Transcript of AGM 26 Aug 2025

Moderator

Good morning, ladies and gentlemen. Welcome to the 40th Annual General Meeting of Chambal

Fertilisers and Chemicals Limited. For smooth conduct of the meeting, members will be on mute mode and audio and video will be open when a member speaks at the meeting.

I now request Mr. Saroj Kumar Poddar, Chairman, to initiate proceedings of the Annual General

Meeting. Over to you, Mr. Poddar. Thank you.

Saroj Kumar Poddar

Tridib, Company Secretary may kindly confirm the quorum.

Tridib Barat

Good morning, everybody. Chairman sir, at present, we have more than 75 members who are participating in the meeting through video conferencing. Therefore, the requisite quorum is present, and the meeting is duly constituted. Thank you.

Saroj Kumar Poddar

The quorum being present, ladies and gentlemen, I call the meeting to order. Welcome once again to all of you for the 40th Annual General Meeting of Chambal Fertilisers and Chemicals

Limited. I am attending the meeting through video conference from Corporate Office of the

Company at New Delhi.

This AGM is being held through video conference in accordance with the provisions of the

Companies Act, 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. I am satisfied that all feasible efforts under the circumstances have been made by the Company to enable members to participate and vote on the items being considered in this meeting. Let me now introduce the Directors and KMP who are present at the meeting.

First is Mr. Shyam Sunder Bhartia, Non-Executive Director, who is joining from New Delhi. He is also the Co-Chairman of the Company. Mr. Chandra Shekhar Nopany, Non-Executive

Director, joining from Kolkata. Mr. Vivek Mehra, Independent Director and Chairman of NRC, joined from Mukteshwar.

Mr. Pradeep Banerjee, Independent Director and Chairman of Audit Committee, joining from

Mumbai. Mrs. Rita Menon, Independent Director and Chairman of Stakeholders Relationship

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August 26, 2025

Committee, joining from New Delhi. Mr. Abhay Baijal, Managing Director, Anuj Jain, CFO and Tridib Barat, Company Secretary, who have joined from the Corporate Office at New Delhi.

Dr. Rakesh Jain, Independent Director, could not attend this meeting due to personal exigencies.

Mr. Abhishek Rara, Partner of Price Waterhouse Chartered Accountants LLP and Mr. Manish

Gupta, Managing Partner, RMG & Associates, Secretarial Auditor are also present in the meeting. Register of Directors and KMP maintained under Section 170 of the Companies Act,

2013 and Register of Contracts and Arrangements under Section 189 of the Companies Act,

2013, certificate of Secretarial Auditor in respect of ‘CFCL Employees Stock Options Scheme

2010’ and other documents mentioned in the notice of the AGM are available for inspection electronically.

Members who desire to inspect these documents may send an email to [email protected], which is also mentioned in the notice convening this meeting. I would now like to share with you my thoughts on the performance of your company, agriculture sector and the fertiliser industry.

Once again, ladies and gentlemen, welcome to the 40th AGM of Chambal Fertilisers and

Chemicals Limited. I am honored to address you on this special occasion.

The year under review was shaped by a complex interplay of global and domestic factors. While the world economy continued to grapple with geopolitical tensions, fluctuating commodity prices and evolving trade patterns, India stood out for its resilience and sustained growth. Robust domestic demand, supportive policy measures and a strong showing by the agricultural sector helped the country maintain its momentum.

Agriculture, the backbone of our rural economy, benefited from favorable monsoon patterns in most regions and the adoption of improved farming practices. However, the impact of climate change remains a concern with irregular weather events affecting crop patterns and yields. For the fertiliser industry, the year brought its share of challenges in the form of volatile raw material prices.

However, I must confess the timely subsidy by the Government of India have been a source of stability for the sector and policy initiatives aimed at sustaining agriculture continue to shape its future. Friends, I am pleased to share with you that your Company delivered yet another year of robust performance across all segments of its business.

Our urea operations continued to perform well, with all three plants operating at optimal capacity and achieving the highest ever production of 34.62 lakh metric tons, as against 33.83 lakh metric tons in the previous year. Urea sales have reached 34.71 lakh metric tons, compared to 32.56 lakh metric tons last year.

