Manoj Ceramic Limited held its 20th Annual General Meeting (AGM) on September 22, 2026, where shareholders unanimously approved all six proposed resolutions. The meeting, conducted via Video Conferencing, saw no votes cast against any agenda item.

The company’s Board of Directors adopted the audited standalone and consolidated financial statements for the financial year ended March 31, 2026. Additionally, the meeting approved the re-appointment of Dhruv Rakhasiya as a Director and ratified the remuneration payments for Executive Directors Manoj Dharamshi Rakhasiya and Aakash Manoj Rakhasiya, as well as Non-Executive Director Anjana Manoj Rakhasiya.

Voting outcomes and participation

The Consolidated Scrutinizer’s Report, issued by KDA & Associates, confirmed that all resolutions were passed with 100% of the polled votes in favour. A total of 7,394,200 shares were voted on for the ordinary resolutions regarding financial statements, representing 53.55% of the total outstanding shares of 13,807,000. For the special resolutions concerning director remuneration, the number of votes polled varied slightly due to invalid votes or abstentions in specific categories, but the final tally remained unanimous among valid votes.

Promoter influence on voting patterns

A clear pattern emerges when analyzing the voting behavior across different shareholder categories. The Promoter and Promoter Group, holding 7,372,800 shares, voted consistently across all resolutions. However, their participation rate varied significantly depending on the resolution type. For the adoption of financial statements, promoters voted 100% of their holdings. In contrast, for the re-appointment of Dhruv Rakhasiya, promoter votes polled dropped to 6,194,200, with 1,178,600 votes recorded as invalid or abstained. This trend continued for remuneration approvals, where promoter votes polled ranged from 4,404,800 to 6,470,800, indicating selective participation or procedural exclusions for interested parties in specific special resolutions.

Public institutional holders did not cast any votes across all six resolutions, despite holding 489,000 shares. Public non-institutional holders showed minimal engagement, casting only 21,400 votes for every resolution, which constituted less than 0.4% of their total holding of 5,945,200 shares. This suggests that the outcome of the AGM was predominantly determined by the promoter group’s voting decisions.

Manoj Ceramic Limited reported 23.40% year-on-year revenue growth and a 10.1% increase in profit after tax for the financial year ended March 31, 2026. The performance was highlighted during the company's 20th Annual General Meeting held on September 22, 2026.

The growth was supported by strategic initiatives including the expansion of its adhesive portfolio, the launch of Studio-integrated showrooms in Mumbai, Pune, and Bangalore, and enhanced export logistics infrastructure. The company also strengthened business relationships across African markets such as Burundi, Angola, Sudan, Senegal, and Uganda.

Financial Performance Overview

The Chairman briefed members on the financial trajectory for FY26, noting significant top-line expansion alongside steady bottom-line improvement. The divergence between revenue and profit growth suggests margin pressures or increased operational costs despite higher sales volumes.

Strategic Initiatives and Market Expansion

Manoj Ceramic focused on catering to design-conscious homeowners, contractors, and architects through its Studio-enabled showrooms. The company emphasized sustainable packaging, solar evaluations, and employee upskilling as part of its ESG initiatives.

Key operational highlights included:

• Expansion of the adhesive product portfolio.
• Establishment of Studio-integrated showrooms in key metro cities.
• Strengthening of export logistics infrastructure to support international growth.

Future Outlook

For FY27 and beyond, the company plans to increase the contribution of exports to a double-digit share of revenue. It aims to expand its showroom network to approximately 8-10 experience centres and enhance its premium product mix to support margin expansion. The management stated a focus on establishing the brand as a globally recognised, technology-enabled surface solutions provider.

Governance and Compliance

The AGM was conducted through Video Conferencing/Other Audio Visual Means in compliance with SEBI and MCA guidelines. The following resolutions were taken up:

1. Adoption of Audited Standalone and Consolidated Financial Statements for FY26.
2. Re-appointment of Dhruv Rakhasiya as Director retiring by rotation.
3. Approval of remuneration for Executive Directors Manoj Dharamshi Rakhasiya and Aakash Manoj Rakhasiya, and Non-Executive Director Anjana Manoj Rakhasiya.

M/s. Chhogmal & Co., Chartered Accountants, submitted their Statutory Audit Report, while M/s. HRU & Associates provided the Secretarial Audit Report. Both reports contained no qualifications or adverse remarks.