Date: 30th September, 2026

KMP / Board / Auditor Changes

Directors Present:

  • Mr. Pradeep Vasant Dhobale, Independent Director and Chairman
  • Mr. Ved Krishna, Managing Director
  • Mr. Gautam Ghosh, Executive Director (Member: Stakeholders' Relationship Committee, Banking and Finance Committee, Fund Raising Committee)
  • Mrs. Manjula Jhunjhunwala, Non-Executive Director (Promoter) (Member: CSR Committee)
  • Ms. Kimberly Ann McArthur, Non-Executive Director (Promoter Group) (Chairperson: CSR Committee)
  • Mr. Alok Ranjan, Independent Director (Chairman: Audit Committee)
  • Mr. Himanshu Kapoor, Non-Executive Director (Chairman: Banking and Finance Committee, Fund Raising Committee)
  • Mr. Rahul Krantikumar Dharmadhikary, Independent Director (Member: Audit Committee)
  • Ms. Dinika Bhatia, Independent Director

Key Managerial Personnel Present:

  • Mr. Manoj Kumar Maurya, Chief Financial Officer
  • Mr. Sachin Kumar Srivastava, Company Secretary & Corporate Finance Head

Auditors Present:

  • Mr. Diwakar Sapre, representing Statutory Auditors
  • Mr. Amit Gupta, Secretarial Auditor and Scrutiniser

Director Absence:

  • Ms. Anna Kay Warrington, Independent Director, conveyed inability to attend

Retirement by Rotation:

  • Mr. Gautam Ghosh, Executive Director, retires by rotation and offers himself for re-appointment (Item No. 3)
  • Mr. Himanshu Kapoor retires by rotation and offers himself for re-appointment (Item No. 4)

Dividend Declaration or Non-Declaration

The Board did not recommend any dividend for the financial year 2025-26. This decision was taken after considering the year's financial performance, liquidity requirements, planned capital expenditure, and funding requirements for Project Jagriti. The Board stated the decision to retain earnings was to protect liquidity and support projects important for the Company's long-term value.

Board Meeting Outcomes

The AGM covered six items of business:

Ordinary Business:

1. To receive, consider and adopt the Audited Standalone Financial Statements for FY2025-26 with Reports of Board and Auditors

2. To receive, consider and adopt the Audited Consolidated Financial Statements for FY2025-26 with Report of Auditors

3. To appoint a Director in place of Mr. Gautam Ghosh who retires by rotation

4. To appoint a Director in place of Mr. Himanshu Kapoor who retires by rotation

Special Business:

5. Alteration of Articles of Association by insertion of provisions relating to an Observer and a Nominee Director

6. Clarification to the objects of the preferential issue of equity shares and fully convertible warrants approved by Members at EGM on 5th May, 2026

Financial Results (Standalone & Consolidated)

FY2025-26 Standalone Performance:

  • Revenue from operations: ₹355.80 crore (compared to ₹406.04 crore in previous year)
  • Net profit: ₹18.15 crore (compared to ₹56.70 crore in FY2024-25)
  • Performance was below expectations due to planned shutdowns, equipment breakdowns, delays in major expansion project, and pressure on demand/realizations from increased imports

FY2025-26 Consolidated Performance:

  • Moulded Fibre Products business (CHUK) achieved highest annual revenue of ₹63.23 crore
  • CHUK volumes crossed 3,100 tonnes

Q1 FY2026-27 Performance (Unaudited Consolidated):

  • Revenue from operations: ₹117.19 crore (compared to ₹81.97 crore in corresponding quarter previous year)
  • Profit after tax: ₹5.89 crore (compared to loss of ₹1.53 crore in corresponding quarter)

Operational Metrics:

  • 100% renewable raw material utilization
  • 52.91% renewable energy usage
  • 57.37% water recycled and reused

Disinvestment / Strategic Actions

Project Jagriti:

  • Central to growth plans, intended to strengthen pulp, paper, energy and recovery capabilities
  • Supports larger portfolio of value-added, sustainable packaging products
  • Has required substantial capital and faced delays
  • Revised commissioning date for commercial production: January 2027
  • Operational production expected to start earlier, targeting product output by Diwali
  • Most machinery already delivered to site
  • Project cost impacted by foreign exchange fluctuations (rupee touched 90-96 to dollar)

Funding Arrangements:

  • Company moved to NBFC for major loan due to project cost overrun
  • Retired borrowings from banks
  • Considered as bridge loan for 1-1.5 years until machine stabilizes
  • Plan to substitute high-cost debt with low-cost debt once machine stabilizes and internal cash flows strengthen

Other Operational / Legal / Strategic Disclosures

Business Items for Approval:

  • Alteration of Articles of Association to insert provisions relating to Observer and Nominee Director representation
  • Clarification to objects of preferential issue of equity shares and fully convertible warrants approved at EGM on 5th May, 2026

Shareholder Questions & Management Responses:

  • Flexible coated products development ongoing with trials in Slovenia pilot plants
  • PM4 initial products will be dense papers with low porosity for food packaging, with external coating collaboration
  • Target to increase NSR from ₹130-150/kg to ₹180-200/kg over time
  • Innovation team relocation from Bengaluru to Ayodhya underway
  • Profitability improvement through volume increase (PM3 modification, PM4 commissioning), pricing improvement, cost reduction
  • Export revenue at 25% of total (30% previous year), expecting increase with PM4 products
  • Raw material (bagasse) under long-term contracts with sugar mills in Uttar Pradesh (up to 5 years)
  • Additional capital of ₹114.60 crore to be deployed for capacity expansion and international business strengthening

Compliance Measures:

  • Stronger subsidiary reporting and consolidation timelines
  • Exchange-wise filing checks
  • Assigned compliance responsibilities
  • Closer monitoring of overseas investment filings