Eastern Treads Ltd

Director and MD changes

• Re-appointed Naiju Joseph as Director; retirement by rotation; appointment 14 August 2026; not debarred.
• Regularized Navas Meeran as MD; 14 Feb 2026 to 13 Feb 2031; NIL remuneration; spouse of Shereen Navas.
• Regularized Karandeep Singh as Independent Director (Additional Director, Non-Executive); effective 20 May 2026; 5-year term; not debarred.

AGM Details

• AGM held on 29 September 2026 at 11:15 AM (IST) via VC/OAVM.
• Remote e-voting window: Sept 25–28, 2026.

Resolutions & Voting

• Items 1–4 in the August 14, 2026 notice approved.
• Scrutinizer's report confirms approvals; voting conducted via remote e-voting and AGM e-voting.

AGM Details

• 33rd AGM held 29 September 2026 at 11:15 AM via VC/OAVM.
• Attendance: 33 members attended.
• Meeting concluded at 11:33 AM.

Key Resolutions

• Adopt Standalone Audited Financial Statements for year ended March 31, 2026.
• Reappoint Naiju Joseph by rotation (Ordinary).
• Appoint Navas Meeran as Managing Director for five years.
• Appoint Karandeep Singh as Independent Director.

Voting Status

• Remote e-voting window from Sept 25, 2026 9:00 AM to Sept 28, 2026 5:00 PM.
• On-site voting was available for 30 minutes after the AGM.
• Consolidated results will be announced within 48 hours and posted online.

Directors / Mgmt Changes

• Navas Meeran appointed Managing Director for five-year term.
• Naiju Joseph retires by rotation; reappointment sought.
• Karandeep Singh appointed Independent Director.

Eastern Treads Ltd: Trading window closed from October 01, 2026 till 48 hours after the announcement of unaudited financial results for the quarter ending September 30, 2026

Financial performance

• Revenue from operations: ₹6,241.11 lakhs; up 3.5% YoY.
• Total revenue: ₹6,275.95 lakhs; growth noted versus prior year.
• EBITDA: ₹113.30 lakhs; turnaround from prior loss of ₹48.44.
• Profit before tax: ₹5.82 lakhs; improved from ₹-378.41.
• Profit after tax: ₹8.56 lakhs; reversal of prior year loss.
• Total comprehensive income: ₹16.37 lakhs; prior year ₹-312.57.
• Basic EPS: ₹0.15; positive vs prior loss.
• Dividend declared/recommended: none for FY2025-26.
• Net debt: ₹2,528.33 lakhs; gearing at 216.86%.
• Cash flow: operating cash ₹240.07 lakhs; investing -₹224.08 lakhs; financing -₹57.18 lakhs.

Operations and geography

• Geography: India ₹5,414.09 lakhs; overseas ₹827.02 lakhs; total ₹6,241.11.
• Exports expanded to United States and Mexico; presence in additional overseas markets.
• Product mix: Pre cured tread rubber 48.74%; Conventional 27.66%; Black vulcanizing cement 13.21%; Bonding gum 10.39%.
• Single operating segment; revenue largely from product sales with minor other income.
• Capex: new moulds for patterns; investments to improve quality and reduce costs.

Capital structure & liquidity

• Equity share capital: ₹541.23 lakhs; paid-up ₹523.29 lakhs after allotment of 900 shares.
• Promoter/Promoter Group stake: 65.48% of paid-up equity.
• Current borrowings: ₹1,933.26 lakhs; Non-current borrowings: ₹1,033.95 lakhs.
• Current maturities of borrowings: ₹-342.44 lakhs; Net debt: ₹2,528.33 lakhs.
• Total capital (equity + net debt): ₹1,165.91 lakhs; Gearing about 216.86%.
• Cash and cash equivalents: ₹56.42 lakhs; bank balances ₹40.01 lakhs.

Board, governance and key changes

• Navas Meeran appointed Managing Director for five years from 14 Feb 2026; NIL remuneration.
• Karandeep Singh appointed Independent Director for five years from 20 May 2026.
• Devarajan Krishnan ceased as CEO on 14 Aug 2025; reappointed as WTD & CFO.
• Mr. M.E. Mohamed ceased as MD on 14 Feb 2026.
• Siby Varghese appointed Independent Director on 14 Aug 2025; regularised on 25 Sep 2025.
• Five Board meetings held in the year; committees include Audit, Nomination & Remuneration, Stakeholders.

Audit and internal controls

• Statutory auditors: M/s G Joseph & Associates; unqualified opinion; certificate from ICAI Peer Review Board.
• Secretarial auditor: BVR & Associates; no qualifications.
• Internal financial controls considered adequate; periodic internal audits and management reviews.
• No fraud reported by statutory auditors.

Risks and outlook

• Key risks: raw material price volatility, currency fluctuations, competitive intensity, ESG/compliance pressures.
• Outlook: expansion of market presence, enhanced manufacturing capability, and cost control emphasis.
• FX sensitivity: 1% rupee movement impacts PBT by a small amount; management monitors exchange risk.

Related party transactions

• Sales of finished goods to related parties: Eastern Retreads Pvt Ltd ₹209.50 lakh; Fleetaid ₹53.92 lakh.
• Receipts from related parties: Eastern Retreads ₹0.39 lakh; Feroz Meeran ₹25.00 lakh; Eastea Chai ₹75.57 lakh.
• Outstanding loan to Navas Meeran: ₹253.5 lakh; related party remuneration: M.E. Mohammed ₹12.08 lakh.
• Exceptional gain on modification of Redeemable Preference Shares: ₹205.03 lakh (one-off).

ESG and sustainability

• Conservation of energy: focus on efficient utilization, 100% rubber recycling, plan to use LNG.
• Technology absorption: R&D on retread rubber matching; collaboration with Rubber Board on performance.
• Foreign exchange: inflows ₹717.12 lakhs; outflows ₹4.07 lakhs; currency risk monitored.

AGM Details

• 33rd AGM on Sep 29, 2026 at 11:00 AM IST via VC/OAVM.
• Cut-off date to determine voting eligibility: Sep 22, 2026.
• Remote e-voting window: Sep 25, 2026, 09:00 to Sep 28, 2026, 17:00.
• Deemed venue: Registered Office; attendance via VC/OAVM.
• No proxy facility for this AGM; physical attendance not allowed.

Key Resolutions

• Ordinary: Adopt standalone financial statements and related reports.
• Ordinary: Reappoint Naiju Joseph by rotation.
• Special: Appoint Mr Navas Meeran as MD for five years with NIL remuneration.
• Special: Appoint Mr Karandeep Singh as Independent Director for five years.

Voting Status

• Voting results to be announced within 48 hours after the AGM.
• Results will be hosted on the company and CDSL websites.

Director Changes

• Naiju Joseph to retire by rotation; eligible for reappointment.
• Navas Meeran appointed Managing Director; five-year term; NIL remuneration.
• Karandeep Singh appointed Independent Director; five-year term.