MSTC Limited has scheduled its 61st Annual General Meeting for September 24, 2026, at 11:00 am via video conferencing, to seek shareholder approval for a final dividend of ₹8.10 per equity share for FY26.

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.

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.

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.

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 .

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.

MSTC Limited shareholders approved a special resolution to alter the Objects Clause of the company’s Memorandum of Association. The postal ballot voting process concluded on August 27, 2026, with the resolution passing by the requisite majority.

The company, a Government of India enterprise, conducted the vote through remote e-voting from July 28, 2026, to August 27, 2026. Shareholders on record as of July 24, 2026, were eligible to participate. The scrutinizer’s report confirms the process adhered to Section 110 of the Companies Act, 2013, and relevant SEBI regulations.

Voting Breakdown

A total of 442 valid folios cast votes representing 48,434,581 equity shares, accounting for 68.7991% of the outstanding shares held by eligible shareholders.

Promoter shareholders voted unanimously in favour, casting all 45,580,800 shares they hold. Public institutional investors also supported the resolution entirely, with 100% of polled votes favouring the change.

Among public non-institutional shareholders, participation was lower, with only 1.0538% of shares polled. However, even within this group, 98.9638% of votes were cast in favour. Only 2,253 votes were recorded against the resolution across all categories.

What the Numbers Show

The near-unanimous support highlights strong alignment between promoters and institutional investors on the proposed constitutional change. While retail participation was minimal at roughly 1% of eligible shares, the dissenting votes remained negligible, comprising just 0.0047% of total votes polled. This suggests no significant opposition to the alteration of the company’s objects clause.