NCL Industries Completes Postal Ballot Process for Key Director Appointments

NCL Industries Limited has successfully completed its postal ballot process, securing shareholder approval for three critical director appointments that will shape the company's leadership structure. The remote e-voting concluded on January 18, 2026, with all proposed resolutions receiving requisite majority approval from shareholders.

Key Director Appointments Approved

The postal ballot process, initiated through a notice dated December 3, 2025, sought shareholder approval for three strategic appointments. The company successfully secured approval for all three resolutions with strong shareholder participation.

Resolution	Appointee	Position	Type	Status
1	Mr. K Ravi (DIN: 00720811)	Vice Chairman & Managing Director	Special Resolution	Approved
2	Mr. Gautam Kalidindi (DIN: 02706060)	Non-Executive Director	Ordinary Resolution	Approved
3	Mrs. Roopa Bhupatiraju (DIN: 01197491)	Non-Executive Director	Ordinary Resolution	Approved

Mr. K Ravi's appointment as Vice Chairman and Managing Director carries a five-year term, representing a significant leadership transition for the company. The appointment required special resolution approval due to the executive nature of the role.

Voting Process and Participation

The remote e-voting process commenced on December 20, 2025, at 9:00 AM IST and concluded on January 18, 2026, at 5:00 PM IST. The company engaged Central Depository Services (India) Limited (CDSL) to facilitate the electronic voting platform for its shareholders.

Parameter	Details
Total Shareholders (Cut-off Date)	50,928
Cut-off Date	December 12, 2025
Participating Shareholders	227
Total Votes Cast	18,507,726
Valid Votes	18,378,343
Participation Rate	99.30%

The voting results demonstrated strong shareholder confidence in the proposed appointments. Mr. K Ravi's appointment as Vice Chairman and Managing Director received approval from 99.51% of valid votes, while both Non-Executive Director appointments secured 99.38% approval rates.

Regulatory Compliance and Oversight

The postal ballot process was conducted under the supervision of scrutinizer Mr. A. Ravishankar (COP No: 4318), a practicing Company Secretary from Ravi & Subramanyam Company Secretaries. The process adhered to Section 110 of the Companies Act, 2013, and the Companies (Management and Administration) Rules, 2014.

The company distributed the postal ballot notice electronically to all members with registered email addresses on December 15, 2025. Public notices were published in Business Standard (English) and Nava Telangana (Telugu) newspapers on December 16, 2025, ensuring comprehensive shareholder communication.

Detailed Voting Breakdown

The voting results across all three resolutions showed minimal opposition, reflecting strong shareholder alignment with the board's recommendations.

Resolution	In Favour	Against
K Ravi (Vice Chairman & MD)	18,287,388 votes (99.51%)	90,955 votes (0.49%)
Gautam Kalidindi (NED)	18,264,447 votes (99.38%)	113,896 votes (0.62%)
Roopa Bhupatiraju (NED)	18,264,443 votes (99.38%)	113,900 votes (0.62%)

The resolutions are deemed approved as of January 18, 2026, the last date of e-voting. The company has fulfilled its disclosure obligations under Regulation 44 and Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by submitting the voting results to both BSE and NSE.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-3.36%	-4.11%	-3.10%	-15.18%	-4.01%	+31.57%

NCL Industries Limited reported mixed operational performance for the quarter ended December 31, 2025, with its core cement business showing steady growth while other product segments faced significant declines.

Cement Operations Show Steady Growth

The company's cement segment demonstrated resilience during Q3 FY26, with both production and dispatches recording positive growth.

Metric	Q3 FY26	Q3 FY25	Growth
Cement Production	6.95 lakh tonnes	6.61 lakh tonnes	+5%
Cement Dispatches	6.93 lakh tonnes	6.63 lakh tonnes	+5%

For the nine-month period ending December 31, 2025, cement operations maintained their positive trajectory with production growing 3% to 19.69 lakh tonnes and dispatches increasing 2% to 19.61 lakh tonnes compared to the previous year.

Other Product Segments Face Challenges

While cement operations performed well, the company's diversified product portfolio experienced significant setbacks across multiple segments during the quarter.

Product Segment	Q3 Performance	Nine-Month Performance
Cement Boards Production	-41%	-35%
Cement Boards Dispatches	-25%	-32%
Ready-Mix Concrete	-18%	-15%
Door Production & Sales	-100%	-93%

The door segment showed the most dramatic decline, with production and sales dropping completely during the quarter and falling 93% over the nine-month period.

Energy Operations and Financial Performance

Hydro power generation provided a bright spot among the company's operations, showing modest growth of 2% during the quarter and 6% over the first nine months of FY26.

The company's Q2 FY26 financial results demonstrated strong profitability recovery:

Financial Metric	Q2 FY26	Q2 FY25	YoY Growth
Consolidated Revenue	₹345.05 crore	₹330.39 crore	+4.44%
Profit After Tax	₹19.90 crore	₹2.51 crore	+692%

Quarter-on-quarter, revenue increased 1.94% from ₹338.47 crore in Q1 FY26, though profit after tax declined slightly by 1.87% from ₹20.27 crore.

Market Performance

Shares of NCL Industries closed at ₹211.00 on the NSE on January 7, down ₹0.16 or 0.08% for the trading session, reflecting modest market reaction to the operational update.