Millworks Technologies will hold its fifth Annual General Meeting on September 29, 2026, to approve significant remuneration increases for executive directors. The vote follows a landmark fiscal year where the company listed on the BSE SME platform and reported a 576% surge in operating revenue.

Agenda Highlights

The primary business includes adopting audited financial statements for FY26 and reappointing Mrs. Rashmi Sridhar Acharya as Non-Executive Director. Shareholders will also vote on special resolutions to revise the remuneration of three executive directors effective from FY27 to FY29.

Remuneration Revisions

The Board proposes monthly salary ceilings that represent substantial increases over FY26 actuals:

• Mr. Sridhar Acharya (Managing Director): Revised gross salary ceiling of ₹9,25,000 per month, up from an FY26 salary of ₹49,67,000.
• Mr. Madhu Hulisandra Krishnamurthy (Whole-time Director): Revised basic gross salary ceiling of ₹6,75,000 per month, up from an FY26 salary of ₹44,33,000.
• Mrs. Sowmya Madhu (Whole-time Director): Revised basic gross salary ceiling of ₹2,50,000 per month, up from an FY26 salary of ₹12,99,000.

All proposals include an annual increment of up to 30% year-on-year within specified ceilings. The resolutions allow remuneration to exceed standard profit-linked limits in cases of inadequate profits.

Financial Performance

For FY26, the company reported total income of ₹15,339.66 lakh, a sharp rise from ₹2,223.67 lakh in FY25. Operating revenue grew from ₹2,199.71 lakh to ₹14,876.70 lakh. Net profit after tax reached ₹3,637.61 lakh, compared to ₹511.54 lakh in the previous year. EBITDA stood at ₹5,562.91 lakh.

What the Numbers Show

The proposed monthly salary ceilings imply significant annualized increases over FY26 actuals. Mr. Acharya’s new ceiling of ₹9,25,000 per month translates to a potential annual base of ₹1,11,00,000, more than doubling his previous year’s draw of ₹49,67,000. Similarly, Mr. Krishnamurthy’s ceiling suggests a potential annual package of ₹81,00,000, nearly double his FY26 remuneration of ₹44,33,000. These hikes are approved despite the company reporting a healthy net profit margin, indicating a decoupling of executive compensation from immediate profit performance metrics.

Millworks Technologies has acquired a controlling 67% stake in Vidwan Aeronautics Private Limited by converting an outstanding loan into equity shares. The transaction, approved by the board on August 31, 2026, makes the Bengaluru-based aerospace component manufacturer a subsidiary of Millworks.

The acquisition involves the subscription of 15,22,727 equity shares at an issue price of ₹18.05 per share. This converts the total outstanding loan amount of ₹2,74,85,222.35 into equity capital, resulting in no cash outflow for Millworks Technologies.

Transaction Details

The deal consolidates Vidwan Aeronautics under Millworks’ group structure. The target entity, incorporated in April 2017, specializes in manufacturing high-precision aerospace engine components.

Vidwan Aeronautics reported a turnover of ₹2.02 crore for FY26. The company’s revenue has grown from ₹64 lakh in FY24 to ₹1.42 crore in FY25. The acquisition is expected to be completed by September 30, 2026, subject to statutory compliances.

What the Numbers Show

The conversion of debt into equity at ₹18.05 per share implies a post-money valuation for Vidwan Aeronautics of approximately ₹4.1 crore, based on Millworks’ 67% stake representing ₹2.75 crore. This structure allows Millworks to gain strategic participation in the aerospace supply chain without impacting its immediate cash reserves, while Vidwan Aeronautics strengthens its balance sheet by eliminating debt obligations.