Storage Technologies & Automation Limited held its 16th Annual General Meeting on September 26, 2026, in Bengaluru. Shareholders adopted the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026.

The meeting, chaired by Hanif Khatri, commenced at 3:00 pm and concluded at 3:50 pm. It was conducted in compliance with the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Remote e-voting facilities were provided via the National Securities Depository Limited from September 23 to September 25, 2026.

Key resolutions passed

The shareholders considered and approved several ordinary resolutions regarding the composition of the Board of Directors. These included the re-appointment of existing directors and the appointment of new independent directors for a term of three years.

Board composition changes

The company expanded its board with the induction of three new independent directors. Bhagya M.G., A. Harsha, and Mizar Udaya Bhandary were appointed for a first term of three years each. This move enhances the board's independence and diversity, aligning with regulatory governance standards.

Existing leadership roles were reaffirmed through re-appointments. Mohammad Arif Abdulgaffar Dor continues as Managing Director, while Khasim Sait, Nuumaan Khasim, Afzal Hussain, and Syed Azeem retain their positions as Whole Time Directors. Hanif Abdul Gaffar Khatri was re-appointed as Executive Director and Chairman.

Meeting proceedings

Cauveramma B B, Company Secretary and Compliance Officer, briefed members on participation details. Eight directors were present at the venue, including the Chairman, Managing Director, and various Whole Time Directors. Independent directors Arthur Denzlin Hireallur Girishappa and Japna Choudhary also attended.

Voting results will be declared within two working days following the receipt of the scrutinizer's report. The report will be submitted to stock exchanges and placed on the company's website.

Storage Technologies & Automation reported a consolidated net loss of ₹32.38 crore for the financial year ended March 31, 2026, reversing a profit of ₹35.51 crore in the previous year. The company scheduled its 16th Annual General Meeting (AGM) for September 26, 2026, to approve these results and several board appointments.

The decline in profitability was driven by a 15.4% year-on-year drop in consolidated revenue from operations, which fell to ₹849.70 crore from ₹1,003.79 crore in FY25. Management attributed the slowdown to order cancellations by a key corporate client, project deferrals, and geopolitical disruptions affecting export shipments to GCC markets.

Financial Performance

Despite the revenue contraction, the company maintained gross margin durability at 36.51%, compared to 37.28% in FY25. However, operating overheads did not scale down proportionately with lower billings, leading to an EBITDA loss of ₹6.32 crore for the full year. The second half of FY26 was particularly challenging, with H2 EBITDA turning negative at ₹(14.43) million against a positive ₹53.15 million in H2 FY25.

Balance Sheet & Cash Flow

The company focused on capital discipline during the downturn. Net cash flow from operating activities rebounded to ₹84.59 crore, fully covering capital investments of ₹41.49 crore. This operational cash flow allowed the company to reduce total debt by 19.38% to ₹14.30 crore. Long-term borrowings were slashed by 73.09% to just ₹34.07 lakh, bringing the debt-to-equity ratio down to 0.36x on net worth.

What the Numbers Show

A significant divergence exists between the company's operational cash generation and its accrual-based profitability. While the company reported a net loss of ₹32.38 crore, it generated ₹84.59 crore in operating cash flow. This positive cash conversion was primarily driven by a reduction in trade receivables by ₹11.19 crore to ₹32.09 crore, indicating aggressive working capital recovery efforts that offset the impact of deferred project billings on the income statement.

Board Appointments & Governance

The AGM will seek shareholder approval for the reappointment of several directors and key managerial personnel for terms starting November 2, 2026. Key appointments include:

• Hanif Abdul Gaffar Khatri as Executive Director and Chairman
• Mohammad Arif Abdul Gaffar Dor as Managing Director
• Nuumaan Khasim as Whole-Time Director and CFO
• Afzal Hussain as Whole-Time Director and CEO
• Syed Azeem as Whole-Time Director and COO

Additionally, the board proposes the appointment of three new independent directors: Ms. Bhagya M.G., Ms. A. Harsha, and Mr. Mizar Udaya Bhandary, each for a three-year term.