Narmada Macplast Drip Irrigation has fixed September 23, 2026, as the record date for its 34th Annual General Meeting. The company will hold the meeting on September 30, 2026, through video conferencing to transact ordinary and special business items.

The register of members and share transfer books will remain closed from September 23 to September 29, 2026. Remote e-voting will be open from September 27 at 9:00 am until September 29 at 5:00 pm. Only shareholders on record as of the cut-off date are eligible to cast their votes electronically via the National Securities Depository Limited platform.

Key Agenda Items

The AGM notice outlines several critical resolutions for shareholder approval:

• Adoption of the audited financial statements for the fiscal year ended March 31, 2026.
• Re-appointment of Jiten Vrajlal Vaghasia as a director liable to retire by rotation.
• Re-appointment of Vrajlal Vaghasia as Managing Director for a three-year term from April 5, 2026, to April 4, 2029.
• Re-appointment of Jiten Vrajlal Vaghasia as Whole-Time Director for a three-year term from April 5, 2026, to April 4, 2029.

Director Remuneration Details

The board has proposed specific remuneration packages for the re-appointed executives, subject to shareholder approval via special resolution.

Vrajlal Vaghasia, who has over 20 years of experience in the drip irrigation industry, continues his role as Managing Director. Jiten Vrajlal Vaghasia brings extensive experience in the plastic industry to his role as Whole-Time Director. Both directors are related by family, with Vrajlal Vaghasia being the father of Jiten Vrajlal Vaghasia.

E-Voting and Meeting Logistics

Shareholders holding securities in demat mode with NSDL or CDSL can vote using their depository credentials. Physical shareholders must use their folio numbers and EVEN details. The company has engaged Bharat Prajapati & Co. as the scrutinizer for the voting process.

Participants joining the virtual meeting must ensure stable internet connectivity. Large shareholders holding 2% or more, promoters, and institutional investors are exempt from the first-come-first-served limit for joining the VC/OAVM session. Queries from shareholders can be submitted in advance to the company’s designated email address.

Narmada Macplast Drip Irrigation Systems Ltd reported a sharp decline in net profit for the financial year ended March 31, 2026, despite significant growth in operational revenue. The company’s net profit after tax fell 69% year-on-year to ₹167.50 lakh, down from ₹539.17 lakh in the previous year.

Financial Performance

Revenue from operations rose 90.5% to ₹1,330.70 lakh in FY26, compared to ₹698.40 lakh in FY25. This top-line growth was driven by higher purchases of stock-in-trade, which increased to ₹1,062.70 lakh from ₹594.29 lakh in the prior year.

What the Numbers Show

The divergence between revenue growth and profit contraction highlights the company's reliance on non-operational income in the prior year. In FY25, other income contributed ₹582.19 lakh to total income, primarily due to a ₹537.85 lakh gain on the sale of property, plant, and equipment. This one-time gain was absent in FY26, where other income stood at nil. Consequently, while operational revenue nearly doubled, the absence of this exceptional item led to a substantial drop in bottom-line profitability.

Balance Sheet and Capital Structure

Total assets increased significantly to ₹1,905.34 lakh from ₹884.36 lakh in FY25. This expansion was largely driven by a surge in trade receivables, which jumped to ₹1,355.17 lakh from ₹290.13 lakh, indicating a potential lag in cash collections relative to sales growth. Cash and cash equivalents declined to ₹6.71 lakh from ₹40.08 lakh.

The company undertook major capital structure changes during the year:

• Bonus Issue: A 1:1 bonus share issue was approved and allotted, doubling the number of equity shares.
• Stock Split: The face value of equity shares was sub-divided from ₹10 to ₹2.
• Authorized Capital: Increased to ₹22 crore, comprising 11 crore equity shares of ₹2 each.

Corporate Governance and AGM

The 34th Annual General Meeting is scheduled for September 30, 2026, to be held via Video Conference/Other Audio Visual Means. Key agenda items include:

• Adoption of audited financial statements for FY26.
• Re-appointment of Jiten Vrajlal Vaghasia as a director liable to retire by rotation.
• Re-appointment of Vrajlal Vaghasia as Managing Director with a salary of ₹30,000 per month.
• Re-appointment of Jiten Vrajlal Vaghasia as Whole-time Director with a salary of ₹20,000 per month.

The Board also noted that it has not appointed an Internal Auditor as required under Section 138 of the Companies Act, 2013, stating that a suitable candidate is being sought. Additionally, the company delayed payments for annual listing fees to BSE and depository charges to NSDL and CDSL.