IFB Industries Limited announced comprehensive board restructuring following its meeting held on January 24, 2026, with multiple director appointments and committee reconstitution under Regulation 30 of SEBI Listing Obligations.

Key Director Appointments

The board approved several strategic appointments to strengthen its governance structure:

New Director Profiles

Mr. Saurav Adhikari brings four decades of global business expertise across technology, FMCG, and consumer durables sectors. The 67-year-old executive holds a B.A. (Honors) in Economics from Hindu College, Delhi University, MBA from JBIMS, Bombay University, and AMP from INSEAD. His notable experience includes over two decades with HCL (2000-2019) in multiple leadership roles, contributing to the company's growth from approximately ₹200 million revenue to ₹14 billion revenue. He currently serves as Founder & Senior Partner at Indus Tech Edge Fund and holds board positions with several listed companies including Goodricke Group Ltd., Accelya Solutions India Ltd., and Zee Entertainment Enterprises Ltd.

Mr. Subir Chakraborty, aged 68 years, is a Mechanical Engineer from IIT Madras with PGDM from IIM Calcutta. He brings over four decades of experience in marketing, sales, projects, and general management. His last assignment was as Managing Director of Exide Industries Limited, where he operated at board level for more than ten years across Indian and international subsidiaries until his retirement on April 30, 2024. He served as immediate past President of Bengal Chamber of Commerce & Industry and was a National Council Member of Confederation of Indian Industry for 2022-24.

Cost Auditor Appointment

The board appointed M/s. Mani & Co., Cost Accountants (Firm Registration No. 000004) as Cost Auditor for Financial Year 2025-26:

The firm specializes in Cost Audit, Costing System implementation, Cost Ascertainment Projects, and Special Cost Studies, with partner Mr. Dinesh Sha carrying over 40 years of practice experience.

Board Committee Restructuring

The board reconstituted five key committees with new member compositions:

Audit Committee: Mr. Chacko Joseph (Chairman), Mr. Ashok Bhandari, Mr. Desh Raj Dogra, and Mrs. Sreedevi Pillai

Nomination and Remuneration Committee: Mr. Deshraj Dogra (Chairman), Mr. Sudip Banerjee, and Mrs. Sreedevi Pillai

Stakeholders Relationship Committee: Mr. Ashok Bhandari (Chairman), Mr. Desh Raj Dogra, and Mr. Amar Singh Negi

Corporate Social Responsibility Committee: Mr. Sudip Banerjee (Chairman), Mr. Ashok Bhandari, Mrs. Sreedevi Pillai, and Mr. Amar Singh Negi

Risk Management Committee: Mr. Chacko Joseph (Chairman), Mr. Sudip Banerjee, Mr. Desh Raj Dogra, Mr. P.H. Narayanan, and Mr. C.S. Govindaraj

All director appointments (Items 1-4) are subject to shareholder approval either at a General Meeting or through Postal Ballot. The company confirmed that none of the appointed directors are debarred from holding directorship by SEBI or any other regulatory authority.

IFB Agro Industries has attracted the attention of ace investor Dolly Khanna, who made a fresh investment in the alcohol and marine products company during Q3 FY26. The company's shares have shown positive momentum, trading at ₹1,538.00 per share with a market capitalization of ₹1,440.66 crore, representing a 5% increase from the previous closing price of ₹1,465.50.

Investment Details

Dolly Khanna acquired 1,05,693 equity shares during Q3 FY26, representing a 1.1% stake in IFB Agro Industries Ltd. According to the latest filings, she currently holds stakes in 10 listed companies, with her total publicly disclosed equity portfolio valued at over ₹248.90 crore.

Financial Performance Recovery

IFB Agro Industries Ltd has demonstrated remarkable operational recovery over the past year. The company's financial turnaround is evident across multiple metrics:

This rebound highlights normalization after a weak phase and improved contribution from core operating segments. The significant margin expansion reflects operating leverage, tighter cost controls, and a healthier profitability profile compared to the previous year.

Valuation and Key Ratios

IFB Agro Industries Ltd presents attractive valuation metrics compared to industry peers. The company trades at a P/E ratio of 24x, which is significantly lower than the industry average of 35x.

The low debt-to-equity ratio of 0.13 indicates conservative financial management, while the strong Piotroski score of 8 reflects robust balance sheet stability and improving fundamentals.

Business Operations

IFB Agro Industries Ltd operates as a diversified agro-based company with focus on two main segments:

• Alcohol Production: Manufacturing and bottling of alcoholic beverages
• Marine Products: Processed marine foods and feed products

With a long operating history, the company serves both domestic and export markets while focusing on improving operational efficiency and profitability. The recent financial performance indicates successful execution of this strategy.

Industry Context

The Breweries & Distilleries sector has shown strong growth momentum, driven by rising alcohol demand fueled by urbanization and premiumization trends. In FY25, the sector posted 12% revenue growth, with IMFL volumes increasing 8% and premium spirits surging 15%. Exports jumped 20% to ₹15,000 crore, though high taxes and regulations continue to cap margins at 18-22%. Industry capacity expansions target a 10% CAGR through 2030.