Jindal Saw Ltd. announced on Wednesday the outcomes of its 40th Annual General Meeting (AGM) held on June 12, 2025, where shareholders approved a dividend of ₹2 per equity share of Re. 1 each for the financial year ended March 31, 2025. The company also received shareholder approval to raise up to ₹1,000 crore through the issuance of secured/unsecured, redeemable, non-convertible debentures on a private placement basis.
| Particulars | Details |
|---|---|
| Dividend per share | ₹2.00 |
| Face Value per share | Re. 1.00 |
| Financial Year | FY25 |
| Record Date | To be announced |
| Resolution | Details | Approval Percentage |
|---|---|---|
| Dividend Declaration | ₹2 per equity share of Re. 1 for FY25 | 99.99% |
| Debenture Issuance | Up to ₹1,000 crore via private placement | 99.99% |
| Related Party Transaction (JWIL Infra) | Up to ₹4,000 crore for FY26-27 | 99.99% |
| Related Party Transaction (JSW Steel) | Up to ₹6,000 crore for FY26-27 | 99.99% |
| Related Party Transaction (Jindal Steel and Power) | Up to ₹5,000 crore for FY26-27 | 99.99% |
| Re-appointment of Ms. Sminu Jindal as MD | For 5 years w.e.f. Feb 1, 2026 | 88.44% |
| Re-appointment of Shri Prithavi Raj Jindal as Director | Liable to retire by rotation | 98.04% |
| Re-appointment of Ms. Tripti Jindal Arya as Joint MD | Liable to retire by rotation | 84.97% |
| Adoption of FY25 Financial Statements | Audited Standalone & Consolidated | 99.99% |
| Ratification of Cost Auditor Remuneration | M/s R.J. Goel & Co. for FY26 (up to ₹15 Lakh) | 99.99% |
| Appointment of Secretarial Auditors | M/s S.K. Gupta & Co. for 5 years from FY26 (up to ₹10 Lakh) | 99.99% |
Key Decisions at the AGM
The 40th AGM of Jindal Saw Ltd. saw the approval of several key proposals, reinforcing the company's strategic direction and governance. The meeting, held virtually via Video Conferencing (VC)/Other Audio Visual Means (OAVM), ensured wider participation from shareholders.
Dividend Declaration
Shareholders approved the Board's recommendation for a dividend of ₹2 per equity share of Re. 1 each for the financial year ended March 31, 2025. The dividend will be paid to eligible shareholders whose names appear on the company's records as on the record date, which is yet to be announced.
Debenture Issuance
A significant corporate action approved was the issuance of secured/unsecured, redeemable, non-convertible debentures on a private placement basis. The company is authorized to raise up to ₹1,000 crore through this mechanism, providing flexibility for future capital requirements and growth initiatives.
Related Party Transactions
The AGM also approved material related party transactions for the financial year 2026-27 with three key entities:
- JWIL Infra Limited: Transactions up to an aggregate amount of ₹4,000 crore.
- JSW Steel Limited: Transactions up to an aggregate amount of ₹6,000 crore.
- Jindal Steel and Power Limited: Transactions up to an aggregate amount of ₹5,000 crore.
These transactions are to be carried out at arm's length and in the ordinary course of business, ensuring transparency and compliance with regulatory requirements.
Board Appointments and Reappointments
The shareholders re-appointed key members to the Board:
- Ms. Sminu Jindal was re-appointed as the Managing Director of the company for a further period of five years, effective from February 1, 2026. Her remuneration will not exceed an overall ceiling of ₹5 crore per annum, with a commission of up to ₹1 crore per annum, subject to the overall ceiling.
- Shri Prithavi Raj Jindal (DIN: 00005301) was re-appointed as a Director liable to retire by rotation.
- Ms. Tripti Jindal Arya (DIN: 00371397) was re-appointed as Joint Managing Director, also liable to retire by rotation.
Auditor Appointments and Ratifications
The AGM ratified the remuneration for the Cost Auditor and approved the appointment of Secretarial Auditors:
- The remuneration for M/s R.J. Goel & Co., Cost Accountants, for the financial year 2025-26 was ratified, with an overall ceiling of ₹15 lakh per annum plus out-of-pocket expenses.
- M/s S.K. Gupta & Co., Company Secretaries, were appointed as Secretarial Auditors for a period of five consecutive years, effective from the financial year 2025-26, with an annual remuneration not exceeding ₹10 lakh (excluding out-of-pocket expenses).
Shareholder Approval
All 11 resolutions presented at the AGM received overwhelming support from the shareholders, with most resolutions garnering over 99% of votes in favour. The re-appointment of Ms. Tripti Jindal Arya as Joint Managing Director received 84.97% approval, while the re-appointment of Ms. Sminu Jindal as Managing Director received 88.44% approval, indicating strong confidence in the leadership and strategic direction of the company.
Management Commentary
Shri Prithavi Raj Jindal, Chairperson of Jindal Saw, welcomed all attendees and highlighted the company's stable financial performance, consistent with the previous year's levels. He acknowledged the impact of the election year, which led to delays in budgetary allocations and deferred some infrastructure projects, affecting the industry. Despite concerns regarding the international supply chain due to global conflicts, the company maintains a balanced domestic and export order book, positioning it strongly for consistent results.
The Chairperson also noted the company's strategic inroads into new sectors such as defense and atomic power, aligning with the "Atmanirbhar Bharat" initiative. He lauded "Svayam," the company's CSR initiative, which is now in its 25th year, for its efforts in promoting accessibility. Appreciation was extended to government authorities, banks, financial institutions, and credit rating agencies for their support, with the company maintaining an AA category rating for long-term indebtedness.
Market Impact
The approvals from the AGM, particularly the dividend declaration and the authorization for debenture issuance, are expected to be viewed positively by investors. The dividend payout reflects the company's commitment to shareholder returns, while the debenture issuance provides a clear path for future funding, supporting growth and operational stability. The approval of significant related party transactions also indicates the company's ongoing business activities and strategic partnerships, contributing to its long-term outlook.
