Global Economy
The global economy entered 2026 on an uncertain footing, as the outbreak of war in the Middle East in late February disrupted an environment that was still adjusting to the realignment of United States trade policy over the previous year. The year 2025 had closed on a relatively firm note, with global output expanding by an estimated 3.4% as the anticipated drag from higher tariffs proved milder than feared and domestic demand across major economies held steady. The conflict has since weighed on this momentum, causing humanitarian and infrastructure damage within the region and transmitting economic pressure well beyond it through higher energy and commodity prices, firmer inflation expectations, and a broad tightening of financial conditions as investor risk appetite receded. The effect has been most visible in oil, where prices that averaged close to USD 68 per barrel in 2025 are now expected to rise to around USD 82 in 2026 as supply and transport routes face growing disruption.
Global growth is projected to ease to 3.1% in 2026 and recover modestly to 3.2% in 2027, remaining well below pre-pandemic averages, on the assumption that the conflict stays limited in scope and duration. Advanced economies are expected to grow by 1.8% in 2026 and 1.7% in 2027, supported by steady activity in the United States and a gradual recovery across the euro area. Emerging market and developing economies are projected to grow faster, at around 3.9% in 2026 and 4.2% in 2027, although these aggregates conceal considerable variation across countries. Commodity-importing developing economies remain the most exposed, as currency depreciation deepens the impac of costlier energy and food. Inflation is following a similar pattern: after easing to an estimated 4.1% in 2025, global headline inflation is expected to rise to 4.4% in 2026 before moderating to 3.7% in 2027, with the heaviest pressure falling on developing economies where higher prices pass through to households more quickly.
The outlook is subject to significant downside risk. A longer or wider conflict would carry materially greater consequences, as reflected in the IMFs scenario analysis: under an adverse scenario of prolonged energy disruption, global growth could fall to 2.5% in 2026 with inflation rising to 5.4%, while under a more severe scenario involving greater damage to energy infrastructure, growth could slow to around 2% in 2026 and inflation could climb above 6% by 2027. Beyond the conflict, deeper geopolitical fragmentation, renewed trade restrictions, and the possibility of weaker-than-expected productivity gains from artificial intelligence investment present further risks, while elevated public debt and limited fiscal space across many economies leave governments with little room to absorb additional shocks.
Central banks face a difficult balance between containing renewed inflation and supporting slowing growth, a challenge compounded by the fiscal implications of rising defence expenditure across several major economies.
On balance, the global economy enters 2026 absorbing a cost-driven shock against a backdrop of unresolved structural constraints. The path ahead will depend on the duration and scale of the conflict, the agility of monetary and fiscal responses, and the extent to which structural reform can offset the drag from a more fragmented global landscape. Economies underpinned by resilient domestic demand and credible policy support are expected to find these headwinds, while real, broadly manageable.
Indian Economy
India remained the fastest-growing major economy in FY26, with real GDP growing 7.7%, up from 7.1% in FY25. Growth was led by the secondary and tertiary sectors, which expanded 8.8% and 9.3% respectively, supported by firm domestic demand and a steady investment cycle. Within industry, manufacturing recorded double-digit growth on healthy demand and better capacity utilisation, while services drew strength from financial services, real estate, and professional activities. Agriculture grew 3.0%, aided by a favourable monsoon and steady output from livestock and fisheries. The banking sectors gross non-performing assets eased to a multi-decadal low, pointing to better asset quality and stronger financial fundamentals.
On the price front, inflation stayed contained at the consumer level for much of the year. Retail inflation was 3.4% in March 2026, held down by softening food prices and the rationalisation of GST rates, keeping it comfortably within the Reserve Bank of Indias tolerance band. With the inflation outlook broadly benign, the RBI held the policy repo rate at 5.25% in its June 2026 review, while flagging an upward bias to prices from higher global energy costs and supply-side pressures.
On the external front, Indias exports held up against a difficult global trade backdrop, with exports of goods and services growing over 6% in real terms even as shifts in US tariff policy weighed on certain segments. Foreign exchange reserves strengthened to record levels, offering comfortable cover for imports and external obligations. Domestically, private consumption stayed a central pillar of growth, with Private Final Consumption Expenditure rising 7.7%, helped by low inflation, steady employment, and improving real incomes. Investment activity stayed firm, with Gross Fixed Capital Formation holding near 32% of GDP and growing 8.2%, supported by sustained public capital expenditure and a pickup in private investment.
Looking ahead, Indias GDP is projected to grow between 6.8% and 7.4% in FY27, with medium-term potential growth estimated at around 7%. Steady domestic demand, an ongoing investment cycle, and continued reform across infrastructure, logistics, and manufacturing should keep growth on a firm footing, even as geopolitical tensions, commodity price volatility, and an evolving global trade environment remain near-term variables to watch. On trade, the interim agreement reached with the United States in early 2026 has helped ease earlier uncertainty for exporters, with negotiations on a comprehensive agreement continuing. With a diversified economy, strong foreign exchange reserves, low inflation, and improved fiscal buffers, India is well placed to navigate these uncertainties and sustain long-term, inclusive growth.
Source: RBI Monetary Policy Statement, June 2026; Economic Survey of India 2025-26, DEA
Industry Overview
Indian Flexible Packaging Machinery Industry
The Indian flexible packaging machinery industry continued to stand out as one of the faster-growing segments of the global packaging landscape, supported by rising domestic consumption, expanding industrialisation, and a steady shift towards modern, flexible packaging formats. As a critical enabler of the wider packaging value chain, the industry serves a broad spectrum of end-use sectors, ranging from food and beverages to pharmaceuticals, personal care, and consumer goods, each generating sustained and diversified demand for packaging equipment.
Market Segmentation and Product Categories
The Indian flexible packaging machinery market is segmented across several dimensions, together covering the full breadth of packaging requirements across end-use industries. The principal product categories include:
? Form Fill Seal machinery is the most technologically
advanced segment, spanning both Vertical Form Fill Seal (VFFS) and Horizontal Form Fill Seal (HFFS) systems. These machines combine multiple packaging functions into a single continuous operation, forming packages from flat film while simultaneously filling and sealing them. VFFS systems are valued for their ability to handle a wide range of product types, from powders and bulk goods to liquids, which makes them well suited to food processing and pharmaceutical applications. Their capacity to pack products as varied as nuts, cookies, ground coffee, and dehydrated milk illustrates their versatility across industries.
? HFFS machines complement vertical systems by handling non-flowable solid items and delivering stronger performance for fragile products. They are particularly advantageous in environments that require frequent product changeovers, with dual moulding and sealing stations that allow size transitions with minimal downtime. HFFS systems are often preferred for specialised formats such as stand-up pouches, zipper packs, and spouted pouches.
? Labelling and Coding machinery
supports productidentification and traceability across manufacturing and supply chain operations. The segment covers equipment that applies date codes, batch numbers, barcodes, and promotional labels, ranging from simple dispensers that apply pre-printed labels to integrated systems that print and dispense in a single step. Advanced coding solutions, including hot stamp coders, inkjet printers, and laser coding devices, each offer distinct advantages in speed, precision, and application flexibility.
? Sealing machinery covers a broad range of equipment used to secure containers across different packaging formats and materials. This includes pouch sealing machines, bottle cap sealing systems, carton sealing equipment, and vacuum sealing devices, with applications extending to aerosol containers, blister packs, and flexible packaging. Its versatility makes it indispensable across multiple end-use sectors.
? Wrapping and Bundling machinery is a specialised segment focused on protective packaging and product consolidation. It includes flow wrappers for individual items, shrink wrappers using heat-shrinkable films, overwrappers for flat products, and twist wrappers commonly used in confectionery. Each addresses a specific packaging need while maintaining operational efficiency and product presentation.
Market Size and Growth Projections
Indias packaging machinery market has maintained healthy momentum over the past few years, building on the strong demand fundamentals that underpin the sector. The market, estimated at around USD 4.5 billion in 2024, is projected to grow to nearly USD 6.8 billion by 2030, reflecting a compound annual growth rate of about 7.4%. This sustained expansion is driven by the rapid growth of packaged food consumption, the scaling of pharmaceutical manufacturing, and the accelerating adoption of e-commerce, all of which require increasingly sophisticated packaging capabilities.
