Southern Petrochemical Industries Corporation Completes Postal Ballot; All Four Resolutions Passed with Requisite Majority

Southern Petrochemical Industries Corporation Limited successfully completed its postal ballot process on 8th May 2026, with shareholders approving all four resolutions put to vote via remote e-voting. The ballot, initiated through a notice dated 23rd March 2026, covered key corporate governance matters including director appointments and remuneration approvals. The results were formally communicated to the National Stock Exchange of India Ltd. on 12th May 2026 by Company Secretary R. Swaminathan.

Postal Ballot Process and Timeline

The company dispatched the Postal Ballot Notice along with an Explanatory Statement by email on 8th April 2026 to members whose names appeared on the Register of Members as on the cut-off date of 3rd April 2026. The e-voting facility was provided through the Central Depository Services (India) Limited (CDSL) platform. A public advertisement regarding the dispatch of the notice was published in English newspaper Business Standard and Tamil newspaper Makkal Kural on 9th April 2026.

The remote e-voting window remained open from 9th April 2026 (9:00 A.M.) to 8th May 2026 (5:00 P.M.). The total number of shareholders on the cut-off date stood at 116461. M/s. B. Chandra & Associates, Practising Company Secretaries, were appointed as Scrutinizers and submitted their report dated 12th May 2026. The Registrar and Transfer Agent, Cameo Corporate Services Limited, confirmed that votes cast by e-voting were matched with the Register of Members. It was also noted that 1373 emails had bounced during the dispatch process.

Resolutions Placed Before Shareholders

The following four resolutions were put to vote during the postal ballot:

Resolution No.	Description	Nature
1	Appointment of Mr. Manikkan Sangameswaran (DIN: 00121885) as Independent Director for a period of five (5) years	Special Resolution
2	Appointment of Mr. K R Anandan (DIN: 00314502) as Director under Section 160 of the Act	Ordinary Resolution
3	Approval for appointment and remuneration of Mr. K R Anandan (DIN: 00314502) as Whole-Time Director from 13th February 2026 to 12th February 2029	Ordinary Resolution
4	Payment of Special Incentive to Mr. E Balu, Whole-Time Director (DIN: 08773795) for the Financial Year 2024-25	Ordinary Resolution

Voting Results: Resolution-wise Summary

All four resolutions were declared passed on 8th May 2026. The Scrutinizer confirmed that votes cast in favour of the Special Resolution (Resolution 1) exceeded three times the votes cast against, while votes in favour of each Ordinary Resolution exceeded the votes cast against. The following table summarises the e-voting outcome for each resolution:

Resolution	Votes in Favour	Votes Against	% in Favour (of valid votes)	% Against (of valid votes)
Resolution 1 – Appointment of Mr. Manikkan Sangameswaran as Independent Director	110015513	14529	99.99%	0.01%
Resolution 2 – Appointment of Mr. K R Anandan as Director	109721127	308815	99.72%	0.28%
Resolution 3 – Appointment & Remuneration of Mr. K R Anandan as Whole-Time Director	110005005	24834	99.98%	0.02%
Resolution 4 – Special Incentive to Mr. E Balu for FY 2024-25	109993299	36540	99.97%	0.03%

Shareholder Category-wise Participation

Across all four resolutions, the total shares held stood at 203640336, with votes polled ranging between 110029839 and 110030042, representing approximately 54.03% of outstanding shares. The promoter and promoter group, holding 99745488 shares, voted entirely in favour across all resolutions via e-voting, with 99715688 votes polled (99.97% of their holding). Public institutional investors, holding 9804029 shares, participated with 8592374 votes polled (87.64% of their holding). Public non-institutional shareholders, holding 94090819 shares, recorded participation of approximately 1.83% of their holding across resolutions.

Outcome and Compliance

Pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the detailed voting results in the prescribed format were filed with the stock exchange. The Scrutinizer confirmed that all e-voting data and connected records are under safe custody and will be handed over to the company after the Chairman signs the Minutes. The promoter and promoter group were not interested in any of the four agenda items, as confirmed in the voting result disclosures.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+5.53%	+10.21%	+3.30%	-14.89%	-15.37%	+61.59%

Southern Petrochemical Industries Corporation Limited (SPIC) has announced robust financial results for the first quarter, demonstrating significant growth in key financial metrics. The company also made important corporate announcements, including the appointment of a new director and dividend recommendations.

Financial Performance

SPIC reported a strong financial performance for Q1:

Metric	Q1	Q1 Previous Year	YoY Change
Revenue	780.63	754.34	+3.5%
EBITDA	110.81	69.03	+60.5%
Net Profit	58.27	51.35	+13.5%
EPS	2.86	2.52	+13.5%

The company's revenue from operations increased by 3.5% year-over-year to ₹780.63 crores. More impressively, EBITDA saw a substantial growth of 60.5%, reaching ₹110.81 crores compared to ₹69.03 crores in the same quarter last year. Net profit rose by 13.5% to ₹58.27 crores, resulting in an improved Earnings Per Share (EPS) of ₹2.86.

Operational Highlights

During the quarter, SPIC's urea plant operated for 91 days, producing 1.92 lakh MT of urea. The company successfully sold 1.86 lakh MT of urea in the same period, indicating strong demand for its products.

Corporate Developments

The Board of Directors made several key announcements:

New Director Appointment: Thiru. V Dakshinamoorthy, IAS, has been appointed as an Additional Director on the Board, effective August 14. Dakshinamoorthy, a 2007 batch IAS officer, currently serves as the Agricultural Production Commissioner and Principal Secretary in the Agriculture and Farmers Welfare Department of Tamil Nadu.
Annual General Meeting: The company's 54th Annual General Meeting (AGM) is scheduled for September 23, to be held via video conferencing.
Dividend Recommendation: The Board has recommended a dividend of ₹2.00 per equity share, subject to shareholder approval at the upcoming AGM.
Record Date: September 16 has been set as the record date for determining dividend eligibility.

Conclusion

SPIC's Q1 results demonstrate robust growth, particularly in EBITDA, indicating improved operational efficiency. The company's strong urea production and sales, coupled with strategic board appointments and shareholder-friendly dividend policies, position it well for continued success in the fertilizer sector.