Nilachal Refractories Limited held its 49th Annual General Meeting on September 26, 2026, where shareholders approved significant changes to the company's operational scope. The meeting, conducted via video conferencing, saw the adoption of audited financial statements for FY26 and the appointment of new independent directors.

Key Resolutions Passed

The primary focus of the AGM was a special resolution to alter the Objects Clause of the Memorandum of Association. This amendment allows the company to enter several new industrial sectors. Additionally, the board reshuffled with the re-appointment of existing leadership and the induction of two new independent directors.

Expansion into New Sectors

The most material development was the approval to insert new objects into the company's charter. These additions signal a strategic pivot beyond traditional refractory products. The new permitted activities include:

• Ferro alloys, steel, and allied products
• Metallurgical and mineral processing facilities
• Captive and renewable power projects
• Fly ash and construction materials
• Railway and logistics infrastructure
• Utilisation and recycling of industrial by-products

Board Composition Changes

Vimal Prakash, who served as Chairman during the proceedings, retired by rotation and was re-appointed as a director. The company also strengthened its board independence by appointing Bijay Kumar and Priyanka Poddar as Non-Executive Independent Directors for a five-year term ending August 24, 2031. Pradip Kumar Mohapatra was granted permission to continue his tenure despite attaining the age of 75, valid until September 24, 2028.

Procedural Details

The meeting commenced at 11:30 am and concluded at 11:53 am. Remote e-voting facilities were provided through National Securities Depository Limited (NSDL), with voting windows open from September 23 to September 25, 2026. M/s. Rajan Singh & Co., Practicing Company Secretaries, served as the scrutinizer for the voting process. The results are subject to receipt of the requisite majority and will be declared within the prescribed timeline.

Nilachal Refractories has fixed September 19, 2026 as the record date for its 49th annual general meeting. The meeting is scheduled for September 26, 2026, to be held via video conferencing.

Shareholders holding equity shares as of the record date will be eligible to vote on ordinary and special business items. The register of members and share transfer books will remain closed from September 19 to September 25, 2026.

Key Agenda Items

The AGM notice outlines several critical resolutions for shareholder approval:

• Adoption of Financials: Consideration and adoption of the audited standalone financial statements for the fiscal year ended March 31, 2026.
• Director Re-appointment: Re-appointment of Mr. Vimal Prakash as a director upon retirement by rotation.
• New Appointments: Appointment of Mr. Bijay Kumar and Ms. Priyanka Poddar as non-executive independent directors for a five-year term starting August 25, 2026.
• Continuation Beyond Age Limit: Continuation of Mr. Pradip Kumar Mohapatra as an independent director after attaining the age of 75 years, until September 24, 2028.

Strategic Diversification Proposal

A significant special resolution seeks to alter the objects clause of the Memorandum of Association. The company proposes to expand its business scope beyond refractories into several new sectors:

• Metallurgical Products: Manufacturing and trading in ferro alloys, steel, pig iron, and sponge iron.
• Power Generation: Establishing captive thermal power plants and renewable energy projects including solar, wind, and biomass.
• Construction Materials: Producing fly ash bricks, blocks, and other construction materials from industrial by-products.
• Logistics Infrastructure: Developing railway sidings, tracks, and material handling systems.

The board stated that this diversification aims to create additional revenue streams and optimize resource utilization through backward and forward integration.

Voting Process

Remote e-voting will be facilitated by National Securities Depository Limited (NSDL). The voting window opens on September 23, 2026, at 9:00 am and closes on September 25, 2026, at 5:00 pm. Members can also join the meeting via video conferencing to participate in discussions and cast votes live if they have not already voted remotely.