The energy saving schemes implemented in earlier years are yielding better than expected results, enabling us to maintain our position among the most energy efficient producers in the industry in India. I am particularly happy to talk about our crop protection chemicals and speciality nutrients which continue their high growth trajectory, with revenues reaching Rs. 926 crores compared to Rs. 760 crores in the last year.

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Profits from this segment rose to Rs. 214 crores from Rs. 153 crores, representing a compound annual growth rate of 25% over the last three years. We introduced 12 new products during the year, predominantly in the weedicide category, expanded our portfolio to 64 products covering fungicides, weedicides and insecticides. It is heartening to note that 8% of CPC-SN revenue now comes from biologicals - a segment that we are steadily strengthening.

The successful launch of Uttam Superrhiza and Uttam Pranaam has reinforced our belief in bio- based solutions, and we have introduced a biological fungicide and nematicide in Kharif and

Rabi 2025, respectively. During the financial year 2024-25, the Company recorded an EBITDA of Rs. 2,838 crores, up 17% from the previous year, profit after tax of Rs. 1,657 crores, an increase of 24% over previous year. The Company is now debt-free with a zero-debt equity ratio.

These, of course, results reflect our sharp focus on operational efficiency, prudent cost management and strategic growth. We have also forayed into the seeds business, marking a significant milestone in completing a full spectrum of agri-input portfolio. Our range of hybrid and research variety seeds is now reaching farmers, complementing our existing offerings in fertiliser, crop protection chemicals, speciality nutrients and biologicals.

This integrated approach enables us to serve the farmer with every critical input from sowing to harvest, strengthening our role as a trusted partner, enhancing productivity and profitability. We are now truly “Uttam ka Yogdaan, Sampurna Krishi Samadhan”. Our portfolio approach in P&K fertilisers has ensured preparedness for cropping seasons and we have engaged with global suppliers to secure smooth supplies across the year.

Our Technical Ammonium Nitrate project at Gadepan is progressing well and is on track for commissioning in January 2026. All statutory approvals are in place. Our expenditure up to date has reached Rs. 980 crores and equipment deliveries and construction are advancing as planned.

Our joint venture project in Morocco, IMACID, has delivered strong performance and has embarked on an expansion to increase phosphoric acid capacity from 5 lakh metric tons to 7 lakh metric tons by FY 2027-28, positioning it among the world's leading producers.

We continue to invest in innovation and research that will shape and establish the agriculture of tomorrow. Our partnership with TERI, The Energy and Resources Institute, to establish the

‘CFCL TERI Centre of Excellence for Advanced and Sustainable Agricultural Solutions’ is a significant step in this direction. And I would like to stress on this point that you see Chambal is taking the initiative of forming these institutes for growth of agriculture and supporting the farmer. This initiative will focus on bio-based agricultural technologies, with intellectual property jointly owned by CFCL and TERI.

It aligns closely with the Government of India's Bio-E3 initiative, reinforcing our commitment to sustainable farming solutions. Our deep and enduring connect with farmers remains central to our success. The flagship ‘Seed-to-Harvest’ program has expanded its reach, covering more than 9,000 villages during the year.

We conducted over 11,800 demonstrations and facilitated soil testing of more than 10.5 lakh samples. The Hello Uttam helpline, farmer meetings, field demonstrations and digital outreach

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August 26, 2025 have strengthened our engagement, enabling us to provide timely and relevant solutions to our farming community. Our crop residue management program in Haryana and Punjab continues to make a tangible impact in reducing stubble burning, thereby contributing to cleaner air and healthier environment.

We take great pride in our CSR initiatives, which span education, healthcare, rural development, employability and women empowerment. The Chambal Fertilisers Skills Institute, now in its second year, has already trained over 500 youths, preparing them for meaningful employment.

Our ‘One Village One Product’ initiative has empowered women entrepreneurs to establish micro-manufacturing units in bakery, block printing, spice making, fostering sustainable livelihoods in rural areas.

Looking ahead, while the operating environment will continue to evolve, I am confident that our strong financial foundation, diversified product portfolio, deep farmer relationship and culture of innovation, position us well to capitalize on emerging opportunities. We will focus on operational excellence, expanding our value-added business, driving sustainability initiatives and creating enduring value for all our stakeholders.

Before I conclude, I wish to express my heartfelt gratitude to the Central and State Governments for the co-operation, to our customers, suppliers and partners for their trust and support and our employees for their dedication and hard work. Above all, I thank you all, our valued shareholders, for your unwavering faith in us. It is your confidence that inspires us to aim higher and achieve more, year after year. Thank you.

