Mahindra EPC Irrigation Limited has announced its 44th Annual General Meeting (AGM) in compliance with SEBI regulations, scheduled to be held in physical mode on May 29, 2026. The company has published mandatory newspaper advertisements regarding the AGM notice and remote e-voting facility.

AGM Schedule and Venue Details

The 44th AGM will be conducted at Express Inn, Pathardi Phata, Mumbai Agra Road, Ambad, Nashik-422010, Maharashtra on Friday, May 29, 2026 at 11:30 AM (IST). The meeting will transact businesses as outlined in the AGM notice.

Regulatory Compliance and Publication

The company has fulfilled its disclosure obligations under Regulation 30 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The newspaper advertisements were published in multiple languages to ensure wider reach among shareholders.

Publication Details:

• The Free Press Journal (English)
• Business Standard (English)
• Navshakti (Marathi)

Electronic Distribution of AGM Materials

In accordance with the Companies Act, 2013 and relevant MCA circulars, the AGM notice along with the Annual Report for Financial Year 2025-26 will be distributed electronically. The materials will be sent to members whose email addresses are registered with the Company, Depositories, or Registrar and Share Transfer Agent as on Thursday, April 30, 2026.

Members seeking physical copies of the Annual Report for Financial Year 2025-26 can request them by emailing angadi.ravi@mahindra.com with their Folio Number, DP ID, and Client ID.

Document Availability and Access

The AGM notice and Annual Report will be accessible through multiple platforms:

• Company website: https://www.mahindrainrigation.com/financials/
• KFin Technologies Limited: https://evoting.kfintech.com/
• BSE Limited: www.bseindia.com
• National Stock Exchange Limited: www.nseindia.com

Email Registration and Voting Procedures

The company has provided detailed instructions for shareholders to register or update their email addresses. Members holding shares in dematerialized mode should register through their depository participants, while those holding physical shares need to submit Form ISR-1 to the Registrar and Share Transfer Agent, KFin Technologies Limited.

Voting Options Available:

• Remote e-voting through KFin Technologies Limited platform
• Ballot paper voting for members present at AGM who haven't used remote e-voting
• Login credentials for e-voting will be provided via email after successful registration

The company encourages members to utilize the e-voting facility during the designated e-voting period. Company Secretary and Compliance Officer Ratnakar Nawghare (Membership No: A8458) signed the disclosure dated April 29, 2026, from the company's Nashik office.

Mahindra EPC Irrigation Limited has reported its highest ever revenue of INR315.8 crore in FY26, achieving 14.8% growth compared to INR275.1 crore in the previous fiscal year. The company's profit before tax improved significantly to INR16.99 crore from INR10.7 crore in FY25, despite facing multiple operational challenges throughout the year including above-normal monsoon rainfall, delayed state government fund releases, and a sharp surge in raw material prices in the fourth quarter.

Financial Performance Overview

The company's FY26 performance outpaced industry growth, which is estimated at 6-7% for the fiscal year. The improvement in bottom line was achieved through enhanced revenues, a 1% saving on material costs expressed as a percentage of revenue, and strategic improvements in state mix, product mix, and business mix. However, Q4 FY26 faced headwinds with raw material prices for PE pipe grades increasing by 58-59% in February 2026, coupled with limited availability from OEMs.

Strategic Business Transformation

A key driver of the company's growth has been its conscious shift towards non-subsidy revenue streams, which now contribute 35% of total business compared to merely 3% in FY20. This strategic pivot includes irrigation projects, thin wall business, and institutional sales. The projects business alone accounts for approximately a quarter of total turnover, with an opening pipeline of about INR55 crore and potential upside of another INR20 crore for the coming year.

The company has also strengthened its presence in emerging markets, particularly in Uttar Pradesh where it achieved 28% growth in FY26. Manufacturing efficiency has improved with rejections maintained at sub-2% levels, better than industry averages. Additionally, the company has implemented distributed manufacturing with satellite units to better control freight and processing costs.

Industry Outlook and Challenges

The micro irrigation industry in India currently shows only 17-18% penetration of the total identified potential of 72 million hectares. The government has set an ambitious target of covering 10 million hectares over the next five years, averaging 2 million hectares annually. The central government demonstrated its commitment by issuing 43% of annual fund allocations to states by May 2025.

However, the industry faces working capital challenges due to delayed payments from state governments, resulting in high receivables. The company reported that approximately 80-90% of its INR217 crore in receivables is attributed to the subsidy business. Industry bodies are pursuing reforms in the fund disbursement process, with some positive trends visible from FY26 regarding smoother release of central government mother sanctions to states.

Future Outlook

Looking ahead to FY27, the company identified raw material price volatility as a key risk, particularly given geopolitical uncertainties. The Industry Irrigation Association has made representations to the government requesting price increases. The company is focusing on mitigating this risk through strategic product mix selection, geographic targeting, and careful timing of raw material procurement.

The management indicated that while FY27 is predicted by some agencies as an El Niño year, there remains a possibility of near-normal monsoon. Improved groundwater availability from successive years of good monsoon should support micro irrigation-led crops. The company continues to invest in capacity expansion and productivity improvements, with capex plans focused on current product lines and new product development.