Milestone Global shareholders approved all six resolutions at its 36th Annual General Meeting held on September 19, 2026. The company reported that profitability for FY26 remained broadly stable despite a reduction in turnover following the loss of a major customer.

Voting Results and Shareholder Sentiment

The meeting was conducted via Video Conferencing or Other Audio Visual Means. E-voting was facilitated by Central Depository Services (India) Limited. A total of 3,687,298 votes were polled out of 5,017,500 outstanding shares, representing a 73.49% participation rate.

Promoter and promoter group shareholders, holding 3,676,287 shares, voted 100% in favour of all resolutions. Institutional holders did not cast any votes. Non-institutional public shareholders, holding 1,074,613 shares, participated with 11,011 votes (1.02% of their holdings).

While all resolutions passed, non-institutional public shareholders voted against three key governance items:

• Fixing remuneration of Mr. Syed Fiyaz Ahmed for his remaining tenure as Whole Time Director.
• Re-appointment of Ms. Alka Agarwal as Whole Time Director and approval of her remuneration.
• Re-appointment of Mr. Somendra Kumar Agarwal and Mr. Mast Ram Tek Chand Bhardwaj as Independent Directors.

In these three cases, non-institutional shareholders voted 95.41% against, though the resolutions passed due to promoter support. The adoption of financial statements and the appointment of Mr. Syed Fiyaz Ahmed by rotation received unanimous support from voting shareholders.

Operational Update

Ms. Alka Agarwal, Whole Time Director and CEO, informed shareholders that the impact of the lost business is still being absorbed. While steady progress has been made in replacing the lost business, bridging the gap requires considerable time. The company is developing a strong network of new retail customers across key international markets.

Management expects these initiatives to take approximately 1.5 to 2 years before translating into significant business volumes. Efforts to expand presence in European and UK markets have yielded encouraging results. The wholly owned subsidiary in the United States is witnessing gradual improvement in business traction.

Market Challenges

The business environment presented several challenges during the year. Ongoing geopolitical uncertainties and conflicts impacted global trade. Elevated shipping costs and extended transit times of two to three weeks led to delays in dispatches and deliveries.

Raw material block availability remained constrained, with procurement at significantly higher prices. This exerted pressure on operating margins. Fluctuations in import tariffs and trade policy measures affecting Indian products in the United States market also impacted operations. Uncertainty surrounding tariff levels led certain customers to adopt a cautious procurement approach, resulting in lower order volumes.

Governance and Scrutinizer Report

The meeting was chaired by Mr. Alok Krishna Agarwal, Chairman. Statutory Auditors M/s P.L. Tandon & Co. and Secretarial Auditor Mr. Akhilesh Singh expressed unqualified opinions in their respective audit reports. M Jagadeesh served as the scrutinizer for the e-voting process, confirming compliance with Section 108 of the Companies Act, 2013.

Milestone Global Limited has accepted the resignation of Sunil Kumar Sharma as Chief Financial Officer, effective from the close of business hours on October 9, 2026. The Board of Directors approved the exit on August 11, 2026, following a resignation letter dated August 11, 2026, in which Sharma cited personal reasons for his departure. This leadership change occurs as the company navigates a financial turnaround, having reported a return to profitability in Q1FY26.

The resignation was disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular ref SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. In his resignation letter, Sharma confirmed that there were no material reasons for his resignation other than personal ones and pledged full cooperation during the notice period to ensure a seamless transition of responsibilities.

Financial Context

The management change follows the company’s Q1FY26 results, where standalone revenue rose 17% year-on-year to ₹368.27 lakh from ₹335.45 lakh. Milestone Global posted a net profit of ₹6.43 lakh, reversing a net loss of ₹10.89 lakh in the preceding quarter. The profitability turnaround was driven by a 57% surge in European operations revenue, which reached ₹203.90 lakh.

Operational Drivers

European segment revenue contributed ₹203.90 lakh, up from ₹130.23 lakh in Q1FY25. Conversely, USA segment revenue declined by 11% to ₹161.04 lakh. Consolidated revenue from operations rose to ₹457.06 lakh from ₹417.58 lakh in the prior year period. Statutory auditors P.L. Tandon & Co. issued a limited review report, confirming no material misstatements in the standalone and consolidated results.

What the Numbers Show

The departure of the CFO coincides with a shift in the company’s revenue composition. While other income dropped sharply by 86% year-on-year (from ₹24.17 lakh to ₹3.33 lakh), core operational revenue growth remained robust. This indicates that the recent profitability is derived from core business performance rather than incidental gains, suggesting a more sustainable earnings base despite the leadership transition.