Manaksia Coated Metals & Industries Limited shareholders approved all 11 resolutions at its 16th Annual General Meeting held on September 3, 2026, with the scrutinizer’s report confirming near-unanimous support across the board.

The meeting, conducted via video conferencing, saw the reappointment of senior leadership and the adoption of audited financial statements. Mr. Siddhartha Shankar Roy chaired the proceedings, while Managing Director Mr. Sushil Kumar Agrawal outlined the company’s performance and future prospects.

Voting Results Overview

The e-voting window opened on August 31, 2026, and closed on September 2, 2026, with a cut-off date of August 27, 2026, for voting rights. A total of 63,159,825 votes were polled out of 106,634,050 shares held by shareholders on the record date, representing a 59.23% turnout.

Promoter and promoter group shareholders, holding 61,608,767 shares, participated fully, casting 100% of their votes in favour of every resolution. Public institutional investors showed high engagement, with 75.54% of their shares voting in favour. In contrast, public non-institutional investors had a significantly lower participation rate of just 2.06%, though those who did vote overwhelmingly supported the agenda items.

Key Resolutions Passed

Shareholders approved several ordinary and special resolutions during the two-hour session. The primary business items included:

• Adoption of standalone and consolidated financial statements for the year ended March 31, 2026.
• Declaration of the final dividend.
• Reappointment of Mr. Karan Agrawal as a director retiring by rotation.
• Ratification of cost auditor remuneration for FY27.

Board Appointments and Remuneration

The AGM approved multiple special resolutions regarding board composition and compensation:

Mr. Devansh Agrawal’s appointment includes a monthly remuneration of ₹8,00,000. This resolution received the highest number of dissenting votes among all agenda items, with 3,236 votes cast against it by public non-institutional shareholders, though it still secured 99.99% support overall.

Meeting Proceedings

Four registered speakers raised queries during the session, which were addressed by Mr. Karan Agrawal. The scrutinizer’s report on the voting results was released by M & A Associates on September 3, 2026, confirming that no invalid votes were recorded across any shareholder category.

Manaksia Coated Metals & Industries Limited Manaksia Coated Metals & Industries Limited scheduled its 16th Annual General Meeting (AGM) for September 3, 2026, to transact business including the adoption of financial statements for the fiscal year ended March 31, 2026. The meeting will be held through Video Conferencing or Other Audio Visual Means. Shareholders on record as of August 27, 2026, are eligible to vote via remote e-voting between August 31 and September 2, 2026.

The company reported strong financial performance for FY26, driven by higher price realizations and increased export volumes. Total income rose 13.5% to ₹896.27 crore from ₹781.63 crore in the previous year. Profit after tax surged 164% to ₹40.69 crore, up from ₹15.41 crore in FY25. EBITDA grew 49% to ₹92.21 crore, with margins expanding to 10.29% from 7.83%. Revenue from operations stood at ₹884.48 crore.

The Board recommended a final dividend of ₹0.05 per equity share (5% on face value of ₹1). Dividend payment will be made subject to tax deduction at source, with beneficial owners as of August 27, 2026, eligible for the payout. The company also highlighted an improved balance sheet, with the debt-equity ratio strengthening to 1.13x from 1.81x and net debt reducing to ₹81 crore.

Operational highlights included a 93% rise in export tonnage to 69,065 metric tonnes, which now constitutes 68.21% of total revenue. Pre-painted steel contributed 80% of sales volume, reflecting a shift toward higher-value products. The company successfully transitioned its galvanising line to Alu-Zinc coating technology, increasing coated capacity by 36% to 1,80,000 MTPA.

What the Numbers Show

The disproportionate growth in net profit relative to revenue indicates significant operating leverage and margin expansion. While revenue grew 13.5%, EBITDA expanded by 49%, and PAT jumped 164%. This divergence suggests that cost absorption improved materially, likely aided by the shift in product mix toward premium Alu-Zinc and pre-painted steel, which command higher realizations. The blended price realization rose to ₹82,193 per tonne from ₹73,622 in FY25, confirming that premiumisation drove profitability more than volume growth alone.

Governance and Capital Allocation

The AGM agenda includes the re-appointment of Mr. Sushil Kumar Agrawal as Managing Director and Mr. Karan Agrawal as Whole-time Director for three-year terms. Their remuneration was revised effective April 1, 2026, to ₹12.50 lakh per month and ₹12 lakh per month, respectively. Mr. Venkata Srinarayana Addanki will also be re-appointed as Whole-time Director.

The company raised ₹161.22 crore through preferential allotments during the year, deploying funds toward the Alu-Zinc upgrade and ongoing projects. Management outlined future investments including a second colour coating line (₹65 crore), a captive solar plant (₹30 crore), and a planned Cold Rolling Mill complex (₹200 crore). These initiatives aim to triple output and revenue by FY29 while maintaining a targeted debt-equity ratio of 1x to 1.5x.