Promax Power Limited shareholders unanimously approved all six resolutions proposed at the company's 9th Annual General Meeting (AGM), held on September 30, 2026. The voting results, submitted to BSE on October 1, 2026, showed 100% support across all agenda items, with zero votes cast against any resolution.

The meeting was held at the company's registered office in Chandigarh. A total of 16,802,400 votes were polled, representing 67.20% of the total outstanding shares of 25,000,000. Notably, all votes were cast by the promoter and promoter group; no public shareholders participated in the e-voting or poll process.

Key governance appointments approved

The shareholders approved several critical governance and leadership decisions:

• Managing Director Reappointment: Mr. Vishal Bhardwaj was reappointed as Managing Director for a five-year term effective August 20, 2026, to August 19, 2031.
• Independent Director Reappointment: Mr. Sanjay Kumar was reappointed as an Independent Director for a second term of five years, effective September 30, 2026.
• Director Retirement: Ms. Shweta Bhardwaj was reappointed as a director retiring by rotation.

Auditor appointments finalized

The meeting also addressed statutory compliance requirements regarding auditors:

• Statutory Auditors: M/s Manish Jain & Associates were appointed as Statutory Auditors for a period of five years, filling the casual vacancy caused by the resignation of M/s Raj Gupta & Co. The appointment covers five consecutive financial years commencing from FY27 to FY31. The firm, registered with ICAI (Firm Registration No: 015608N), has approximately 25 years of experience in statutory, bank, management, and tax audits.
• Secretarial Auditors: M/s Prachi Lad & Associates were appointed as Secretarial Auditors for five consecutive financial years, from FY26 to FY30. The appointment was recommended by the Audit Committee on September 7, 2026, and ratified by shareholders during the AGM. Ms. Prachi Prajapati, Proprietor of the firm, holds a B.Com degree and is an Associate Company Secretary (ACS) with experience in Corporate Laws and Finance.

Voting participation details

The voting data highlights a complete concentration of decision-making power within the promoter group. While 362 shareholders were on record as of the cut-off date of September 23, 2026, only seven members utilized the remote e-voting facility. All seven members belonged to the promoter group, holding 17,242,420 shares out of which 16,802,400 votes were polled.

What the numbers show

A distinct pattern emerges from the voting records: there is a complete absence of public shareholder engagement. Out of 7,757,580 shares held by public non-institutions, zero votes were polled. Similarly, public institutions recorded zero participation. This indicates that the outcome of the AGM was entirely determined by the promoter group, who voted 97.38% of their held shares. The lack of dissent or even participation from the minority stake suggests either low retail interest or high alignment with management proposals, though the latter cannot be confirmed without further data.

Promax Power has scheduled its 9th Annual General Meeting (AGM) for September 30, 2026, in Chandigarh. The Board of Directors approved remote e-voting facilities and proposed the reappointment of key directors in a meeting held on September 7, 2026.

The company reported a sharp decline in profitability for FY26, with net profit falling 63.4% year-on-year to ₹85.67 lakh. Despite the drop in earnings, the engineering, procurement, and construction (EPC) firm achieved its highest-ever revenue from operations, logging ₹7,073.12 lakh, up 6.5% from the previous fiscal year.

Financial Performance

While top-line growth remained positive, margins contracted significantly due to rising operating and project-related costs. Total income increased to ₹7,122.35 lakh from ₹6,680.84 lakh in FY25. Profit before tax (PBT) dropped 64.9% to ₹109.73 lakh.

What the Numbers Show

The divergence between revenue growth and profit contraction highlights margin pressure. While revenue grew by approximately 6.5%, total expenses excluding depreciation and tax rose by roughly 10.1% to ₹7,007.38 lakh. This indicates that cost inflation outpaced revenue generation, squeezing operational efficiency during the period.

Strategic Shifts and Governance

Promax Power is transitioning from a pure-play EPC contractor to a diversified energy solutions provider. The company is advancing plans for solar power asset ownership under independent power producer (IPP) models to create annuity-based revenue streams. It is also exploring battery energy storage systems (BESS) and EV-charging infrastructure through its associate, Promax PlugUp EV Pvt. Ltd.

Key governance updates include:

• Reappointment of Ms. Shweta Bhardwaj as Non-Executive Director.
• Reappointment of Mr. Sanjay Kumar as Independent Director for a second five-year term.
• Reappointment of Mr. Vishal Bhardwaj as Managing Director until August 2031.
• Appointment of M/s Manish Jain & Associates as Statutory Auditors for five years, filling a casual vacancy left by the resignation of M/s Raj Gupta & Co.
• Appointment of M/s Prachi Lad & Associates as Secretarial Auditors for five years.

No dividend was declared for FY26 as the board opted to reinvest profits into core operations and growth initiatives.

AGM Details and E-Voting

The 9th AGM will be held at 11:00 am on Wednesday, September 30, 2026, at First Floor, SCO 69, Sector 38C, Chandigarh. Shareholders can cast their votes electronically via remote e-voting.

The Board approved the Notice of the 9th AGM and the Annual Report for FY25-26. The resolutions require shareholder approval at the meeting.