Ladies and gentlemen, since the notice of this meeting and the audited financial statements and audited consolidated financial statements, report of the auditors and the board report have already been circulated to the members, the same may please be taken as read. As per section

145 of the Companies Act, 2013 and Secretarial Standards on General Meetings, I have to inform you that there is no qualification, observation, comment or other remarks in the auditor’s report and the secretarial audit report.

Now, I request Tridib to brief the members on the procedure of e-voting.

Tridib Barat

Thank you, Chairman Sir. As per the provisions of the Companies Act, 2013, the SEBI Listing

Regulations and the Secretarial Standards on General Meetings, the Company has provided facility to the members to cast their vote through electronic means. The Company has engaged

National Securities Depository Limited to provide the facility of remote e-voting to the members and the facility of e-voting to the members participating in the AGM through video conferencing.

The remote e-voting facility was open from 9:00 AM India time on Friday, 22nd August 2025 until 5:00 PM India time on Monday, 25th August 2025. Members who have not cast their vote by remote e-voting will be able to vote through e-voting in the meeting using the link provided on the portal through which they have joined this meeting. I will explain further once the agenda items are taken up.

Over to you, Chairman Sir.

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Saroj Kumar Poddar

Thank you, Tridib. Gentlemen, we shall now pick up the item of business set out in the notice of the AGM.

Item 1 pertains to adoption of financial statements of the company. In pursuance of Section 129, read with Section 134 and other applicable provisions of the Companies Act 2013, the audited financial statements and consolidated financial statements of the Company are laid before the

AGM. The statement contains salient features of financial statements of subsidiaries and joint ventures, which also form part of the annual report.

Moving on to Item 2, pertains to declaration of final dividend on the equity shares of the

Company for the year ended March 31st. The Board of Directors has recommended a final dividend of Rs. 5, that is 50% per equity share of Rs. 10, and the same requires your approval.

This, as you all know, is the addition to the interim dividend of 50%, which is Rs. 5 per share, which was paid earlier during the year for the same year. The final dividend together with the interim dividend aggregates to 100%, that is Rs. 10 per equity share.

Moving further, Item 3 pertains to the re-appointment of Mr. Shyam Sunder Bhartia as Director.

In pursuance of Section 152 of the Companies Act, 2013 one third of the directors liable to retire by rotation shall retire at every annual general meeting. Mr. Bhartia is liable to retire by rotation at this AGM and has offered himself for re-appointment as Director.

We now move to the Special Business of the agenda.

Item 4 pertains to the remuneration payable to M/s. K. G. Goyal & Associates, Cost Auditor for the financial year 2025-26. Board of Directors had appointed K. G. Goyal & Associates to conduct audit of the cost records of the Company, as applicable, for the financial year ending

March 31, 2026, at a remuneration of Rs. 1,45,000 plus applicable taxes and reimbursement of out-of-pocket expenses. As per the Companies Act, 2013, members have to ratify the remuneration payable to the cost auditor. The text of the resolution is given in the notice convening the meeting.

Item 5 pertains to the appointment of M/s. RMG & Associates as Secretarial Auditor of the

Company. Pursuant to Regulation 24A of SEBI Listing Regulations, the company can appoint or reappoint a secretarial audit firm for not more than two terms of five consecutive years.

Subject to your approval, the Board of Directors have recommended appointment of M/s. RMG

& Associates as Secretarial Auditor to hold office for five consecutive years from the conclusion of the 40th Annual General Meeting until the conclusion of the 45th Annual General Meeting to be held in the calendar year 2030.

The credentials of RMG & Associates and other details are given in the AGM notice. Approval of members by way of ordinary resolution has been sought for appointment of RMG &

Associates as Secretarial Auditor of the Company. The text of the resolution is given in the notice convening the meeting.

Ladies and gentlemen, Item 6 pertains to the approval of the re-appointment of Mr. Abhay Baijal as Managing Director of the Company. As all of you are aware, the Board of Directors upon the recommendation of Nomination and Remuneration Committee has re-appointed Mr. Abhay

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Baijal as Managing Director of the Company for a period of three years with effect from July

21, 2025 up to July 20, 2028, not liable to retire by rotation.

