PIX Transmissions Limited has successfully concluded its postal ballot process through remote e-voting, with all three special resolutions receiving approval from shareholders. The company announced the results on April 01, 2026, following the completion of the voting process on March 30, 2026, and submitted the results to both BSE Limited and National Stock Exchange of India Limited under Regulation 44 of the SEBI Listing Regulations, 2015.

Postal Ballot Process and Timeline

The remote e-voting facility was made available to shareholders from March 01, 2026, 9.00 a.m. (IST) to March 30, 2026, 5.00 p.m. (IST). The company engaged National Securities Depository Limited (NSDL) as the service provider for the e-voting platform. Shareholders whose names were recorded in the Register of Members or Register of Beneficial Owners as on the cut-off date of February 20, 2026 were entitled to participate in the voting process.

The postal ballot notice was distributed to shareholders via email on February 25, 2026, and published in newspapers "The Indian Express" and "Loksatta" on February 26, 2026. The notice was also made available on the company's website and stock exchange platforms.

Official Voting Results Summary

All three special resolutions were passed with overwhelming support from shareholders. The company's official communication to stock exchanges confirmed the detailed voting breakdown:

Key Appointments and Changes

The first resolution approved the re-appointment of Mr. Rishipal Sethi as Joint Managing Director for a period of 3 years with effect from April 01, 2026. This resolution received support from 7616680 votes against 28731 dissenting votes.

The second resolution confirmed the re-appointment of Ms. Shirley Paul as Whole Time Director for a period of 3 years with effect from July 10, 2026. This proposal received the highest level of support with 8631563 votes in favor and only 35 votes against.

The third resolution involved changing the terms of office of Mr. Amarpal Sethi, Chairman & Managing Director (DIN: 00129462), to make his office not liable to retire by rotation. This structural change was approved with 7788806 votes in favor.

Regulatory Compliance and Documentation

Company Secretary Shybu Varghese digitally signed and submitted the official voting results to both stock exchanges on April 01, 2026. The company confirmed that votes of related party members were excluded from consideration as per regulatory requirements, and all three special resolutions stand passed with requisite majority. The results have been uploaded on the company's website at https://www.pixtrans.com as mandated under SEBI Listing Regulations, 2015, with all resolutions deemed effective from March 30, 2026.

PIX Transmissions Limited has received reaffirmed credit ratings from CARE Ratings Limited, maintaining its strong financial standing in the mechanical power transmission products sector. The company announced the rating reaffirmation on March 05, 2026, in compliance with SEBI Listing Regulations.

Credit Rating Details

CARE Ratings has reaffirmed PIX Transmissions' credit ratings across multiple facility categories, reflecting the company's robust financial profile:

The stable outlook reflects CARE Ratings' expectations that PIX Transmissions will continue maintaining a comfortable financial risk profile backed by its established track record, diversified geographical presence, and experienced promoter leadership.

Key Rating Strengths

Strong Financial Performance

PIX Transmissions demonstrated exceptional financial performance with healthy profitability margins consistently above 25.00% for the five years ended FY25. The company's PBILD margin improved to 28.72% in FY25 from 25.51% in FY24, while profit after tax margin increased to 18.89% from 16.59%. This strong profitability enabled the company to generate gross cash accruals of ₹80.00-100.00 crore annually.

Market Leadership and Diversification

The company maintains an established market position in rubber transmission belts with exports to over 100 countries. PIX Transmissions benefits from experienced promoter leadership under Amarpat S Sethi, who brings over five decades of industry experience. The company's revenue diversification strategy includes:

• Geographically diversified export markets across USA, Europe, and Asia
• No single country contributing over 35.00% of total exports
• Top 10 customers contributing approximately 33.00% of total revenue
• Strong domestic distribution network across India

Capital Structure and Liquidity Position

PIX Transmissions maintains a comfortable capital structure with overall gearing at 0.06x as of March 31, 2025, compared to 0.09x in the previous year. The company's strong liquidity position is characterized by:

The company's cash and liquid investments further increased to ₹238.43 crore as of September 30, 2025, resulting in a negative net debt position.

Rating Constraints and Challenges

Despite the positive rating reaffirmation, CARE Ratings identified several constraints that continue to impact the company's rating profile. The working capital cycle remains elongated at 143 days in FY25, though improved from 155 days in the previous year. The company operates with moderate scale despite consistent growth, registering a compound annual growth rate of approximately 10.00% for the three years ended FY25.

PIX Transmissions faces exposure to cyclical business vulnerabilities, including sensitivity to global trade tariffs and foreign exchange fluctuations. As a net exporter, the company maintains partial natural hedge against currency risks, though balance exposure remains unhedged.

Business Operations and Industry Position

Incorporated in 1981, PIX Transmissions manufactures mechanical power transmission products including rubber V-belts, cut-edge belts, ribbed belts, synchronous belts, and timing belts. The company operates manufacturing facilities at Hingna, Nagpur, an automated rubber mixing facility at Nagalwadi, and a centralized logistics hub in Nagpur. Through its subsidiaries PIX Middle East FZC, PIX Transmission (Europe) Limited, and their step-down subsidiaries, the company maintains strategic marketing presence in key global markets.

Source: None/Company/INE751B01018/1d0fd3d5-2dc5-47a6-b5fa-1dca68640abe.pdf