Orient Electric has successfully concluded its postal ballot process, with shareholders approving two key resolutions related to long-term incentive plans for senior executives. The company announced the results on February 23, 2026, following the completion of the remote e-voting process.

Postal Ballot Process Details

The postal ballot notice was dispatched on January 23, 2026, to shareholders whose names appeared on the register as of the record date of January 16, 2026. The remote e-voting period commenced at 9:00 AM IST on Saturday, January 24, 2026, and concluded at 5:00 PM IST on Sunday, February 22, 2026.

Resolution 1: MD & CEO Incentive Plan

The first ordinary resolution sought approval for granting long-term incentives to Mr. Ravindra Singh Negi, Managing Director and Chief Executive Officer (DIN: 10627944). This resolution received strong support across all shareholder categories.

Resolution 2: President-Strategy Incentive Program

The second ordinary resolution approved the long-term incentives program for Ms. Avani Birla, President-Strategy of the company. This resolution also garnered substantial shareholder approval, though with slightly lower support from institutional investors.

Scrutinizer's Oversight

CS Atul Kumar Labh of M/s. Labh & Labh Associates served as the scrutinizer for the postal ballot process. The scrutinizer was appointed by the board on January 22, 2026, and submitted the final report on February 23, 2026. The process was conducted in accordance with MCA circulars and Companies Act, 2013 requirements.

Both resolutions were declared passed with the requisite majority, reflecting strong shareholder confidence in the company's executive compensation strategy. The voting process was conducted entirely through electronic means, ensuring transparency and efficiency in the ballot procedure.

Orient Electric delivered a resilient performance in Q3 FY26, recording 11% year-on-year revenue growth to INR 906.5 crores despite challenging industry conditions marked by elevated channel inventory and commodity price pressures. The company's diversified multi-product strategy and focus on premiumization helped navigate seasonal softness and regulatory transitions effectively.

Strong Performance Across Key Segments

The company's financial performance demonstrated robust growth across multiple business verticals:

ECD Segment Drives Growth Engine

The Electrical Consumer Durables (ECD) segment emerged as the standout performer with 12.6% year-on-year growth and a remarkable 46.7% quarter-on-quarter increase. This growth was primarily driven by strong double-digit expansion in the appliances category, particularly heating products.

The prolonged and severe winter conditions enabled significant market share gains in water heaters and room heaters. The company successfully launched its Whirlflow fast heating range and extended the "Fatt se Garam" campaign, capitalizing on seasonal demand patterns.

Fan Business Resilience

Despite broader industry softness, the fan business delivered decent single-digit growth, demonstrating the effectiveness of the company's premiumization strategy:

The company successfully transitioned the Pune market to the Direct-to-Market (DTM) model, following earlier transitions in Madhya Pradesh and Chhattisgarh, which have now stabilized.

Lighting & Switchgear Segment Maintains Momentum

The Lighting & Switchgear segment sustained its growth trajectory with 7.1% year-on-year revenue increase. Consumer lighting continued strengthening market share with single-digit volume and value growth, while the product mix shifted favorably toward luminaires.

The "One Brand Voice" campaign featuring MS Dhoni and Kusha Kapila, with the tagline "Fans wale Orient, lights bhi banate hain," resonated strongly across trade and consumer segments. The switchgear and wires business showed promising growth, with wires doubling year-on-year despite operating from a small base.

Financial Performance and Margin Dynamics

The company's financial metrics reflected both growth achievements and margin pressures from commodity inflation:

Gross margin of 29.8% fell slightly below the company's guidance of 32-34%, primarily due to elevated commodity prices, especially copper. To address this challenge, management implemented a 3-3.5% price increase across main categories in January 2026, while wires pricing adjustments occurred every three weeks.

Profit After Tax was impacted by a one-time statutory adjustment of INR 8.7 crores related to implementation of new labor codes, representing a non-recurring exceptional item.

Strategic Initiatives and Market Positioning

The company continued advancing its premiumization strategy with BLDC and premium decorative models collectively contributing over 30% of the domestic ceiling fan mix. The new BEE Star Label norms effective January 1, 2026, are expected to act as a structural catalyst for accelerated BLDC adoption.

E-commerce channels delivered high double-digit growth, supported by improved product assortment, positive customer reviews, and enhanced performance marketing initiatives. The company's substantial marketing investments in digital and contextual platforms strengthened its consumer-centric communication approach.

Outlook and Strategic Focus

Looking ahead, Orient Electric remains focused on building a more premium, digital, efficient, and consumer-centric brand with category leadership in BLDC fans, luminaires, and heating segments while scaling operations in B2B lighting, switchgear, and wires.

The company expects the new BEE norms to drive structural adoption of energy-efficient products, positioning it well to benefit from this transition. Combined with DTM footprint expansion and strengthened digital reach, management expressed confidence in finishing FY26 ahead of industry performance with sustained growth and improved profitability.