Board Meeting Details
The Board of Directors meeting was held on Wednesday, August 12, 2026, commencing at 03:00 PM and concluding at 05:00 PM.
Key Decisions Approved
1. Financial Results Approval
- Approved Standalone and Consolidated Unaudited Financial Results for the quarter ended June 30, 2026
- Limited Review Report received for both standalone and consolidated results
2. Internal Auditor Appointment
- Appointed M/s. Modi Harsh & Co. as Internal Auditor for financial year 2026-2027
- Date of appointment: August 12, 2026
3. Statutory Auditor Appointment
- Appointed M/s. Akshay Singhla & Associates, Chartered Accountants (ICAI Firm Registration No.: 0395880N) as Statutory Auditors
- Term: 5 years commencing from conclusion of 26th AGM until conclusion of 31st AGM
- Subject to shareholder approval and statutory requirements
- Firm is peer-reviewed and eligible under Companies Act, 2013 provisions
4. Managing Director Re-appointment
- Re-appointed Mr. Sunil Kumar Malik as Managing Director
- Effective from October 2, 2026, for period of 3 years ending October 1, 2029
- Remuneration remains unchanged from previous term
- Subject to shareholder approval in ensuing general meeting
- Mr. Lalit Kumar Malik (brother) is the only related director
- Mr. Sunil Kumar Malik is not debarred from directorship per SEBI or other authorities
5. Annual Report and AGM
- Approved Annual Report for Financial Year 2025-2026
- Approved AGM date: September 26, 2026
Financial Results - Standalone (Quarter Ended June 30, 2026)
Income Statement (₹ in lakhs)
- Revenue from Operations: 9,317.50
- Other Income: 104.10
- Total Income: 9,421.60
- Purchase of Stock-in-Trade: 8,992.36
- Other Direct Expenses: 0.89
- Changes in Inventories: (39.99)
- Employee Benefits Expense: 63.70
- Finance Costs: 210.71
- Depreciation and amortization: 43.47
- Other Expenses: 72.49
- Total Expenses: 9,343.61
- Profit before tax: 77.99
- Current Tax: 25.47
- Deferred Tax: (8.47)
- Total Tax: 17.00
- Profit for period: 60.99
- Other Comprehensive Income: (81.20)
- Total Comprehensive Income: (20.21)
Key Metrics
- EPS Basic: ₹0.35
- EPS Diluted: ₹0.35
- Paid-up equity share capital: ₹1,725.72 lakh (Face value ₹10 per share)
Segment-wise Performance (Standalone)
- Recycle Division Revenue: 9,317.50
- Restore Division Revenue: 245.49
- Biomass Division Revenue: 1.54
- Unallocable: 17.00
- Total Segment Revenue: 9,317.50
Financial Results - Consolidated (Quarter Ended June 30, 2026)
Income Statement (₹ in lakhs)
- Revenue from Operations: 19,106.45
- Other Income: 81.85
- Total Income: 19,188.30
- Purchase of Stock-in-Trade: 18,950.73
- Other Direct Expenses: 6.37
- Changes in Inventories: (448.26)
- Employee Benefits Expense: 112.13
- Finance Costs: 246.62
- Depreciation and amortization: 75.91
- Other Expenses: 127.42
- Total Expenses: 19,070.93
- Profit before tax: 117.38
- Share of Profit in Associates: 22.09
- Profit before tax after associates: 139.47
- Current Tax: 47.10
- Deferred Tax: (11.10)
- Total Tax: 36.00
- Profit for period: 103.47
- Other Comprehensive Income: (81.20)
- Total Comprehensive Income: 22.27
Attribution of Profit
- Owners of company: 110.48
- Non-controlling interests: (7.01)
Key Metrics
- EPS Basic: ₹0.60
- EPS Diluted: ₹0.60
- Paid-up equity share capital: ₹1,725.72 lakh
Segment-wise Performance (Consolidated)
- Recycle Division Revenue: 18,454.58
- Restore Division Revenue: 62.41
- Biomass Division Revenue: 589.46
- Total Segment Revenue: 19,106.45
Significant Events During Quarter
1. Warrant Forfeiture
- Forfeited 19,55,000 convertible warrants issued on preferential basis
- Issue price: ₹352.00 per warrant (₹88.00 warrant subscription price + ₹264.00 exercise price)
- Upfront subscription amount received: ₹17,20,40,000 (25% of issue price)
- Forfeiture date: April 1, 2026, due to non-payment of balance amount within stipulated period
- No further obligation exists regarding these warrants
2. Subsidiary Investment
- Acquired 1,02,000 equity shares of subsidiary Ganesha Recycling Chain Private Limited
- Total consideration: ₹1,02,00,000
- Increased investment in the subsidiary
3. Subsidiary Expansion
- Ganesha Recycling Chain Private Limited (material subsidiary) acquired 51% stake/profit-sharing ratio in M/s. Shubhlaxmi Ecoplast LLP
- Consequently, Shubhlaxmi Ecoplast LLP became subsidiary LLP of Ganesha Recycling and step-down subsidiary LLP of Race Eco Chain
Business Overview
- Company primarily engaged in Plastic Waste, Home furnishing, Madeup, Bags & Garments and Briquettes business
- Operating segments: Recycle Division, Restore Division, Biomass Division
Entities Consolidated
- Subsidiaries: M/s Ganesha Recycling Chain Private Limited, M/s Silverline Eco Thrive Limited, M/s Vasundhara Envirogreen Private Limited
- Associate: M/s Prime Industries Limited
- M/s Race Grassland Private Limited has no operations or financial activity