Milkfood Limited has scheduled its 53rd Annual General Meeting (AGM) for Thursday, September 24, 2026. The meeting will commence at 9:00 am at the company's registered office in Bahadurgarh, Patiala district, Punjab.

The Board of Directors announced that the Register of Members and Share Transfer Books will remain closed from September 17, 2026, to September 24, 2026, both days inclusive. This closure is mandated under Section 91 of the Companies Act, 2013, and Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

E-voting and Cut-off Details

In compliance with Section 108 of the Companies Act, 2013, and Regulation 44 of the SEBI LODR Regulations, the company is providing a remote e-voting facility through CDSL. The voting window opens on Monday, September 21, 2026, at 9:00 am and closes on Wednesday, September 23, 2026, at 5:00 pm.

Voting rights are determined based on the paid-up value of shares registered as on the cut-off date of September 17, 2026. Members who have already cast their votes via remote e-voting may attend the AGM but cannot vote again. A polling paper facility will also be available during the meeting.

Document Availability

The Notice of the AGM and the Annual Report for FY26 were dispatched on August 27, 2026. These documents are accessible on the company's website, the BSE website, and the CDSL e-voting portal. Results of the voting will be declared within the stipulated time and communicated to the stock exchanges.

Milkfood Limited reported a net profit of ₹442.9 crore for the financial year ended March 31, 2026 (FY26), a significant increase from ₹45.2 crore in the previous year. The surge was primarily driven by non-operating gains from the sale of its Moradabad plant and the revaluation of land assets at its Patiala unit.

Revenue from operations declined 8% to ₹4,129.3 crore, down from ₹4,477.6 crore in FY25. The Board of Directors recommended retaining profits for business expansion and declared no dividend for the year.

Financial Performance

The company’s operating performance faced headwinds, but substantial other income masked the decline in core operations.

Other income rose sharply to ₹716.6 crore from ₹18.8 crore in FY25. This included a profit of ₹475.9 crore from the sale of the Moradabad plant and a revaluation surplus of ₹319.7 crore on Patiala land. While revenue dipped due to lower product sales, the gain on asset disposal significantly boosted the bottom line.

Balance Sheet and Cash Flow

Milkfood strengthened its balance sheet through debt reduction. Total borrowings decreased to ₹10,717 crore (₹2,687 crore long-term and ₹8,030 crore short-term) from ₹11,299 crore in FY25. Net debt stood at ₹10,616 crore as on March 31, 2026.

Cash flow from operating activities turned negative at (₹1,051.1 crore), compared to an inflow of ₹192.4 crore in FY25. However, investing activities generated a strong inflow of ₹1,259.3 crore, largely from proceeds of ₹1,300.8 crore from the sale of property, plant, and equipment.

Governance and Corporate Actions

The company held its 53rd Annual General Meeting on September 24, 2026. Key resolutions included:

• Adoption of audited financial statements for FY26.
• Reappointment of Mr. Harmesh Mohan Sood as a Non-Executive Non-Independent Director.
• Ratification of remuneration for cost auditors M/s HMVN & Associates.

Subsequent to the financial year close, the Board allotted 12.18 lakh equity shares under the Employee Stock Option Plan 2024. Additionally, the company received shareholder approval for the preferential allotment of up to 22 lakh convertible warrants at ₹30 each.

What the Numbers Show

The financial results highlight a divergence between operational performance and reported profitability. While revenue from operations contracted by 8%, net profit expanded nearly ninefold. This disparity is entirely attributable to exceptional items: the ₹475.9 crore gain on the Moradabad plant sale and the ₹319.7 crore land revaluation surplus constituted the vast majority of the pre-tax profit. Operational cash flow also deteriorated significantly, turning negative despite the balance sheet improvement driven by asset sales. Investors should note that the core dairy business saw reduced top-line growth, with profitability heavily dependent on one-time capital restructuring events.