Qualification, experience, key terms and conditions of appointment including remuneration and all other details are given in the Notice of the Annual General Meeting. Approval of members by way of ordinary resolution has been sought for the re-appointment of Mr. Abhay Baijal as

Managing Director of the Company. The text of the resolution is provided in the notice convening this meeting.

Further, Item 7 pertains to the re-appointment of Mrs. Rita Menon as an Independent Director of the Company. Mrs. Menon was appointed as an Independent Director for five years up to

September 9, 2025, and she is eligible for re-appointment of one more term of five years. The

Board of Directors upon recommendation of the Nomination and Remuneration Committee has recommended re-appointment of Mrs. Rita Menon as an Independent Director for the second term of five years from September 10, 2025 to September 9, 2030, not liable to retire by rotation.

The Company has received notice from a member proposing the candidature of Mrs. Menon as an Independent Director. Qualification, experience and other details are given in the notice of the AGM. Approval of members by way of special resolution have been sought for re- appointment of Mrs. Rita Menon as an Independent Director of the Company. The text of the resolution is given in the notice convening the meeting.

Further, Item 8 pertains to the appointment of Dr. Rakesh Jain as an Independent Director of the

Company. As most of you are aware, Dr. Rakesh Jain was appointed as Additional Director

(designated as Independent Director) with effect from July 15, 2025. The appointment of

Independent Directors requires approval by members in general meetings. The Board of

Directors upon recommendation of the Nomination and Remuneration Committee has recommended appointment of Dr. Rakesh Jain as an Independent Director of the Company for five consecutive years from July 15, 2025 to July 14, 2030, not liable to retire by rotation.

The Company has received a notice from a member proposing the candidature of Dr. Rakesh

Jain as an Independent Director. Qualification, experience and other details of Dr. Jain are given in the Notice of the AGM. Approval of the members by way of special resolution has been sought for the appointment of Dr. Rakesh Jain as an Independent Director of the Company. The text of the resolution is given in the Notice convening the meeting.

I now request members who have pre-registered for raising queries or express views on financial matters or any other matter at this meeting to please proceed one-by-one. While we proceed with the queries of the members, e-voting by the members during the AGM through electronic voting platform can continue.

I now request moderator to commence the question-answer session.

Moderator

Thank you, Chairman Sir. Speaker shareholders are requested to mention their name and location from where they are joining. In the interest of time, they are requested to be brief and restrict questions or comments to three minutes. Our first speaker shareholder Mr. Himanshu

Anilbhai Trivedi had pre-registered for the AGM but has not joined the meeting. We will move

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Chambal Fertilisers and Chemicals Limited

August 26, 2025 to the next speaker shareholder. I now invite Mr. Yusuf Yunus Rangwala to unmute his audio and video, please. May I request you to accept the prompt on your screen?

Yusuf Rangwala

Namaskar. Sir, this is a Zuari Group Company. And this Company has the blessings of Dr. Birla.

Today the market rate of the Company’s share is around Rs. 700. Sir, you gave such a good dividend, and your profit is also good. Chairman sir, it is a very good Company, your secretarial team has done a very good job. I am very happy and very proud.

Sir, I would like to know what is the total number of staff of Chambal Fertilisers? And how many branches do you have all over India? And I would like to know, sir, when did you give the last bonus? The market price of the Company’s share is Rs. 700. Sir, I would like to know two things. Whether you will split the share? Whether you will give a bonus?

Sir, this is my observation. Sir, because today our share rates are very good in the market. And

I thank our moderator who is giving us very good services. I am thankful to NSDL also for giving us good services, sir. Sir, nothing more to add. If possible, I would like to visit your factory, sir. Because till now we have not seen your factory and how the production is going on.

There are so many other competitors in this fertiliser business. Who are the main competitors in this business? I would like to know, sir. And nothing more to add. Good wishes to Chambal

Fertilisers, wishing you good luck. Sir, I pray for your health and wealth, and I would like to share good wishes.

It is good Company, sir. For example, Motilal Oswal, Share Khan, they are broker. They have come up with a tip to buy this Company’s share. Sir, why are you not splitting the shares? This is my humble request, sir. Nothing more to add. I end my speech by praying to God for your health. Thank you very much, sir. Jai Hind. Jai Maharashtra. Vande Matram. Bharat Mata Ki

Jai. Jai Hind.

