Nesco Limited shareholders approved a final dividend of ₹7 per equity share and appointed Rajesh G. Upadhyay as Executive Director during the company’s 67th Annual General Meeting held on July 27, 2026. The meeting provided detailed insights into the company’s strategic expansion, particularly the ₹3,500 crore investment planned for Tower 2, while reaffirming strong operational metrics including 100% occupancy in existing office towers and a robust treasury position of ₹1,650 crore.

The proceedings were chaired by Krishna S. Patel, Chairman & Managing Director, via Video Conference/Other Audio-Visual Means (VC/OAVM). Shalini Kamath, Company Secretary & Compliance Officer, confirmed that both statutory and secretarial audit reports contained no qualifications. Neeta H. Desai of N D & Associates served as the scrutinizer for the e-voting process conducted on the NSDL platform, in compliance with Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Resolutions Passed

All seven resolutions were passed with the requisite majority. The promoter group voted unanimously in favor of all items. For the special resolution regarding Sudha S. Patel’s re-appointment, public institutions cast 98.19% votes in favor, while non-institutional public shareholders supported it by 99.99%. Rajesh G. Upadhyay’s appointment as Director received 99.97% support from polled votes.

Strategic Expansion and Operational Updates

During the question-and-answer session, Chairman Krishna S. Patel addressed shareholder queries regarding the company’s capital expenditure and operational roadmap. He revealed that works on Tower 2, an integrated development comprising office space and a hotel, have commenced with site demolition complete. The estimated investment for this project is approximately ₹3,500 crore. The time to completion is envisaged at 60 months from obtaining the commencement certificate.

Regarding existing assets, Towers 3 and 4 maintain 100% occupancy with 26 clients across both structures. The total chargeable area is 17.70 lakh square feet, with an average rent of ₹180 per square foot per month. The company also plans to modernize its exhibition halls; Hall 1 is currently being dismantled and will be reconstructed within 12 months, with overall capital expenditure capped within ₹200 crore.

Financial Position and Treasury Management

Nesco reported total income of ₹1,031 crore for FY26, a 22% year-on-year increase. Profit after tax stood at ₹412 crore, up 10% year-on-year. The company remains debt-free with liquidity of ₹1,471 crore as per audited financials. However, during the AGM, management disclosed that the treasury size as of June 30, 2026, was ₹1,650 crore, invested in debt funds, bonds, preference shares, certificates of deposit, and mutual funds.

Capital Work in Progress (CWIP) as of March 31, 2026, totaled ₹763 crore, with Realty accounting for ₹740 crore. Management indicated that future capex would primarily be funded through internal accruals, resorting to debt only if necessary. The dip in treasury income was attributed to a ₹640 crore payment to the Brihanmumbai Municipal Corporation (BMC) for premiums and fees related to Tower 2 in March 2025.

What the Numbers Show

The near-unanimous support for leadership changes indicates strong alignment between the promoter group and institutional investors regarding Nesco Limited’s strategic direction. The declaration of a ₹7 dividend per share represents a significant return to shareholders, reflecting confidence in the company’s cash flow position post-FY26 audits. Notably, the transition to 100% renewable energy and the ESG Roadmap 2030 highlight a commitment to sustainable growth alongside financial expansion. The substantial CWIP of ₹740 crore in Realty underscores the capital-intensive nature of the upcoming Tower 2 project, which will likely drive future revenue growth once operational.

Nesco Limited has appointed Ashish Joshi as Chief Procurement & Contracts Officer, effective July 28, 2026. The company designated Joshi as Senior Managerial Personnel pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This appointment strengthens the firm’s procurement and contract management capabilities by leveraging Joshi’s extensive background in the real estate and infrastructure sectors.

The disclosure was made to BSE Limited and National Stock Exchange India Limited on July 28, 2026. Shalini Kamath, Company Secretary & Compliance Officer (A14933), signed the filing. The information was also published on the company’s website at www.nesco.in . The appointment aligns with SEBI Circular No. SEBI/HO/CFD/CFDPoD-1/P/CIR/2023/123 dated July 13, 2023, regarding the disclosure of senior managerial personnel changes.

Executive Profile

Ashish Joshi brings over 30 years of experience in strategic procurement, sourcing, contracts, supply chain management, and vendor development. His career spans leadership roles at prominent real estate and infrastructure companies. Key positions held include roles at Piramal Realty, Puravankara Limited, Oberoi Realty, and Runwal Developers Limited. This depth of experience is expected to support Nesco Limited’s operational efficiency and vendor relationship management.

Regulatory Compliance

The appointment follows the amended Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that there are no relationships between directors requiring disclosure in this context. The filing ensures transparency for investors regarding key managerial changes within the organization.