AIA Engineering , a leading manufacturer of high chromium wear, corrosion, and abrasion resistant castings, has appointed Mr. Udayan Dileep Choksi as an Independent Director for a five-year term. The appointment, effective from September 20, 2025, was approved by shareholders at the company's 35th Annual General Meeting (AGM) held on September 15, 2025.

New Independent Director's Profile

Mr. Choksi brings nearly 25 years of professional experience to the AIA Engineering board. He is a Chartered Accountant and Lawyer, specializing in GST, pre-GST taxes, Customs, and International Trade. As a Partner at Veritas Legal, Mr. Choksi advises multinational corporations and large Indian businesses on complex tax matters.

Appointment Details

The company confirmed that Mr. Choksi meets the independence criteria prescribed under the Companies Act, 2013 and SEBI Listing Regulations. It was also noted that he is not debarred from holding the office of a Director by virtue of any order passed by SEBI or any other such authority.

Other AGM Proceedings

During the AGM, several other important matters were addressed:

1. The company's financial statements for the year ended March 31, 2025, were adopted.
2. A dividend of ₹16.00 per equity share for the financial year 2024-25 was declared.
3. Mrs. Khushali Samip Solanki and Mr. Yashwant Manubhai Patel were re-appointed as directors retiring by rotation.
4. The remuneration of the Cost Accountant was ratified.
5. Tushar Vora & Associates, Company Secretaries, were appointed as Secretarial Auditors for a term of five years.

Board Composition

The AGM was attended by nine directors, including Mr. Rajendra S. Shah (Chairman), Mr. Bhadresh K. Shah (Managing Director), and Mr. Yashwant M. Patel (Whole-Time Director). The board also includes several independent and non-executive directors, reflecting a diverse leadership structure.

Farewell to Outgoing Director

During the meeting, Mr. Bhadresh K. Shah expressed gratitude to Mr. Rajan Harivallabhdas, an outgoing Independent Director, for his valuable services to the company during his 10-year tenure.

The appointment of Mr. Udayan Choksi as an Independent Director is expected to bring fresh perspectives and expertise to AIA Engineering's board, potentially contributing to the company's strategic direction and governance in the coming years.

AIA Engineering , a leading manufacturer of high chromium wear, corrosion, and abrasion resistant castings, has announced its audited financial results for the fiscal year ended March 31, 2022, showcasing robust growth and strategic expansion plans.

Financial Highlights

The company reported impressive financial performance for FY 2022:

AIA Engineering's standalone profit saw a significant increase of 20.5%, rising to ₹58,450.53 lakhs from ₹48,490.18 lakhs in the previous year. The company's revenue from operations also demonstrated strong growth, reaching ₹308,157.03 lakhs, up 24.6% from ₹247,299.38 lakhs in the prior year.

Dividend Declaration

In light of the company's strong financial performance, the Board of Directors has recommended a dividend of ₹9 per equity share with a face value of ₹2 each. This represents an impressive dividend rate of 450%, reflecting the company's commitment to delivering value to its shareholders.

Expansion Plans

AIA Engineering has approved a brownfield capacity expansion project for its grinding media production. The company plans to add 80,000 MT of capacity with an estimated investment of ₹200 crores. This strategic expansion is expected to be commissioned by the end of FY 2024, positioning the company for future growth and increased market share.

Corporate Governance

In a move to ensure continued financial oversight and transparency, the Board has reappointed B S R & Co. LLP as the company's statutory auditors for a second five-year term. This reappointment is subject to shareholder approval at the upcoming general meeting.

AIA Engineering's strong financial results, generous dividend payout, and strategic expansion plans demonstrate the company's robust business model and its commitment to long-term growth. As the company moves forward with its capacity expansion, investors and industry observers will be keen to see how these initiatives translate into future performance and market positioning.