Saroj Kumar Poddar

Bharat Mata Ki Jai. Thank you, Mr. Rangwala.

Moderator

Thank you, sir. I now invite Mr. Praveen Kumar to unmute his audio and video. May I request you to accept the prompt on your screen, unmute your audio and video, and go ahead with the question, please. Mr. Praveen Kumar, may I request you to unmute your audio and video, and go ahead with your question, please.

Praveen Kumar

It's very, very good morning to my respective Chairperson, respective Board of Directors, my fellow shareholders, myself, Praveen Kumar, joining this meeting from New Delhi. Three observations, respective Chairperson would love to share with the entire house. But before that, sir, in this financial year, this is our first interaction online, so I wish the entire management team, each and every dedicated employee of our Company, a happy, healthy, and prosperous future, sir.

Coming down to my observation, sir, excellent in-depth address to the shareholders, sir, very, very informative. Under your leadership, our Company is debt-free. That's something we are very, very happy about. And I am with the Company for more than a decade, and I have the

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August 26, 2025 deepest respect for you. I truly salute your leadership, dedication, devotion to bring sustainable value creation for a retail investor like me.

So it's a very, very interesting Company, and I'm very honest that it's something, it's a legacy, if you take it very, very positively. Sir, I assent all the resolutions which you put down on the table today, and I am happy to assent the resolution of Shyam Sundar Bhartia ji. I have the deepest respect for him because I invested my hard-earned money in Jubilant Foodworks, and I am getting very, very good return. God bless him.

He is the greatest asset as far as the advice is concerned, knowledge is concerned, expertise is concerned. Thank you very much. And as far as the question is concerned, sir, I have a question.

Nowadays, if you see respected Chairperson, there are lots and lots of buzz about AI tools, and there's a company from China called DeepSeek, which truly disrupted the market for their asset- light model. So, in our operation, to educate the farmer, are we using it to prompt our revenue reach that will be reflecting profitability and net profit, so on and so forth, sir? And one more thing, which is very, very important for a retail investor like me, the communication between the company and the retail investor.

In this regard, I'd love to thank our respected CS, Mr. Barat and his entire team, Mr. Joylin Jain,

Mr. Amit. I mean, he has a fantabulous team, sir. At any point in time, if we have any queries, the same is timely replied to by the secretarial team. It boosts our morale as investor in the

Company.

So, at the end, sir, I just pray to God that he will bless you with all the positivity so that you will keep the momentum of creating wealth for a retail investor like me. And thank you very much for this opportunity. God bless you. Jai Hind, sir.

Saroj Kumar Poddar

Jai Hind. Thank you, Praveen.

Moderator

Thank you. I now invite Mr. Shrikant Jhawar to unmute his audio and video and go ahead with his question, please. May I request you to accept the prompt on your screen, Mr. Jhawar. May we request you to unmute your audio and video and go ahead with your question, please.

Shrikant Jhawar

Respected Chairman, all Board of Directors. First of all Namaskar. I am Shrikant from

Hyderabad connected via video conference. Sir are we launching any new products in fertilisers, please tell us about that. And Sir in today’s date as a private and listed company who all are the main competitors and in domestic and international market how much sales/revenue are there.

Further, in which foreign country we are exporting large quantity of fertilisers and how you are dealing with the foreign currency, please give some details and we have received the links for balance sheet etc. on time, I request the secretarial department to keep sharing the relevant information with the investors. As I am calling from Hyderabad via video conference, secretarial department kindly keep notice of the same. And tomorrow is Ganesh Chaturthi and greetings to all of you for Ganesh Chaturthi and Happy Dhanteras and Diwali and please take care of the speaker shareholder. Thank you for giving me this opportunity.

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Moderator

Thank you, sir. I now invite Mr. Sanjog Saraf to unmute his audio and video and go ahead with his question, please. May I request you to accept the prompt on your screen. Mr. Sanjog Saraf, may I request you to unmute your audio and video and go ahead with your question, please.

Sanjog Saraf

Respected Chairman. My name is Sanjog Saraf. I am from Bangalore. Hope you are in good health. Sir, I have two or three questions. You have three plants in one place. Why are you not increasing your plants in other places? You are covering only 14 states. This is 40% of all India's total capacity. Why not increase your reach to other states?