Source: Grand View Research
This trajectory is particularly notable against the backdrop of a more moderate global market. The worldwide packaging machinery market is expected to grow from USD 46.8 billion in 2022 to USD 60.8 billion by 2028, representing a compound annual growth rate of 4.5%. Indias faster pace of growth indicates that the country is steadily increasing its share within the global packaging machinery landscape, supported by a large and expanding consumer base, rising urbanisation, and growing disposable incomes. Indias emergence as a manufacturing hub serving both domestic demand and export markets further reinforces this structural advantage, generating consistent requirements for packaging machinery across diverse industrial applications.
Opportunities and Key Demand Drivers of Flexible Packaging
The Indian flexible packaging machinery market draws on a broad set of demand drivers that together create a resilient foundation for long-term growth. These span multiple end- use industries, each contributing distinct requirements and growth dynamics that reinforce overall market expansion. The key opportunities and demand drivers include:
The Food and Beverage industry remains the single largest demand driver and one of Indias largest sectors, ranking among the biggest contributors to manufacturing and agricultural value addition. With evolving consumer preferences, rising urbanisation, and changing dietary patterns among younger demographics, the sector continues to expand steadily, sustaining strong demand for
packaging machinery. Indias standing among the worlds top five packaged food markets, and second largest in Asia, further amplifies this opportunity, with flexible packaging accounting for nearly a quarter of total food packaging. The growth of ready-to-eat foods, dairy, canned products, and probiotic foods adds further momentum to the need for advanced packaging solutions.
The Pharmaceutical industry is another significant demand driver, with the domestic market valued at around USD 60 billion and projected to more than double to USD 130 billion by 2030, supported by both rising domestic consumption and expanding exports. The sectors stringent regulatory and quality requirements, together with its focus on product safety, integrity, and compliance, create demand for advanced packaging solutions, including blister pack machines, sachet packaging systems, and tamper- evident sealing equipment capable of meeting Good Manufacturing Practices standards and precise dosing needs. The sectors growth, driven by an ageing population, increased healthcare awareness, and expanding insurance coverage, ensures sustained demand for pharmaceutical packaging machinery.
E-commerce expansion represents one of the most rapidly growing demand drivers, with Indias e-commerce market valued at around USD 125 billion in 2024 and projected to reach USD 345 billion by 2030. Rising internet penetration, smartphone adoption, and shifting shopping patterns are creating substantial demand for packaging machinery suited to e-commerce requirements, including tamper- evident seals, easy-open closures, and packaging that withstands the stresses of shipping while supporting a strong unboxing experience. The growth of both direct- to-consumer and business-to-business channels further diversifies these requirements.
The Fast-Moving Consumer Goods sector remains a major source of packaging machinery demand. As the fourth- largest sector in the Indian economy, it continues to grow on the back of rising disposable incomes, deeper brand awareness, and steady gains in rural market penetration, with modern retail and e-commerce widening its reach further. Because FMCG products compete on convenience, shelf differentiation, and reliable product protection, the sector sustains a steady need for fast, consistent, and innovative packaging solutions across a broad range of everyday goods.
The Personal Care and Cosmetics segment is an emerging contributor to demand, shaped by shifting lifestyles, higher discretionary spending, and a growing consumer focus on grooming and personal hygiene. Products in this category depend heavily on packaging that is both visually appealing and practical, which in turn calls for specialised machinery able to produce formats such as tubes, jars, bottles, sachets, and stick packs. The rapid emergence of direct-to-consumer brands and a broader move towards premium products are adding further depth to this demand.
Source: IBEF
Technological Advancements and Innovation Trends
The Indian flexible packaging machinery industry is undergoing meaningful technological change, shaped by automation, digitalisation, and sustainability priorities. Automation represents the most significant trend, with manufacturers increasingly adopting automated systems to improve production efficiency, reduce labour costs, and enhance quality consistency. Modern packaging machinery incorporates sophisticated control systems, sensors, and robotics to minimise human intervention while maximising precision and speed, enabling producers to achieve higher volumes while maintaining consistent quality standards and containing operational costs.
Digital integration is further transforming the industry through the adoption of Industry 4.0 principles, including connectivity, data analytics, and predictive maintenance. Machines now incorporate sensors and monitoring systems that provide real-time performance data, allowing manufacturers to optimise operations, anticipate maintenance needs, and minimise downtime. This shift improves overall equipment effectiveness and lowers the total cost of ownership, even as the industry moves towards more complex and customised packaging formats.
Sustainable Packaging and Mamatas
Value Proposition
Shift Towards Sustainable Packaging
Sustainability has become a defining force across the flexible packaging sector and the wider packaging industry, propelled by tightening regulation, environmental pressures, and consumers who increasingly expect eco-friendly options. The clearest trend is a move away from conventional plastics and over-packaging towards materials and designs that cut waste and lower the carbon footprint. Policy has reinforced this shift: the Plastic Waste Management (Second Amendment) Rules, 2021 opened the door to recycled plastics in food-contact applications, while strengthening Extended Producer Responsibility (EPR) obligations has pushed brand owners to rebuild their packaging around recyclability, recycled or bio-based content, and reduced lifecycle emissions. Lightweight flexible formats sit at the centre of this transition, since they occupy less cargo space, cut transport emissions, and can be engineered for easier recycling. Designs that avoid over-packaging, use mono-materials such as polypropylene or polyethylene, and keep convenience intact are fast becoming the norm. Beyond waste reduction, the goal for next-generation packaging extends to longer shelf life and lower spoilage, helping curb food waste at both retail and consumer levels.
Mamatas Technological Solutions for Sustainable Packaging
To meet this growing demand for sustainability, Mamata Machinery has developed a suite of technology and machines designed to support the shift towards recyclable and environment-friendly packaging, built around flexibility, efficiency, and adaptability to a wide range of sustainable formats.
RecTech: Breakthrough Recyclable Packaging Technology
A defining development during the year was the launch of RecTech at Plastindia 2026, the Companys breakthrough recyclable packaging technology. RecTech is an advanced technology, capable of producing & processing fully recyclable mono-material films engineered to deliver barrier protection and mechanical performance comparable to conventional composite structures such as PET and PE laminates, which are widely used but difficult to recycle.
By bridging the cost and performance gap between conventional composite films and earlier-generation, expensive recyclable films, it is positioned to accelerate the adoption of sustainable packaging among leading brands. The launch is backed by a complete recyclable-compatible ecosystem developed in-house, spanning 7 and 9-layer co-extrusion blown film plants, pouch makers, and HFFS and VFFS packaging machines, enabling film production, conversion, and packaging within a single recyclable framework.
Specialised Machinery for Recyclable MonoMaterial Films
The Company builds machines engineered to run recyclable mono-material film structures, including mixed polypropylene and polyethylene as well as allpolypropylene films. These support a range of output formats, from double-gusseted bags and single-serve packs to large club-sized pouches, each designed for easier recyclability and lower material consumption. At K 2025 in Dusseldorf, the Company showcased a pouch-making machine built to run fully mono-material recyclable films, reinforcing its push towards recyclable-ready packaging solutions.
Patented Technology
Mamatas intellectual property continues to strengthen its position in sustainable packaging. Building on the cross sealing technology earlier patented in India and the United States, the Company secured a European Union patent for its Cross Sealing Device during the year, along with a European Union patent for its Multi-Purpose Sealing Module, extending its proprietary sealing technologies reach into the European market. These technologies help ensure seal integrity even with recycled and mono-material films, underscoring the Companys commitment to enabling customers to transition to sustainable packaging.
Through this combination of products, ecosystem, and intellectual property, Mamata has positioned itself as a key enabler in the global move towards recyclable, efficient, and sustainable packaging, offering end-to-end solutions for brands seeking to reduce their environmental impact without compromising product safety or quality.
Challenges
Despite favourable long-term fundamentals, the Indian flexible packaging machinery industry faces several challenges that could influence its growth trajectory. Technological complexity remains significant, as modern packaging machinery demands sophisticated engineering, advanced manufacturing, and continuous innovation, requiring domestic manufacturers to invest steadily in research and development to keep pace with global technology leaders while adapting solutions to local cost and application needs. Skill development is another constraint, as the sector depends on trained technicians, engineers, and operators capable of running and maintaining advanced systems, and a shortage of such specialised talent could limit both capacity and the pace of technology adoption. The industry also remains exposed to volatility in raw material and component costs, evolving regulatory and compliance requirements, and competition from established global manufacturers. More recently, shifting global trade dynamics, including changes in tariff policy across key export markets, have added a further layer of uncertainty that can affect both demand and export competitiveness.
