Key Decisions and Financial Results

The Board of Directors meeting commenced at 12:30 PM and concluded at 1:10 PM on November 04, 2026. The following key decisions were made:

1. Approval of Financial Results: The Board approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026. This was done pursuant to Regulation 30 & 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were accompanied by a Limited Review Report from the auditors, Y. B. Desai and Associates (Firm Registration No. 102368W), which contained no qualifications or modifications.

2. Re-appointment of Director: Based on the recommendation of the Nomination and Remuneration Committee, the Board considered and approved the re-appointment of Mr. Atul Baijal (DIN: 09046341) as Wholetime Director for a further period of 3 years effective February 11, 2027, subject to shareholder approval. His current term expires on February 10, 2027. Mr. Baijal submitted a declaration confirming he has not been debarred from holding the office of Director by virtue of any SEBI order or other authority.

Detailed Financial Performance (Standalone)

Quarterly Performance (Q2 FY27 vs Q2 FY26 vs Q1 FY27)

  • Revenue from Operations: ₹7,392.50 lacs (Q2 FY27) vs ₹5,424.21 lacs (Q2 FY26) vs ₹6,325.49 lacs (Q1 FY27)
  • Other Income: ₹49.46 lacs (Q2 FY27) vs ₹100.07 lacs (Q2 FY26) vs ₹41.98 lacs (Q1 FY27)
  • Total Income: ₹7,441.96 lacs (Q2 FY27) vs ₹5,524.28 lacs (Q2 FY26) vs ₹6,367.47 lacs (Q1 FY27)
  • Cost of Materials Consumed: ₹5,416.71 lacs (Q2 FY27) vs ₹3,464.87 lacs (Q2 FY26) vs ₹4,294.41 lacs (Q1 FY27)
  • Employee Benefits Expense: ₹786.34 lacs (Q2 FY27) vs ₹691.91 lacs (Q2 FY26) vs ₹723.02 lacs (Q1 FY27)
  • Finance Costs: ₹34.52 lacs (Q2 FY27) vs ₹14.88 lacs (Q2 FY26) vs ₹23.88 lacs (Q1 FY27)
  • Depreciation: ₹182.90 lacs (Q2 FY27) vs ₹143.91 lacs (Q2 FY26) vs ₹163.23 lacs (Q1 FY27)
  • Other Expenses: ₹1,113.11 lacs (Q2 FY27) vs ₹917.54 lacs (Q2 FY26) vs ₹891.87 lacs (Q1 FY27)
  • Profit Before Tax: ₹136.75 lacs (Q2 FY27) vs ₹324.24 lacs (Q2 FY26) vs ₹460.42 lacs (Q1 FY27)
  • Tax Expense: ₹58.60 lacs (Q2 FY27 - Current: ₹43.19 lacs, Deferred: ₹15.41 lacs) vs ₹88.73 lacs (Q2 FY26 - Current: ₹83.92 lacs, Deferred: ₹4.81 lacs) vs ₹130.17 lacs (Q1 FY27 - Current: ₹126.69 lacs, Deferred: ₹3.48 lacs)
  • Profit for the Period: ₹78.15 lacs (Q2 FY27) vs ₹235.51 lacs (Q2 FY26) vs ₹330.25 lacs (Q1 FY27)
  • Earnings Per Share (Basic & Diluted): ₹1.64 (Q2 FY27) vs ₹4.95 (Q2 FY26) vs ₹6.95 (Q1 FY27)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹13,717.99 lacs (H1 FY27) vs ₹10,789.87 lacs (H1 FY26)
  • Other Income: ₹91.44 lacs (H1 FY27) vs ₹222.73 lacs (H1 FY26)
  • Total Income: ₹13,809.43 lacs (H1 FY27) vs ₹11,012.60 lacs (H1 FY26)
  • Profit Before Tax: ₹597.17 lacs (H1 FY27) vs ₹712.26 lacs (H1 FY26)
  • Tax Expense: ₹188.77 lacs (H1 FY27 - Current: ₹169.88 lacs, Deferred: ₹18.89 lacs) vs ₹186.61 lacs (H1 FY26 - Current: ₹181.31 lacs, Deferred: ₹5.30 lacs)
  • Profit for the Period: ₹408.40 lacs (H1 FY27) vs ₹525.65 lacs (H1 FY26)
  • Earnings Per Share (Basic & Diluted): ₹8.59 (H1 FY27) vs ₹11.06 (H1 FY26)

