Nirlon Limited shareholders have overwhelmingly approved a final dividend of ₹15 per equity share for FY26 and the reappointment of director Mr. Kunnasagaran Chinniah at the company’s 67th Annual General Meeting (AGM) held on September 18, 2026.

The virtual meeting saw 56 members in attendance via Video Conferencing/Other Audio Visual Means (VC/OAVM). All four resolutions proposed were passed with requisite majority. The dividend payout adds to an interim dividend of ₹15 per share already paid during the year.

Voting Results

The consolidated scrutinizer’s report filed with BSE Limited confirms that remote e-voting and e-voting during the AGM were conducted fairly. The promoter group, holding 60,959,660 shares, voted in favour of all resolutions, accounting for 96.68% of total votes polled. Public non-institutional shareholders also voted largely in favour, with minimal dissent.

Mr. Kunnasagaran Chinniah, age 69, retires by rotation but was eligible and offered himself for reappointment. The resolution received 99.99% support, with only 4,973 votes cast against it, primarily from public institutional shareholders.

Financial Performance

Revenue for FY26 increased to ₹669.17 crore from ₹636.07 crore in the previous year. Profit before tax also expanded, rising from ₹338.41 crore to ₹371.94 crore. The company reported strong free cash flows after accounting for all expenses, including interest payments to its lender.

Operational Highlights

Approximately 47.63 lakh sq.ft. of construction has been completed across Phases 1-5 of NKP. During the review period, a major occupant vacated approximately 4,50,000 sq.ft. in a phased manner between FY25 and FY26. This space was relicensed to existing and new licensees at commercially competitive rates, reflecting sustained demand for Grade A commercial real estate in suburban Mumbai.

As on June 30, 2026, approximately 99.5% of the licensable area in NKP was committed or licensed. The company continues to manage all five phases, corresponding to approx. 30.80 lakh sq.ft. of licensable area, with license fees recognized in the Profit & Loss Account for the entire year.

Balance Sheet & Outlook

The outstanding loan amount to HSBC as on March 31, 2026, aggregated to ₹1,150.00 crore. This loan facility holds a Crisil Rating of AA+/Stable. Looking ahead to FY27, priorities include maintaining full occupancy, strengthening ESG initiatives, and increasing the share of renewable energy usage. The company is also monitoring emerging trends in the GCC sector and potential risks related to AI impact on employment and climate change effects on commercial office markets.

What the Numbers Show

The simultaneous growth in revenue and profit before tax, coupled with near-full occupancy, indicates effective pricing power through license fee escalations. The ability to quickly re-let a significant portion (4,50,000 sq.ft.) of vacated space suggests that Nirlon’s asset quality and location remain attractive to institutional occupants, mitigating vacancy risk despite broader market pressures from satellite cities.

Nirlon Limited has completed the dispatch of its 67th Annual General Meeting (AGM) notice and Annual Report for the fiscal year ended March 31, 2026. The company sent electronic copies to registered shareholders on August 18, 2026, followed by physical letters with web links on August 20, 2026. Newspaper notices were published in Navakal and Business Standard on August 22, 2026.

The 67th AGM is scheduled for Friday, September 18, 2026, at 12:00 noon via Video Conferencing or Other Audio Visual Means (OAVM). Shareholders will vote on ordinary business items, including the adoption of audited financial statements and the declaration of a final dividend. Special business includes the ratification of remuneration for the Cost Auditor for FY27.

Dividend Recommendation

The Board of Directors has recommended a final dividend of ₹15 per equity share of face value ₹10 each (@150%) for FY26. This payout is subject to approval by members at the AGM and deduction of Tax at Source (TDS) as per the Income-tax Act, 2025.

Shareholders on record as of Thursday, September 3, 2026, will be eligible for the dividend. Payment is expected after Wednesday, September 23, 2026. Resident shareholders receiving dividends up to ₹10,000 or those submitting Form 121 may be exempt from TDS. Others face a 10% TDS rate, while non-residents are subject to 20% withholding tax unless treaty benefits apply.

Director Re-appointment

Mr. Kunnasagaran Chinniah (DIN: 01590108) seeks re-appointment as a Nominee Director liable to retire by rotation. A Chartered Financial Analyst (CFA) with an MBA from the University of California, Berkeley, Mr. Chinniah previously served as Managing Director/Global Head of Portfolio at GIC Special Investments. He attended all six Board meetings during FY26 and does not hold any equity shares in Nirlon Limited.

Special Business

The AGM agenda includes the ratification of remuneration for the Cost Auditor for FY27. The Board approved a fee of ₹1,50,000 (excluding GST and out-of-pocket expenses) payable to Mr. Vinay B. Mulay of Vinay Mulay & Co., Mumbai, for auditing the company’s cost records for the financial year ending March 31, 2027.

Voting and Participation

Remote e-voting will be open from Monday, September 14, 2026, at 9:00 am to Thursday, September 17, 2026, at 5:00 pm. Voting rights are reckoned based on paid-up capital as of the cut-off date, Friday, September 11, 2026. Physical attendance is not required, and proxy appointments are not available for this VC/OAVM meeting.