Future Outlook
Despite these challenges, the outlook for the Indian flexible packaging machinery industry remains positive. Strong domestic demand drivers, favourable demographics, and rising industrialisation together create a solid foundation for sustained growth, while the industrys faster pace relative to global markets points to continued gains in competitive positioning and market share.
Government initiatives supporting manufacturing, including the Make in India programme and allied industrial development schemes, provide further impetus by encouraging technology transfer, skill development, and infrastructure improvement, while the accelerating shift towards recyclable and sustainable packaging is opening new demand for advanced, recyclable-compatible machinery.
Over the longer term, success will rest on the industrys ability to embrace innovation, build a skilled workforce, and maintain competitiveness in an increasingly global market. Companies that navigate these dynamics while capitalising on rising domestic demand and growing export opportunities will be well placed to achieve durable growth and leadership in the expanding Indian flexible packaging machinery market.
Company Overview
With over 35 years of expertise in flexible packaging machinery, Mamata Machinery Limited has established itself as a trusted, end-to-end solutions provider for flexible packaging machinery, with a presence across the entire value chain, from co-extrusion to converting and packaging.
We have grown from a pioneer in Indias bagmaking segment, being the first in the country to introduce machines with stepper motor drives and microprocessor controllers, into an integrated solutions partner serving both packaging converters and brand owners. Our portfolio spans co-extrusion blown film lines, converting machinery for bag and pouch making, and advanced form-fill-seal packaging systems, marketed under the Vega and Win brands and recognised for their efficiency, versatility, and ease of operation. We have more than 5,400 machines installed in over 80 countries, serving customers across the FMCG, food and beverage, e-commerce, and non-food sectors.
Our converting business remains the foundation of the Company, holding a leading position in India and ranking among the top players globally, while packaging machinery has emerged as our principal growth driver. During the year, we secured a multimachine order for our VFFS packaging machines from one of Indias leading snacks and namkeen brands, and crossed an important milestone with our first packaging machine order from a region beyond our traditional Indian and US markets. In co-extrusion, we secured our first orders for 9-layer blown film plants from both domestic and export customers, reinforcing our standing as a provider of high-end, specialised solutions.
Innovation continues to anchor our growth, supported by an in-house, DSIR-recognised research and development centre and close collaboration between our team at the India headquarters and our US subsidiary, Mamata Enterprises Inc. We have introduced a number of industry-first solutions over the years, and during the year launched RecTech, a fully recyclable mono-material film technology delivering strong barrier protection without compromising on performance, reflecting our focus on machinery compatible with sustainable film structures and our role in the industrys shift towards responsible packaging.
Key Financial Ratios
RATIOS |
FY26 | FY25 | %CHANGE | REASON |
CURRENT RATIO |
2.14 | 2.29 | (6.75%) | NA |
DEBT-EQUITY RATIO |
0.04 | 0.02 | 95.12% | The changes in ratio due to majorly increase in debt for new vehicles acquired during the year. |
DEBT SERVICE COVERAGE RATIO |
11.01 | 28.59 | (61.48%) | The changes in the ratio due to decrease in earnings available for debt servicing obligations, resulting in a reduction in debt servicing capacity. |
RETURN ON EQUITY |
8.45% | 26.90% | (68.58%) | The changes in the ratio due to decrease in Profit and increase in Average Shareholders Equity |
INVENTORY TURNOVER RATIO |
1.37 | 1.32 | 3% | NA |
TRADE RECEIVABLE TURNOVER RATIO |
6.46 | 7.39 | (13%) | NA |
TRADE PAYABLE TURNOVER RATIO |
3.07 | 4.04 | (8%) | NA |
NET CAPITAL TURNOVER RATIO |
2.46 | 4.00 | (39%) | The changes in the ratio due to decrease in Revenue from operations and increase in Average Working capital |
NET PROFIT RATIO |
6.46% | 16.01% | 60% | The changes in the ratio due to decrease in Profit after tax and also decrease in Revenue from operation |
RETURN ON CAPITAL EMPLOYED |
11.04% | 35.51% | (68.92%) | The changes in the ratio due to decrease in Earning before interest and tax and increase in Average capital employed |
RETURN ON INVESTMENT |
14% | (15%) | (196.81%) | The changes in the ratio due to increase in income on the basis of fair valuation of the investment. |
Risks and Concerns
The Board of Directors actively oversees the identification, assessment, and mitigation of risks that may impact the Companys operations, financial performance, strategic objectives, or reputation. As part of its risk management framework, the Company continuously evaluates both internal and external factors that could influence the business environment and undertakes appropriate measures to address potential challenges.
The Company monitors risks arising from market conditions, customer demand, supply chain dynamics, regulatory developments, foreign exchange fluctuations, technological changes, and other macroeconomic factors. Through established internal controls, governance processes, and periodic reviews, the Company seeks to strengthen organisational resilience and minimise the impact of potential disruptions.
The Board and Management regularly review the Companys risk profile and mitigation strategies to ensure preparedness in a rapidly evolving business landscape.
Material Developments in Human Resources
At Mamata Machinery, we recognise our people as the foundation of our long-term success. As a trusted name in packaging machinery with a global footprint, our growth continues to be driven by the skill, commitment, and expertise of our workforce. We remain focused on fostering a culture of continuous learning, collaboration, and accountability while creating opportunities for employees to develop professionally and contribute meaningfully to the Companys growth journey.
Our approach to talent development is centred on building both technical and managerial capabilities across the organisation. Through targeted learning initiatives and ongoing skill enhancement programmes, we seek to strengthen employee competencies and prepare our teams for evolving industry requirements. Mandatory training programmes, including those relating to Prevention of Sexual Harassment (PoSH), continue to be conducted to promote a safe, inclusive, and respectful workplace.
Innovation remains a key pillar of our organisational culture. During the year, our design, engineering, and research & development teams continued to strengthen the Companys technological capabilities through focused efforts in product development and process innovation. Crossfunctional teams played an important role in advancing next- generation packaging technologies, including solutions designed to support the adoption of recyclable and monomaterial packaging formats, reinforcing Mamatas position as a technology-driven organisation. The Companys ability to integrate expertise across extrusion, converting, and packaging technologies continues to differentiate it in the marketplace and reflects the depth of talent within the organisation.
We also continued to strengthen organisational capabilities to support our expanding global footprint and growing customer base across domestic and international markets. Our in-house design, engineering, and R&D teams remain at the core of our innovation capabilities, supported by strong domain expertise and cross-functional collaboration across business verticals.
We believe that long-term value creation is possible only when employees grow alongside the organisation. Accordingly, we remain committed to fostering a performance-driven culture that rewards merit, encourages professional development, and aligns individual aspirations with organisational objectives. Through a combination of capability building, leadership development, and employee engagement initiatives, we continue to build a motivated, agile, and future-ready workforce.
The Company also places on record its appreciation for the guidance and contributions of its Independent Directors, whose experience, objectivity, and commitment to strong corporate governance continue to support sound decisionmaking and long-term value creation for all stakeholders.
As of March 31, 2026, the Company had 198 permanent employees.
Internal Control Systems and Their Adequacy
The Company has established an adequate system of internal financial controls commensurate with the size, scale, and complexity of its operations. These controls are designed to ensure the orderly and efficient conduct of business, adherence to established policies and procedures, safeguarding of assets, prevention and detection of frauds and errors, maintenance of accurate accounting records, and timely preparation of reliable financial information.
The internal control framework is supported by a structured internal audit process, the findings of which are periodically reviewed by the Audit Committee. The Committee evaluates the effectiveness of the control environment and monitors the implementation of corrective actions, wherever required. The Company also maintains a formal follow-up mechanism to ensure timely closure of audit observations and continuous strengthening of risk management and governance processes.
Based on the reviews conducted by the Management, Internal Auditors, Audit Committee, and the Board of Directors, the Company believes that its internal control systems remain adequate and are operating effectively. During the year under review, no material weaknesses - in internal controls were identified, nor were there any instances of fraud requiring disclosure under applicable regulatory requirements.
Disclaimer
The Management Discussion and Analysis (MDA) section contains certain forward-looking statements that reflect the Companys current expectations, assumptions, and perspectives regarding future events and business performance. These statements are based on information presently available to the Company and are subject to various risks, uncertainties, and other factors, both known and unknown, that may cause actual results to differ materially from those expressed or implied herein.
