AGM Summary: Manjushree Technopack (30th AGM)

25 July 2025

Manjusree held its 30th AGM recently. FY25 performance was presented, but shareholder discontent dominated. Notably, audio clarity dropped specifically during key disclosures, including responses on ESOPs and valuation, which may have affected transparency.

📊 Performance Update: FY25 revenue rose 21% YoY to ₹2,569 Cr, with adjusted net profit growing ~12%. Reported profit included a ₹90 Cr exceptional gain from CCD conversion. Operational momentum was strong, but some metrics lacked sufficient clarity.

⚠ Key Shareholder Concerns:

• A major concern was the cash settlement of earlier ESOPs, followed closely by the rollout of a new plan. Shareholders flagged this as questionable governance and sought explanation, which was either unclear or disrupted by audio issues.
• Despite a ₹55/share interim dividend last year, this year’s dividend roadmap was not addressed. Shareholders demanded clarity on payout intent and rationale, especially given profitability and private equity involvement.
• A vocal shareholder requested a buyback or exit offer at ₹1,800/share, citing corporate governance gaps and lack of trust. This reflects heightened concern among minority shareholders, many of whom echoed similar discomfort.
• Multiple attendees also asked for clarity on PAG’s acquisition price and institutional cap table details. Reports of CPPIB and Pravesha's involvement were mentioned, but management's reply was inaudible during this segment.

🗣 Management Response

• The team attributed lower adjusted profits to higher costs and investments. However, several answers to critical financial questions were either unclear or affected by poor audio, particularly those related to deal pricing, cap table, and ESOP logic.
• Audio quality during the meeting was generally fine but notably deteriorated at moments of importance, specifically when management attempted to address shareholder questions on sensitive issues—causing further concern.

📎 Takeaway: While Manjusree’s operational performance holds steady, the AGM spotlighted governance red flags and transparency issues. Shareholders are growing more vocal. Post-AGM actions and clearer disclosures will be key to restoring trust.

Note: Summary is based on AGM audio. Audio distortion occurred primarily during critical response segments, affecting full interpretation.