And, sir, what is your plan for increased capacity and acquiring any other fertiliser plant? And what steps you have taken regarding trade policy announced recently by the U.S. President. How is management planning to tackle this situation? I request the management to make an advance plan A and B. So that we can protect our country's interest in this field.

Nobody wants India to progress. They want India to be under their country. Now under the leadership of Modiji, we come out on self-defense. So please tell me. And I wish you a happy financial year 2025-26. And I hope this year will be very good for our Directors, all our employees and workers with healthy, wealthy and prosperous years. Next, sir, I wish everyone a very happy festival.

I wish to God that you will be given a happy and healthy life. And I express my thanks to moderators for very good moderating. Thank you, sir.

Saroj Kumar Poddar

Thank you, Mr. Saraf.

Moderator

Thank you. I now invite Mr. Abhishek J to unmute his audio and video and go ahead with his question, please. I request you to accept the prompt on your screen. Unmute your audio and video and you can go ahead with your question, please.

Abhishek J

I congratulate the management on the eve of our 40th Annual General Meeting. Sir, trust all is well with you and your family. In this challenging situation, our Company deserves much more respect than the current market cap after completing more than a decade of successful operations, profitability and becoming one of the strongest brands in the respective segment.

So, first, I would like to know what are the steps being taken by the management to reduce the other expenses, legal professional charges and the audit fees. What are the steps taken by the management to improve the ROE, EPS and PE ratio? I would request you to kindly arrange for a plant visit for the investor fraternity sir.

And what are the steps being taken by management to conduct conference calls, quarterly presentations and meetings with global investors on a regular basis? And overall, the Company has done a very good performance, sir. And we are really thankful for the management for the constant dividend year-on-year. And all your hard work has been translated into numbers, sir.

I don't have any further questions. I wish the Company and the Board of Directors great success and prosperity in the coming future. And thank you for giving me the opportunity, sir. Hope to see you in the upcoming hybrid AGM next year. Thank you very much, sir.

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Moderator

Thank you. Our next speaker shareholder, Mr. Atanu Saha, had pre-registered for the AGM, but has not joined the meeting. We will move to the next speaker shareholder. I now invite Mr. Ram

Chandra Singh to unmute his audio and video. May I request you to accept the prompt on your screen, please. May I request you to unmute your audio and video, and please go ahead with your question.

Ram Chandra Singh

Respected Chairman sir, Board of Directors and other shareholders. Good morning to all of you.

Myself Ram Chandra Singh, joining this AGM from New Delhi. First, I would like to thank you for giving me the opportunity to express my views on this platform. Sir, I'm sorry to say that there is a communication gap between your secretarial team and shareholders. I have not received any call from the Company to find out my concern.

So, please instruct your secretarial team to look into it. My question to the management is, what is our capex plan for the next two to three years? And what is the impact of GenAI on our business operation? How are we using it and how will it impact employment in our Company?

Lastly, what is the target amount to spend on CSR activities for current financial year?

As far as the agenda of this AGM is concerned, I support all the resolution along with all my family members. I also wish to convey my greetings for the upcoming festive season. Kindly consider to send some goodies as greetings to speaker shareholders. Once again, I thank you. In the end, I wish a bright future for the Company and a great health for all of you. Thank you, sir.

Jai Hind.

Moderator

Thank you, sir. I now invite Mr. Manoj Kumar Gupta to unmute his audio and video. May I request you to accept the prompt on your screen. May we request that you unmute your audio and video and go ahead with your question, please.

Manoj Kumar Gupta

Hello. Good morning Respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I have joined this meeting from Kolkata. I feel proud to be a shareholder of Chambal Fertilisers and Chemicals Limited under your able and dynamic leadership. We small investors of Kolkata have great respect and regard for you.

You are truly investor-friendly as we have seen your leadership in multinational companies, you have been securing investment of small investors by giving excellent returns to the investors. I am attending this meeting to pay my respect to you.

And, sir, I have two or three questions. First, I thank your Company Secretary and his team, especially the share department executive, who belongs from Bengal, who has helped us to join this meeting through VC.

And thanks to you for the excellent results of the Company for the year 2024-25. What's your future plan? The fertiliser and chemical business will go up. Our visionary Prime Minister, Shri

Narendra Modiji is taking a positive step to inspire the fertiliser companies in the country to help the farmers as India is a farm-based country which is fighting against the US to save the farmer's rights in the country.

