Summary of Key Information:

Reporting Period (Quarter/Year): Quarter and Half Year ended 30th September, 2026

Nature of Filing / Announcement: Outcome of Board Meeting pursuant to Regulation 30 of SEBI Listing Regulations

Audit Opinion:

The Limited Review Report on the Unaudited Consolidated Financial Results contains a qualified conclusion concerning uncertainty regarding the resumption of an overseas subsidiary's project and the recoverability of Capital Work-in-Progress amounting to ₹3,247.23 lakh. The report also contains an Emphasis of Matter concerning an overseas subsidiary's working-capital deficit and dependence on continued financial support from related parties and shareholders.

The Limited Review Report on the Unaudited Standalone Financial Results contains an Emphasis of Matter concerning management's assessment that no impairment of the investment in an overseas subsidiary is warranted despite the temporary suspension of construction of the manufacturing facility in Guatemala. The auditors' respective conclusions are not modified in respect of these Emphasis of Matter paragraphs.

Key Financial Highlights [unit: ₹ lakhs]:

Standalone Results:

Quarter ended 30.09.2026:

  • Revenue from Operations: 12,404.39 (QoQ: +5.85% from 11,718.68; YoY: +63.59% from 7,582.39)
  • Total Income: 12,618.63
  • Net Profit: 288.28 (QoQ: -53.95% from 626.07; YoY: +847.24% from 30.44)
  • EPS: ₹0.62

Half year ended 30.09.2026:

  • Revenue from Operations: 24,123.07 (YoY: +52.63% from 15,806.30)
  • Total Income: 24,578.72
  • Net Profit: 914.35 (YoY: +77.17% from 516.05)
  • EPS: ₹2.03

Exceptional Items: Loss of ₹466.30 lakh on disposal of property, plant and equipment during the quarter

Consolidated Results:

Quarter ended 30.09.2026:

  • Revenue from Operations: 12,404.39 (QoQ: +5.85% from 11,718.68; YoY: +62.52% from 7,632.40)
  • Total Income: 12,625.44
  • Net Profit: 267.21 (QoQ: -54.62% from 589.11; YoY: Improvement from loss of 210.85)
  • EPS: ₹0.57 (Basic and Diluted)

Half year ended 30.09.2026:

  • Revenue from Operations: 24,123.07 (YoY: +52.38% from 15,829.13)
  • Total Income: 24,565.01
  • Net Profit: 856.32 (YoY: Improvement from loss of 363.83)
  • EPS: ₹1.90 (Basic and Diluted)

Standalone Balance Sheet (as at 30.09.2026):

  • Property, plant and equipment: 19,540.54
  • Capital work in progress: 73,443.57
  • Cash and cash equivalents: 119.59
  • Total Borrowings: 53,939.49 (Non-current: 44,879.70; Current: 9,059.79)
  • Total Equity: 56,553.53

Consolidated Balance Sheet (as at 30.09.2026):

  • Property, plant and equipment: 19,742.13
  • Capital work in progress: 76,690.81
  • Cash and cash equivalents: 125.76
  • Total Borrowings: 54,151.09 (Non-current: 45,091.30; Current: 9,059.79)
  • Total Equity: 52,257.78

Segment-wise Performance [₹ lakhs]:

Standalone:

Paper & Pulp Segment:

  • Q2 Revenue: 10,739.09 (QoQ: +6.18%; YoY: +71.42%)
  • Q2 Profit before tax: 1,066.08
  • H1 Revenue: 20,853.49 (YoY: +56.65%)
  • H1 Profit before tax: 2,165.30

Moulded Products Segment:

  • Q2 Revenue: 1,879.54 (QoQ: +1.83%; YoY: +19.40%)
  • Q2 Loss before tax: 119.85
  • H1 Revenue: 3,725.23 (YoY: +26.20%)
  • H1 Loss before tax: 282.24

Consolidated:

Paper & Pulp Segment:

  • Q2 Revenue: 10,745.90 (QoQ: +6.46%; YoY: +68.85%)
  • Q2 Profit before tax: 1,048.75
  • H1 Revenue: 20,839.78 (YoY: +56.50%)
  • H1 Profit before tax: 2,112.88

Moulded Products Segment:

  • Q2 Revenue: 1,879.54 (QoQ: +1.83%; YoY: +19.40%)
  • Q2 Loss before tax: 119.85
  • H1 Revenue: 3,725.23 (YoY: +26.20%)
  • H1 Loss before tax: 282.24

Corporate Actions:

  • No dividend declared
  • During the half year, 36,00,000 convertible warrants allotted on 14 October 2024 lapsed upon expiry of the extended exercise period on 13 April 2026
  • The forfeited upfront consideration of ₹2,448 lakh was credited to Capital Reserve

Fundraising / Financing:

  • Raised ₹425 crores through issue of secured Non-Convertible Debentures on Private Placement Basis
  • Proceeds utilized towards repayment of existing borrowings, ongoing Jagriti project and other permitted purposes
  • Raised ₹51.10 crores through preferential issue of 27,20,000 equity shares at ₹110 per share to non-promoter group and 77,00,000 warrants at ₹110 each to Promoters' Group
  • Received upfront consideration of ₹21.18 crores (25%) for warrants on allotment
  • Proceeds to be utilized for repayment of existing borrowings or Jagriti Project

Other Significant Information:

  • Investor call scheduled for 3rd November, 2026 at 4:00 p.m. IST
  • The company operates in Paper & Pulp and Moulded Products segments
  • Total comprehensive income for half year stood at ₹882.08 lakh (Standalone) and ₹897.12 lakh (Consolidated)