Kwality Wall's (India) Limited has initiated a postal ballot process to secure shareholder approval for the appointment of two Non-Executive Non-Independent Directors. The resolutions concern Mr. Abhijit Bhattacharya and Mr. Tahir Toloy Tanridagli, who were appointed as Additional Directors by the Board on 30 March 2026. The company requires shareholder ratification to regularise their positions in compliance with the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Mr. Bhattacharya, aged 64, brings nearly four decades of experience in finance and strategy, having served as the Chief Financial Officer of The Magnum Ice Cream Company N.V. and previously held senior leadership roles at Koninklijke Philips N.V. Mr. Tanridagli, aged 49, is the President – Middle East, Turkey and South Asia at The Magnum Ice Cream Company, with over 25 years of experience in the food and beverage sector. The Board has recommended both Ordinary Resolutions based on the advice of the Nomination and Remuneration Committee.

The remote e-voting facility will be available to shareholders whose names appear in the Register of Members or List of Beneficial Owners as of the cut-off date, Tuesday, 26 May 2026. The voting period is scheduled to begin at 09:00 A.M. (IST) on Saturday, 30 May 2026, and will end at 05:00 P.M. (IST) on Sunday, 28 June 2026. KFin Technologies Limited has been engaged as the Registrar and Share Transfer Agent to facilitate the e-voting process.

Mr. Nitesh Latwal, Partner at PI & Associates, has been appointed as the Scrutinizer to oversee the postal ballot proceedings. The results of the voting will be declared within two working days from the conclusion of the remote e-voting period and will be communicated to the stock exchanges. The notice has been sent to members electronically, and physical ballot forms will not be accepted.

Key Details of the Postal Ballot

Profile of Appointees

Kwality Wall's (India) Limited has announced its audited financial results for the quarter and period ended March 31, 2026. The Board of Directors, at its meeting held on May 20, 2026, approved the results, which were subjected to an audit by M/s. Walker Chandiok & Co. LLP, who issued an unmodified opinion. Additionally, the Board appointed the firm as Statutory Auditors for a five-year term, subject to shareholder approval.

Financial Performance

The company reported a total income of Rs. 4,860 million for the quarter ended March 31, 2026, compared to Rs. 4,400 million in the same quarter of the previous year, reflecting year-on-year revenue growth. On a sequential basis, total income rose from Rs. 2,233 million in the quarter ended December 31, 2025. For the full period from January 10, 2025, to March 31, 2026, total income stood at Rs. 22,456 million. Despite the revenue growth, the company continued to report a net loss for the quarter, though the loss narrowed compared to the prior year's Rs. 200 million loss figure on a like-for-like basis.

Operational Highlights and Expenses

Total expenses for the quarter rose to Rs. 6,115 million. Key cost drivers included the cost of materials consumed at Rs. 2,174 million and purchases of stock-in-trade at Rs. 1,323 million. Other expenses accounted for Rs. 2,418 million. The company also reported exceptional items amounting to Rs. 177 million for the quarter, attributed to establishment costs and the impact of changes in labour codes.

Corporate Actions

During the quarter, The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. acquired control of the company, becoming the promoter. Consequently, the equity shares of Kwality Wall's (India) Limited were listed on BSE Limited and National Stock Exchange of India Limited on February 16, 2026. The Board also finalized the appointment of M/s. Walker Chandiok & Co. LLP as statutory auditors, effective from the conclusion of the first Annual General Meeting in 2026 until the conclusion of the sixth AGM in 2031.