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So, what will be your contribution in that regard? And, sir, how much is our ESG score? If the

ESG score is good, what's your plan in that regard? Can you throw some highlights? And how much renewable energy are we using today? And what's your plan to expand the capacity of renewable or green energy to save the energy cost in the Company?

And you have cash in the balance sheet on 31st March 2025. You can explore more things in future by using that cash fund in the balance sheet. You may expand the business by bringing a greenfield project or a brownfield project. And there is a speculation in the market that Chambal can come back with a scheme to demerge the shipping business. Is it right or wrong to demerge the shipping business again?

Because six years back, before Corona, epidemic COVID, the Company passed that resolution.

But after some problem or things, the market condition has not allowed. So, what's your plan in that regard? Can you throw some highlights in that regard? And kindly keep continue to explore the Company's product and progress of the Company.

And I'm very happy to see Mr. Bhartia also today. As investors in the Jubilant FoodWorks we take part in his Company. And we believe that Company will grow, and when we will meet next time, Chambal’s share price will be in four digits.

And then when the share price will go into four digits, then consider to split the shares either 5:1 or 10:1 to further increase the capitalization and liquidity in the market. With this, thank you.

Saroj Kumar Poddar

Thank you Manoj.

Moderator

Thankyou sir. I now invite Mr. Atanu Saha to unmute his audio and video. May we request that you accept the prompt on your screen, please. May we request you to unmute your audio and video and go ahead with your question, please.

Atanu Saha

Good morning. I am Atanu Saha. My respected Chairman Sir, Saroj Kumar Poddar ji. It is our pleasure to meet you. Your speech was very informative. Respected, all other Directors present in this 40th Annual General Meeting.

And also thanks to our Company Secretary, Tridib Barat ji and our CFO, Anuj Jain ji, who sent me a beautiful book, which is more than 237 pages, beautiful, organizing everything. Sir, my previous shareholder already raised a number of questions. So, on the basis, it is not necessary to repeat the same.

Sir, my question is, in other sense, how many intellectual properties there is for upcoming application for upcoming financial years? And how do we educate our farmers, sir? The

Company’s revenue, its operation is high. Also, dividend is high, more than 45% than previous year.

Thank you, sir. I already casted my vote on all the resolutions. I, Atanu Saha, wish good health to everybody and beautifully organizing this meeting. Thank you very much to all coordinators.

Thank you very much.

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Saroj Kumar Poddar

Thank you Mr. Saha.

Moderator

Thank you. Our next speaker shareholder, H.S. Patel, had pre-registered for the AGM, but has not joined the meeting. No other shareholder has registered as speaker before the cut-off time.

Saroj Kumar Poddar

We can now go ahead with answering some of the questions raised. I think most of the answers will be given by Managing Director, Mr. Abhay Baijal. But I thought I'll just pass one or two comments that you see, there is no US impact as far as fertiliser industry in India is concerned.

Because India does not import from the US, neither does it exports to the US. So, US tariffs and games will not apply to Chambal. And we need not be worried. Please relax yourself. We import fertilisers from countries other than the US. And in any case, it's not a Company where exports of fertilisers are allowed. India is a net importer. So, we never export fertilisers. I would now request Abhay to please respond to the queries.

Abhay Baijal

Thankyou Chairman. I'll just go through serially whatever details are enquired. Somebody asked a question, I think, Mr. Rangwala, as to how many employees we have. We have about 1102 employees. And as far as his question on artificial intelligence tools and so on, I would say that we are already employing some chatbots and some other such systems. And we have an elaborate plan going forward to incorporate both in manufacturing, in finance, as well as in sales, some elements of artificial intelligence to the extent that we can. And those results will start getting visible from next year onwards.

There was a question in terms of new capacity addition, or whether the capacity should be added in the same place, and so on. So, as you know that the urea business is a controlled one, and it cannot operate without the government's subsidy. Therefore, there is a policy which has to be first given by the government.

As and when that policy comes, we should look at expanding. Since there's a market which has developed because of the growth, there's a compounded annual growth of almost 3% to 4% in our urea business. All of our other fertilisers are also growing. So we are looking for opportunities. And as and when something fructifies, we'll inform you as well as the public at large.

