Gujarat Industries Power Company issued an addendum to its 41st Annual General Meeting notice, dropping the re-appointment of Kanyo Sadhuram Badlani as a resolution after Gujarat State Fertilizers & Chemicals Limited (GSFC) withdrew his nomination effective August 31, 2026.

The addendum, published on September 4, 2026, in Financial Express (All India Edition) and Loksatta Jansatta (Vadodara edition), was issued pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resolution proposed at Item No. 03 of the 41st AGM notice — seeking member approval for Badlani's re-appointment — has been rendered infructuous and invalid, and has accordingly been dropped.

Board nomination change

Badlani, who served as Senior Vice President (Projects) at GSFC, was a nominee director representing the state-owned fertilizer firm on the Gujarat Industries Power Company board. His cessation from the board was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. GSFC approved the replacement of Badlani with Dr. Rajender Kumar, IAS, Managing Director of GSFC, with the GSFC board ratifying this nomination during its meeting held on August 12, 2026.

41st AGM proceedings

The 41st AGM of Gujarat Industries Power Company is scheduled to be held on Saturday, September 19, 2026, at 11:30 am through Video Conferencing (VC) or Other Audio-Visual Means (OAVM). Following the removal of Resolution No. 3, only Resolution Nos. 1, 2, 4, and 5 will be placed before members for consideration and approval. Remote e-voting and e-voting facilities during the AGM will remain available for these four resolutions. Shareholders can access the addendum on the company's website and on the website of the Central Depository Service (India) Limited.

Gujarat Industries Power Company Limited submitted its 41st annual report for FY26 to stock exchanges on August 24, 2026. The company reported a net profit of ₹4,024 crore for the year ended March 31, 2026, up from ₹2,114 crore in the previous year. The Board has scheduled the 41st Annual General Meeting (AGM) for September 19, 2026.

The substantial increase in profitability was primarily driven by non-recurring tax benefits arising from the transition to the new concessional corporate tax regime effective April 1, 2026. This included a re-measurement of deferred tax liabilities and the recognition of Minimum Alternate Tax (MAT) credit entitlements.

Financial Performance

Revenue from operations rose 18.7% year-on-year to ₹14,911 crore from ₹12,563 crore in FY25. Operating profit increased to ₹5,378 crore from ₹4,061 crore. Profit before tax stood at ₹2,447 crore, lower than the previous year's ₹2,730 crore, reflecting higher operational costs and finance expenses before tax adjustments.

Finance costs increased significantly to ₹1,107 crore from ₹319 crore, largely due to term loans disbursed for newly commissioned renewable energy projects, including the 600 MW solar plant at Khavda and the 75 MW solar plant at Vastan.

Dividend and AGM Details

The Board recommended a dividend of ₹4.10 per equity share, subject to shareholder approval at the 41st AGM scheduled for September 19, 2026. The meeting will be held through Video Conferencing (VC) or Other Audio-Visual Means (OAVM) at 11:30 am. Shareholders holding equity shares on the record date of September 11, 2026, will be eligible for the payout.

The register of members and share transfer books will remain closed from September 12, 2026, to September 19, 2026. Remote e-voting will commence on September 16, 2026, at 9:00 am and conclude on September 18, 2026, at 5:00 pm. Central Depository Services (India) Limited (CDSL) is facilitating the e-voting process.

Members not liable to pay income tax must submit a declaration by September 10, 2026, to avail the benefit of non-deduction of tax at source on dividends.

Operational Highlights

The Surat Lignite Power Plant (SLPP) Phase-I generated 1,546.68 million units with a plant load factor of 70.62%. Phase-II generated 1,638.91 million units with a PLF of 74.84%. Renewable energy assets also saw expansion, with the commissioning of the 600 MW solar project at Khavda in phases between June and December 2025.

What the Numbers Show

The divergence between the decline in profit before tax (-10.4%) and the surge in net profit (+90.3%) highlights that the improved bottom line was not operational but structural. The ₹2,603 crore credit from the impact of the transition to the new tax regime accounted for more than half of the reported net profit, indicating that core operating profitability faced pressure from rising finance costs despite revenue growth.