Nibe Limited held its 21st Annual General Meeting (AGM) on September 29, 2026, via video conferencing. Shareholders approved a final dividend of ₹1.30 per equity share for FY26.

The meeting commenced at 3:00 pm and concluded at 3:22 pm. A total of 44 members participated through the virtual platform, comprising 6 promoters and 38 public shareholders. The requisite quorum under Section 103 of the Companies Act, 2013 was present.

Key resolutions passed

The Board of Directors proposed several ordinary and special resolutions, all of which were adopted by the members. The financial statements for the year ended March 31, 2026, were taken as read with no qualifications in the audit report.

Related party transactions approved

A significant portion of the agenda involved the approval of material related party transactions (RPTs). These agreements cover interactions between Nibe Limited and its subsidiaries as well as other companies within the same promoter group.

The approved RPTs include transactions with:

• Nibe Defence and Aerospace Limited (Subsidiary)
• Nibe Automobile Limited (Subsidiary)
• Karmayogi Manufacturing Private Limited (Subsidiary)
• Nibe Space Private Limited (Subsidiary)
• Nibe Aeronautics Limited (Promoter Group)
• Global Defence Industries Limited (Promoter Group)
• Global Munition Limited (Promoter Group)
• Globe Forge Ltd (Promoter Group)

Meeting proceedings and attendance

Mr. Ganesh Ramesh Nibe, Chairman and Managing Director, chaired the meeting. The Company Secretary, Mrs. Komal Bhagat, conducted the proceedings and confirmed that the statutory auditor's representatives and the scrutinizer were present virtually.

Remote e-voting facilities were active from September 26 to September 28, 2026. Members holding shares as of the record date, September 22, 2026, were eligible to vote. The results of the e-voting will be declared within two working days of the meeting's conclusion.

NIBE has signed a Memorandum of Understanding (MoU) with Naval Group France, establishing a strategic partnership focused on naval shipbuilding and advanced maritime technology.

Agreement details

The MoU, signed on September 18, 2026, sets a formal framework for cooperation between NIBE Group and Naval Group. The collaboration covers modern naval technologies including shipbuilding, defence platforms, and autonomous systems. Specific areas of focus include underwater drones, mine countermeasure vessels, submarine systems, and naval weapon launching systems along with their maintenance.

Strategic significance

The partnership aims to strengthen India's self-reliance in naval programs under the Atmanirbhar Bharat Initiative. Naval Group, which has over a decade of presence in India, brings extensive experience in designing and producing submarines and surface ships. NIBE contributes its expertise in delivering integrated defence solutions and indigenous manufacturing capabilities.

Marie-Laure Bourgeois, EVP Sales & Marketing at Naval Group, stated the agreement reflects a shared commitment to developing sovereign and future-ready naval capabilities in India. Ganesh Nibe, Chairman and Managing Director of NIBE Group, noted that NIBE's continued investment in the sector will support the provision of latest-generation naval technologies for the country.

Company profiles

Naval Group is an international naval defence player present across five continents. As of December 31, 2025, the group reported revenue of €4.679 billion and employed 17,170 people. It specializes in the entire lifecycle of vessels, from design to deconstruction, with unique know-how in autonomous systems and underwater weapons.

NIBE Limited and its group companies operate across defence manufacturing, aerospace, naval systems, and space technology. The publicly listed company supports India's strategic autonomy through indigenous development of critical defence systems, including missile launchers, weapon platforms, and counter-UAS solutions.