Mazda Limited concluded its 36th Annual General Meeting on September 21, 2026. The meeting was held via video conferencing with the deemed venue at the corporate office in Ahmedabad.

Shareholders approved ordinary resolutions to adopt the financial statements for the year ended March 31, 2026, and declare a final dividend of ₹4.00 per equity share of face value ₹2 each.

Key Resolutions

The board placed six items before shareholders for voting. All resolutions were passed via remote e-voting and e-voting during the meeting.

Governance Updates

Mr. Samuel Croll - III and Mr. Mohib Khericha retired by rotation and offered themselves for re-appointment. Both were re-elected by shareholders.

A special resolution approved the continuation of Mr. Mohib Khericha’s directorship after he attains the age of 75 years during his tenure. This requires shareholder consent under the Companies Act, 2013.

The company also ratified the remuneration payable to the Cost Auditor for the financial year 2026-27.

Meeting Proceedings

Sixty-four shareholders attended the meeting through video conferencing. Mr. Nishith Kayasth, Company Secretary, confirmed the presence of the requisite quorum.

Mr. Percy Avari, Whole-Time Director, and Mrs. Shanaya Mody Khatua, Whole-Time Director, addressed shareholders and responded to queries from pre-registered speakers.

Remote e-voting commenced on September 18, 2026, at 9:00 am and concluded on September 20, 2026, at 5:00 pm. CS Rutul Shukla served as the scrutinizer for the voting process. Results will be declared within two working days of the meeting conclusion.

Mazda Limited reported a 10.68% year-on-year increase in net profit to ₹2,750.87 crore for the financial year ended March 31, 2026. Total revenue rose 9.15% to ₹21,910.69 crore, supported by a recovery in the engineering division and margin expansion in the food business.

The company’s EBITDA grew 11.00% to ₹4,154.57 crore, reflecting improved operational efficiencies and better plant utilization across its vacuum and heat transfer technologies portfolio. Export revenue remained stable at ₹5,245.08 crore, while domestic demand drove growth in the engineering segment.

Segment Performance

The Engineering Division, which forms the foundation of the business, saw turnover increase by 12.66% compared to the previous year. This recovery followed a steep macroeconomic capital expenditure pause in FY25, with stronger domestic infrastructure mandates aiding the bounce back. The division’s profit increased by 15.69% during the period.

Conversely, the Food Division (BCool) reported a slight 2.84% decline in turnover to ₹3,555.57 crore. However, the segment achieved a significant 34.00% increase in profit before tax to ₹4.03 crore. Management attributed this profitability improvement to effective cost management, favorable product mix, and operational discipline rather than volume growth.

What the Numbers Show

A notable divergence exists between revenue growth and working capital efficiency. While total revenue increased by nearly 9%, the inventory turnover ratio fell sharply from 4.85 in FY25 to 2.99 in FY26. This slowdown coincided with a substantial rise in inventories, which more than doubled from ₹4,370.02 crore to ₹9,816.93 crore. The accumulation of work-in-progress and finished goods suggests potential collection pressure or strategic stockpiling ahead of anticipated demand, warranting close monitoring of receivable days alongside future sales realization.

Balance Sheet and Dividends

Mazda maintained a debt-free balance sheet with virtually zero long-term borrowings as of March 31, 2026. The company utilized internal accruals and investments in debt market instruments to fund working capital requirements. Net worth grew to ₹24,933.70 crore from ₹22,992.62 crore in the previous year.

The Board of Directors recommended a final dividend of ₹4.00 per equity share of face value ₹2 each for FY26, an increase from ₹3.60 per share in FY25. The proposed payout amounts to ₹801.00 crore. The 36th Annual General Meeting is scheduled for September 21, 2026, to approve these financials and reappoint retiring directors.