Key Quantitative Figures

  • Revenue from Operations: ₹179.34 Crores (₹17,933.91 Lakhs) for FY 2025-26 vs. ₹180.27 Crores (₹18,027.07 Lakhs) in FY 2024-25; decrease of 0.52%.
  • Profit Before Tax (PBT): ₹3.31 Crores (₹331.22 Lakhs) for FY 2025-26 vs. ₹4.00 Crores (₹400.09 Lakhs) in FY 2024-25; decrease of 17.21%.
  • Profit After Tax (PAT): ₹2.37 Crores (₹236.74 Lakhs) for FY 2025-26 vs. ₹2.83 Crores (₹282.58 Lakhs) in FY 2024-25; decrease of 16.22%.
  • EBITDA: ₹7.51 Crores (₹751.45 Lakhs) for FY 2025-26 vs. ₹8.45 Crores (₹845.03 Lakhs) in FY 2024-25; decrease of 11.07%.
  • Earnings Per Share (EPS): ₹18.11 for FY 2025-26 vs. ₹21.62 for FY 2024-25; decrease of 16.23%.
  • Total Comprehensive Income: ₹2.39 Crores (₹238.95 Lakhs) for FY 2025-26 vs. ₹2.79 Crores (₹278.68 Lakhs) in FY 2024-25.
  • Capital Expenditure: ₹10.68 Crores incurred towards installation of a new 4.5 MW co-generation turbine and modernization of plant and machinery.
  • Total Borrowings (Non-current + Current): ₹31.40 Crores (₹1,299.83 Lakhs + ₹1,840.36 Lakhs) as on 31.03.2026.
  • Cash and Cash Equivalents: ₹1.98 Crores (₹198.15 Lakhs) as on 31.03.2026.
  • Export Earnings: ₹20.24 Crores (₹2,024.00 Lakhs) for FY 2025-26, an increase of 31.98% from ₹15.34 Crores (₹1,533.57 Lakhs) in FY 2024-25.
  • Imports (CIF): Raw Materials - ₹8.53 Crores (₹853.06 Lakhs); Stores & Spares - ₹0.11 Crores (₹10.56 Lakhs).
  • Installed Capacity: Successfully doubled from 33,000 TPA to 66,000 TPA in March 2026.
  • Employee Strength: 213 permanent employees as on 31.03.2026.

Dates of Action

  • Board Meetings: Seven meetings held on 12/04/2025, 30/05/2025, 26/06/2025, 24/07/2025, 13/08/2025, 14/11/2025, and 13/02/2026.
  • AGM Notice Date: 13.08.2026
  • AGM Date: 23.09.2026 at 01:30 PM IST through VC/OAVM.
  • Cut-off Date for E-voting: 16.09.2026
  • Remote E-voting Period: 20.09.2026 (9:00 AM) to 22.09.2026 (5:00 PM).
  • Capacity Expansion Completion: March 2026 (new 4.5 MW turbine commissioned).
  • Auditor's Report Date: 29.05.2026
  • Secretarial Audit Report Date: 13.08.2026

Parties Involved

  • Statutory Auditors: M/s Raj Viyom & Co., Chartered Accountants (Firm Regn. No. 002011C)
  • Secretarial Auditor: M/s. D.K. Gupta & Co., Practicing Company Secretaries (FCS No. 5226, CP No. 3599)
  • Cost Auditors: Mr. S. R. Kapur, Cost Accountant (Membership No. M-4926)
  • Registrar & Share Transfer Agent (RTA): MAS Services Limited, New Delhi
  • Banker: Axis Bank, Civil Lines, Meerut
  • Scrutinizer for AGM: Shri Dinesh Kumar Gupta, Proprietor of D.K. Gupta & Co.
  • Stock Exchange: BSE Limited (Scrip Code: 516096)

Purpose / Rationale

The Annual Report provides a comprehensive overview of the company's performance, governance, and compliance for FY 2025-26. It includes the audited financial statements, management discussion, and reports from auditors. The notice convenes the AGM to seek shareholder approval for the adoption of accounts and routine resolutions.

The capacity expansion was undertaken to enhance operational efficiency, reduce energy costs, and meet growing market demand. The modernization is expected to yield better financial results in subsequent years.

Financial / Operational Impact (Explicitly Disclosed)

  • The financial impact of the capacity expansion (completed in March 2026) is not reflected in the FY 2025-26 results due to a temporary one-month plant shutdown during commissioning.
  • The company absorbed higher input costs and foreign exchange fluctuations, impacting profitability.
  • No dividend was recommended for FY 2025-26 to conserve financial resources for growth.
  • The company paid penalties of ₹11,800 (for delayed corporate governance report) and ₹5,900 (for delayed investor grievance statement) to BSE, plus applicable GST, via UTR INB/NEFT/AXODH14011010469 dated 20.05.2026.

Capital Structure Impact

  • No change in Issued, Subscribed, or Paid-up Share Capital during the year. It remained at 13,07,260 equity shares of ₹10 each, totaling ₹1,30,72,600.
  • Authorized Share Capital: 70,00,000 shares of ₹10 each, totaling ₹7,00,00,000.

Cash Flow Implications

  • Net Cash from Operating Activities: ₹10.72 Crores (₹1,071.74 Lakhs)
  • Net Cash used in Investing Activities: ₹11.93 Crores (₹1,193.34 Lakhs) – primarily capex.
  • Net Cash from Financing Activities: ₹2.36 Crores (₹236.27 Lakhs) – primarily from borrowings.
  • Net increase in Cash and Equivalents: ₹1.15 Crores (₹114.67 Lakhs)

Forward-Looking Guidance

  • Management is confident that the enhanced capacity will yield significantly better financial results in the coming years (FY 2026-27 onwards).
  • The outlook for the Indian paper industry remains steady, supported by demand from education, packaging, and industrial sectors.
  • The company expects smoother export/import operations as geopolitical situations ease.

Material Changes vs. Prior Disclosures

  • Revenue: Marginal decrease of 0.52% from previous year.
  • PAT: Decrease of 16.22% from previous year.
  • Borrowings: Increased due to financing of capex.
  • Installed Capacity: Doubled from 33,000 TPA to 66,000 TPA.
  • Exports: Increased significantly by 31.98%.