NSB BPO Solutions concluded its 21st Annual General Meeting on September 30, 2026, with all proposed resolutions passing with the requisite majority. The meeting, conducted via video conferencing, saw shareholders approve key corporate actions, including an increase in borrowing powers and the appointment of a new independent director.

The scrutinizer’s report confirmed that the resolution to increase the company’s borrowing limits under Section 180(1)(c) of the Companies Act, 2013, up to ₹150 crore was passed unanimously by valid votes. This special resolution received support from 100% of the votes cast in favor, reflecting strong shareholder alignment on the company’s capital structure plans.

Key Resolutions Approved

The agenda included routine business such as the adoption of financial statements for FY26, as well as several special resolutions. Notably, the appointment of Mr. Abhiraj Singh Rana as an Independent Director was approved without any dissenting votes. The re-appointment of Mr. Narendra Singh Bapna, Director liable to retire by rotation, also secured majority support, though a significant portion of promoter votes were marked invalid for this specific item.

Voting Patterns and Shareholder Participation

The meeting recorded participation from 11 members via remote e-voting and during the session. For most resolutions, including the adoption of financial statements and the borrowing limit increase, the total valid votes cast stood at 6,909,326, representing approximately 34.59% of the total outstanding shares. In each of these instances, 100% of the valid votes were cast in favor of the resolutions.

However, a distinct pattern emerged in the voting for the re-appointment of Mr. Narendra Singh Bapna and the approval of material related party transactions. For these two items, only 474,993 valid votes were counted. A substantial number of votes, totaling 6,434,333, were declared invalid, primarily from the Promoter and Promoter Group category. This exclusion likely stems from statutory requirements barring interested parties from voting on matters where they have a direct interest, such as their own re-appointment or related party transactions.

What the Numbers Show

The disparity between the total valid votes for general business (6.9 million) and interested-party business (0.47 million) highlights the concentration of voting power within the promoter group. While promoters hold a significant stake (6,717,402 shares), their votes are effectively neutralized for specific governance items like director re-appointments and related party approvals. Consequently, the public non-institutional shareholders, who cast 342,388 votes, played a decisive role in these specific outcomes, ensuring that even with promoter abstentions or invalidations, the resolutions passed with overwhelming support from eligible voters.

NSB BPO Solutions has announced that the cut-off date for determining shareholder eligibility to vote at its 21st annual general meeting (AGM) is September 23, 2026. The company’s register of members and share transfer books will remain closed from September 24, 2026, to September 30, 2026.

The 21st AGM is scheduled to be held on September 30, 2026, via video conferencing or other audio-visual means. Shareholders eligible as of the cut-off date can vote on key resolutions previously approved by the Board of Directors.

Financial Performance

Standalone revenue from operations grew significantly, supported by a sharp increase in sales of goods, which nearly tripled year-on-year. While sales of services declined slightly, the overall top-line expansion was robust.

On a consolidated basis, net profit stood at ₹1,279.96 lakh, compared to ₹1,104.68 lakh in FY25. This improvement includes a share of profit from associate company On Door Concepts Limited, which contributed ₹328.77 lakh in FY26 versus ₹251.13 lakh in FY25.

Segment Mix Shift

The composition of revenue shifted notably towards trading activities. Sales of goods surged to ₹7,014.62 lakh from ₹2,476.42 lakh in FY25. Conversely, sales of services decreased to ₹9,001.76 lakh from ₹11,335.53 lakh. This indicates a strategic pivot or volume increase in the FMCG and staple goods trading vertical, which now accounts for a larger share of total income.

Key Approvals and AGM Details

The Board of Directors convened on September 2, 2026, to approve several key matters ahead of the AGM:

• Re-appointment of Narendra Singh Bapna as a director retiring by rotation.
• Appointment of Abhiraj Singh Rana as an independent director.
• Increase in borrowing limits under Section 180(1)(c) to an aggregate of ₹150 crore.
• Increase in limits for sale, lease, or disposal of undertakings under Section 180(1)(a) to ₹150 crore.
• Approval for granting loans, guarantees, or securities under Section 185 up to ₹150 crore.
• Increase in limits for investments or loans under Section 186 to ₹150 crore.

The 21st AGM will be held via video conferencing on September 30, 2026, at 4:00 pm. Remote e-voting will be open from September 27 to September 29, 2026. M/s Piyush Bindal & Associates has been appointed as the scrutinizer.

What the Numbers Show

The divergence between service revenue decline and goods revenue surge highlights NSB BPO's evolving business mix. While the core BPO services segment contracted by approximately 20%, the FMCG trading segment expanded by nearly 183%. This shift suggests that current profitability is increasingly dependent on the trading arm's performance, rather than the traditional BPO operations. Additionally, the decision to retain profits without declaring a dividend aligns with the company's plan to utilize internal accruals for future growth and working capital requirements.