Kriti Industries (India) Limited successfully conducted its 1/2025-26 Extraordinary General Meeting on March 20, 2026, marking a significant step toward business diversification into the power generation sector. The meeting, held through video conferencing from 10:30 A.M. to 10:46 A.M., addressed crucial amendments to the company's constitutional documents to enable expansion into renewable and conventional energy businesses.

Meeting Participation and Governance

The EGM witnessed strong participation with 47 members attending virtually out of 11,311 total members as of the cutoff date of March 13, 2026. The meeting was chaired by Shri Shiv Singh Mehta, Chairman and Managing Director, with comprehensive representation from the board and key officials.

The board representation included six directors, with Shri Shiv Singh Mehta as Chairman and Managing Director, Smt. Purnima Mehta as Whole Time Director, and four other directors including three independent directors. Key officials present included Shri Rajesh Sisodia as Chief Financial Officer and Ms. Aditi Randhar as Company Secretary.

Constitutional Amendments for Business Expansion

The meeting focused on two special resolutions designed to expand the company's operational scope into the power generation sector. The first resolution involved altering Clause III(B) of the Memorandum of Association by inserting a new clause 31A after existing clause 31.

This amendment enables the company to engage in comprehensive power generation activities including:

• Generation and production using conventional methods (hydel, thermal turbine, thermo electric generator)
• Non-conventional energy sources (solar energy, rooftop solar, ground mounted solar, wind energy, tidal energy)
• Bio-mass energy and petroleum by-products utilization
• Energy conservation and efficiency optimization
• Power transmission and distribution infrastructure

Articles of Association Enhancement

The second special resolution focused on amending the Articles of Association by inserting new Article 92 after existing Article 91. This amendment specifically authorizes the Board of Directors to establish, purchase, manage, and operate electricity generation plants and facilities.

The amendment provides the board with comprehensive authority to generate, accumulate, distribute, supply, and sell electricity from various sources, whether for captive consumption or commercial sales to external parties.

E-Voting and Compliance Framework

The company implemented a robust e-voting mechanism through CDSL platform, with remote e-voting conducted from 9:00 A.M. on March 17, 2026, to 5:00 P.M. on March 19, 2026. CS Ishan Jain, Practicing Company Secretary (FCS 9978, CP 13032), was appointed as scrutinizer to ensure fair and transparent voting processes.

The meeting was conducted in full compliance with Companies Act 2013, SEBI LODR Regulations 2015, and Secretarial Standard-2 on General Meetings. The company followed MCA circulars including General Circular Nos. 14/2020, 17/2020, and the latest 03/2025 dated September 22, 2025, enabling virtual meeting conduct.

Four shareholders registered to speak during the EGM, with two members actively participating and raising queries that were satisfactorily addressed by the Chairman and Managing Director. The company committed to announcing e-voting results within two working days and making the recorded transcript available on its website along with stock exchange filings.

Kriti Industries India Limited faced significant challenges in Q3 FY26 as extended rainfall across its key markets severely impacted agricultural pipe demand, leading to a substantial decline in financial performance. The company's consolidated revenue dropped 35% year-on-year to ₹135.79 crores during the quarter ended December 31, 2025.

Financial Performance Overview

Despite the revenue decline, the company demonstrated operational resilience by achieving EBITDA profitability during the quarter. The financial metrics highlight both the challenges faced and areas of improvement:

For the nine-month period ending December 2025, the company's performance reflected the sustained impact of adverse weather conditions:

Weather Impact on Agricultural Segment

The company's agricultural pipe business, which forms a significant portion of its revenue, experienced a sharp decline due to unprecedented weather conditions. Agricultural sales dropped 30% in Q3 and 17% for the nine-month period on a year-on-year basis. Chairman and Managing Director Shiv Singh Mehta explained that heavy and extended rains from May through October significantly reduced irrigation requirements, as most needs were met through natural rainfall.

The company's primary markets in Central India, including Madhya Pradesh, Rajasthan, and Maharashtra, were particularly affected by the sustained rainfall. Management noted that the impact was more severe for Kriti Industries compared to competitors due to its concentrated presence in these weather-affected regions.

Market Position and Strategy

Despite the challenging conditions, management expressed confidence in maintaining market share within their core territories. The company operates as a predominant brand in its key markets, enjoying strong brand recognition and distribution networks. Management indicated they have maintained or slightly improved market share during the period, ensuring adequate pipe availability despite reduced overall demand.

The company continues to focus on expanding its distribution network while maintaining its strategy of limiting industrial product exposure to ₹100-150 crores maximum. This approach aims to reduce dependency on EPC contractors and their associated payment cycle challenges.

Recovery Outlook and Future Plans

Management expressed optimism for Q4 FY26 recovery, citing several positive factors. Raw material prices have reached more affordable levels, making pipes more accessible to farmers. Additionally, adequate water levels in water bodies following the extended rainfall period are expected to support increased agricultural activity and corresponding pipe demand in the coming crop seasons.

The company maintains its long-term revenue target of reaching ₹1,000 crores by FY28-29, with management expressing intentions to potentially achieve this milestone earlier. However, they emphasized a cautious approach to capacity expansion, preferring to observe market recovery for one to two quarters before making significant investment decisions.

Building Products Segment

The building products division, including CPVC pipes, also faced challenges during the period as dealers engaged in this segment were similarly impacted by weather conditions. However, management reported early signs of recovery in recent months following implementation of revised strategies. The company expects quarter-on-quarter improvement in building materials performance going forward.