Financial Performance Overview

FY 2025-26 Financial Results (₹ in Lakhs)

| Particulars | FY 2025-26 | FY 2024-25 | Change |

| Revenue from Operations | 62,843.79 | 52,726.71 | +19.19% |

| Other Income | 200.54 | 419.31 | -52.17% |

| Total Income | 63,044.33 | 53,146.02 | +18.62% |

| Profit before Depreciation, Finance Costs & Tax | 1,896.56 | 811.49 | +133.71% |

| Depreciation & Amortization | 15.43 | 20.28 | -23.92% |

| Financial Expenses | 37.02 | 24.34 | +52.10% |

| Profit before Tax | 1,844.11 | 766.87 | +140.48% |

| Provision for Taxation | 487.70 | 199.82 | +144.07% |

| Profit after Tax | 1,356.41 | 567.05 | +139.20% |

Key Financial Ratios

  • Earnings Per Share (EPS): ₹6.66 (both basic and diluted)
  • Current Ratio: 3.24 times (vs 2.15 times previous year)
  • Return on Equity: 10% (vs 6% previous year)
  • Net Profit Margin: 2.16% (vs 1.08% previous year)

Capital Structure Changes

IPO Completion

  • Successfully completed Initial Public Offering (IPO) on BSE SME Platform
  • Allotment date: 1st October 2025
  • Listing date: 6th October 2025
  • Issue details: 55,00,000 Equity Shares of face value ₹10 each at issue price of ₹140 per share
  • Total issue size: ₹77.00 Crores
  • Net proceeds after issue expenses: ₹54.60 Crores

Share Capital Changes

  • Pre-IPO paid-up capital: ₹1,585.80 Lakhs (1,58,58,009 shares)
  • Post-IPO paid-up capital: ₹2,035.80 Lakhs (2,03,58,009 shares)
  • Authorized capital remains unchanged at ₹11,500.00 Lakhs

Promoter Holding Changes

  • Mrs. Purnima Mukesh Thakkar: 44.62% (from 57.28%)
  • Mr. Mukesh Natverlal Thakkar: 20.75% (from 26.64%)
  • Mr. Bhavik Mukesh Thakkar: 12.16% (from 15.62%)
  • Total promoter holding reduction due to IPO dilution

Business Operations & Performance

Core Business Activities

  • Engaged in trading and distribution of polymers - primarily Polyethylene (PE) and Polypropylene (PP)
  • Authorized distributor of Borouge Pte Ltd since 2001 for ISC region
  • Long-standing relationship with Lyondell Basell (over 15 years)
  • Product portfolio includes LLDPE, LDPE, HDPE, Terpolymer LLDPE, Homo Polymer, Impact Co-polymer, Random Co-polymer

Distribution Network

  • Widespread distribution network across India
  • Strategically located warehouses and depots primarily in western India
  • Supplies to packaging, agriculture, infrastructure, automotive, consumer products, and industrial applications

Operational Highlights

  • Robust revenue growth of 19.19% YoY
  • Significant improvement in profitability (139.20% PAT growth)
  • Improved operational efficiency and working capital management
  • Debt-light capital structure maintained

Corporate Governance & Management

Board Composition (as on 31st March 2026)

  • Mr. Mukesh Natverlal Thakkar: Chairman & Whole-Time Director (DIN: 01867515)
  • Mr. Bhavik Mukesh Thakkar: Managing Director (DIN: 01867522)
  • Mrs. Purnima Mukesh Thakkar: Executive Director (DIN: 02262042)
  • Mrs. Jeny Vinod Kumar Gowadia: Independent Director (DIN: 03014009)
  • Mr. Manishkumar Anjanikumar Dhanuka: Independent Director (DIN: 03272845)
  • Mr. Jayesh Jaysinh Kapadia: Independent Director (DIN: 10836880)

Key Managerial Personnel Changes

  • Mr. Nikhil Dineshchandra Bhatt appointed as Company Secretary & Compliance Officer (w.e.f. 1st April 2025)
  • Mr. Anish Ramanlal Shah ceased as CFO (w.e.f. 7th November 2025)
  • Mr. K P Ravichandra appointed as CFO (w.e.f. 10th November 2025)

Board Meetings

  • 10 Board meetings held during FY 2025-26
  • Average attendance: 4-6 directors per meeting

Committee Meetings

  • Audit Committee: 5 meetings (100% attendance)
  • Nomination and Remuneration Committee: 1 meeting
  • Stakeholders Relationship Committee: 1 meeting
  • CSR Committee: 1 meeting

Related Party Transactions

Managerial Remuneration (₹ in Lakhs)

  • Mr. Mukesh Natverlal Thakkar: ₹60.00 (₹5,00,000 per month)
  • Mr. Bhavik Mukesh Thakkar: ₹60.00 (₹5,00,000 per month)
  • Mrs. Purnima Mukesh Thakkar: ₹48.00 (₹4,00,000 per month)

