Company Overview

Financial Performance Summary FY 2025-26

Revenue and Profitability

  • Gross Revenue: ₹42,829.24 lakhs (FY 2024-25: ₹42,385.22 lakhs)
  • Net Revenue (after GST): ₹37,486.29 lakhs
  • Profit Before Tax: ₹2,004.33 lakhs, decreased by 34.45% from ₹3,057 lakhs in previous year
  • Profit After Tax: ₹1,475.94 lakhs, decreased by 35.32% from ₹2,281.80 lakhs in previous year
  • Other Comprehensive Income: Loss of ₹2,378.11 lakhs (mainly due to fair value loss on equity investments)
  • Total Comprehensive Income: Loss of ₹902.17 lakhs

Key Financial Metrics

  • Earnings Per Share (Basic & Diluted): ₹13.91 (Previous year: ₹21.51)
  • Net Worth: ₹35,062.24 lakhs, excluding OCI
  • Book Value Per Share: ₹288 (Previous year: ₹278)
  • Dividend Recommended: Final dividend of ₹4 per equity share (40% of face value), totaling ₹424.40 lakhs outflow
  • Dividend Payout Ratio: 28.75% of net profit

Operational Highlights

  • Export Revenue: Increased by 25.71% to ₹8,092.93 lakhs from ₹6,437.92 lakhs
  • Sales Volume: 15,258 MT, marginal increase of 0.25%
  • Capacity Utilization: 70.81%
  • R&D Expenditure: ₹2,155 lakhs (₹1,171 lakhs revenue expenditure, ₹984 lakhs capital expenditure)

Capital Expenditure and Expansion

  • Chaksu Plant Expansion: ₹849.82 lakhs invested to increase capacity by approximately 6000 MT per annum
  • Solar Power Projects: Commissioned 4.54 MWp solar capacity including:
  • 3.51 MWp plant at Sangarh, Jaisalmer
  • 0.62 MWp rooftop at Chaksu plant
  • 0.41 MWp rooftop at Sitapura plant
  • Total Solar Project Cost: ₹1,464.37 lakhs capital expenditure

Corporate Structure and Shareholding

Share Capital

  • Authorized Capital: ₹1,250 lakhs (1,25,00,000 equity shares of ₹10 each)
  • Paid-up Capital: ₹1,061 lakhs (1,06,10,000 equity shares of ₹10 each fully paid-up)
  • No change in share capital during the year

Shareholding Pattern (as on 31st March 2026)

  • Promoters & Promoter Group: 62.43% (66,23,658 shares)
  • Institutional Investors: 0.23% (24,600 shares)
  • Non-Institutional Investors: 35.35% (37,50,369 shares)
  • Others: 1.99% (2,11,373 shares)
  • Dematerialized Shares: 97.46% of total paid-up capital

Board and Management Changes

Director Changes

  • Shri M. Mahadevan retired as Independent Director effective 31st March 2026 after completing second term
  • Shri Visvanathan Muthukumar appointed as Additional Non-Executive Independent Director effective 27th February 2026

Key Managerial Personnel Changes

  • Shri B.K. Bohra resigned as CFO effective 31st May 2025
  • Shri Anil Kumar Sharma resigned as Company Secretary effective 10th April 2025
  • Shri Yug Mahesshwari appointed as CFO effective 1st June 2025
  • Shri Rajeev Kumar appointed as Company Secretary effective 30th September 2025

Corporate Governance and Compliance

Board Meetings

  • 7 Board meetings held during the year with maximum gap not exceeding 120 days
  • All applicable Secretarial Standards (SS-1 and SS-2) complied with

Committee Structure

  • Audit Committee: 5 meetings held
  • Nomination and Remuneration Committee: 4 meetings held
  • Stakeholders Relationship Committee: 4 meetings held
  • CSR Committee: 4 meetings held

Related Party Transactions

  • All transactions were at arm's length and in ordinary course of business
  • Total transactions with related parties: ₹1.00 lakh (rent/electricity expenses received from Espouse Resonance Engineering LLP)
  • No materially significant related party transactions with potential conflict of interest

CSR Activities

  • CSR Expenditure: ₹67.07 lakhs against prescribed amount of ₹67.05 lakhs
  • Excess Spent: ₹0.02 lakhs (to be set off against next year's obligation)
  • Focus Areas: Education, healthcare, and environmental sustainability
  • CSR Policy: Available on company website

Risk Management

Key Risks Identified for FY 2026-27

1. Market volatility due to raw material price fluctuations

2. Foreign exchange risk from export exposure

3. Regulatory changes in domestic and export markets

4. Supply chain disruptions from geopolitical and logistical factors

5. ESG compliance and evolving environmental standards

6. Geopolitical situations including US tariff changes

Risk Mitigation Strategies

  • Regular quarterly monitoring with specific mitigation strategies
  • Hedging strategies for foreign exchange risk
  • ECGC insurance for export sales
  • Structured credit risk assessment and monitoring

Auditor Reports

Statutory Auditors

  • M/s. K.N. Gutgutia & Co. continued as Statutory Auditors
  • Audit report contains no qualifications, reservations or adverse remarks
  • Total Fees Paid: ₹6.88 lakhs (including audit, tax audit, and certification charges)

Cost Auditors

  • M/s. K.G. Goyal & Associates appointed as Cost Auditors for FY 2026-27
  • Remuneration: ₹60,000 plus applicable GST and out-of-pocket expenses (subject to member ratification)

Secretarial Auditors

  • M/s. Pinchaa & Co. continued as Secretarial Auditors
  • Secretarial audit report contains no qualifications or adverse remarks

Other Significant Disclosures

Liquidity Position

  • Company continued to be net debt-free
  • Current Ratio: 3.95 (Previous year: 5.13)
  • Cash and Cash Equivalents: ₹349.17 lakhs
  • Bank Balances (other than cash): ₹120.07 lakhs

Credit Rating

  • CRISIL Rating: Long-term A/Stable, Short-term A1
  • Reflects strong credit profile, liquidity position, and corporate governance practices

Export Status

  • Maintained Two Star Export House Status under Foreign Trade Policy 2023

Employee Strength

  • Total Permanent Employees: 358 (excluding casual workers)
  • Harmonious Industrial Relations maintained throughout the year

Awards and Recognition

  • Best Employer–2025 Award in Large Scale Industry category from Employers' Association of Rajasthan
  • WRAP (Worldwide Responsible Accredited Production) Certificate of Compliance

Forward-looking Statements

Statements in the Board's Report and Management Discussion & Analysis describing company's objectives, projections, estimates, or predictions are forward-looking statements subject to risks and uncertainties. Actual results could differ materially due to economic conditions, government regulations, natural calamities, and other factors beyond company's control.

Annual General Meeting Details

  • AGM Date: 21st September 2026
  • AGM Mode: Video Conferencing/Other Audio Visual Means
  • Book Closure: 15th September 2026 to 21st September 2026
  • Dividend Payment: Within 30 days of declaration, subject to TDS deduction

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