The projections, estimates, and expectations outlined in this report have been prepared using managements best judgement and are based on available internal assessments and external market information. However, they remain subject to change in light of evolving economic conditions, regulatory developments, industry trends, competitive dynamics, and other external factors that may impact the Companys operating environment.
These forward-looking statements represent managements views as of the date of this report and should not be construed as guarantees of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers and investors are therefore advised to exercise appropriate caution while evaluating such statements.
Notice of Annual General Meeting
NOTICE is hereby given that 47th Annual General Meeting of the members of Mamata Machinery Limited ("the Company") will be held on Monday, August 10, 2026, 11:00 a.m. through video conferencing ("VC"/other audio-visual means("OVAM") to transact the following businesses:
ORDINARY BUSINESS:
1. To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31,2026 together with the Reports of the Board of Directors and the Auditors thereon.
2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31,2026 together with the Report of Auditors thereon.
3. To declare a dividend on Ordinary Shares of the Company for the financial year ended March 31,2026.
4. To appoint a Director in place of Mr. Chandrakant B. Patel (DIN: 00380810), who retires by rotation and being eligible offers himself for re-appointment.
SPECIAL BUSINESS:
5. To consider and regularize appointment of Mrs. Prachi P. Shah (DIN: 06726226) as a Non-executive and Independent Director.
To consider and if thought fit to pass with or without modification(s) the following resolution as a Special Resolution:
"RESOLVED THAT pursuant to the provisions of Sections 149, 150 152, and any other applicable provisions of the Companies Act, 2013 (the Act) and the rules made there under read with Schedule IV of the Act, and the Companies (Appointment and Qualification of Directors) Rules, 2014 [including any statutory modification(s) or reenactments) thereof for the time being in force], Regulation 17, 25 and any other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), as amended from time to time, and the Articles of Association of the Company based on the recommendation of the Nomination and Remuneration Committee and the Board of Directors, Mrs. Prachi P. Shah (DIN: 06726226) who was appointed as an Additional
Independent Director with effect from May 29, 2026 by the Board of Directors of the Company, and who in terms of Section 161 of the Companies Act, 2013 holds office till the conclusion of the ensuing General Meeting, who meets the criteria for independence as provided in Section 149(6) of the Act and the Rules framed thereunder and in respect of whom the Company has received a notice under Section 160 of the Companies Act, 2013 proposing her candidature for the office of Director on the Board of Directors of the Company, be and is hereby appointed as an Independent Director of the Company for a period of five years up to May 28, 2031 not liable to retire by rotation.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to do all acts, deeds and things and take all such steps as may be necessary, proper or expedient to give effect to this Resolution."
6. Ratification of Cost Auditors remuneration.
To consider and if thought fit, to pass with or without modification(s), the following Resolution as an Ordinary Resolution:
"RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions,if any,of the Companies Act, 2013 and The Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), the remuneration payable to M/s. C.B. Modh & Co., Cost & Management Accountants (FRN-101474), appointed by the Board of Directors of the Company on recommendation of the Audit Committee to conduct the cost audit of the Company for Financial Year 2026-27 amounting to 93,500/- (Rupees Nine Three Thousand Five Hundred Only) including reimbursement of out-of-pocket expenses etc. incurred at actuals by them plus taxes in connection with the aforesaid audit, be and is hereby ratified and confirmed."
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to do all acts, deeds and things and take all such steps as may be necessary, proper or expedient to give effect to this Resolution."
Registered Office: (CIN: L29259GJ1979PLC003363) Survey No. 423/P, Sarkhej-Bavla Road, Moraiya, Sanand, Ahmedabad - 382213 |
By order of the Board of Directors Mahendra N. Patel |
Date: July 17, 2026 |
Chairman & Managing Director |
Place: Ahmedabad |
(DIN: 00104997) |
Notes
1. In accordance with the provisions of the Companies Act, 2013 ("Act") read with the Rules made thereunder and General Circular Nos. 14/2020 dated April 8, 2020, 17/2020 dated April 13, 2020, 20/2020 dated May 5, 2020 and subsequent circulars issued in this regard, the latest being 03/2025 dated September 22, 2025, collectively referred to as MCA Circulars, Master Circular No. SEBI/HO/CFD/POD2/CIR/P/2023/120 dated 11th July 2023, Circular No. SEBI/HO/CFD/CFD-POD-2/P/ CIR/2023/167 dated 7th October 2023 and Circular No. SEBI/HO/CFD/CFDPoD-2/P/CIR/2024/133 dated 3rd October 2024 issued by Securities and Exchange Board of India ("SEBI"), Companies are allowed to hold Annual General Meeting (AGM/Meeting) through Video Conferencing ("VC") or other Audio Visual Means ("OAVM"), without the physical presence of the Members at a common venue. Accordingly, the 47th Annual General Meeting ("the AGM") of the Company is being held through VC/OAVM. The deemed venue for the AGM shall be the Registered Office of the Company.
2. An Explanatory statement pursuant to Section 102 of the Companies Act, 2013, in respect of special businesses items is annexed hereto and forms part of this notice.
3. The details required under Regulation 36(3) of the Listing Regulations and Secretarial Standard on General Meetings (SS- 2) issued by the Institute of Company Secretaries of India, in respect of Directors seeking appointment/re- appointment at this AGM form part as Annexure - I of the Notice.
4. Pursuant to the provisions of the act, a member entitled to attend and vote at the AGM is entitled to appoint a proxy to attend and vote on his/her behalf and the proxy need not be a member of the company. Since this AGM is being held pursuant to the MCA Circulars through VC or OAVM, the requirement of physical attendance of members has been dispensed with. Accordingly, in terms of the MCA Circulars and the SEBI circulars, the facility for appointment of proxies by the members will not be available for this AGM and hence the proxy form, attendance slip and route map of AGM are not annexed to this notice.
5. Institutional Members/Corporate Members (i.e. other than individuals, HUFs, NRIs, etc.) are required to send a scanned copy (PDF/JPG format) of their respective Board or governing body Resolution, Authorization, etc., authorizing their representative to attend the AGM through VC/OAVM on their behalf and to vote through remote e-Voting. The said Resolution/Authorization shall be sent to the Scrutinizer by e-mail to mamata.scrutinizer@gmail. com with a copy marked to evoting@nsdl.com. Institutional Members/Corporate Members can also upload their Board Resolution/Power of Attorney/Authority Letter, by clicking on "Upload Board Resolution/Authority letter, etc. displayed under e-Voting tab in their Login.
6. Only registered Members of the Company may attend and vote at the AGM through VC/OAVM facility. In case of joint holders, the Member whose name appears as the first holder in the order of names as per the Register of Members of the Company as on the cutoff date will be entitled to vote at the AGM.
7. Members attending the AGM through VC/OAVM shall be counted for the purpose of reckoning the quorum under Section 103 of the Act.
8. The Members can join the AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the AGM through VC/OAVM will be made available to at least 1,000 Members on a first come first served basis as per the MCA Circulars. This will not include large shareholders (shareholders holding 2% or more shareholding), Promoter/ Promoter Group, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee who are allowed to attend the AGM without restriction on account of first come first served basis. The Members will be able to view the proceedings on National Securities Depository Limiteds (NSDL) e-Voting website at www.evoting.nsdl.com.
9. In line with the MCA Circulars and the SEBI Circulars, the Notice of the AGM along with the 47th Annual Report 202526 is being sent only through electronic mode to those Members whose e-mail addresses are registered with the Company/National Securities Depository Limited (NSDL) and Central Depositories Services (India) Limited (CDSL), (collectively Depositories)/Registrar & Transfer Agent (RTA), unless any Member has requested for a physical copy of the same. The Notice of AGM and 47th Annual Report 2025-26 are available on the Companys website at https://www.mamata.com/investors/AnnualReports and may also be accessed from the relevant section of the websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www. bseindia. com and www.nseindia.com respectively. The AGM Notice is also available on the website of NSDL at www.evoting. nsdl.com.
10. Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended) the Secretarial Standard on General Meetings (SS-2) issued by the ICSI and Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 (as amended), and the Circulars issued by the Ministry of Corporate Affairs from time to time the Company is providing facility of remote e-Voting to its Members in respect of the business to be transacted at the EGM/AGM. For this purpose, the Company has entered into an agreement with National
Securities Depository Limited (NSDL) for facilitating voting through electronic means, as the authorized agency. The facility of casting votes by a member using remote e-Voting system as well as e-voting on the date of the EGM/AGM will be provided by NSDL.
11. Electronic copies of all the documents referred to in the accompanying Notice of the AGM and the Explanatory Statement shall be made available for inspection. During the 47th AGM, Members may access the scanned copy of the Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the Act; the Register of Contracts and Arrangements in which Directors are interested maintained under Section 189 of the Act. Members desiring inspection of statutory registers and other relevant documents may send their request in writing to the Company at investor@mamata.com.
12. The Company has fixed Friday, July 31,2026 as the "Record Date" for determining entitlement of Members to final dividend for the financial year ended March 31,2026, if approved at the AGM.
13. The dividend of ?0.50 per fully paid-up Ordinary share of the face value Rs.10.00 each (i.e., 0.5%) for financial year ended March 31, 2026, if declared at the AGM, will be paid subject to Tax Deduction at Source (TDS) on or before Wednesday, September 09, 2026, as under:
a. To all the Beneficial Owners as the end of the day on Friday, July 31, 2026, as per the list of beneficial owners to be furnished by the Depositories in respect of the shares held in electronic form.
SEBI VIDE ITS CIRCULAR NO. SEBI/HO/MIRSD/MIRSD_ RTAMB/P/CIR/2021/655 DATED NOVEMBER 3, 2021 (SUBSEQUENTLY AMENDED BY CIRCULAR NOS. SEBI/ HO/MIRSD/MIRSD_RTAMB/P/CIR/2021 /687 DATED DECEMBER 14, 2021, SEBI/HO/MIRSD/MIRSD-POD- 1/P/CIR/2023/37 MARCH 16, 2023 AND SEBI/HO/ MIRSD/POD1/P/CIR/2023/181 NOVEMBER 17, 2023) HAS MANDATED THAT WITH EFFECT FROM APRIL 1,2024, DIVIDEND TO SECURITY HOLDERS (HOLDING SECURITIES IN PHYSICAL FORM), SHALL BE PAID ONLY THROUGH ELECTRONIC MODE. SUCH PAYMENT SHALL BE MADE ONLY AFTER FURNISHING THE PAN, CHOICE OF NOMINATION, CONTACT DETAILS INCLUDING MOBILE NUMBER, BANK ACCOUNT DETAILS AND SPECIMEN SIGNATURE.
14. As per Income Tax Act, 2025 (as amended by Finance
Act 2026) ("IT Act"), dividend paid and distributed by the Company is taxable in the hands of the Members, and the Company is required to deduct tax at source (TDS) from the dividend paid to the Members at prescribed rates in the IT Act. In general, to enable compliance with TDS requirements, Members are requested to complete and/or update their Residential Status, PAN and Category as per the IT Act with their Depository Participants (DPs) For the detailed process, please visit the website of the Company at https://www.mamata.com/investors/annualreports/
and also refer to the email sent to members in this regard.
15. To prevent fraudulent transactions, Members are advised to exercise due diligence and notify the Company of any change in address or demise of any Member as soon as possible. Members are also advised to not leave their demat account(s) dormant for long. Periodic statement of holdings should be obtained from the concerned DP and holding should be verified from time to time.
16. Non-Resident Indian Members are requested to inform the Companys RTA immediately of:
(a) Change in their residential status on return to India for permanent settlement.
(b) Particulars of their bank account maintained in India with complete name, branch, account type, account number and address of the bank with pin code number, if not furnished earlier.
17. Members are requested to intimate changes, if any, pertaining to their name, postal address, email address, telephone/mobile numbers, PAN, mandates, nomination, power of attorney, bank details, bank account number, MICR code, IFSC, etc. to their DPs.
To mitigate unintended challenges on account of freezing of folios, SEBI vide its Circular No. SEBI/HO/MIRSD/ POD-1/P/CIR/2023/181 dated November 17, 2023, has done away with the provision regarding freezing of folios not having PAN, KYC, and Nomination details. Further, Members are requested to refer to process detailed on https://web.in.mpms.mufg.com/KYCdownloads.html and proceed accordingly.
Shares held in electronic form: Members holding shares in electronic form may please note that their bank details as furnished by the respective DPs to the Company will be considered for remittance of dividend as per the applicable regulations of the DPs and the Company will not be able to accede to any direct request from such Members for change/addition/deletion in such bank details. Accordingly, Members holding shares in electronic form are requested to ensure that their Electronic Bank Mandate is updated with their respective DPs by Saturday, September 06, 2025.
18. Members may please note that SEBI vide its Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated January 25, 2022 has mandated the listed companies to issue securities in dematerialized form only while processing service requests viz. Issue of duplicate securities certificate; claim from unclaimed suspense account; renewal/exchange of securities certificate; endorsement; sub-division/splitting of securities certificate; consolidation of securities certificates/folios; transmission and transposition. Accordingly, Members are requested to make service requests by submitting a duly filled and signed Form ISR-4, the format of which is available on the Companys website at www.mamata.com and on the website of the Companys RTAs at https://web.in.mpms. mufg.com/KYC-downloads.html. It may be noted that any service request can be processed only after the folio is KYC Compliant.
SEBI HAS MANDATED SUBMISSION OF PAN BY EVERY PARTICIPANT IN THE SECURITIES MARKET. MEMBERS HOLDING SHARES IN ELECTRONIC FORM ARE, THEREFORE, REQUESTED TO SUBMIT THEIR PAN DETAILS TO THEIR DEPOSITORY PARTICIPANTS. MEMBERS HOLDING SHARES IN PHYSICAL FORM ARE REQUESTED TO SUBMIT THEIR PAN DETAILS TO THE COMPANYS RTA.
19. As per the provisions of Section 72 of the Act and SEBI Circular, the facility for making nomination is available for the Members in respect of the shares held by them. Members who have not yet registered their nomination are requested to register the same by submitting Form No. SH-13. If a Member desires to opt out or cancel the earlier nomination and record a fresh nomination, he/she may submit the same in ISR-3 or SH-14 as the case may be. The said forms can be downloaded from website of the Registrar and Transfer Agent (RTA) at https://web.in.mpms.mufg. com/KYC- downloads.html. Members are requested to submit the said details to their Depository Participants in case the shares are held by them in dematerialized form and to the Companys RTA in case the shares are held by them in physical form, quoting their folio number.
20. SEBI vide Circular Nos. SEBI/HO/OIAE/OIAE_IAD-1/P/ CIR/2023/131 dated July 31,2023, and SEBI/HO/OIAE/ OIAE_IAD-1 /P/CIR/2023/135 dated August 4, 2023, read with Master Circular No. SEBI/HO/OIAE/OIAE_ IAD1/P/CIR/2023/145 dated July 31,2023 (updated as on August 11, 2023), has established a common Online Dispute Resolution Portal ("ODR Portal") for resolution of disputes arising in the Indian Securities Market. Pursuant to above-mentioned circulars, post exhausting the option to resolve their grievances with the RTA/Company directly and through existing SCORES platform, the investors can initiate dispute resolution through the ODR Portal at https:// smartodr.in/login.
21. Members are requested to note that, dividends if not encashed for a consecutive period of 7 years of the Company, are liable to be transferred to the Investor Education and Protection Fund (IEPF). The shares in respect of such unclaimed dividends are also liable to be transferred to the demat account of the IEPF Authority. In view of this, Members are requested to claim their dividends from the Company, within the stipulated timeline.
22. To support the Green Initiative, Members who have not yet registered their email addresses are requested to register the same with their DPs in case the shares are held by them in electronic form.
23. The Company has made special arrangement with the RTA and NSDL for registration of email addresses in terms of the MCA Circulars for Members who wish to receive the Annual Report along with the AGM Notice electronically and to cast the vote electronically. Eligible Members whose email addresses are not registered with the Company/DPs are to register the same with the RTA on or before 5:00 p.m. IST on Friday, July 31,2026 pursuant to which, any Member may receive on the email address provided by the Member the Notice of this AGM along with the Annual Report 2025-26 and the procedure for remote e-voting along with the login ID and password for remote e-voting.
