PPAP Automotive Limited concluded its 31st Annual General Meeting on September 18, 2026. Shareholders approved all seven resolutions with 99.99% support, endorsing the final dividend and key board appointments.

The meeting was held via video conferencing in compliance with Ministry of Corporate Affairs circulars. Key managerial personnel, including Chairman and Managing Director Ajay Kumar Jain and CEO Abhishek Jain, were present. The quorum was maintained throughout the proceedings.

Voting Results

The scrutinizer’s report from APAC & Associates LLP confirmed that all resolutions passed with requisite majority. A total of 9,226,231 votes were polled out of 14,152,987 outstanding shares, representing a 65.19% turnout. The promoter group voted in favor of all resolutions, while public non-institutional shareholders cast only 20 votes against the proposals.

Dividend Declaration

Shareholders approved the final dividend of ₹1.50 (15%) per equity share with a face value of ₹10 each. This follows an interim dividend of ₹1 (10%) per share already paid during the financial year ended March 31, 2026, bringing the total payout for FY26 to ₹2.50 per share.

Board Appointments

The AGM transacted several ordinary and special resolutions regarding board composition:

• Reappointment of Mrs. Vinay Kumari Jain as Non-Executive Director, retiring by rotation.
• Reappointment of Mr. Ajay Kumar Jain as Chairman and Managing Director for three years, effective November 1, 2026, with a remuneration revision from April 1, 2026.
• Revision in remuneration for Mr. Abhishek Jain, CEO and Managing Director, effective April 1, 2026.
• Appointment of Mrs. Meeta Makhan as Independent Director for two years, effective June 25, 2026.

Director Profiles

Ajay Kumar Jain and Abhishek Jain hold directorships in five other entities, including Avinya Batteries Limited and Meraki Precision Tool Engineering Limited. Mrs. Meeta Makhan brings over 25 years of experience from banking institutions such as Citibank and Standard Chartered Bank.

PPAP Automotive has scheduled a meeting of its unsecured creditors for September 30, 2026, to consider and approve the scheme of amalgamation of its wholly owned subsidiary, Avinya Batteries Limited. The National Company Law Tribunal (NCLT), New Delhi Bench, directed the convening of the meeting via an order dated July 29, 2026.

The meeting will be held through video conferencing at 3:30 pm. Remote e-voting for unsecured creditors will be available from September 26, 2026, at 9:00 am to September 29, 2026, at 5:00 pm. Voting rights are determined in proportion to the outstanding amount due as on the cut-off date of March 31, 2026.

Secured Creditors Meeting Details

Previously, PPAP Automotive had scheduled a separate meeting of its secured creditors for the same day, September 30, 2026, at 12:30 pm. Both meetings aim to secure stakeholder approval for the merger scheme under Sections 230 to 232 of the Companies Act, 2013.

Scheme Details and Rationale

Avinya Batteries Limited is engaged in manufacturing lithium-ion battery pack solutions for two-wheeler and three-wheeler industries, as well as energy storage systems. PPAP Automotive manufactures sealing systems and injection-moulded products for the automotive sector.

The proposed amalgamation aims to consolidate operations to achieve synergies in operational and financial management. The company stated that the merger will reduce operating and administrative costs, improve profitability, and allow for centralized management of funds to support future growth opportunities.

Financial Position and Capital Structure

As of March 31, 2026, Avinya Batteries reported a net loss of ₹715.52 lakh for the year ended March 31, 2026, compared to a net loss of ₹797.48 lakh in the previous year. Revenue from operations stood at ₹1,446.71 lakh for FY26, up from ₹635.31 lakh in FY25.

PPAP Automotive reported a standalone net profit of ₹3,343.48 lakh for FY26, compared to ₹1,409.27 lakh in FY25. Revenue from operations was ₹53,629.54 lakh for the year ended March 31, 2026.

Accounting Treatment and Appointed Date

The appointed date for the scheme is April 1, 2026. Upon effectiveness, the entire share capital of Avinya Batteries will stand cancelled without any new shares being issued by PPAP Automotive. The amalgamation will be accounted for using the 'Pooling of Interest Method' under IND-AS 103.

All assets and liabilities of Avinya Batteries will vest in PPAP Automotive at their carrying values. Inter-company balances between the two entities will be adjusted off. The statutory auditors, T R Chadha & Co LLP, have certified that the proposed accounting treatment complies with Indian Accounting Standards.

What the Numbers Show

The financial data reveals a divergence in performance between the parent and subsidiary. While PPAP Automotive generated a net profit of over ₹3,300 lakh, Avinya Batteries incurred a net loss of ₹715.52 lakh. The consolidation aims to absorb these losses within the larger entity's operational framework, potentially leveraging PPAP’s stronger revenue base of ₹53,629.54 lakh to support the battery business unit.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE095I01015/e360503e-bcc8-4236-8609-4cc513e2dbe9.pdf