Maral Overseas held its 37th Annual General Meeting on August 25, 2026. The meeting was conducted via Video Conferencing or Other Audio Visual Means in compliance with Ministry of Corporate Affairs and SEBI regulations.

The session commenced at 2:00 pm and concluded at 3:20 pm. Shekhar Agarwal, Chairman & Managing Director and CEO, chaired the proceedings. The deemed venue for the meeting was the company's registered office in Khargone, Madhya Pradesh.

Key Resolutions

Shareholders transacted both ordinary and special business items during the AGM. The key outcomes included:

• Adoption of the Audited Financial Statements for the financial year ended March 31, 2026.
• Reappointment of Ravi Jhunjhunwala as a Non-Executive Director, who retires by rotation.
• Approval of the restructuring of remuneration for Shekhar Agarwal.
• Approval of the restructuring of remuneration for Shantanu Agarwal, Joint Managing Director.
• Ratification of remuneration payable to K. G. Goyal & Co., the Cost Auditors for FY27.

Governance and Attendance

The meeting was attended by several directors and key managerial personnel. Independent directors present included Raman Singh Sidhu, Amitabh Gupta, Romi Jatta, and Suman Jyoti Khaitan. Manoj Gupta served as Chief Financial Officer.

S S Kothari Mehta & Co. LLP acted as the Statutory Auditor, with Vivek Raut present as Audit Partner. Smt. Manisha Gupta was appointed as the Scrutinizer to oversee the e-voting process.

Voting Process

The company provided remote e-voting facilities through the National Securities Depository Limited portal from August 21, 2026, to August 24, 2026. E-voting during the AGM was also available for members who had not cast their votes remotely. The quorum was present throughout the meeting.

The combined results of e-voting and voting at the AGM, along with the Scrutinizer's Report, are expected to be uploaded on the company website and NSDL portal by August 27, 2026.

Maral Overseas has returned to profitability in FY26, reporting a net profit of ₹3.26 crore, a significant recovery from the net loss of ₹24.20 crore recorded in FY25. The financial improvement was primarily driven by operational efficiencies and cost optimization, which boosted operating profit by 57.4% to ₹71.19 crore. This growth occurred despite a 6.3% contraction in revenue from operations, which stood at ₹980.87 crore against ₹1,047.03 crore in the prior year.

The Board of Directors did not recommend any dividend on equity shares due to the company's financial position. However, the company accrued a dividend of ₹1.38 crore on its 9.25% Redeemable Non-Convertible Cumulative Preference Shares (RNCPS), which will be payable once sufficient profits are earned. The capital expenditure plan of ₹30.66 crore for modernization was kept in abeyance due to financial constraints, though critical machinery was leased to ensure uninterrupted production.

Financial Performance Overview

The company's financial results for the year ended March 31, 2026, reflect a strategic shift towards stabilizing margins amidst challenging market conditions. While top-line growth remained subdued, the bottom line improved significantly due to tighter control over overheads and rationalization of costs.

Operational Highlights

Exports remained a key revenue driver, with FOB value reaching ₹469.94 crore, accounting for 47.91% of total turnover, up from 44.35% in FY25. The yarn business continued to be the largest contributor, representing 54.26% of turnover, followed by knitted fabric at 26.36% and garments at 19.38%.

Production volumes showed mixed trends across segments. Grey yarn production decreased slightly to 16,160 MT from 16,337 MT in FY25, while dyed yarn production fell to 3,087 MT from 3,183 MT. Conversely, Mélange yarn production rose to 2,807 MT from 2,510 MT. Garment production declined significantly to 33.18 lakh pieces from 44.12 lakh pieces, reflecting weak demand in key markets like the US.

What the Numbers Show

The divergence between declining revenue and surging operating profit indicates that Maral Overseas successfully mitigated margin pressures through cost optimization rather than volume growth. The management’s focus on value-added products and selective reduction of exposure to volatile export markets helped stabilize performance. Furthermore, the absence of CSR obligations due to losses in preceding years allowed for better cash flow management, although voluntary contributions were approved for social welfare activities.