Financial Performance (FY 2025-26 vs FY 2024-25)
- Revenue from Operations: ₹2,724.14 lakhs (previous year: ₹3,012.31 lakhs) - decline of 9.57%
- Other Income: ₹34.24 lakhs (previous year: ₹25.82 lakhs)
- Total Income: ₹2,758.38 lakhs (previous year: ₹3,038.13 lakhs)
- Profit Before Tax: ₹52.18 lakhs (previous year: ₹85.26 lakhs)
- Profit After Tax: ₹51.43 lakhs (previous year: ₹85.16 lakhs)
- Earnings Per Share: ₹0.23 (previous year: ₹0.39)
- Reserves & Surplus: ₹91.83 lakhs (previous year: ₹40.41 lakhs)
- Net Worth: ₹2,291.71 lakhs (previous year: ₹2,240.29 lakhs)
Key Financial Ratios (Significant Changes >25%)
- Debt-Equity Ratio: 0.06 times (from 0.09 times) - decreased 28.80%
- Return on Equity: 2.27% (from 3.87%) - decreased 41.43%
- Net Profit Ratio: 1.89% (from 2.83%) - decreased 33.22%
- Return on Investment: 11.24% (from 5.40%) - increased 108.32%
Dividend and Reserves
- No dividend recommended for FY 2025-26
- No amount transferred to General Reserve
Capital Structure
- Authorized Share Capital: ₹22,00,00,000 (2,20,00,000 equity shares of ₹10 each)
- Paid-up Share Capital: ₹21,99,88,320 (2,19,98,832 equity shares of ₹10 each)
- No changes in share capital during the year
Operational Highlights
- Single segment company: Manufacturing of Corrugated Boxes and Trading of Kraft Paper, Duplex Paper and Low-Density Plastic Rolls
- Revenue decline attributed to softer realizations and demand conditions in packaging segment
- Finance costs increased to ₹57.12 lakhs (from ₹35.82 lakhs)
- 14 permanent employees as of March 31, 2026
- Employee benefit expenses: ₹198.66 lakhs (previous year: ₹189.96 lakhs)
Board and Governance
- Board Composition: 6 Directors (3 Executive, 3 Non-Executive Independent)
- Board Meetings: 6 meetings held during FY 2025-26
- Changes in Board:
- Mr. Ashok Mehta re-appointed as Independent Director
- Mr. Kunal Shah ceased as Independent Director (Dec 9, 2025)
- Mr. Naresh Bhuva appointed as Additional Independent Director (Feb 12, 2026)
- Key Managerial Personnel:
- Mr. Keval Goradia (Chairman & Managing Director)
- Ms. Pooja Goradia (CFO)
- Ms. Arushi Lakhotia (Company Secretary)
- Mrs. Payal Goradia retires by rotation and offers herself for re-appointment
Auditors and Compliance
- Statutory Auditor: M/s. Keyur Shah & Associates (FRN: 333288W) - unmodified report
- Internal Auditor: M/s. Makwana Sweta & Associates
- Secretarial Auditor: M/s. M.R. Bhatia & Co. - unmodified report
- No instances of fraud reported
- No material orders from regulators/courts
- Adequate internal financial controls maintained
Related Party Transactions
Transactions with related parties totaling ₹647.04 lakhs, including:
- Remuneration to directors: ₹63.00 lakhs
- Sales to Packwell Enterprise LLP: ₹274.85 lakhs
- Purchases from Packwell Enterprise LLP: ₹207.61 lakhs
- Job work from Packwell Enterprise LLP: ₹50.44 lakhs
- Loans from directors: ₹43.43 lakhs
- Loan repayments to directors: ₹53.29 lakhs
Significant Developments
- Proposed Sale of Vapi Unit: Manufacturing unit at Vapi, Gujarat (4 industrial plots totaling 4,016.54 sq mts) proposed for sale for up to ₹15 crore
- Rationale: Underutilized asset, fund requirement for working capital and debt reduction
- May involve related party transaction if purchased by promoters
- Requires shareholder approval under Section 180(1)(a) of Companies Act, 2013
AGM Details
- 8th Annual General Meeting: September 29, 2026, through VC/OAVM
- Ordinary Business: Adoption of financial statements, re-appointment of director retiring by rotation
- Special Business:
- Appointment of Mr. Naresh Bhuva as Independent Director
- Approval for material related party transactions with promoters
- Approval for sale of Vapi manufacturing unit
Other Disclosures
- No deposits accepted from public
- No loans, guarantees or investments under Section 186
- No amounts transferred to IEPF
- No CSR obligation applicable
- No sexual harassment complaints received
- Equity shares 99.99% dematerialized