Sahyadri Industries Limited has initiated a postal ballot process to seek shareholder approval for the appointment of independent directors. The company has dispatched the notice of the postal ballot via email on May 22, 2026, to members whose names appear in the Register of Members as on the record date of May 15, 2026. The notice was also published in newspapers "Financial Express" and "Loksatta" on May 23, 2026, pursuant to Regulation 47(3) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Special Resolutions

The postal ballot notice proposes two special resolutions. The first resolution seeks the appointment of Mr. Sunil Suratwala (DIN: 00490715) as a Non-executive Independent Director for a term of five years. His tenure is proposed to be effective from May 9, 2026, to May 8, 2031. Mr. Suratwala was recently appointed as an Additional Director by the Board.

The second resolution concerns the re-appointment of Mrs. Moushmi Shaha (DIN: 02915342) as a Non-executive Independent Director for a second term of five years. If approved, her term will commence on July 22, 2026, and conclude on July 21, 2031. Mrs. Shaha currently holds office as an Independent Director up to July 21, 2026.

E-Voting Schedule

Shareholders can cast their votes exclusively through the remote e-voting facility provided by the National Securities Depository Limited (NSDL). The voting window opens on May 24, 2026, at 9:00 a.m. and closes on June 22, 2026, at 5:00 p.m. The company has stated that physical copies of the postal ballot notice are not being dispatched for this process.

The results of the e-voting will be announced on or before June 24, 2026, and will be displayed on the company's website. The special resolutions will be declared passed if the votes cast in favour exceed three times the votes cast against them.

Director Profiles

The company has provided detailed profiles for the proposed directors in the explanatory statement. Mr. Sunil Suratwala is a Chartered Accountant with over 35 years of experience in assurance services, compliance, and corporate law. Mrs. Moushmi Shaha holds a Master of Commerce degree and is a fellow member of the Institute of Chartered Accountants of India, bringing over 21 years of experience in finance and audits.

Mrs. Ashwini Inamdar of M/s. Mehta & Mehta, Company Secretaries, has been appointed as the Scrutinizer to oversee the postal ballot process. The notice and relevant documents are available for inspection on the company's website.

Sahyadri Industries delivered a robust financial performance for the year ended March 31, 2026, with net profit rising 49% to ₹29.00 crores from ₹19.46 crores in the previous year. Total income for FY26 stood at ₹684.87 crores compared to ₹608.79 crores in FY25, reflecting a year-on-year growth of 12.5%. The company's EBITDA increased by 15.8% to ₹67.2 crores, with the EBITDA margin improving to 9.8% from 9.5% in the prior year. Capacity utilization also improved to 74% in FY26 versus 68% in FY25. The Board of Directors approved the audited financial results at its meeting held on May 9, 2026, with the statutory auditors, M/s Joshi Apte & Company, issuing an unmodified opinion on the annual financial results.

Q4 & FY26 Financial Highlights

The company posted strong growth across both the quarter and the full year. For the quarter ended March 31, 2026, total income stood at ₹196.53 crores compared to ₹152.57 crores in the corresponding quarter of the previous year, while net profit for the quarter was ₹10.55 crores against ₹4.27 crores in the same quarter of the prior year. The following table presents the key performance metrics for Q4 and full-year FY26:

The following table summarises the key financial metrics for the full year:

Commenting on the results, Managing Director Mr. Satyen Patel said: "We are pleased to report resilient financial performance with growth across income, profitability, and margins. Total Income for FY26 stood at Rs 684.9 crore, compared to Rs 608.8 crore in FY25, reflecting YoY growth of 12.5%. EBITDA increased to Rs 67.2 Cr from Rs 58.0 crore, a growth of 15.8%, driven by operating leverage. The EBITDA margin has inched up from 9.5% in FY25 to 9.8% in FY26. PAT rose by 49.0% to Rs 29.0 crore in FY26 compared to the same period last year." Mr. Patel also noted that evolving geo-political developments, logistics costs, and forex volatility may impact export markets and imported raw material costs going forward.

Segment Performance and Expansion

The company operates across two segments—Building Material and Power Generation. The Building Material segment remained the dominant contributor, with segment revenue of ₹671.68 crores for FY26 compared to ₹594.50 crores in FY25. The Power Generation segment reported revenue of ₹14.44 crores for FY26 versus ₹17.50 crores in the prior year. On the expansion front, the company is setting up a new unit in Odisha for manufacturing Asbestos Corrugated Sheets with a capacity of 1,20,000 MT. Additionally, activities related to setting up a Non-Asbestos Cement Boards plant in Maharashtra with a capacity of 72,000 MT have been initiated, with land identified and acquisition in process. The total capital expenditure for these projects is estimated at ₹95 crores each, funded through internal accruals and debt.

Balance Sheet and Cash Flow

As at March 31, 2026, total assets stood at ₹532.10 crores, while total equity improved to ₹406.09 crores from ₹378.29 crores. A notable reduction in current borrowings—from ₹71.00 crores to ₹16.29 crores—underscores significant deleveraging during FY26. Net cash from operating activities stood at ₹121.34 crores compared to ₹53.89 crores in FY25, driven by improved profitability and working capital management. Cash and cash equivalents at the close of the year stood at ₹6.72 crores.

Dividend and Governance

The Board has recommended a final dividend of ₹1.5 per equity share of face value ₹10 each for FY26, subject to approval of members at the ensuing 32nd Annual General Meeting. The Board also approved the reconstitution of the Audit Committee, Nomination & Remuneration Committee, Stakeholder Relationship Committee, and CSR Committee with immediate effect. Key governance decisions included the re-appointment of M/s Joshi Apte & Company as Statutory Auditors and the appointment of Mr. Sunil Mahendra Suratwala as an Additional Director. In compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published the audited financial results in newspapers "Financial Express" and "Loksatta" on May 10, 2026.

About Sahyadri Industries

Sahyadri Industries is a pioneer in building solutions, offering a complete range of products for interior and exterior building systems and roofing solutions. Its offerings include Swastik roofs and Cemply flat sheets, along with innovative ECOPRO building systems. The company caters to domestic markets across Maharashtra, Gujarat, Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Kerala, Odisha, and Chhattisgarh, as well as international markets in South Asia, the Middle East, and Africa.