kic metaliks has scheduled its 39th Annual General Meeting (AGM) for Tuesday, August 25, 2026, at 11:30 a.m. (IST) to approve a material related party transaction valued at up to ₹500 crore with fellow subsidiary Bengal Energy Limited. The meeting will also address the re-appointment of Independent Director Mrs. Ishita Bose and a remuneration revision for CFO Mr. Mukesh Bengani. This approval is critical for maintaining operational synergies in raw material procurement between KIC Metaliks' Durgapur plant and Bengal Energy's Kharagpur facilities.

The AGM will be conducted through Video Conferencing or Other Audio-Visual Means (VC/OAVM) in compliance with Ministry of Corporate Affairs circulars. The deemed venue is the company's registered office in Kolkata. Electronic copies of the AGM notice and Integrated Annual Report for FY26 were dispatched on Monday, August 3, 2026. Remote e-voting facilities are provided by National Securities Depository Limited (NSDL). The e-voting period commences on Saturday, August 22, 2026, at 9:00 a.m. (IST) and concludes on Monday, August 24, 2026, at 5:00 p.m. (IST). Members holding shares as of the cut-off date, Tuesday, August 18, 2026, are eligible to vote. The register of members and share transfer register will remain closed from Wednesday, August 19, 2026, to Tuesday, August 25, 2026.

Related Party Transaction with Bengal Energy Limited

The Board seeks shareholder approval under Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for transactions with Bengal Energy Limited. Bengal Energy became a related party following a Scheme of Arrangement sanctioned by the NCLT Kolkata Bench on August 1, 2025, making both entities fellow subsidiaries of Thermic Steel Company Private Limited.

The proposed transactions involve the sale and purchase of goods such as sinter, coke, coal, fluxes, steel scrap, and iron ore pellets, along with auxiliary services. These transactions are expected to leverage operational synergies and supply chain efficiencies due to the geographical proximity of the two plants. The aggregate value of these transactions for FY27 is capped at ₹500 crore, representing 63.86% of KIC Metaliks' annual consolidated turnover for the preceding financial year. In FY26, previous transactions included sales of ₹5,205.37 lakhs and purchases of ₹21,877.64 lakhs.

Director Re-appointments and Remuneration

Shareholders will consider the re-appointment of Mrs. Ishita Bose as an Independent Director for a second term of five consecutive years, effective from August 6, 2026, to August 5, 2031. The Nomination and Remuneration Committee recommended her re-appointment based on her performance evaluation and expertise in civil litigation and real estate registration. Mrs. Bose currently serves as Chairman of the Stakeholders' Relationship Committee and the Corporate Social Responsibility Committee.

The meeting will also approve the revision in remuneration of Mr. Mukesh Bengani, Executive Director (Finance) and CFO, effective April 1, 2026. As the company reported inadequate profits for FY26, this revision requires a Special Resolution under Section 197 of the Companies Act, 2013. His new monthly salary structure is detailed below:

Mr. Bengani's total remuneration in any financial year shall not exceed 5% of the company's net profits. His total remuneration in FY26 amounted to ₹22.71 lakhs.

Financial Performance Context

The explanatory statement notes that KIC Metaliks returned to profitability in FY26 but reported inadequate profits for managerial remuneration purposes. Key financial indicators for the quarter ended March 31, 2026, are presented below:

The company continues to focus on improving operational efficiencies through enhanced capacity utilization and cost management initiatives. M/s. Patangi & Co. has been appointed as Cost Auditors for FY27 at a remuneration of ₹40,000 plus taxes, subject to shareholder ratification. Mr. B.G. Lahoti, Practising Company Secretary, has been appointed as Scrutinizer for the e-voting process.

kic metaliks returned to profitability in FY26, reporting a net profit of ₹105.11 lakhs compared to a loss of ₹609.36 lakhs in the previous year. Revenue from operations grew by 9.15% to ₹78,288.86 lakhs, driven by higher production volumes and improved operational efficiency despite subdued market pricing. The turnaround was supported by a 23% increase in pig iron production to 2,12,020 MT and capacity utilisation rising to nearly 90.22% from 73.21%. This performance marks a significant shift for the Durgapur-based pig iron manufacturer, which had faced pressure from lower realisations and volatile input costs in FY25.

The financial results were submitted pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The 39th Annual General Meeting is scheduled for August 25, 2026, via Video Conference/Other Audio-Visual Means. Statutory auditors M/s. Agarwal Maheswari & Co., cost auditors M/s. Patangi & Co., and secretarial auditors M/s. B G Lahoti & Associates conducted their respective audits for the year. No dividend was declared for the year as profits were ploughed back into the business.

Operational discipline and cost management were key drivers of the recovery. EBITDA stood at ₹2,646.47 lakhs, up from ₹1,362.59 lakhs in FY25. The company reduced its debt-equity ratio to 0.59 from 0.71 and fully repaid its term loan obligations during the year. Inventory holding days decreased from 102 to 88, reflecting leaner inventory management. Cash and cash equivalents doubled to ₹1,007.38 lakhs from ₹507.71 lakhs, providing greater financial flexibility.

What the Numbers Show

The return to profitability was achieved primarily through volume growth rather than price improvements, as average pig iron realisations remained under pressure. The significant jump in production volume allowed the company to spread fixed costs over larger output, improving unit economics. The complete exit from term loans signals a strategic focus on deleveraging, reducing interest burden and strengthening the balance sheet resilience against future commodity cycles.