There was a question in terms of whether it should be done at all in one place. Yes, we do recognize that we should not concentrate in one area. But for some reason, sometimes logistically and available space and so on, it is sometimes better to bring a project in a place where you are more sure of getting it operational within a short period of time.

There was a question in terms of what are the new lines of businesses that we are going ahead with. As you know, we are going through with a Technical Ammonium Nitrate project, which should get going by January’ 26. We are more or less in a very advanced stage in that. And we should be commencing trials and so on fairly soon in this matter.

Thirdly, there was a question, somebody questioned about other expenses, audit fees, return on equity and so on. Well, I can only say that all of these issues are relative to the performance that

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Chambal Fertilisers and Chemicals Limited

August 26, 2025 the Company brings in. As we improve upon efficiencies, operating efficiencies and all that, those will naturally come through with the operations of the business.

And yes, we do hold conference calls with our investors from time-to-time after every, in fact, after every quarterly result. We do also entertain visitors who wish to come and speak to us from time-to-time. And even global investors, as somebody mentioned, I think Mr. Abhishek J. mentioned that.

Education of farmers, as Mr. Atanu Saha said, yes, that's a continuous business. We have a ‘Seed to Harvest’ program in which there is a lot of contact that happens with the farmers. We explain the products that we use and better farming practices that we can have.

Somebody had a question on CSR. We have a spend of close to Rs. 34 crores and that is also going to be, of which a major part is spent on education. We are building a new school in plant vicinity, which will cater to the needs of the immediate population around us.

And I would also like to mention here that one of the villages that we had adopted, which is close to our plant, has been awarded in this Independence Day by the Prime Minister as being one of the ‘Best Panchayat’ in the country. That is Gadepan village, which is just next to plant.

There are some other questions with respect to cash in the balance sheet. And of course, that cash in the balance sheet is on account of the operations of the Company. And we are definitely looking for some greenfield and other brownfield opportunities to go forth with.

As far as demerging the shipping business, I think there is some misunderstanding. This was already done quite some time back. We do not, as of now, have any shipping business. I think this is about most of the questions that I could note down. I hope I have been able to answer most of that.

Saroj Kumar Poddar

I think so. From my noting also, you've answered all the questions. So thank you. If there are any questions and that has not been answered, please feel free to write to the Secretary or to the

Managing Director. And we will certainly give you specific answer to any query you may have.

I now request Company Secretary to brief the members about voting at the meeting.

Tridib Barat

Thank you, Chairman Sir. E-voting facility is open for members who have not cast their vote through remote e-voting. They may vote on the portal through which they have joined this meeting. The icon for e-voting is available on the screen. Members may click on the EVEN that is 134862. I repeat, 134862, which is available on the screen.

It will redirect them to a separate window where they can proceed to cast vote on each of the items and resolutions. Mr. Manish Gupta, Managing Partner of RMG & Associates, Company

Secretaries in whole-time practice has been appointed as the scrutiniser to scrutinise the remote e-voting and voting in the Annual General Meeting.

The consolidated result of remote e-voting and e-voting in the Annual General Meeting shall be made available along with the scrutiniser’s report on the website of the Company and that of the

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Chambal Fertilisers and Chemicals Limited

August 26, 2025

National Securities Depository Limited within two working days from the conclusion of this meeting.

I now request Chairman Sir to kindly continue with the proceedings of the meeting.

Saroj Kumar Poddar

Ladies and gentlemen, all the items of business forming part of the notice of AGM have been taken up. Tridib Barat, Company Secretary is authorized to declare the results of the voting. E- voting will continue to be available for the next 15 minutes on all items forming part of the notice of the meeting.

The AGM will stand concluded at the end of 15 minutes. Thank you once again, all our shareholders for joining us today. On behalf of the Board of Directors and management of the

Company, I convey sincere thanks to all members for attending and participating in the meeting and for your very positive comments.

I wish you all a happy and healthy year ahead. Thank you.

Tridib Barat

Thank you, Chairman Sir.

Moderator

Dear members, as instructed by the scrutiniser, we request all the members participating in the

AGM and who have not yet cast their vote to do so in the remaining period of 10 minutes. Thank you.

Dear members, as advised by the scrutiniser, time for e-voting is over. This concludes the proceedings of AGM. Thank you all for participating in the Annual General Meeting and e- voting. Thank you.

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