Nidhi Granites shareholders overwhelmingly approved all resolutions at its 44th Annual General Meeting (AGM) held on July 22, 2026, signaling strong confidence in the company’s governance and financial direction for FY26. The meeting, conducted via video conferencing, saw a 91.21% voter turnout among eligible shareholders, with 99.99% of valid votes cast in favor of every agenda item, including the adoption of audited financial statements and key personnel appointments.

The high level of engagement reflects robust shareholder interest in the company’s strategic continuity. A total of 7,296,818 votes were polled out of 8,000,000 shares on record as of July 15, 2026. Promoter and promoter group entities voted in favor of all resolutions, while public non-institutional shareholders also delivered near-unanimous support, with only 10 votes cast against any resolution across the entire ballot.

Voting Breakdown by Shareholder Category

The scrutinizer report, submitted by Dholakia & Associates LLP, detailed the voting patterns across different shareholder categories. Remote e-voting was open from July 18 to July 21, 2026, while electronic voting during the AGM allowed additional participation.

Promoter entities held 5,340,380 shares and exercised their voting rights entirely through remote e-voting, casting all votes in favor. Public non-institutional shareholders, holding 2,659,620 shares, participated actively via remote e-voting, contributing significantly to the overall turnout. No public institutional investors participated in the voting process.

Key Resolutions Approved

The AGM focused on routine corporate governance matters, including the ratification of financial statements and the re-appointment of key officials. All resolutions were passed as ordinary or special resolutions, depending on statutory requirements.

• Financial Statements: Members adopted the audited standalone and consolidated financial statements for FY26, along with the reports of the Board of Directors and statutory auditors.
• Director Appointments: Mrs. Shreya Pandya was re-appointed as a director upon retirement by rotation. Mr. Amit Sinkar and Mr. Amit Patankar were re-appointed as non-executive independent directors for five-year terms. Mr. Darpan Shah was re-appointed as Managing Director.
• Auditor Appointments: M/s. Jotin Raval & Associates, Chartered Accountants, were re-appointed as statutory auditors for five years. M/s. Dholakia & Associates LLP, Company Secretaries, were appointed as secretarial auditors for five consecutive financial years.

Governance and Compliance

The voting process was overseen by CS Nrupang B. Dholakia, Managing Partner of Dholakia & Associates LLP, appointed as the scrutinizer under Sections 108 and 109 of the Companies Act, 2013. The facility for remote e-voting and electronic voting during the AGM was provided by National Securities Depository Limited (NSDL). The scrutinizer confirmed that the process complied with Rule 20 and Rule 21 of the Companies (Management and Administration) Rules, 2014, ensuring transparency and fairness.

Members who had already cast remote e-votes were not permitted to vote again during the AGM, in adherence to regulatory guidelines. The combined results were unblocked and verified in the presence of two independent witnesses not employed by the company, reinforcing the integrity of the outcome.

Nidhi Granites Limited has scheduled its 44th Annual General Meeting for July 22, 2026, via video conferencing. The record date to determine shareholder eligibility for voting is July 15, 2026. The meeting will cover the financial results for the year ended March 31, 2026, where the company reported a consolidated profit of ₹767.77 lakh, a significant increase from the previous year's ₹191.85 lakh.

The company’s standalone financial results for the year ended March 31, 2026, show a loss of ₹126.56 lakh, reversing the profit of ₹101.32 lakh recorded in the previous year. Standalone revenue from operations remained flat at ₹17.34 lakh. The divergence between standalone and consolidated performance is attributed to the company’s subsidiaries, particularly Paynov8 Private Limited, which was acquired during the year.

Consolidated Financial Performance

The group’s total income increased to ₹6,548.73 lakh in FY26 from ₹4,733.05 lakh in FY25. The profit before tax for the year stood at ₹1,075.16 lakh, significantly higher than the ₹252.75 lakh reported in the previous year. The financial technology and related services segment contributed ₹1,722.81 lakh to the total revenue, while the paper and paperboard segment generated ₹4,780.24 lakh.

Operational Highlights and Subsidiaries

During the year, the company acquired 100% of the equity share capital of Paynov8 Private Limited, previously known as Auro Fintech Private Limited, for a consideration of ₹60.57 lakh. This acquisition established the financial technology segment. Additionally, SPNP Paper and Pack Private Limited, a wholly-owned subsidiary, divested its entire shareholding in Fine Papyrus Private Limited, which ceased to be a step-down subsidiary effective March 16, 2026.

Board Resolutions and Appointments

Shareholders will vote on the re-appointment of several key personnel. The board has proposed the re-appointment of Darpan Shah as Managing Director for a further term of five years commencing from February 13, 2026. Additionally, the re-appointment of Amit Sinkar and Amit Patankar as Non-Executive Independent Directors for a term of five consecutive years is on the agenda.

The company also seeks shareholder approval to re-appoint M/s. Jogin Raval & Associates as Statutory Auditors for a term of five years. Furthermore, the appointment of M/s. Dholakia & Associates LLP as Secretarial Auditors for a term of five consecutive financial years starting April 1, 2025, will be considered.