Suraj Industries Ltd held its 34th Annual General Meeting (AGM) on Wednesday, September 30, 2026, at 3:30 pm. The meeting was conducted entirely through Video Conferencing (VC) and Other Audio Visual Means (OAVM).

Sanjay Kumar Jain, Non-Executive Chairperson and Nominee Director, presided over the proceedings. The company confirmed that the meeting complied with the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Meeting Proceedings and Attendance

The Company Secretary informed members that the notice for the 34th AGM and the Integrated Annual Report were circulated within statutory timelines. Hard copies were dispatched only to shareholders who specifically requested them. Public notices regarding the AGM and e-voting were published in newspapers as required.

Due to the virtual format, physical attendance was not permitted. Consequently, the requirement for appointing a proxy did not apply, and no Proxy Register was available for inspection. The VC facility was provided by Central Depository Securities Limited (CDSL).

Directors Present

The following directors attended the meeting virtually alongside the Chairperson:

• Suraj Prakash Gupta, Managing Director
• Ritesh Gupta, Joint Managing Director

The proceedings were deemed to have been held at the company's registered office in New Delhi. Snehlata Sharma served as the Company Secretary and Compliance Officer for the event.

Suraj Industries Ltd has acquired 75,850 equity shares of its associate company, VRV Foods Limited, for ₹50.06 lakh through a preferential allotment. The transaction increases Suraj Industries' stake in the liquor bottler to 20.41%.

The board approved the subscription on September 28, 2026, following a recommendation from the Audit Committee. The shares were purchased at ₹66 per share, aggregating to ₹50,06,100. This move is classified as a related party transaction, as VRV Foods is an associate and related party of Suraj Industries.

Valuation and regulatory compliance

The acquisition price was determined based on a valuation report dated September 17, 2026, issued by KZEN Valtech Private Limited, a registered valuer. The company stated that the transaction is being undertaken on an arm's length basis.

Since the deal value falls within the materiality threshold prescribed under Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, shareholder approval was not required. The acquisition is expected to be completed within one month from the date of intimation.

Target entity profile

VRV Foods Limited operates in the breweries and distilleries sector, specifically manufacturing and bottling country liquor. The company operates a bottling plant in Kangra, Himachal Pradesh, and holds an estimated 32% market share in the state's country liquor segment. Its flagship brand, "VRV Santra," contributes approximately 80–85% of its revenue from this segment.

Financial performance of VRV Foods

For the year ended March 31, 2026, VRV Foods reported a turnover of ₹128.69 crore and a profit after tax of ₹5.43 crore. The company has been incorporated since August 27, 1992, and maintains an extensive distribution network across Himachal Pradesh.

What the numbers show

Suraj Industries' incremental investment of ₹50.06 lakh yields a marginal stake increase of 0.40 percentage points, moving from 20.01% to 20.41%. This suggests the preferential allotment is a modest capital infusion rather than a strategic takeover attempt. The target, VRV Foods, shows revenue recovery in FY26 (₹128.69 crore) compared to FY25 (₹122.90 crore), though it remains below the FY24 peak of ₹140.33 crore. The profit after tax of ₹5.43 crore on FY26 turnover implies a net margin of approximately 4.2%, indicating thin profitability typical of regulated commodity segments.