Modern Threads (India) Limited concluded its 45th Annual General Meeting on September 30, 2026, approving the adoption of audited financial statements for the fiscal year ended March 31, 2026.

The meeting, held at the company's registered office in Bhilwara, Rajasthan, saw shareholders approve the re-appointment of Prabodh Kumar Nahar as a director retiring by rotation. The board also ratified the remuneration of cost auditors for FY27.

Meeting proceedings and approvals

Rajesh Ranka, Chairman and Managing Director, chaired the session after confirming the requisite quorum. He provided an overview of the company's performance to the members present. Voting was conducted through remote e-voting and ballot papers during the meeting.

The following resolutions were passed:

Scrutiny and voting process

The Board appointed Rajendra Kumar Jain, a practicing company secretary from Bhilwara, as the scrutinizer for the voting process. Results from both remote e-voting and physical ballots were to be disseminated to stock exchanges and uploaded on the National Securities Depositories Limited website.

Remote e-voting commenced on September 27, 2026, at 9:00 am and concluded on September 29, 2026, at 5:00 pm. Members who did not participate in remote voting cast their votes via ballot paper during the live meeting.

Modern Threads (India) Limited has scheduled its 45th Annual General Meeting for September 30, 2026, to adopt the audited financial statements for FY26. The textile manufacturer reported a substantial improvement in profitability, with standalone net profit reaching ₹130.4 crore for the fiscal year ended March 31, 2026, compared to ₹33.7 crore in FY25.

Financial Performance

The company’s standalone revenue from operations and other income stood at ₹3,122.7 crore, up from ₹2,698.9 crore in the previous year. Profit before tax and exceptional items surged to ₹184.9 crore from ₹47.5 crore. On a consolidated basis, the group reported a profit after tax of ₹121.9 crore against ₹33.7 crore in FY25, with consolidated revenue at ₹3,064.3 crore.

Divisional Growth and Operations

The Woollen Division turnover increased to ₹1,849.6 crore from ₹1,676.0 crore, while the Yarn Division turnover rose to ₹1,168.2 crore from ₹935.9 crore. The management noted that despite global instability and short supply of Australian wool leading to higher raw material prices, the domestic market provided support. The company focused on spinning fine counts for better capacity utilization.

Capital Expenditure and Future Prospects

Modern Threads undertook major upgradation and capacity expansion during the year. The company plans to increase yarn sales by around 20-25% based on medium and coarse count products. The new plant is expected to be fully operational from the third quarter of the next financial year. However, the export future remains cautious due to reduced wool and blended yarn consumption by several small customers and countries.

Dividend and Reserves

The Board of Directors decided not to recommend any dividend on equity shares for FY26. The company retained resources for expansion and modernization of technology machineries, including increasing solar power capacity and reverse osmosis plant installations. No amount was transferred to reserves during the year.

Meeting Agenda Details

The primary ordinary business item involves adopting the Audited Financial Statements for the fiscal year ended March 31, 2026. Another key resolution concerns the reappointment of Mr. Prabodh Kumar Nahar as a director. He retires by rotation at this meeting but is eligible and offers himself for reappointment. Mr. Nahar serves as the Whole-time Director and CFO.

Special Business Resolutions

Under special business, shareholders will ratify the remuneration of the Cost Auditors for the financial year 2026-27. The Board recommends paying M/s S. Goyal & Co., Cost Accountants, a fee of ₹50,000 plus applicable GST and reimbursement of actual out-of-pocket expenses.

This resolution requires shareholder approval via an Ordinary Resolution pursuant to Section 148 of the Companies Act, 2013 and Rule 14 of the Companies (Audit and Auditors) Rules, 2014.

Voting and Logistics

The company will facilitate remote e-voting through National Securities Depository Limited (NSDL). The e-voting period commences on September 27, 2026, at 9:00 am and concludes on September 29, 2026, at 5:00 pm.

Members must hold shares as of the cut-off date of September 23, 2026, to be eligible for voting. The register of members will remain closed from September 24 to September 30, 2026, inclusive.

Director Profile

Mr. Prabodh Kumar Nahar brings approximately 37 years of experience in finance, taxation, and management. He holds an M.Com degree and is a Fellow Member of the Institute of Chartered Accountants of India. He currently serves on the Audit Committee and Stakeholders Relationship Committee.