Mazagon Dock Shipbuilders held its 93rd Annual General Meeting on August 27, 2026, where shareholders approved a final dividend of ₹4.62 per equity share for FY26. The virtual meeting, chaired by CMD Capt. Jagmohan (Retd.), also addressed regulatory observations regarding delayed appointments of independent directors.

The company declared a dividend payout ratio of 92.4% for the financial year ended March 31, 2026. Shareholders ratified the remuneration of cost auditors for FY27 and approved the appointment of Dinesh Mahur as a Government Nominee Director. Biju George was reappointed as a director following his retirement by rotation.

Governance Observations

The Secretarial Auditor, M/s SVJS & Associates, reported that the Board’s composition did not comply with Companies Act and SEBI LODR requirements during certain periods in FY26. Specifically, vacancies for Independent Directors and an Independent Woman Director were not filled within the prescribed timelines.

Management Response

Management clarified that as a Government Company, director appointments are made by the President of India through the Ministry of Defence (MoD). The delay in filling vacancies was beyond the company’s control, and the matter has been taken up with the MoD.

Meeting Details

• Date: August 27, 2026
• Mode: Video Conferencing (VC) / Other Audio Video Visual Means (OAVM)
• Attendance: 114 members
• Quorum: Present
• Auditors: Sarda & Pareek LLP (Statutory), SVJS & Associates (Secretarial)

The Statutory Auditors’ reports contained no qualifications or adverse remarks. The CAG comments on standalone and consolidated financial statements were also clean. Seven shareholders participated in the Q&A session, with responses provided by the CMD.

Mazagon Dock Shipbuilders has appointed K.M. Ravi Kumar as a Non-Official (Independent) Director on its Board. The Ministry of Defence issued the appointment letter on August 21, 2026, confirming a tenure of three years.

The appointment is effective from the date of notification or until further orders, whichever occurs earlier. However, since Kumar’s Director Identification Number (DIN) activation application is currently under process, the effective date will be intimated once the DIN is allotted.

Regulatory Disclosure

The company made this disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This filing was submitted to both the Bombay Stock Exchange and the National Stock Exchange of India Limited.

Further disclosures regarding the director’s information, as required by SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, will be provided after the effective date of his appointment.

Lalatendu Acharya, Company Secretary and Compliance Officer, signed the disclosure letter dated August 24, 2026.