MSTC Limited held its 61st Annual General Meeting (AGM) on September 24, 2026, via Video Conferencing. Members approved the adoption of audited financial statements and confirmed the payment of an interim dividend of ₹7.60 per share alongside a final dividend of ₹8.10 per share for FY26.

The meeting, chaired by Manobendra Ghoshal, Chairman and Managing Director, commenced at 11:00 am and concluded at 12:20 pm. Approximately 84 members participated virtually. The quorum required under the Companies Act was present throughout the proceedings.

Dividend and financial approvals

Shareholders considered and adopted the Audited Standalone and Consolidated Financial Statements for the year ended March 31, 2026. The Board’s report and the Statutory Auditor’s report were also adopted. The following dividend actions were confirmed:

The total dividend payout for FY26 amounts to ₹15.70 per equity share. The meeting also authorized the Board to fix the remuneration of the Statutory Auditors appointed by the Comptroller & Auditor General of India for FY27.

Director appointments and re-elections

Several key governance changes were ratified during the AGM. Manobendra Ghoshal retired by rotation and was re-appointed as a director. Additionally, the members approved the appointment of new independent directors and a government nominee:

• Siraiong Singpho appointed as Independent Director
• Niwas Mandal appointed as Independent Director
• Santosh appointed as Government Nominee Director

Management address and shareholder interaction

Manobendra Ghoshal provided an overview of the economic environment and the company’s performance in FY26. He highlighted operational excellence and future industry scenarios. The Chairman expressed gratitude to various government ministries, including Steel, Power, Defence, and Coal, as well as state governments and private stakeholders for their support.

Shareholders raised queries regarding operational performance, capital expenditure plans, legal cases, ESG ratings, and CSR activities. The management addressed these concerns, providing clarifications on business threats and mitigation strategies. It was noted that while the Secretarial Audit report contained observations and the CAG made comments on the financial statements, these did not have an adverse effect on the company’s functioning.

Voting and conclusion

Voting was conducted through remote e-voting via the NSDL portal from September 20 to September 23, 2026, and via e-voting during the AGM. M/s Bajaj Todi & Associates served as the scrutinizer. The results of the voting will be notified to stock exchanges and hosted on the company website within the prescribed timeline.

MSTC Limited has scheduled its 61st Annual General Meeting for September 24, 2026, to seek approval for a final dividend of ₹8.10 per equity share for FY26. The company has released updated details regarding tax deduction at source (TDS) and remote e-voting procedures.

The Board recommends the final dividend at an 81% payout ratio. This follows an interim dividend of ₹7.60 per share already paid during FY26, taking the total dividend for the year to ₹15.70 per share with a total payout of ₹11,052.80 lakhs. Shareholders on record as of September 17, 2026 will be eligible for the final payout. The final dividend, once approved, will be paid within 30 days of declaration through electronic mode to members with updated bank details.

Tax implications and PAN compliance

Shareholders are informed that dividend income is fully taxable in their hands under the Income Tax Act, 2025. The company will deduct TDS at prescribed rates during payment. To avail benefits of non-deduction or beneficial tax rates, shareholders must update their PAN with the company, RTA, or DP and submit relevant documents via email to cssectt@mstcindia.in and vinod.y@bigshareonline.com by September 16, 2026. Failure to register PAN will result in TDS deduction at a higher rate of 20%.

Voting and record dates

The Register of Members and Share Transfer Books will remain closed from September 18, 2026 to September 24, 2026 (both days inclusive). Remote e-voting will be available from September 20, 2026 at 9:00 am to September 23, 2026 at 5:00 pm through the National Securities Depository Limited (NSDL) platform. Members may also vote electronically on the day of the AGM through the same platform. Once a vote is cast during the remote period, it cannot be modified subsequently.

M/s. Bajaj Todi & Associates, Practicing Company Secretaries, has been appointed as Scrutinizer to oversee the voting process. The Company Secretary has confirmed that physical attendance is dispensed with in compliance with Ministry of Corporate Affairs circulars. The AGM notice and Annual Report 2025-26 are available on the company's website at www.mstcindia.co.in .

AGM agenda and financial statements

The meeting will also transact the following ordinary business items:

• Adoption of audited standalone and consolidated financial statements for the year ended March 31, 2026, along with the Board's Report, Auditors' Report, and comments of the Comptroller and Auditor General of India.
• Confirmation of the interim dividend of ₹7.60 per share and declaration of the final dividend of ₹8.10 per share for FY26.
• Reappointment of Shri Manobendra Ghoshal as Chairman and Managing Director, who retires by rotation.
• Authorisation to the Board to fix remuneration of Statutory Auditors appointed by the Comptroller and Auditor General of India for FY27.

Corporate governance updates

The AGM agenda includes significant board composition changes approved by the Ministry of Steel. Members will vote on the following appointments:

Shri Siraiong Singpho and Shri Niwas Mandal were appointed as Additional Non-Official Independent Directors by the Board through a resolution by circulation dated July 23, 2026, pursuant to an order from the Board Level Appointment cell of the Ministry of Steel dated July 14, 2026. Smt. Santosh, Statistical Adviser at the Ministry of Steel, was appointed as Additional Director designated as Government Nominee Director by the Board effective August 7, 2026, pursuant to a Ministry of Steel order dated August 6, 2026.

FY26 financial highlights

The Annual Report 2025-26, submitted to the stock exchanges pursuant to Regulation 34(1) of the SEBI Listing Regulations, contains the following standalone financial highlights:

On a consolidated basis, Profit After Tax stood at ₹21,843 lakhs for FY26, compared to ₹40,707 lakhs in FY25. The company's joint venture, Mahindra MSTC Recycling Private Limited, recorded a loss of ₹939.10 lakhs for FY26, narrowing from ₹1,193.75 lakhs in FY25.