Kay Power & Paper has scheduled its 35th Annual General Meeting for September 21, 2026. The meeting will convene at the company’s registered office in Satara, Maharashtra, at 3:00 pm to address ordinary and special business items.

Board and Management Appointments

Shareholders will vote on the appointment of Mrs. Deepa Agarwal as Managing Director for a five-year term commencing August 12, 2026. The resolution specifies that she will serve without remuneration during this initial period, with future compensation subject to board approval and statutory limits.

Additionally, the agenda includes the appointment of Ms. Aarushi Chandra as a Non-Executive Non-Independent Director. She was initially appointed as an Additional Director on May 28, 2026, and will retire by rotation.

Asset Transfer and Related Party Transactions

The company seeks shareholder approval under Section 180(1)(a) of the Companies Act, 2013, to transfer immovable property to its wholly owned subsidiary, M/s Kay Pulp and Paper Mills Private Limited. The land, measuring approximately 28,000 sq mtr in Borgaon, Satara, will be transferred at book value to facilitate the setup of a 75,000 TPA Kraft manufacturing plant.

The meeting will also approve material related party transactions involving the subsidiary. A contract valued at up to ₹50 crore with Satara Engineering Project and Equipments Limited is proposed for the purchase and installation of plant machinery. Mrs. Deepa Agarwal holds directorship and substantial shares in this related entity.

Statutory Auditor Appointment

Members will appoint M/s Ankush Shinde & Company as Statutory Auditors for five consecutive years, covering financial years 2026-27 through 2030-31. Remuneration will be determined by the Board or Audit Committee.

Voting Details

Remote e-voting via CDSL will open on September 18, 2026, at 9:00 am and close on September 20, 2026, at 5:00 pm. The record date for voting eligibility is September 14, 2026.

Kay Power & Paper appointed Mrs. Deepa Agarwal as Managing Director effective August 12, 2026, while simultaneously reporting a standalone net profit of ₹13.42 crore for the first quarter ended June 30, 2026. The Board approved the appointment pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, subject to approval by members at the ensuing Annual General Meeting.

Mrs. Agarwal, who holds 2,286,800 shares in the company and serves as a director in fifteen other entities, brings extensive experience from her business family background. She is related to Ms. Aarushi Chandra, a Director on the Board, who is her mother. The appointment marks a significant governance update for the company.

Financial Performance

Kay Power & Paper’s total income from operations stood at ₹589.31 crore in Q1FY27, down from ₹741.45 crore in Q1FY25. This represents a decline of approximately 20% in total revenue. The drop was primarily driven by a sharp fall in other income, which contracted from ₹29.72 crore in Q1FY25 to just ₹0.11 crore in Q1FY27. Revenue from operations specifically decreased to ₹589.20 crore from ₹711.73 crore in the prior year quarter.

Despite lower top-line figures, profitability improved significantly. Profit before exceptional items and tax was ₹8.07 crore. The company recorded an exceptional loss of ₹5.35 crore due to the sale of assets in its Power Division. However, net profit remained positive at ₹13.42 crore, with no tax expenses reported. Earnings per share (basic and diluted) were ₹0.04, up from ₹0.01 in Q1FY25.

Operational Context

The decline in revenue year-on-year reflects operational downtime during repair and maintenance work that concluded in April 2026. Production resumed on May 2, 2026. The sharp drop in other income contributed to lower total revenue, though operational profitability improved relative to the prior year’s low base.

Strategic Expansion

Strategically, the company is advancing its proposed Kraft Paper Manufacturing Project through its wholly owned subsidiary, Kay Pulp and Paper Mills Private Limited. The facility, expected to be commissioned during Financial Year 2027-28, will utilize modern machinery and advanced manufacturing technology. Commercial production is anticipated thereafter, with financial performance reflecting in consolidated statements from Financial Year 2028-29 onwards. The project remains at the planning and development stage, targeting an installed capacity of 75,000 Tonnes Per Annum (TPA) and estimated first-year revenue of ₹200 crore.

The Board meeting held on August 12, 2026, approved the unaudited financial results pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Ankush Shinde & Company, the statutory auditors, issued an unmodified review report. The consolidated figures mirror the standalone results as the wholly owned subsidiary, Satara Aerospace and Defence Industrial Park Private Limited, has not yet commenced operations.