Sundrop Brands Limited , formerly known as Agro Tech Foods Limited, has successfully concluded its postal ballot process with shareholders overwhelmingly approving the appointment of three directors to its board. The results, announced on December 22, 2025, demonstrate strong shareholder confidence in the proposed leadership changes.

Postal Ballot Results Overview

The e-voting process, which remained open from November 22, 2025, at 9:00 AM (IST) to December 21, 2025, at 5:00 PM (IST), saw participation from shareholders holding a total of 2,99,02,169 votes. All three resolutions received overwhelming support with 99.9997% votes in favor.

Approved Director Appointments

The postal ballot notice outlined the following appointments, all now approved:

Scrutinizer's Report

BV Saravana Kumar, Partner of M/s. Tumuluru Company, Company Secretaries, served as the scrutinizer for the e-voting process. The scrutinizer's report confirmed that the postal ballot notice was mailed to 13,829 members who had registered their email IDs with depositories or the company. The votes were unblocked on December 21, 2025, in the presence of two witnesses.

Director Profiles and Expertise

The newly appointed directors bring diverse expertise to Sundrop Brands' board:

• V.V. Ranganathan: A finance professional with over 40 years of experience, including a significant tenure as Senior Partner at Ernst & Young (now EY)
• Ramit Bharti Mittal: Executive Chairman of Gourmet Investments Pvt. Ltd., with business interests spanning media, entertainment, and hospitality
• Madhavan K. Menon: Former Executive Chairman of Thomas Cook India, with extensive experience in banking, financial services, and travel industry

Regulatory Compliance

The company emphasized compliance with regulatory requirements, including the Companies Act, 2013, and SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, in conducting these appointments. The results were communicated to both BSE Limited and National Stock Exchange of India Limited as per regulatory requirements.

The successful approval of all three director appointments strengthens Sundrop Brands' leadership team and demonstrates strong shareholder support for the company's governance initiatives.

Sundrop Brands Limited , a leading player in the Indian packaged food industry, has reported an 8% year-on-year revenue growth for the second quarter of fiscal year 2026, despite facing temporary challenges due to GST transition. The company's performance was driven by strong growth in its core categories and e-commerce channel.

Key Highlights

• Revenue grew by 8% year-on-year in Q2 FY26 and 10% in H1 FY26
• EBITDA increased by 29%, driven by a 250 basis points improvement in gross margin
• Core category salience expanded to 64% of total revenue
• E-commerce channel grew by 41% year-on-year
• B2B business, led by Del Monte, grew by 23%

Performance Across Categories

Sundrop Brands' performance varied across its different product categories:

The company's core categories, which now contribute 64% of total revenue, showed strong growth. The popcorn business, including both ready-to-cook and ready-to-eat formats, grew by 12% in value terms. The culinary segment, comprising ketchups and mayonnaise under the Del Monte brand, saw a 15% growth.

Notably, while the Italian category experienced a 3% decline in value, it achieved a 13% volume growth.

Channel Performance

Sundrop Brands witnessed significant growth in its e-commerce and B2B channels:

• E-commerce: 41% year-on-year growth
• B2B business (led by Del Monte): 23% growth

The company has been investing aggressively in these channels, particularly in e-commerce marketing, to drive growth.

Margin Improvement and Cost Efficiency

Sundrop Brands reported a 250 basis points improvement in gross margin, attributed to cost efficiency measures in material sourcing, manufacturing, and supply chain. The company engaged external advisors to optimize costs in these areas, resulting in an EBITDA growth of 29% (excluding one-time costs and ESOP expenses).

GST Impact

The company faced temporary challenges due to GST transition in September, which affected trade destocking. However, 95% of Sundrop Brands' business now falls under the 5% GST slab, which may drive consumption growth in the coming quarters.

Management Commentary

Nitish Bajaj, Group Managing Director of Sundrop Brands, commented on the results, saying, "We continue our growth journey in an equally strong way. Our relentless focus on expanding business in core categories is yielding very strong results, with our business saliency from core categories now at 64%."

Innovation and New Product Launches

To address competition and recover market share, particularly in the spreads category, Sundrop Brands has launched several new products:

• High-protein peanut butter variants in dark chocolate and honey flavors
• Jaggery and chocolate peanut butter formats for the mass segment
• New flavors in the ready-to-cook popcorn segment

Future Strategy

The company aims to:

1. Continue investing in core categories for growth
2. Expand e-commerce and B2B channels
3. Improve margins through cost efficiencies and synergies between Sundrop and Del Monte businesses
4. Focus on innovation to address market challenges and consumer preferences

With a strong balance sheet, zero debt, and a focus on capital efficiency, Sundrop Brands is well-positioned to pursue both organic growth and potential inorganic opportunities in the food sector.

As the company navigates through temporary challenges and invests in growth drivers, investors will be keenly watching its ability to maintain momentum in core categories and improve profitability in the coming quarters.