M R Maniveni Foods Limited held its 16th Annual General Meeting (AGM) on September 28, 2026, via Video Conferencing and Other Audio Visual Means. The company successfully passed all four proposed resolutions, covering the adoption of audited financial statements for FY26 and key board appointments.

The meeting was conducted under Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Voting results indicated unanimous support from participating shareholders for all agenda items, with zero votes cast against any resolution.

Resolutions adopted

The shareholders approved the following items through remote e-voting and e-voting at the meeting:

1. Adoption of Financial Statements: Audited financial statements for the year ended March 31, 2026, along with reports of the Board of Directors and Auditors.
2. Re-appointment of Director: Re-appointment of Mrs. Chandra M as a Director.
3. Appointment of Independent Director: Appointment of Mr. Manickam Muthukumar as an Independent Director via Special Resolution.
4. Appointment of Non-Independent Director: Appointment of Dr. Manimegalai M as a Non-Executive Non-Independent Director.

Voting details

The voting process was scrutinized by Ramya Ramakrishnan, a Practising Cost Accountant. A total of five members participated in the voting process, casting votes on 14,216,400 shares. No shareholders attended in person or through proxy; participation was entirely digital.

What the Numbers Show

The data reveals a significant concentration of voting power among promoters. While there were 220 shareholders on record, only five individuals participated in the voting process. Promoters and their group held 14,182,400 shares, accounting for approximately 99.7% of the total votes polled (14,216,400). Public non-institutional shareholders held 5,390,000 shares but polled only 34,000 votes, indicating minimal public engagement or low turnout among minority holders.

M R Maniveni Foods reported a 16% decline in revenue from operations for FY26, driven by lower sales volumes in the pulses segment. Despite the topline contraction, the company maintained stable profitability with net profit remaining largely unchanged year-on-year.

The company also announced the appointment of two new directors and approved its 16th annual general meeting (AGM) for September 28, 2026, during a board meeting held on September 5, 2026.

Financial Performance

Revenue from operations fell to ₹16,974.64 crore in FY26, down from ₹20,348.38 crore in FY25. The decline reflects broader market challenges in the pulses industry, including fluctuating raw material prices and supply availability.

EBITDA rose marginally by 1.1% to ₹791.06 crore, indicating improved operational efficiency despite lower sales. Net profit after tax decreased slightly by 0.2% to ₹385.80 crore. Other income increased to ₹9.50 crore from ₹3.77 crore in the previous year, primarily due to higher interest income from bank deposits.

Balance Sheet and Working Capital

Total assets grew to ₹5,379.83 crore from ₹4,043.84 crore in FY25. This increase was largely driven by a significant rise in inventories, which surged to ₹2,546.73 crore from ₹1,391.26 crore. Finished goods inventory alone jumped to ₹1,987.29 crore, up from ₹651.16 crore, suggesting stockpiling ahead of anticipated demand or seasonal variations.

Short-term borrowings increased to ₹1,778.06 crore from ₹1,338.89 crore, while long-term borrowings declined to ₹388.05 crore from ₹706.89 crore. Trade payables rose sharply to ₹895.90 crore from ₹95.60 crore, indicating extended credit terms from suppliers or delayed payments.

Director Appointments

The board appointed Mr Manickam Muthukumar as an additional independent director for a five-year term starting September 5, 2026. He is a qualified cost accountant with intermediate qualifications in chartered accountancy and company secretaryship.

Ms M Manimegalai was appointed as a non-executive, non-independent director effective September 5, 2026. She is liable to retire by rotation. Ms Manimegalai is a doctor by profession with knowledge of the food industry and is the daughter of Managing Director K R Manikandan and Whole Time Director Mrs M Chandra.

AGM Details

The 16th AGM will be held on September 28, 2026, at 10:15 am through video conferencing or other audio-visual means. E-voting will commence on September 25, 2026, at 9:00 am and conclude on September 27, 2026, at 5:00 pm. The cut-off date for e-voting eligibility is September 21, 2026.

The company also appointed M/s J Ganesh & Co., Chartered Accountants, Chennai, as internal auditors for the year 2026-27. Statutory auditors M/s Krishnaan & Co., Chartered Accountants, issued an unqualified audit report with no adverse comments.