National Fittings Limited held its 33rd Annual General Meeting on September 16, 2026, to adopt its financial results for the fiscal year ended March 31, 2026. The meeting also saw the reappointment of director Arpit Agarwal.

The National Fittings meeting was conducted through video conferencing and audio-visual means, with proceedings deemed held at the company's registered office in Vadodara, Gujarat. A total of 46 shareholders attended the virtual session.

Meeting Proceedings

Susheela Balakrishnan, an independent director, delivered the welcome address before handing over the chair to Jayaram Govindarajan. Company Secretary S Aravinthan initiated the formal proceedings.

Key attendees included directors Anil Kumar Agarwal, Atpit Agarwal, Chenniappan Selvakumar, and Jayaram Govindarajan. Statutory auditor M/s Krishnaan & Company was represented by Mr Rathinamoorthy, while Mr B Krishnamoorthy served as the scrutinizer for the e-voting process.

Agenda Items

The members considered three ordinary business items during the session:

Remote e-voting was facilitated through National Securities Depository Limited (NSDL) and concluded on September 15, 2026, at 5:00 pm. Shareholders who had not voted remotely were given the facility to cast their votes via venue e-voting during the meeting.

Chairman's Address

In his speech, Jayaram Govindarajan reviewed the company's operations during FY25-26 and outlined business plans for the upcoming fiscal year 2026-27. Six shareholders registered as speakers, raising queries regarding future business prospects and company performance, which were addressed by Managing Directors Jayaram Govindarajan and Arpit Agarwal.

The meeting concluded at 11:30 am to allow time for venue e-voting. The scrutinizer's report is expected to be announced at the registered office before 6:00 pm on September 18, 2026, after which results will be filed with the Bombay Stock Exchange and posted on the company's website.

National Fittings reported record financial performance for the fiscal year ended March 2026, driven by improved operational efficiencies and strategic restructuring. Revenue from operations grew 16.98% to ₹91.40 crore, while total income increased 18.61% to ₹96.19 crore. The company highlighted that its underlying profitability improved significantly, with profit before tax (excluding exceptional items) rising 85.8% from ₹7.02 crore in FY25 to ₹13.04 crore in FY26.

The reported net profit after tax stood at ₹910.68 crore, lower than the previous year’s ₹2,330.34 crore. This decline was primarily due to a one-time exceptional gain of ₹1,921.63 crore in FY25 arising from the sale of foundry units. Excluding this non-recurring item, the company’s core operating performance demonstrated substantial improvement.

Strategic Restructuring and Promoter Change

A significant development during FY26 was the completion of the promoter group transition. M/s Himgiri Castings Private Limited, along with persons acting in concert, became the new promoter group, bringing over 40 years of industry experience in pipe fittings and castings. This shift aligns with the company’s strategy to secure raw material supply and reduce dependency on external related-party suppliers.

The Board of Directors approved a scheme of arrangement on May 22, 2026, to merge M/s Banil Castings Private Limited and M/s Avisa Private Limited into National Fittings Limited. Upon completion, the company will operate two fully integrated manufacturing locations in Goa and Gujarat, each capable of independent casting and finishing processes.

Capacity Expansion and Market Focus

National Fittings is establishing a new fully integrated manufacturing facility in Mudhela, Gujarat, with a capacity of 2,500 MT per month (approximately 30,000 MT per annum). This represents over four times the current capacity of 600 MT per month. Phase I of the project, involving an investment of ₹60 crore, has already commenced.

The company is also shifting its registered office from Tamil Nadu to Gujarat to align with its new operational center of gravity. Strategically, National Fittings is focusing on the Indian domestic market, leveraging its status as a 100% Made-in-India OEM. It is seeking vendor approvals from key entities including Engineers India Limited (EIL), Military Engineer Services (MES), and the Defence Research and Development Organisation (DRDO) to access government infrastructure tenders.

What the Numbers Show

The divergence between reported net profit and operating profit highlights the impact of non-recurring items on historical comparisons. While total income rose by ₹15.09 crore (₹96.19 crore vs ₹81.10 crore), the profit before tax excluding exceptional items nearly doubled. This suggests that the operational consolidation undertaken in FY23-24 and FY24-25, including the relocation of foundry operations, is translating into better utilization and tighter cost control. Additionally, the company maintained a strong balance sheet with shareholders’ funds increasing to ₹89.05 crore and cash and cash equivalents at ₹44.23 crore.

Dividend and Corporate Actions

The Board recommended a final dividend of ₹1 per equity share, aggregating to ₹90.83 crore, subject to shareholder approval at the 33rd Annual General Meeting scheduled for September 16, 2026. The record date for dividend eligibility is September 9, 2026. E-voting will commence on September 13, 2026, at 9:00 am and end on September 15, 2026, at 5:00 pm.

Mrs. A. Panath Anitha and Mr. A.V. Palaniswamy resigned from the Board of Directors effective October 18, 2025. Mr. Arpit Agarwal, who retires by rotation, offers himself for reappointment as Managing Director.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE643C01015/f0ec3bdb-daf2-4963-be9b-cd59e0f54a90.pdf