Intimation regarding appointment of Cost Auditors for the FY2025-26
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Awaiting price reaction for this filing.
Magna Electro Castings reported strong FY25 results with revenue rising about 23% to Rs. 17,644.92 lakhs (from Rs. 14,369.78 lakhs) and net profit jumping roughly 53% to Rs. 2,311.70 lakhs (from Rs. 1,510.92 lakhs), lifting EPS to Rs. 54.62 versus Rs. 35.70. The Board recommended a final dividend of Rs. 6 per share (60%) on the Rs. 10 face value, subject to shareholder approval at the 35th AGM on 4th September 2025. A key governance item is the appointment of Sri. Ajeya Vel Narayanaswamy (son of Managing Director N. Krishnasamaraj) as Executive Director – Marketing for 5 years, pending shareholder nod, signalling a next-generation promoter family member joining the executive board. The Board also appointed Internal Auditors, re-appointed Cost Auditors, and recommended a new Secretarial Auditor for 5 years, approved a related-party transaction with Samrajyaa and Company, and proposed amendments to Articles of Association on director rotation.
Strong profit growth and a healthy 60% dividend are positive for shareholders, likely to support the stock. However, the entry of the MD's son into an executive board role may raise succession-planning and corporate governance concerns for minority investors who watch for related-party concentration.