Karma Energy Limited has successfully concluded its postal ballot process, with the Chairman declaring all three resolutions passed with requisite majority. The e-voting process was conducted from February 24, 2026 to March 25, 2026, with February 20, 2026 as the record date.

Postal Ballot Overview

The company had 9515 shareholders on the record date of February 20, 2026. The postal ballot notice was dated February 12, 2026, and the voting process was facilitated through National Securities Depository Limited (NSDL) as the Electronic Voting Service Provider.

Resolution Results

Resolution 1: Material Related Party Transaction with Tapi Energy Projects Limited

This ordinary resolution received strong support from public non-institutional shareholders, with promoter and promoter group abstaining from voting due to their interest in the agenda.

Resolution 2: Material Related Party Transaction with Windia Infrastructure Finance Limited

The second ordinary resolution showed identical voting patterns to the first resolution, with the same level of participation and approval rates.

Resolution 3: Continuation of Directorship

This ordinary resolution sought approval for the continuation of Mr. Dharmendra Gulabchand Siraj (DIN: 00025543) as a Non-Executive Non-Independent Director post attaining 75 years of age. This resolution saw participation from the promoter group, with Mr. Siraj and his relatives being interested parties.

Scrutinizer's Confirmation

Martinho Ferrao & Associates, Company Secretaries, served as the scrutinizer for the postal ballot process. The scrutinizer confirmed that all procedural requirements under the Companies Act, 2013 and SEBI Listing Regulations were duly complied with. The voting process was conducted in a fair and transparent manner, with proper arrangements made for shareholders to register their email IDs and participate in the e-voting facility.

Regulatory Compliance

The company ensured full compliance with Sections 110 and 108 of the Companies Act, 2013, along with Regulation 44 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Public notices were published in 'Financial Express' (English) and 'Mumbai Lakshadweep' (Marathi) newspapers on February 24, 2026, to inform shareholders whose email IDs were not available with the company.

Karma Energy Limited announced its unaudited financial results for the third quarter and nine months ended December 31, 2025, during a Board of Directors meeting held on February 12, 2026. The company reported mixed performance with quarterly profit declining significantly from the previous quarter while maintaining positive nine-month results.

Financial Performance Overview

The company's financial performance showed notable variations across different periods, with the third quarter experiencing a substantial decline in both revenue and profitability compared to the previous quarter.

Nine-Month Performance

For the nine months ended December 31, 2025, Karma Energy demonstrated stronger overall performance compared to the corresponding period in the previous year.

Expense Analysis

Total expenses for Q3FY26 increased to ₹367.28 lac compared to ₹283.72 lac in Q3FY25, representing a 29.44% year-on-year increase. The major expense components included:

• Operation and Maintenance Cost: ₹149.51 lac
• Employee Benefits Expense: ₹76.70 lac
• Other Expenses: ₹85.80 lac
• Depreciation and Amortisation: ₹51.40 lac
• Finance Costs: ₹3.87 lac

Tax Benefits and Exceptional Items

The company recorded a total tax benefit of ₹236.43 lac in Q3FY26, primarily due to prior year tax adjustments of ₹181.50 lac. For the nine-month period, exceptional items of ₹81.43 lac were recorded, consisting of interest received on debtors written off in prior years as per the order of the Tamil Nadu Electricity Regulatory Commission.

Board Decisions and Corporate Actions

During the Board meeting held on February 12, 2026, directors unanimously approved several key agenda items:

• Unaudited financial results for Q3FY26 and nine months ended December 31, 2025
• Postal ballot notice for related party transactions
• Re-appointment of Director
• Authorization of CFO & Company Secretary to initiate postal ballot process

Company Profile and Operations

Karma Energy Limited operates primarily in renewable power generation, constituting a single business segment as per Ind-AS 108. The company maintains its registered office at Empire House, Mumbai, and has a paid-up equity share capital of ₹1,156.99 lac with shares of ₹10 each. The company does not have any subsidiary, associate, or joint venture companies as of December 31, 2025.