Modern Dairies Limited has scheduled its 34th Annual General Meeting for Saturday, September 26, 2026. The event will be conducted through Video Conferencing or Other Audio Visual Means at 11:00 am.

The company disclosed the notice pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Physical copies of the Annual Report for FY26 are not being dispatched to members in line with MCA Circular No. 09/2024 and SEBI Circular No. SEBI/HO/CFD/CFDPCD-2/P/CIR/2024/133. The firm also reminded shareholders to update their KYC details and dematerialise physical securities as per SEBI Master Circulars dated February 6, 2026 and May 7, 2024.

Key Dates and Procedures

Shareholders can access the Notice and full Annual Report on the company’s website and the NSDL e-voting portal. The register of members will remain closed from September 20 to September 26, 2026.

E-voting Details

Remote e-voting is facilitated by National Securities Depository Limited. Shareholders holding shares as on the cut-off date of September 19, 2026, may cast their votes electronically. Voting rights are proportional to equity shares held on the cut-off date.

Members who vote remotely may still participate in the AGM but cannot vote again. Login credentials for new shareholders can be obtained via email to evoting@nsdl.co.in .

Compliance Reminder

The company urged shareholders holding physical securities to update their PAN, address, mobile number, bank account details, specimen signature, and nomination choice. Investors are advised to register their email addresses with the company or their Depository Participants to receive future communications electronically.

Modern Dairies has scheduled its 34th Annual General Meeting (AGM) for September 26, 2026, to adopt audited financial statements for FY26. The dairy products manufacturer reported a contraction in both top-line and bottom-line figures during the fiscal year ended March 31, 2026.

The company posted total income of ₹3,412.17 crore, a decline from ₹3,489.14 crore in the previous year. Profit before tax fell to ₹67.35 crore, down sharply from ₹657.28 crore in FY25.

Financial Performance

Modern Dairies faced margin pressure due to elevated raw milk prices that could not be fully passed on to customers. Operating profit dropped to ₹111.11 crore from ₹147.70 crore in FY25. Finance costs decreased to ₹11.16 crore from ₹18.29 crore.

The previous year's profit figure included exceptional items of ₹559.39 crore, which significantly inflated the year-on-year comparison base. Excluding these one-time gains, operational profitability remains under scrutiny as input costs remain high.

Related Party Transactions

A key agenda item is the ratification of material related-party transactions with Nabha Commerce Private Limited. The board seeks approval to increase the annual transaction limit from ₹60 crore to ₹145 crore for three years until the 37th AGM in 2029. Nabha Commerce is a related party because Mr. Krishan Kumar Goyal, the Chairman and Managing Director, and his relatives are shareholders in the entity.

Corporate Governance & Auditors

Shareholders will also vote on the reappointment of Mr. Ashwani Kumar Aggarwal as Executive Director for a three-year term ending in 2029. His monthly salary will be revised to ₹3 lakh, up from ₹2.5 lakh previously.

The company proposes appointing M/s Sanjeev Sharma & Associates as statutory auditors for a one-year term with remuneration of ₹11 lakh. M/s K K Sinha & Associates will continue as cost auditors for FY27 with fees totaling ₹70,000.

What the Numbers Show

The divergence between the reported net profit decline of 94.1% and the more modest operating profit drop of 24.8% highlights the distorting effect of non-recurring items in the prior year. While operational margins contracted due to input cost inflation, the absolute profit impact was severe only when compared against the exceptional gains of FY25. This suggests underlying operational resilience despite challenging market conditions, though cash flow generation requires monitoring given the working capital intensity of the dairy sector.