Indian Acrylics Limited approved its financial statements for the fiscal year ended March 31, 2026, during its 39th Annual General Meeting held on September 29, 2026. The meeting also ratified the re-appointment of Managing Director Rajinder Kumar Garg and Executive Director Alok Goyal for three-year terms.

The board’s annual report and auditors’ report were adopted by shareholders through an ordinary resolution. The company confirmed that voting was conducted via remote e-voting provided by Central Depository Services Limited, alongside a poll at the venue in Sangrur, Punjab. Detailed voting results are pending the receipt of the scrutinizer’s report.

Director re-appointments

Shareholders passed special resolutions to extend the tenures of two key executive directors effective March 1, 2027. Additionally, Dheeraj Garg was re-appointed as a director following his retirement by rotation.

Governance and compliance updates

The meeting also addressed statutory compliance matters, including the ratification of remuneration for cost auditor M/s V. Kumar & Associates. Sushil Kumar Sikka, a practicing company secretary, was appointed as the scrutinizer to oversee the electronic voting and poll process.

The AGM commenced at 11:00 am and concluded at 11:35 am. Independent directors Tejinder Kaur and Surinder Singh Virdi attended the meeting, ensuring quorum and oversight of audit and stakeholder relationship committees.

Indian Acrylics reported a narrowed net loss of ₹240.85 crore for the financial year ended March 31, 2026, compared to a loss of ₹308.61 crore in the previous year. The company's total revenue from operations declined by 9.7% year-on-year to ₹3,516.85 crore, driven by a sharp contraction in domestic sales despite a surge in exports.

The company has intimated that the Annual Report for FY26 and the notice for its 39th Annual General Meeting (AGM) are available on its website. Shareholders who have not registered email addresses with the company or depositories have been sent letters containing web-links to access these documents, in compliance with Regulation 36(1)(b) of the SEBI Listing Regulations.

Financial Performance

Revenue from operations stood at ₹3,516.85 crore, down from ₹3,893.31 crore in FY25. Domestic sales fell significantly to ₹2,302.55 crore from ₹3,137.87 crore, while export sales rose to ₹1,214.30 crore from ₹755.45 crore. Total income, including other income of ₹57.32 crore, was ₹3,574.17 crore.

The company recorded a profit before depreciation, interest, and tax (PBDIT) of ₹44.21 crore, an improvement from ₹13.49 crore in the prior year. However, after accounting for interest expenses of ₹172.76 crore and depreciation of ₹112.30 crore, the net loss before tax was ₹240.85 crore. No tax expense was recognized due to accumulated losses.

Operational Review

Production of acrylic fibre decreased to 14,116 MT from 16,592 MT, while sales volume fell to 8,728 MT from 11,877 MT. Conversely, acrylic yarn production increased to 7,056 MT from 6,275 MT, with sales rising to 7,141 MT from 6,867 MT. The management attributed the decline in fibre sales to undervalued imports from China, Thailand, and Peru, which have substituted domestic demand.

What the Numbers Show

While operational profitability improved with PBDIT rising more than threefold, the benefit was largely offset by high fixed costs. Interest expenses alone consumed nearly four times the operating profit generated before depreciation and interest. This divergence highlights that the narrowing net loss is primarily driven by reduced depreciation charges and lower interest costs rather than a fundamental recovery in core trading margins, which remain pressured by import competition.

Corporate Governance & AGM Agenda

The 39th AGM is scheduled for Tuesday, September 29, 2026, at the company's registered office in Sangrur, Punjab. Shareholders will consider the adoption of audited standalone and consolidated financial statements for FY26.

The agenda includes the re-appointment of Shri Dheeraj Garg as a director retiring by rotation. Special resolutions will seek approval for the re-appointment of Shri Rajinder Kumar Garg as Managing Director and Shri Alok Goyal as Executive Director (Works) for three years each, effective March 1, 2027. The remuneration structure for Mr. Garg includes a monthly salary of ₹20 lakh plus a commission of 5% of net profits, while Mr. Goyal’s package includes a monthly salary of ₹1.51 lakh along with allowances.

No dividend is recommended for FY26 as the company does not have distributable profits under the Companies Act, 2013. The company’s net worth remains eroded at negative ₹123.54 crore, though auditors have issued an unmodified opinion on the going concern basis.

E-Voting and Book Closure Details

Pursuant to Section 91 of the Companies Act, 2013, the Register of Members and Share Transfer Books will remain closed from September 23, 2026, to September 29, 2026. Members holding shares as on the cutoff date of September 22, 2026, may cast their votes electronically through the Central Depository Services (India) Limited (CDSL) system.

Remote e-voting will commence on September 26, 2026, at 9:00 am and end on September 28, 2026, at 5:00 pm. Members are advised to update their KYC details with the Registrar and Transfer Agent or their Depositories if not already done, pursuant to SEBI Master Circular No. HO/38/13/(4)2026-MIRSD-POD/I/4298/2026 dated February 6, 2026.