(a) Process for registration of email addresses with RTA is as under:
a. Visit the link https://web.in.mpms.mufg.com/ EmailReq/Email_Reqister.html
b. Select the name of the Company from dropdown.
c. Enter details in respective fields such as DP ID and Client ID (if you hold the shares in demat form)/Folio no. and Certificate no. (if shares are held in physical form), Name of the Shareholder, PAN details, mobile number and e-mail ID)
d. System will send OTP on mobile number and e-mail ID.
e. Enter OTP received on mobile number and e-mail ID and submit.
After successful submission of the e-mail address, NSDL will email a copy of the Notice of this AGM along with the 47th Annual Report of 2025-26 as also the remote e-Voting user ID and password on the e-mail address registered by the Member. In case of any queries, Members may write to csg-unit@in.mpms.mufg.com or evoting@nsdl.com.
(b) Registration of email address permanently with RTA/ DP: Members are requested to register the email address with their concerned DPs, in respect of shares held in demat mode and with RTA, in respect of shares held in physical mode, by writing to them csg-unit@ in.mpms.mufg.com.
(c) Alternatively, those Members who have not registered their email addresses are required to send an email request to evoting@nsdl.co.in along with the following documents for procuring user id and password for e-voting for the resolutions set out in this Notice:
a. In case shares are held in physical mode, please provide Folio No., Name of shareholder, scanned copy of the share certificate (front and back), self-attested scanned copy of PAN card, self- attested scanned copy of Aadhar Card.
b. In case shares are held in demat mode, please provide DPID-Client ID (8 digit DPID + 8 digit Client ID or 16 digit beneficiary ID), Name, client master or copy of Consolidated Account statement, self-attested scanned copy of PAN card, self-attested scanned copy of Aadhar Card.
(d) Those Members who have already registered their email IDs are requested to keep the same validated with their DP/RTA to enable serving of notices/ documents/Annual Reports and other communications electronically to their email ID in future.
24. VOTING BY MEMBERS:
(a) In compliance with the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended), Regulation 44 of the SEBI Listing Regulations (as amended), MCA Circulars and the SEBI Circulars, the Company is providing its Members the facility to exercise their right to vote on resolutions proposed to be considered at the AGM by electronic means (by using the electronic voting system provided by NSDL) either by (i) remote e-voting prior to the AGM or (ii) remote e-voting Notice during the AGM. Instructions for Members for attending the AGM through VC/ OAVM are explained below.
(b) A person, whose name is recorded in the Register of Members or in the Register of Beneficial Owners maintained by the depositories as on Friday, July 31, 2026 (cut-off date) shall be entitled to vote in respect of the shares held, by availing the facility of remote e-voting prior to the AGM or remote e- voting during the AGM.
(c) Members of the Company holding shares either in physical form or electronic form, as on the cutoff date of Friday, July 31,2026, may cast their vote by remote e-Voting. The remote e-Voting period commences on Thursday, August 06, 2026 at 10:00 a.m. (1ST) and ends on Sunday, August 09 at 5:00 p.m. (1ST). The remote e-Voting module shall be disabled by NSDL for voting thereafter. Members have the option to cast their vote on any of the resolutions using the remote e-voting facility, either during the period commencing from Thursday, August 06, 2026 to Sunday, August 09, 2026 or e-voting during the AGM. Once the vote on a
resolution is cast by the Member, the Member shall not be allowed to change it subsequently.
(d) The Members can opt for only one mode of remote e-voting i.e. either prior to the AGM or during the AGM. The Members present at the Meeting through VC/OAVM who have not already cast their vote by remote e-voting prior to the Meeting shall be able to exercise their right to cast their vote by remote e-voting during the Meeting. The Members who have cast their vote by remote e-voting prior to the AGM are eligible to attend the Meeting but shall not be entitled to cast their vote again.
(e) The Board of Directors has appointed Mr. Nikunj N. Raval (Membership No. FCS 2333) and failing him; Mr. Pradip G. Mistry (Membership No. FCS 5968) of M/s Raval Mistry & Associates, Practicing Company Secretaries, as the Scrutinizer to scrutinize the remote e-voting process, in a fair and transparent manner.
25. THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING ARE AS UNDER:
The remote e-voting period begins on Thursday, August 06, 2026 at 10:00 A.M. and ends on Sunday, August 09, 2026 at 05:00 P.M. The remote e-voting module shall be disabled by NSDL for voting thereafter. The Members, whose names appear in the Register of Members/Beneficial Owners as on the record date (cut-off date) i.e. Friday, July 31 , 2026, may cast their vote electronically. The voting right of shareholders shall be in proportion to their share in the paid-up equity share capital of the Company as on the cutoff date, being Friday, July 31,2026.
How do I vote electronically using NSDL e-Voting system?
The way to vote electronically on NSDL e-Voting system consists of "Two Steps" which are mentioned below:
Step 1: Access to NSDL e-Voting system
A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode
In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.
Login method for Individual shareholders holding securities in demat mode is given below:
Type of shareholders |
Login Method |
| Individual Shareholders holding securities in demat mode with NSDL. | 1. For OTP based login you can click on https://eservices.nsdl.com/SecureWeb/ evoting/evotinglogin.isp. You will have to enter your 8-digit DP ID,8-digit Client Id, PAN No., Verification code and generate OTP. Enter the OTP received on registered email id/mobile number and click on login. After successful authentication, you will be redirected to NSDL Depository site wherein you can see e-Voting page. Click on company name or e-Voting service provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting. |
Type of shareholders |
Login Method |
| 2. Existinq IDeAS user can visit the e-Services website of NSDL Viz. https://eservices. nsdl.com either on a Personal Computer or on a mobile. On the e-Services home page click on the "Beneficial Owner" icon under "Login" which is available under IDeAS section, this will prompt you to enter your existinq User ID and Password. After successful authentication, you will be able to see e-Votinq services under Value added services. Click on "Access to e-Voting" under e-Votinq services and you will be able to see e-Votinq page. Click on company name or e-Voting service provider i.e. NSDL and you will be re-directed to e-Votinq website of NSDL for castinq your vote durinq the remote e-Votinq period or joininq virtual meetinq & votinq durinq the meetinq. | |
| 3. If you are not reqistered for IDeAS e-Services, option to reqister is available at https://eservices.nsdl.com. Select "Register Online for IDeAS Portal" or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReq.isp | |
| 4. Visit the e-Votinq website of NSDL. Open web browser by typinq the followinq URL: https://www.evotinq.nsdl.com/either on a Personal Computer or on a mobile. Once the home paqe of e-Votinq system is launched, click on the icon "Loqin" which is available under Shareholder/Member section. A new screen will open. You will have to enter your User ID (i.e. your sixteen diqit demat account number hold with NSDL), Password/OTP and a Verification Code as shown on the screen. After successful authentication, you will be redirected to NSDL Depository site wherein you can see e-Votinq paqe. Click on company name or e-Voting service provider i.e. NSDL and you will be redirected to e-Votinq website of NSDL for castinq your vote durinq the remote e-Votinq period or joininq virtual meetinq & votinq durinq the meetinq. | |
| 5. Shareholders/Members can also download NSDL Mobile App "NSDL Speede" facility by scanninq the QR code mentioned below for seamless votinq experience. |
| Individual Shareholders holdinq securities in demat mode with CDSL | 1. Users who have opted for CDSL Easi/Easiest facility, can loqin throuqh their existinq user id and password. Option will be made available to reach e-Votinq paqe without any further authentication. The users to loqin Easi/Easiest are requested to visit CDSL website www.cdslindia.com and click on loqin icon & New System Myeasi Tab and then user your existinq my easi username & password. |
| 2. After successful loqin the Easi/Easiest user will be able to see the e-Votinq option for eliqible companies where the evotinq is in proqress as per the information provided by company. On clickinq the evotinq option, the user will be able to see e-Votinq paqe of the e-Votinq service provider for castinq your vote durinq the remote e-Votinq period or joininq virtual meetinq & votinq durinq the meetinq. Additionally, there is also links provided to access the system of all e-Votinq Service Providers, so that the user can visit the e-Votinq service providers website directly. | |
| 3. If the user is not reqistered for Easi/Easiest, option to reqister is available at CDSL website www.cdslindia.com and click on loqin & New System Myeasi Tab and then click on reqistration option. | |
Type of shareholders |
Login Method |
| 4. Alternatively, the user can directly access e-Voting page by providing Demat Account Number and PAN No. from a e-Voting link available on www.cdslindia.com home page. The system will authenticate the user by sending OTP on registered Mobile & Email as recorded in the Demat Account. After successful authentication, user will be able to see the e-Voting option where the evoting is in progress and also able to directly access the system of all e-Voting Service Providers. | |
| Individual Shareholders (holding securities in demat mode) login through their depository participants | You can also login using the login credentials of your demat account through your Depository Participant registered with NSDL/CDSL for e-Voting facility, upon logging in, you will be able to see e-Voting option. Click on e-Voting option, you will be redirected to NSDL/CDSL Depository site after successful authentication, wherein you can see e-Voting feature. Click on company name or e-Voting service provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting. |
Important note: Members who are unable to retrieve User ID/Password are advised to use Forget User ID and Forget Password option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. NSDL and CDSL.
