Oswal Agro Mills has scheduled its 46th Annual General Meeting for September 29, 2026, to approve the appointment of Mr. Shael Oswal as Managing Director and adopt financial results for FY26. The company reported a sharp decline in revenue but maintained profitability through significant other income.

Leadership Appointment

Shareholders will vote on the appointment of Mr. Shael Oswal as Managing Director and Vice Chairperson via a Special Resolution. The role carries a monthly remuneration of ₹12,50,000, totaling ₹1.5 crore annually. This appointment requires Central Government consent due to residency requirements under the Companies Act, 2013, as Mr. Oswal is a Non-Resident Indian.

Mr. Oswal currently serves as a Non-Executive Director. The Board cites his over 25 years of experience in manufacturing and real estate as justification for the move. The proposed salary represents a reduction from his previous remuneration of ₹25,00,000 per month. The appointment is effective from October 1, 2026, for a term of three years.

Auditor Changes

The company seeks to regularize the appointment of M/s BGMG & Associates as Statutory Auditors following the resignation of M/s Mehta Chokshi & Shah LLP in August 2026. Members will approve a five-year term for BGMG & Associates, covering FY27 through FY31. The proposed fees are ₹10 lakh per annum for FY27, with no material change from the outgoing auditor's fees.

Additionally, M/s Anuj Gupta & Associates will be appointed as Secretarial Auditor for five years, replacing M/s Jay Mehta & Associates who resigned citing frequent board composition changes.

Financial Context

The AGM will adopt the financial statements for FY26. The following table outlines the company's recent financial performance as disclosed in the notice:

While standalone operations remained profitable, the consolidated results reflect a loss due to the associate company, Oswal Greentech Limited. Consolidated profit after tax stood at (₹2,203.15) lakh in FY26 compared to ₹11,283.61 lakh in FY25. This shift was driven by a share of net loss from the associate amounting to (₹3,065.13) lakh, contrasting with a share of profit of ₹401.17 lakh in the previous year.

What the Numbers Show

Revenue declined sharply in FY26 compared to FY25, falling from ₹16,176.69 lakh to ₹1,925.75 lakh. Despite this significant drop in topline activity, the company maintained standalone profitability, reporting a PAT of ₹861.98 lakh. This divergence suggests that FY25 may have included exceptional or one-off revenue items that did not recur in FY26, or that the business model relies heavily on high-margin, low-volume transactions in certain periods. Other income rose to ₹1,831.67 lakh from ₹1,191.69 lakh, indicating a growing reliance on non-operational income streams such as interest on inter-corporate deposits.

Meeting Details

The AGM will be held through Video Conferencing or Other Audio Visual Means. Remote e-voting begins on September 26, 2026, and ends on September 28, 2026. The record date for voting rights is September 22, 2026.

Oswal Agro Mills appointed BGMG & Associates as its statutory auditor to fill a casual vacancy. The company’s board also approved the notice for its 46th Annual General Meeting (AGM), scheduled for September 29, 2026.

The appointment replaces Mehta Chokshi & Shah LLP, who resigned from the role. BGMG & Associates will hold office until the conclusion of the ensuing AGM. The board recommended a five-year term for the firm, commencing from the conclusion of the 46th AGM and extending until the 51st AGM in 2031.

Corporate Governance Updates

The board approved the Directors’ Report and the draft notice for the AGM. The meeting will be held via video conferencing or other audio-visual means. It is deemed to be convened at the company’s registered office in New Delhi.

The register of members and share transfer books will remain closed from September 22, 2026, to September 29, 2026, to determine eligibility for the AGM.

The board also appointed Anuj Gupta & Associates, Practising Company Secretaries, as the scrutinizer for the upcoming annual general meeting.

Auditor Profile

BGMG & Associates, founded in 2012, specializes in statutory audits under IGAAP, Ind AS, and IFRS. The firm serves over 100 corporate clients and offers services including tax audit, internal audit, and transaction due diligence.