Sportking India Limited concluded its 37th Annual General Meeting on September 12, 2026. The company’s shareholders approved the standalone audited financial statements for FY26 and declared a dividend on equity shares.

The meeting, held at the registered office in Ludhiana, commenced at 10:30 am and ended at 12:10 pm. Chairman and Managing Director Munish Avasthi presided over the proceedings.

Key Resolutions Passed

Shareholders voted on five agenda items comprising ordinary and special business. The key outcomes included:

• Adoption of the standalone audited financial statements for the year ended March 31, 2026, along with the Board’s and Auditors’ reports.
• Declaration of dividend on equity shares for FY26.
• Reappointment of Mrs. Anjali Avasthi as a Non-Executive Non-Independent Director upon retirement by rotation.
• Ratification of remuneration payable to Cost Auditors for FY27.
• Approval of the change in designation of Mrs. Anjali Avasthi from Non-Executive Director to Whole-Time Director via a special resolution.

Governance and Attendance

The meeting was attended by key board members including Independent Directors Sandeep Kapur and Puneet Singhania, and Whole-Time Director Chetan Rupal. Chief Financial Officer Sandeep Sachdeva and Company Secretary Lovlesh Verma were also present.

Statutory Auditor SCV & Co LLP and Secretarial Auditor Sunny Kakkar provided their respective reports. The unmodified Statutory Auditor’s Report on the standalone financial statements and the Secretarial Audit Report for FY26 were taken as read with shareholder permission.

Voting Process

The company facilitated remote e-voting through Central Depository Services Limited (CDSL) from September 9 to September 11, 2026. Members who did not vote remotely cast ballots during the physical meeting. Sumit Ghai served as the scrutinizer to ensure fair vote counting.

Combined voting results are expected to be declared within two working days and uploaded to the stock exchanges and the company website.

Sportking India Limited has issued detailed communications to shareholders regarding the Tax Deduction at Source (TDS) applicable to its recommended final dividend of ₹1 per equity share for the financial year ended March 31, 2026. The Board of Directors had previously recommended this dividend, representing a 100% payout on the face value, during its meeting on May 16, 2026. The dividend is subject to approval by shareholders at the 37th Annual General Meeting (AGM) scheduled for September 12, 2026.

Under the provisions of the Income Tax Act, 2025, as amended by the Finance Act, 2026, dividends declared and paid by the company are taxable in the hands of shareholders. Consequently, Sportking India is required to deduct tax at source from the dividend amount at prescribed rates before payment. The company has provided distinct guidelines for resident and non-resident shareholders to determine the applicable withholding tax rates.

TDS Rates for Resident Shareholders

For resident shareholders who have registered a valid Permanent Account Number (PAN), tax will be deducted at a rate of 10% under Section 393(1) of the IT Act, 2025. However, if a shareholder does not have a PAN, or if the PAN is inoperative/invalid due to non-linkage with Aadhaar, the company will deduct TDS at a higher rate of 20% under Section 397(2).

Resident individuals may be exempt from TDS if their total dividend income from the company in FY27 does not exceed ₹10,000, or if they submit Form 121 meeting all eligibility conditions. Resident non-individuals, such as insurance companies, mutual funds, Alternative Investment Funds (AIFs), and New Pension System (NPS) trusts, can claim exemption by providing self-declarations and relevant registration certificates from regulators like IRDAI or SEBI.

Guidelines for Non-Resident Shareholders

Non-resident shareholders are subject to withholding tax at 20% (plus applicable surcharge and cess) under Section 393(2) of the IT Act, 2025, unless they opt for benefits under a Double Tax Avoidance Agreement (DTAA). To avail DTAA benefits, non-residents must submit:

• A self-attested copy of their PAN card allotted by Indian income tax authorities.
• A self-attested Tax Residency Certificate (TRC) for FY27 from their country of residence.
• Form 41 filed online via the Income Tax Department portal.
• A self-declaration confirming beneficial ownership and treaty eligibility.

Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) must also provide their SEBI registration certificates. Shareholders from Singapore must additionally furnish evidence demonstrating the non-applicability of Article 24 of the India-Singapore DTAA. The company reserves the right to reject documents if discrepancies are found or if the review is unsatisfactory.

Submission Deadline and Payment Details

Shareholders are requested to submit all necessary documents, including PAN details, bank mandates, and exemption certificates, on or before August 31, 2026. Documents submitted after this cut-off date will be accepted only at the sole discretion of the company. Failure to link PAN with Aadhaar will result in the PAN being deemed invalid, triggering the higher 20% TDS rate.

The record date for determining dividend eligibility is September 5, 2026. Dividends will be paid electronically to shareholders whose names appear in the register of members or depository records on this date. The company has reminded members holding shares in demat form to ensure their electronic bank mandates are updated with their respective Depository Participants (DPs), as the company cannot process direct requests for bank detail changes for such holdings. Physical shareholders must update their details with the Registrar and Transfer Agent, M/s Beetal Financial & Computer Services Pvt Ltd.

Financial Context and Strategic Updates

For FY26, Sportking India reported a profit after tax (PAT) of ₹11,972.38 lakh, up 5.8% from ₹11,314.60 lakh in FY25. Revenue from operations stood at ₹249,585.66 lakh, slightly down 1.1% from the previous year’s ₹252,422.94 lakh. EBITDA rose to ₹30,057.37 lakh from ₹29,359.36 lakh. The company maintained strong production volumes of 83,801 metric tonnes, up 3.4% year-on-year, with capacity utilization at approximately 96%. Exports contributed 52% of total revenue.

Strategically, the company continues its focus on sustainability and expansion. It acquired a 26% stake in a 40.3 MW solar power project, which commenced commercial operations in June 2026, expected to reduce power costs by 12–13%. Additionally, financial closure has been secured for a greenfield expansion involving 150,000 spindles, aimed at enhancing spinning capacity.