors
• A diamond-shaped rooftop restaurant located on the 93rd floor

The arrangement is subject to requisite approvals and the official commencement of the project. The company disclosed this development pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.