ISGEC Heavy Engineering Limited has announced the reaffirmation of credit rating for its subsidiary company, maintaining financial stability in its group operations. The company informed stock exchanges about ICRA Limited's review and rating assignment for ISGEC Redecam Enviro Solutions Private Limited, which serves as a non-material subsidiary and joint venture.

Credit Rating Details

ICRA Limited has reaffirmed the credit rating for Rs.20 crores limit of working capital facilities for ISGEC Redecam Enviro Solutions Private Limited. The rating communication was issued on February 25, 2026, maintaining the same assessment level as the previous review.

Comparative Rating Analysis

The comparative statement shows consistency in the credit assessment over the review period. The working capital facilities through IDFC First Bank Limited maintained their rating status without any changes.

Facility Structure

The rated facilities comprise non-fund based working capital arrangements including Bank Guarantees, Letters of Credit, and Standby Letters of Credit through IDFC First Bank Limited. These instruments support the operational requirements of the subsidiary company in its business activities.

Regulatory Compliance

The intimation was made to both Bombay Stock Exchange and National Stock Exchange of India Limited in compliance with Regulation 30 and Schedule III of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The information has also been made available on the company's official website at www.isgec.com for stakeholder access.

Rating Surveillance

ICRA Limited has indicated that the rating will become due for surveillance within one year from the date of this communication. The rating agency reserves the right to review and revise the rating based on new information or changing circumstances that could impact the assessment. The rating remains specific to the current terms and conditions of the instruments as indicated by the company.

ISGEC Heavy Engineering Limited has initiated a postal ballot process to seek shareholder approval for the re-appointment of four key directors. The company announced the e-voting schedule and detailed terms for each directorial position in its regulatory filing dated February 24, 2026.

E-voting Schedule and Process

The company has established a comprehensive timeline for the postal ballot process through remote e-voting only. National Securities Depository Limited (NSDL) will provide the e-voting services, with Mr. Pramod Kothari appointed as the Scrutinizer to ensure a fair and transparent process.

Director Re-appointments and Resolutions

The postal ballot covers four resolutions for director re-appointments, each with specific terms and remuneration structures.

Managing Director Remuneration Package

Mr. Aditya Puri's re-appointment as Managing Director includes a comprehensive remuneration structure for the five-year term. The package comprises basic salary, perquisites, and performance-based commission components.

Mr. Aditya Puri, son of Promoter and Non-executive Director Mr. Ranjit Puri, holds 45,68,080 equity shares representing 6.21% of the company. He has been associated with the company for over three decades and holds qualifications from Cambridge University, U.K.

Joint Managing Directors' Compensation

Both Joint Managing Directors will receive structured remuneration packages within prescribed limits under the Companies Act, 2013.

Mr. Kishore Chatnani (Joint Managing Director & CFO)

• Basic Salary: Rs.8,32,270/- per month
• Total Remuneration Cap: Rs.3.52 crore for financial year 2026-27
• Additional Role: Chief Financial Officer and Key Managerial Personnel
• Experience: Over 30 years in finance, operations, and treasury management

Mr. Sanjay Gulati (Joint Managing Director & Head-Manufacturing)

• Basic Salary: Rs.8,41,563/- per month
• Total Remuneration Cap: Rs.3.53 crore for financial year 2026-27 (including remuneration from Isgec Hitachi Zosen Limited)
• Additional Role: Head-Manufacturing Units and Managing Director of joint venture Isgec Hitachi Zosen Limited
• Experience: Over 30 years in manufacturing, exports, and project management

Independent Director Re-appointment

Mr. Arvind Sagar's re-appointment as Independent Director for a second consecutive term requires approval through a Special Resolution. He brings over 30 years of experience in process excellence, change management, and business consulting, with qualifications from IIT (BHU) Varanasi and XLRI Jamshedpur.

Shareholding and Governance

The Promoter and Promoter Group, including Mr. Aditya Puri, collectively hold 4,59,04,888 equity shares, representing 62.43% of the company's equity share capital. The postal ballot process ensures compliance with regulatory requirements under the Companies Act, 2013, and SEBI Listing Regulations.

Shareholders can access the complete postal ballot notice on the company's website at www.isgec.com and participate in the e-voting process through NSDL's platform at www.evoting.nsdl.com .