Type of shareholders |
Login Method |
| Individual Shareholders holding securities in demat mode with NSDL | Members facing any technical issue in login can contact NSDL helpdesk by sending a reauest at evoting@nsdl.com or call at 022 - 4886 7000 |
| Individual Shareholders holding securities in demat mode with CDSL | Members facing any technical issue in login can contact CDSL helpdesk by sending a reauest at helpdesk.evoting@cdslindia.com or contact at toll free no. 1800-21-09911 |
B) Login Method for e-Voting and joining virtual meeting for shareholders other than Individual shareholders holding securities in demat mode and shareholders holding securities in physical mode.
How to Log-in to NSDL e-Voting website?
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon "Login" which is available under Shareholder/ Member section.
3. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as shown on the screen.
Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.com/with your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically.
4. Your User ID details are given below:
Manner of holding shares i.e. Demat (NSDL or CDSL) or Physical |
Your User ID is: |
| a) For Members who hold shares in demat account with NSDL. | 8 Character DP ID followed by 8 Digit Client ID For example if your DP ID is IN300*** and Client ID is 12"”” then your user ID is IN300***12******. |
| b) For Members who hold shares in demat account with CDSL. | 16 Digit Beneficiary ID For example if your Beneficiary ID is 12************** then your user ID is 12************** |
| c) For Members holding shares in Physical Form. | EVEN Number followed by Folio Number registered with the company For example if folio number is 001 *** and EVEN is 101456 then user ID is 101456001*** |
5. Password details for shareholders other than
Individual shareholders are given below:
a) If you are already registered for e-Voting, then you can user your existing password to login and cast your vote.
b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the initial password which was communicated to you. Once you retrieve your initial password; you need to enter the initial password and the system will force you to change your password.
c) How to retrieve your initial password?
(i) If your email ID is registered in your demat account or with the company, your initial password is communicated to you on your email ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open the attachment i.e. a. pdf file. Open the. pdf file. The password to open the. pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in physical form. The. pdf file contains your User ID and your initial password.
(ii) If your email ID is not registered, please follow steps mentioned below in process for those shareholders whose email ids are not registered.
6. If you are unable to retrieve or have not received the "Initial password" or have forgotten your password:
a) Click on "Forgot User Details/Password?"(If you are holding shares in your demat account with NSDL or CDSL) option available on www.evotinq.nsdl.com.
b) Physical User Reset Password?" (If you are holding shares in physical mode) option available on www.evoting.nsdl.com.
c) If you are still unable to get the password by aforesaid two options, you can send a request at evoting@nsdl.com mentioning your demat account number/folio number, your PAN, your name and your registered address etc.
d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system of NSDL.
7. After entering your password, tick on Agree to "Terms and Conditions" by selecting on the check box.
8. Now, you will have to click on "Login" button.
9. After you click on the "Login" button, Home page of e-Voting will open.
Step 2: Cast your vote electronically and join General Meeting on NSDL e-Voting system.
How to cast your vote electronically and join General Meeting on NSDL e-Voting system?
1. After successful login at Step 1, you will be able to see all the companies "EVEN" in which you are holding shares and whose voting cycle and General Meeting is in active status.
2. Select "EVEN" of company for which you wish to cast your vote during the remote e-Voting period and casting your vote during the General Meeting. For joining virtual meeting, you need to click on "VC/ OAVM" link placed under "Join Meeting"
3. Now you are ready for e-Voting as the Voting page opens.
4. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the number of shares for which you wish to cast your vote and click on "Submit" and also "Confirm" when prompted.
5. Upon confirmation, the message "Vote cast successfully" will be displayed.
6. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
7. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.
General Guidelines for shareholders
1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorized signatory(ies) who are authorized to vote, to the Scrutinizer by e-mail to mamata.scrutinizer@gmail.com with a copy marked to evoting@nsdl.com. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) can also upload their Board Resolution/Power of Attorney/Authority Letter etc. by clicking on "Upload Board Resolution/ Authority Letter" displayed under "e-Voting" tab in their login.
2. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential. Login to the e-voting website will be disabled upon five unsuccessful attempts to key in the correct password. In such an event, you will need to go through the "Forgot User Details/Password?" or "Physical User Reset Password?" option available on www.evoting. nsdl.com to reset the password.
3. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-voting user manual for Shareholders available at the download section of www.evoting.nsdl.com or call on.: 022 - 4886 7000 or send a request to (Name of NSDL Official) at evoting@nsdl.com
Process for those shareholders whose email ids are not registered with the depositories for procuring user id and password and registration of e mail ids for e-voting for the resolutions set out in this notice:
1. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned copy of Aadhar Card) by email to investor@mamata.com
2. In case shares are held in demat mode, please provide DPID- CLID (16 digit DPID + CLID or 16 digit beneficiary ID), Name, client master or copy of Consolidated Account statement, PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned copy of Aadhar Card) to (investor? mamata.com). If you are an Individual shareholder holding securities in demat mode, you are requested to refer to the login method explained at step 1 (A) i.e. Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.
3. Alternatively shareholder/members may send a request to evoting@nsdl.com for procuring user id and password for e-voting by providing above mentioned documents.
4. In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are required to update their mobile number and email ID correctly in their demat account in order to access e-Voting facility.
THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON THE DAY OF THE AGM ARE AS UNDER:-
1. The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for remote e-voting.
2. Only those Members/shareholders, who will be present in the AGM through VC/OAVM facility and have not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting system in the AGM.
3. Members who have voted through Remote e-Voting will be eligible to attend the AGM. However, they will not be eligible to vote at the AGM.
4. The details of the person who may be contacted for any grievances connected with the facility for e-Voting on the day of the AGM shall be the same person mentioned for Remote e-voting.
26. INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM ARE AS UNDER:
1. Member will be provided with a facility to attend the EGM/AGM through VC/OAVM through the NSDL e-Voting system. Members may access by following the steps mentioned above for Access to NSDL e-Voting system. After successful login, you can see link of "VC/OAVM" placed under "Join meeting" menu against company name. You are requested to click on VC/OAVM link placed under Join Meeting menu. The link for VC/OAVM will be available in Shareholder/ Member login where the EVEN of Company will be displayed. Please note that the members who do not have the User ID and Password for e-Voting or have forgotten the User ID and Password may retrieve the same by following the remote e-Voting instructions mentioned in the notice to avoid last minute rush.
2. Members are encouraged to join the Meeting through Laptops for better experience.
3. Further Members will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the meeting.
4. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
5. Shareholders who would like to express their views/ have questions may send their questions in advance mentioning their name demat account number/folio number, email id, mobile number at investor@mamata. com on or before Monday, September 15, 2025. The same will be replied by the company suitably.
6. Shareholders who would like to express their views/ have questions may send their questions in advance mentioning their name demat account number/folio number, email id, mobile number at investor@mamata. com before 5:00 p.m. (IST) Wednesday, August 05, 2026. The same will be replied by the company suitably. Members who would like to express their views/ask questions as a Speaker at the AGM may preregister themselves by sending a request from their registered email ID mentioning their names, DP ID and Client ID/folio number, PAN and mobile number to investor@mamata.com between Thursday, August 06, 2026, (10:00 a.m. IST) and Saturday, August 08, 2026 (5:00 p.m. IST). Only those Members who have preregistered themselves as Speakers will be allowed to express their views/ask questions during the AGM. The Company reserves the right to restrict the number of speakers depending on the availability of time for the AGM.
