Tarmat schedules AGM to approve board reappointments and salary hikes
- Tarmat schedules its 41st AGM for September 30, 2026, via video conference
- Dilip Varghese reappointed as MD with basic salary rising to ₹4.00 lakh per month
- Executive Director Amit Shah’s salary also increases to ₹4.00 lakh per month
- Non-Executive Director Jerry Varghese’s remuneration rises to ₹4.50 lakh per month
- Company reports net profit of ₹655.62 lakh in FY26 vs loss of ₹113.20 lakh in FY24
*this image is generated using AI for illustrative purposes only.
Tarmat has scheduled its 41st Annual General Meeting for September 30, 2026, to transact business including the adoption of financial statements for FY26 and the reappointment of key board members. The meeting will be held via video conferencing from the company’s registered office in Mumbai.
The agenda includes the reappointment of Dilip Varghese as Managing Director for a three-year term starting August 14, 2026. His basic salary will increase to ₹4.00 lakh per month, effective October 1, 2026, up from ₹2.50 lakh per month previously drawn. He is eligible for additional performance-linked incentives as determined by the Board.
Management Remuneration Changes
Shareholders will also consider the reappointment of Amit Atmaram Shah as Executive Director for three years until September 30, 2029. His basic salary will rise to ₹4.00 lakh per month from October 1, 2026, matching the previous draw of ₹2.50 lakh per month. Like Varghese, Shah is entitled to variable pay subject to statutory limits.
Non-Executive Director Jerry Varghese, father of Dilip Varghese, will see his remuneration increased to ₹4.50 lakh per month, effective October 1, 2026, rising from ₹3.00 lakh per month. The Board recommends these changes based on the Nomination and Remuneration Committee’s assessment of their contributions to company growth.
Governance and Audits
Independent Director Krishan Kumar Kinra is up for reappointment for a second five-year term, concluding at the 46th AGM. The company also seeks approval to reappoint Hegde & Associates as statutory auditors for a five-year tenure starting from the conclusion of this AGM. Additionally, members will ratify the remuneration of ₹1.00 lakh plus taxes for Cost Auditor Satish Shah for FY27.
What the Numbers Show
The explanatory statement accompanying the notice highlights a sharp turnaround in profitability. Net profit surged to ₹655.62 lakh in FY26, a significant improvement from ₹186.90 lakh in FY25 and a loss of ₹113.20 lakh in FY24. This recovery coincides with revenue growth from ₹8,935.34 lakh in FY24 to ₹11,737.37 lakh in FY26. The proposed salary hikes for top management represent a small fraction of this improved profit base, suggesting the increases are aligned with recent operational gains rather than fixed overhead expansion.
Historical Stock Returns for Tarmat
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.72% | +3.12% | +30.73% | -8.96% | +25.71% | +0.22% |
Will the proposed 60% salary increases for key management members be contingent on specific performance metrics tied to maintaining the FY26 profitability surge?
How does Tarmat plan to sustain its revenue growth trajectory beyond FY26, given the sharp turnaround from losses in FY24 to significant profits in FY26?
What strategic initiatives will Dilip Varghese and Amit Shah prioritize during their new three-year terms to justify the Board's remuneration recommendations?
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