Balance Sheet Position (Standalone as of September 30, 2026)

  • Total Assets: ₹18,518.96 lacs (vs ₹14,307.45 lacs as of March 31, 2026)
  • Property, Plant and Equipment: ₹5,317.84 lacs
  • Capital Work-in-Progress: ₹4,450.86 lacs
  • Inventories: ₹2,821.70 lacs
  • Trade Receivables: ₹4,185.96 lacs
  • Cash and Cash Equivalents: ₹242.79 lacs
  • Total Equity: ₹12,360.60 lacs (Equity Share Capital: ₹475.45 lacs, Other Equity: ₹11,885.15 lacs)
  • Borrowings (Non-current): ₹1,829.52 lacs
  • Borrowings (Current): ₹1,144.44 lacs
  • Trade Payables: ₹2,228.80 lacs (Micro/Small Enterprises: ₹380.17 lacs, Others: ₹1,848.63 lacs)

Cash Flow Statement (Standalone H1 FY27)

  • Cash from Operating Activities: ₹152.75 lacs
  • Cash Used in Investing Activities: ₹(3,472.71) lacs (primarily payment for property, plant and equipment)
  • Cash from Financing Activities: ₹2,779.20 lacs (primarily from increase in borrowings)
  • Net Decrease in Cash: ₹(540.76) lacs

Detailed Financial Performance (Consolidated)

The consolidated results include subsidiary Synergy Films Private Limited, which contributed net profit after tax of ₹2.24 lacs for Q2 FY27 and ₹4.61 lacs for H1 FY27.

Quarterly Performance (Consolidated)

  • Profit for the Period: ₹80.39 lacs (Q2 FY27) vs ₹235.88 lacs (Q2 FY26) vs ₹332.62 lacs (Q1 FY27)
  • Earnings Per Share: ₹1.69 (Q2 FY27) vs ₹4.96 (Q2 FY26) vs ₹7.00 (Q1 FY27)

Half-Yearly Performance (Consolidated)

  • Profit for the Period: ₹413.01 lacs (H1 FY27) vs ₹527.43 lacs (H1 FY26)
  • Earnings Per Share: ₹8.69 (H1 FY27) vs ₹11.09 (H1 FY26)

Key Notes and Disclosures

  • Accounting Standards: Financial results prepared in accordance with Indian Accounting Standards (Ind AS).
  • Business Segment: The company is primarily engaged in the manufacture of plastic film, which is the only reportable business segment.
  • Geographical Segment: Primarily operating in India, considered a single geographical segment.
  • One-time Expenses: Other expenses include one-time, non-recurring expenses of ₹96.31 lacs incurred on the amalgamation of Kunal Plastics Private Limited with the Company, consisting primarily of stamp duty, statutory fees and legal fees.
  • Provisions: Provision for taxes, employment benefits and other provisions for contingencies have been considered on an estimated basis.
  • Share Capital: Paid-up equity share capital increased to ₹475.45 lacs (face value ₹10 per share) from ₹345.45 lacs in the previous year, after considering the effect of the merger with Kunal Plastics Private Limited.
  • Previous Period Figures: Have been regrouped/reclassified wherever necessary to make them comparable with current period figures.

Director Profile

Mr. Atul Baijal is a plastic technologist with close to four decades of experience spanning quality control, quality assurance, technical services, technical development, operations, sales and global procurement in the Indian Flexible Packaging Industry. He is not related to any Directors, KMP or promoter of the company.

Financial Impact

Financial impact is quantified in the detailed results above. The one-time expenses of ₹96.31 lacs related to the amalgamation had a material impact on quarterly profitability.