⚡ Flash Summary

Mughal Iron & Steel Industries Limited held its 16th Annual General Meeting on October 28, 2025. The meeting addressed ordinary business including the adoption of audited financial statements for the year ended June 30, 2025, and the appointment of joint statutory auditors for the upcoming term of 2025-2026. Additionally, the election of seven directors for a three-year term commencing October 31, 2025, was conducted. Special business included resolutions regarding related party transactions, ratifying those from the year ended June 30, 2025, and authorizing future transactions, subject to board approval.

📌 Key Takeaways

• ✅ Audited financial statements for the year ended June 30, 2025, were adopted.
• 👨‍💼 Fazal Mahmood & Company and Muniff Ziauddin & Company appointed as Joint Statutory Auditors for 2025-2026.
• 🗓️ The auditor’s remuneration will be fixed and approved by the Board of Directors.
• 🗳️ Seven directors elected for a three-year term starting October 31, 2025.
• 🏢 Directors elected: Mirza Javed Iqbal, Mr. Shoaib Ahmad Khan, Mr. Muhammad Aslam Bhatti, Mr. Jamshed Iqbal, Mr. Khurram Javaid, Mrs. Samina Jamshed, and Mr. Muhammad Mateen Jamshed.
• 🤝 Related party transactions for the year ended June 30, 2025, were ratified.
• 👍 The company is authorized to enter into related party transactions for the year ending June 30, 2026.
• 🛡️ Board Audit Committee and Board of Directors will review and approve related party transactions.
• 📜 Related party transactions for the period ending June 30, 2026, will be presented at the next AGM.
• 📍 The AGM was held at Avari Hotel, Shahrah-e-Quid-e-Azam, Lahore.

🎯 Investment Thesis

Given the resolutions passed are routine governance matters, a HOLD recommendation is maintained. The price target will be reviewed upon release of the audited financial statements, with a reassessment of revenue growth, profitability, and cash flow generation. Time horizon: Medium Term.