Other Transactions

  • Rent payments to promoters: ₹7.20 lakhs to Mr. Mukesh Thakkar, ₹9.00 lakhs to Mr. Bhavik Thakkar
  • Property purchase from Griffon Securities Pvt. Ltd.: ₹7.50 Crores
  • Advance against property purchase: ₹7.33 Crores

Auditors & Compliance

Statutory Auditors

  • M/s. M Parashar & Co., Chartered Accountants (Firm Registration No. 110954C)
  • Auditor's report contains no qualifications, reservations or adverse remarks
  • No instances of fraud reported under Section 143(12)

Internal Auditors

  • Initially appointed Mr. K P Ravichandra and Smt. Shilpa Pawar
  • Later appointed M/s Mittal & Associates, Chartered Accountants

Secretarial Auditors

  • M/s JPS & Associates, Practicing Company Secretaries
  • Secretarial Audit Report for FY 2025-26 annexed to Board Report
  • Board recommended appointment for 5 years (FY 2026-27 to FY 2030-31)

Risk Factors & Challenges

Geopolitical Impact

  • Board monitors global geopolitical developments including Russia-Ukraine conflict and Middle East tensions
  • Impact on crude oil prices, shipping costs, freight rates, and foreign exchange fluctuations
  • Polymer prices influenced by crude oil price volatility
  • Company demonstrated resilience through diversified sourcing and strong supplier relationships

Industry Challenges

  • Fluctuations in crude oil and polymer prices
  • Foreign exchange volatility affecting procurement costs
  • Regulatory changes impacting polymer industry
  • Global supply chain disruptions

Future Outlook & Strategy

Growth Initiatives

  • Expanding warehouse capacity and footprint
  • Entering into new partnerships with global suppliers
  • Exploring value-added services for clients
  • Enhancing digital infrastructure for supply chain transparency

Market Position

  • Well-positioned to capitalize on growing polymer demand in India
  • Strong relationships with global suppliers and domestic customers
  • Enhanced market credibility as listed entity
  • Strengthened balance sheet post-IPO

Corporate Social Responsibility

CSR Committee

  • Mrs. Jeny Vinod Kumar Gowadia (Chairperson)
  • Mr. Mukesh Natverlal Thakkar (Member)
  • Mr. Bhavik Mukesh Thakkar (Member)

CSR Spending

  • Average net profit for CSR calculation: ₹1,306.63 Lakhs
  • 2% of average net profit: ₹26.13 Lakhs
  • Total CSR obligation: ₹25.74 Lakhs
  • Actual CSR spent: ₹28.91 Lakhs
  • Excess amount available for set-off: ₹3.17 Lakhs

CSR Activities

  • Distribution of food grains: ₹19.11 Lakhs through Rotary Club of Borivali Charitable Trust
  • Medical relief: ₹2.00 Lakhs through Shree Borivali Gujarati Seva Mandal
  • Educational fees: ₹7.50 Lakhs through ABC Charitable Trust
  • Welfare of differently abled persons: ₹0.30 Lakhs through Udan Foundation

AGM Matters

Nineteenth Annual General Meeting

  • Date: Wednesday, 2nd September 2026
  • Time: 4:00 PM
  • Mode: Video Conferencing/Other Audio-Visual Means
  • Venue: Registered Office - Office No. 1105, 11th Floor, DLH Park, S V Road, Goregaon West, Mumbai-400064

Business Items

1. Adoption of audited financial statements for FY 2025-26

2. Re-appointment of Mr. Bhavik Mukesh Thakkar as Director liable to retire by rotation

3. Re-appointment of Mrs. Jeny Vinod Kumar Gowadia as Independent Director for second term (Special Resolution)

4. Appointment of M/s JPS & Associates as Secretarial Auditor for 5 years (Ordinary Resolution)

5. Revision in remuneration of Mr. Bhavik Mukesh Thakkar (Special Resolution)

6. Revision in remuneration of Mr. Mukesh Natverlal Thakkar (Special Resolution)

7. Revision in remuneration of Mrs. Purnima Mukesh Thakkar (Special Resolution)

Additional Information

Foreign Exchange Transactions

  • Foreign exchange earnings: $405,033.80 (₹358.96 Lakhs)
  • Foreign exchange outgo: $62,742,298.37 (₹55,353.50 Lakhs)

Employee Strength

  • Total permanent employees: 18 as on 31st March 2026
  • Average percentage increase in employee salaries: 10.32%
  • Average percentage increase in managerial remuneration: 21.43%

Tax Matters

  • Income tax demand of ₹3,70,31,440 for AY 2020-21 under dispute
  • Appeal filed on 27th March 2025, currently pending before Joint Commissioner (Appeals)
  • Penalty proceedings initiated under various sections of Income Tax Act