27. DECLARATION OF RESULTS ON THE RESOLUTIONS:
(a) The Scrutinizer shall, immediately after the completion of the scrutiny of the e-voting (votes cast during the AGM and votes cast through remote e-voting), within 2 working days from the conclusion of the AGM, submit a consolidated Scrutinizers report of the total votes cast in favour and against the Resolution(s), invalid votes, if any, and whether the Resolution(s) has/have carried or not, to the Chairman or a person authorized by him in writing.
(b) The result declared along with the Scrutinizers Report shall be placed on the Companys website www. mamata.com and on the website of NSDL www. evoting.nsdl.com immediately after the result is declared. The Company shall simultaneously forward the results to BSE Limited and National Stock Exchange of India Ltd., where the securities of the Company are listed.
(c) Subject to the receipt of requisite number of votes, the Resolutions shall be deemed to be passed on the date of the Meeting i.e. Monday, August 10, 2026.
Registered Office: (CIN: L29259GJ1979PLC003363) Survey No. 423/P, Sarkhej-Bavla Road, Moraiya, Sanand, Ahmedabad - 382213 |
By order of the Board of Directors Mahendra N. Patel |
Date: July 17, 2026 |
Chairman & Managing Director |
Place: Ahmedabad |
(DIN: 00104997) |
Explanatory Statement
(Pursuant to Section 102(1) Of the Companies Act, 2013)
Item No. 5
Consider and regularize the appointment of Mrs. Prachi P. Shah as an Independent Director of the Company (DIN: 09306338), for a term of 5 (Five) consecutive years i.e., from May 29, 2026 to May 28, 2031 - Special Resolution
The Board of Directors appointed Mrs. Prachi Purav Shah (DIN: 06726226) as an Additional Independent Director of the Company in their meeting held on May 29, 2026. The Nomination and Remuneration Committee and the Board of Directors of the Company have recommended her appointment as an Independent Director of the Company for a term of five years till May 28, 2031 on the terms and conditions including payment of sitting fees as may be decided by the Board.
Mrs. Prachi Purav Shah has given her declaration to the Board,inter alia, confirming that (i) she meets the criteria of independence as provided under Section 149(6) of the Act and Regulation 16(1) (b) of the SEBI Listing Regulations, (ii) is not restrained from acting as a Director by virtue of any Order passed by SEBI or any such authority (iii) is eligible to be appointed as a Director in terms of Section 164 of the Act and (iv) is not aware of any circumstance or situation which exists or may be reasonably anticipated that could impair or impact her ability to discharge her duties with an objective independent judgment and without any external influence. She has also given her consent in writing to act as a Director in Form DIR-2 pursuant to Rule 8 of the Appointment Rules.
In the opinion of the Board, Mrs. Prachi Purav Shah is a person of integrity, possesses relevant expertise/experience and fulfills the conditions specified in the Act and the SEBI Listing Regulations for appointment as an Independent Director and she is independent of the management. The Board considers that the continued association of Mrs. Prachi Purav Shah would be of immense benefit to the Company and is desirable to continue to avail her services as an Independent Director and accordingly the Board recommends the re-appointment of Mrs. Prachi Purav Shah an Independent Director as set out at Item No. 5 of this Notice for approval by the Members.
As per Section 161 of the Companies Act, 2013, Mrs. Prachi Purav Shah holds office up to the date of the ensuing General Meeting or the last day on which the Annual General Meeting should have been held whichever is earlier. The company has
received the requisite notice in writing under Section 160 of the Companies Act, 2013, from the member of Board of Directors proposing her candidature as an Independent Director not liable to retire by rotation. Mrs. Prachi Purav Shah has consented to the proposed appointment and declared qualified.
Mrs. Prachi Purav Shah is a qualified Chartered Accountant from the Institute of Chartered Accountants of India and holds a Bachelor of Commerce degree with specialization in Advanced Accounting and Auditing from Gujarat University. She is having more than 12 years of experience in her profession. Moreover, she possesses the requisite knowledge, experience and skill for the position of the Independent director. Further, Mrs. Prachi Purav Shah is not related to any of the Directors of the Company.
Additional details as required under Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standards-2 on General Meetings is annexed to the Notice as Annexure - I.
None of the Directors and Key Managerial Personnel of the Company or their relatives is, directly or indirectly, concerned or interested, financially or otherwise, in the resolution, except to the extent of their shareholding in the Company.
The Board recommends the passing of the Resolution set forth in Item No. 5 for the approval of the members as a Special Resolution.
Item No. 6
Ratification of Cost Auditors remuneration:
In accordance with the provisions of Section 148 of the Companies Act, 2013 & rules made thereunder, the Company is required to appoint a cost auditor to audit the cost records of the Company for products and services, specified under the above Rules issued in pursuance to the above section. Based on the recommendation of the Audit Committee the Board of Directors of the Company has approved the appointment of M/s. C.B. Modh & Co., Cost & Management Accountants (FRN- 101474) as the Cost Auditors of the Company, to conduct the audit of the cost records of the Company for the FY 2025-26 at a remuneration of 93,500/- (Rupees Nine Three Thousand Five Hundred Only) excluding tax plus re-imbursement of out-ofpocket expenses etc. incurred at actuals by them in connection with the aforesaid audit.
In terms of the provisions of Section 148(3) of the Companies Act, 2013 read with Rule 14(a) (ii) of The Companies (Audit and Auditors) Rules, 2014, the remuneration payable to the Cost Auditor has to be approved by the shareholders of the Company. Accordingly, consent of the Members is sought for passing a resolution as set out at Item no. 6 of the notice for approval of the remuneration payable to the cost auditors for the financial year ended March 31,2026. The Directors recommend the resolution for approval of the shareholders.
None of the Directors and Key Managerial Personnel of the Company and their relatives are in any way concerned or interested in the said Resolution.
The Board recommends the Resolutions set forth in Item Nos. 6 for the approval of the Members as an Ordinary Resolution.
Registered Office: (CIN: L29259GJ1979PLC003363) Survey No. 423/P, Sarkhej-Bavla Road, Moraiya, Sanand, Ahmedabad - 382213 |
By order of the Board of Directors Mahendra N. Patel |
Date: July 17, 2026 |
Chairman & Managing Director |
Place: Ahmedabad |
(DIN: 00104997) |
Annexure - I
DETAILS OF DIRECTORS SEEKING APPOINTMENT/RE-APPOINTMENT IN THE FORTH COMING ANNUAL GENERAL MEETING
(Pursuant to the provisions of Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standards-2 on General Meetings)
Sr. No. Particulars |
Details (Chandrakant B. Patel) |
Details (Prachi P. Shah) |
| 1. Director Identification Number (DIN) | 00380810 | 06726226 |
| 2. Designation/Category | Executive & Non-Independent | Non-executive & Independent |
| 3. Age | 72 years | 38 years |
| 4. Date of first Appointment | March 12, 1990 | May 29,2026 |
| 5. Qualifications | Holds Bachelor of Engineering degree from L.D. College of Engineering, Ahmedabad | Chartered Accountant from the Institute of Chartered Accountants of India and Bachelor of Commerce degree with specialization in Advanced Accounting and Auditing from Gujarat University |
| 6. Expertise in specific functional areas | He has over 30 years of experience in the machine engineering industry and plays a key role in the Companys operations and strategic growth. | Professional expertise in accounting, auditing, taxation, financial reporting and regulatory compliance |
| 7. Directorships held in other companies | Mamata Energy Private Limited | SCOM Media Private Limited |
| 8. Memberships/Chairmanships of committees of other Companies (excluding foreign companies) | NIL | NIL |
| 9. No. of shares held in the Company | 575550 Equity Shares of 10/- each | NIL |
| 10. Name of Listed entities from which the person has resigned in the past three years | NIL | NIL |
| 11. Relationship with other Directors, Managers and other Key Managerial Personnel of the Company |
Father of Mr. Varun C. Patel, Nonexecutive & non-independent Director | NIL |
| 12. Terms and Conditions of appointment/ re-appointment | Mr. Chandrakant B. Patel is an Executive Director of the Company, liable to retire by rotation | Appointed as a Non-executive Independent Director on the Board of the Company for a period of 5 years. |
| 13. Details of remuneration sought to be paid | NIL* | NIL |
*Kindly refer to "Details of Remuneration paid to Executive Directors" under Corporate Governance Report for details pertaining to remuneration paid to the Director for financial year 2025-26.
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