National Aluminium Company Ltd shareholders approved a total dividend of ₹11.50 per equity share for FY26 during its 45th Annual General Meeting held on August 31, 2026. The payout includes a final dividend of Re.1 per share, adding to three interim dividends totaling ₹10.50 already paid. The resolution passed with 99.58% support from members voting electronically.

The meeting, conducted via Video Conferencing and Other Audio-Visual Means (OAVM), also addressed board composition and auditor appointments. Shareholders ratified the appointment of Shri Neeraj as Part-time Non-official (Independent) Director for a three-year term starting August 14, 2026. This special resolution secured 92.82% approval. Additionally, the board confirmed the re-appointment of Shri Jagdish Arora as Director (Projects & Technical) and appointed Shri Anil Kumar Singh as Director (Commercial) and Dr. Veena Kumari Dermal as Part-time Official Director.

Board and Governance Updates

The AGM resolutions reflected significant changes in the company’s governance structure. Alongside the independent director appointment, shareholders approved the remuneration for Cost Auditors for FY27. M/s. Tanmaya S. Pradhan & Co. was retained as Lead Cost Auditor with a fee of ₹3.50 lakhs plus GST, while M/s. S. Dhal & Co. was appointed as Other Cost Auditor with a fee of ₹3.00 lakhs plus GST. Both resolutions saw overwhelming support, with over 99% of votes cast in favor.

Voting Details

Electronic voting was conducted through Bigshare Services Private Limited, with M/s. Saroj Ray & Associates acting as Scrutinizer. The cut-off date for determining eligible voters was August 24, 2026. Remote e-voting took place between August 28 and August 30, 2026. A total of 1,359 members participated in the dividend resolution vote, with only 0.42% voting against. For the appointment of Shri Neeraj, 1,363 members voted, with 7.18% opposing the motion.

What the Numbers Show

The high level of dissent in certain director appointments warrants attention. While the dividend and auditor resolutions passed with near-unanimous support, the re-appointment of Shri Jagdish Arora faced 22.46% opposition, and Dr. Veena Kumari Dermal’s appointment saw 24.32% negative votes. This divergence suggests specific shareholder concerns regarding these particular board positions, contrasting sharply with the broad consensus on financial distributions and audit oversight.

National Aluminium Company Limited shareholders approved the adoption of audited financial statements for FY26 and declared a final dividend during its 45th Annual General Meeting. The meeting, chaired by Chairman-cum-Managing Director Brijendra Pratap Singh, concluded with unanimous approval of all ordinary and special business items.

The virtual meeting commenced at 11:00 am on August 31, 2026, and concluded at 12:50 pm. Quorum was present throughout the proceedings. The Board confirmed that statutory registers and documents were accessible to members via the company website as per regulatory requirements.

Record Performance and Dividend Payout

Addressing the shareholders, Shri Brijendra Pratap Singh highlighted NALCO's record operational and financial performance during FY 2025-26. The company posted its all-time highest Revenue from Operations, Profit Before Tax, and Profit After Tax. Peak sales were recorded in major segments, including Domestic Alumina and Aluminium Metal.

NALCO paid an interim dividend of ₹10.50 per equity share, amounting to ₹1,928.46 crore, in three tranches during FY 2025-26. Shareholders approved a final dividend of ₹1.00 per equity share, totaling ₹183.66 crore.

Key Resolutions Approved

Shareholders approved several critical governance and financial matters. The primary agenda included the confirmation of interim dividends paid earlier in the year and the declaration of the final dividend for the fiscal year ended March 31, 2026.

Voting Results Analysis

The consolidated scrutinizer's report from M/s. Saroj Ray & Associates details the voting patterns across resolutions. The promoter group, holding 941,793,011 shares, voted in favor of all resolutions without any dissenting votes. Public institutional shareholders showed varying levels of support, particularly for director appointments.

Resolution-wise Voting Breakdown

Public institutional shareholders voted against the re-appointment of Jagdish Arora (63.15% against) and the appointment of Dr. Veena Kumari Dermal (68.40% against). However, the promoter group's full support ensured the passage of these resolutions. Non-institutional public shareholders largely supported all director appointments, with over 90% support in each case.

Board Appointments and Changes

The meeting addressed significant changes to the Board composition. Shri Jagdish Arora, Director (Projects & Technical), retired by rotation and offered himself for re-appointment, which was approved by shareholders.

New appointments included:

• Shri Anil Kumar Singh as Director (Commercial)
• Dr. Veena Kumari Dermal as Part-time Official Director
• Shri Neeraj as Part-time Non-official (Independent) Director

Shri Neeraj was initially appointed as an additional director effective August 14, 2026, following a Ministry of Mines order. His appointment as an independent director required a special resolution under Section 160 of the Companies Act, 2013, which was duly passed.

Future Expansion Plans

Shri Singh outlined NALCO's growth plans and long-term strategic priorities. Key expansion initiatives include:

• 5th Stream Expansion of the Alumina Refinery at Damanjodi
• Development of Pottangi Bauxite Mines
• Augmentation of captive coal capacity
• Proposed expansion of the Aluminium Smelter and Captive Power Plant at Anugola

The company also highlighted strategic initiatives in critical minerals, resource and energy security, circular economy, digital transformation, waste-to-wealth, and renewable energy.

Audit and Compliance Observations

The Company Secretary highlighted specific audit observations during the proceedings. While Statutory Auditors issued unqualified reports on the financial statements, Secretarial Auditors provided qualifying remarks in their report for FY26. Additionally, the Comptroller and Auditor General (C&AG) included comments in its Supplementary Audit Report for FY2025-26.

Management provided explanations for these observations during the meeting. The Independent Auditors' reports were not read aloud as there were no qualifications or adverse comments regarding the financial statements themselves.

Voting Process

The company utilized a hybrid e-voting mechanism. Remote e-voting was available from August 28 to August 30, 2026. Members who did not vote remotely could cast their votes electronically during the live meeting. M/s. Saroj Ray & Associates served as the scrutinizer for the voting process.

All resolutions passed with the requisite majority. The consolidated e-voting results are scheduled to be hosted on the company website, the Registrar & Share Transfer Agent's portal, and stock exchange websites.