Sahyadri Industries concluded its 32nd Annual General Meeting (AGM) on August 17, 2026, with shareholders approving a final dividend of Re 1.5 per equity share for the financial year ended March 31, 2026. The meeting, chaired by Chairman Mr. Jayesh P. Patel, was conducted via Video Conferencing or Other Audio-Visual Means (OVAM) in compliance with Ministry of Corporate Affairs and SEBI regulations. Shareholders also approved the reappointment of key board members and statutory auditors.

Key Resolutions Passed

The AGM transacted several ordinary and special resolutions concerning board composition, auditor appointments, and shareholder payouts. All resolutions were passed via remote e-voting, which remained open from August 14 to August 16, 2026. The scrutinizer’s report confirms that all resolutions received the requisite majority.

Ordinary Business

Shareholders approved the following ordinary resolutions:

• Adoption of the audited financial statements for FY26 along with the reports of the auditors and Board of Directors.
• Reappointment of Mr. Tuljaram Maheshwari (DIN: 00063688) as a director retiring by rotation.
• Declaration of a final dividend of Re 1.5 per equity share for FY26.

Special Business

The company also sought approval for special business items, including:

• Reappointment of M/s Joshi Apte & Company as Statutory Auditors for a second term of five years, including fixation of remuneration.
• Ratification of remuneration payable to Cost Auditor Mr. Narhar K. Nimkar for FY27.
• Reappointment of Mr. Ankem Sri Prasad Mohan (DIN: 09413926) as an Independent Director for a second term of five years.

Voting Results Analysis

The consolidated voting results reveal a distinct pattern in shareholder participation. Promoters and the promoter group, holding 77,84,791 shares (approximately 71% of the total 10,946,300 shares), voted in favor of all resolutions without any dissenting votes. In contrast, public non-institutional shareholders, holding 31,60,509 shares, participated minimally, polling only about 1% of their outstanding shares. Public institutional investors did not cast any votes.

Minor dissent was recorded from public non-institutional shareholders on the auditor reappointments, with 3 to 93 votes cast against these specific resolutions. However, these dissenting votes constituted less than 0.002% of the total valid votes cast, leaving the overall outcome unchanged.

Governance and Compliance

The Board appointed Ms. Ashwini Inamdar, Partner at Mehta & Mehta Company Secretaries, Pune, as the Scrutinizer to oversee the voting process. Representatives from the Audit Committee, Nomination & Remuneration Committee, Stakeholders' Relationship Committee, and Corporate Social Responsibility Committee were present. Statutory Auditor, Cost Auditor, and Secretarial Auditor representatives also attended the proceedings.

Mr. Tuljaram Maheshwari, CEO, CFO, and Whole Time Director, addressed queries raised by members during the session. The e-voting facility remained open for 15 minutes after the conclusion of the query session to allow additional votes. The AGM concluded at 4:44 pm.

Sahyadri Industries Limited reported a net profit of ₹26.52 crore for the quarter ended June 30, 2026, marking a sharp 146% year-on-year increase from ₹10.77 crore in Q1FY26. Revenue from operations climbed 21% to ₹258.42 crore, reflecting sustained demand in its core building material segment. EBITDA for the quarter stood at ₹41.7 crore, up 92.2% year-on-year, with the EBITDA margin improving to 16.0% from 10.2% in the previous year. The Board of Directors, meeting on August 12, 2026, declared an interim dividend of ₹2.50 per equity share, signaling confidence in the company’s cash generation and operational efficiency.

The unaudited financial results were reviewed by the Audit Committee and approved by the Board in compliance with Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statutory Auditors Joshi Apte & Co. issued an unmodified limited review report on the statements. The interim dividend is payable to shareholders appearing on the Register of Members as of the record date, August 21, 2026, with payment scheduled for September 8, 2026.

Financial Performance Highlights

Total income stood at ₹261.25 crore, up from ₹216.09 crore in the corresponding period last year. Total expenditure increased to ₹225.75 crore from ₹201.60 crore, primarily due to higher cost of materials consumed, which rose to ₹128.81 crore from ₹118.65 crore. Employee benefits expense remained stable at ₹12.05 crore, while finance costs decreased marginally to ₹0.54 crore from ₹1.07 crore.

Segment-Wise Breakdown

The Building Material segment remains the primary growth engine, contributing ₹256.20 crore to segment revenue, a 21% increase from ₹212.25 crore in Q1FY26. Segment profit for this division surged to ₹33.22 crore from ₹13.86 crore. The Power Generation segment saw revenue rise to ₹4.84 crore from ₹4.16 crore, with segment profit improving to ₹1.73 crore from ₹1.51 crore, reversing a loss position seen in the previous quarter.

What the Numbers Show

The disproportionate rise in net profit compared to revenue growth indicates significant operating leverage. While revenue grew by 21%, profit before tax expanded by 145%. This divergence suggests that fixed costs were absorbed more efficiently as volume increased, or that mix-shifts towards higher-margin products occurred within the Building Material segment. Additionally, the reduction in finance costs contributed positively to the bottom line, although the primary driver remains operational efficiency in the core business.

Operational Updates and Outlook

Commenting on the results, Satyen Patel, Managing Director of Sahyadri Industries Limited, stated that the business delivered robust performance despite geopolitical challenges impacting exports. Capacity utilization improved to 103% in Q1 FY27, up from 93% in Q1 FY26. Patel noted that historically, Q1 is a strong quarter for the company and the industry. The growth outlook for the roofing sector in FY27 remains positive, subject to geopolitical situations, forex volatility impacting export markets, and imported raw material costs.

Expansion Plans and Regulatory Updates

Sahyadri Industries is advancing its capacity expansion strategy with two key projects. The company is setting up a new unit in Odisha for manufacturing Asbestos Corrugated Sheets with a capacity of 1,20,000 MT. Simultaneously, activities have begun for a Non-Asbestos Cement Boards plant in Maharashtra with a capacity of 72,000 MT; land acquisition for this project is currently in process.

The filing notes that the Government of India consolidated multiple labour legislations into four Labour Codes effective November 21, 2025. In accordance with Ind AS 19, the company recognized a one-time provision of ₹64.50 lakhs as an exceptional item in FY26 results. The impact of detailed rules under the New Labour Codes will be evaluated as they are notified.