Date: May 28, 2026
Board Meeting Outcomes
- Approved Audited Financial Results (Standalone and Consolidated) for the Financial Year ended March 31, 2026
- Meeting commenced at 01:45 p.m. and concluded at 03:45 p.m.
Financial Results (Standalone)
Income Statement (Year ended March 31, 2026 vs March 31, 2025)
- Revenue from operations: ₹569.03 crore (vs ₹599.06 crore)
- Other income: ₹6.86 crore (vs ₹9.86 crore)
- Total income: ₹575.89 crore (vs ₹608.92 crore)
- Total expenses: ₹634.63 crore (vs ₹689.03 crore)
- Loss before exceptional items and tax: ₹(58.74) crore (vs ₹(80.11) crore)
- Exceptional items: ₹4.60 crore (vs ₹0)
- Loss before tax: ₹(63.34) crore (vs ₹(80.11) crore)
- Tax expenses: ₹0 (vs ₹0)
- Loss for the year: ₹(63.34) crore (vs ₹(80.11) crore)
- Other comprehensive income: ₹1.11 crore (vs ₹1.64 crore)
- Total comprehensive loss: ₹(62.23) crore (vs ₹(78.47) crore)
- Loss per share (Basic): ₹(7.57) (vs ₹(9.57))
Balance Sheet (as at March 31, 2026)
- Paid-up equity share capital: ₹16.74 crore
- Other equity: ₹220.92 crore
- Total assets: ₹621.84 crore
- Total liabilities: ₹384.18 crore
- Current liabilities exceed current assets by ₹65.48 crore
- Accumulated losses: ₹543.73 crore
Cash Flow (Year ended March 31, 2026)
- Net cash from operating activities: ₹26.97 crore (vs ₹(58.63) crore)
- Net cash used in investing activities: ₹(4.23) crore (vs ₹(14.43) crore)
- Net cash used in financing activities: ₹(24.62) crore (vs ₹27.31 crore)
- Net change in cash: ₹(1.88) crore (vs ₹(45.75) crore)
- Cash and cash equivalents at end: ₹7.08 crore
Financial Results (Consolidated)
Income Statement (Year ended March 31, 2026 vs March 31, 2025)
- Revenue from operations: ₹575.63 crore (vs ₹599.61 crore)
- Other income: ₹6.52 crore (vs ₹9.84 crore)
- Total income: ₹582.15 crore (vs ₹609.65 crore)
- Total expenses: ₹642.94 crore (vs ₹690.82 crore)
- Loss before exceptional items and tax: ₹(60.79) crore (vs ₹(81.17) crore)
- Exceptional items: ₹4.60 crore (vs ₹0)
- Loss before tax: ₹(65.39) crore (vs ₹(81.17) crore)
- Tax credit: ₹0.44 crore (vs ₹0)
- Loss for the year: ₹(64.95) crore (vs ₹(81.17) crore)
- Other comprehensive income: ₹1.11 crore (vs ₹1.64 crore)
- Total comprehensive loss: ₹(63.84) crore (vs ₹(79.53) crore)
- Loss per share (Basic): ₹(7.76) (vs ₹(9.70))
Balance Sheet (as at March 31, 2026)
- Paid-up equity share capital: ₹16.74 crore
- Other equity: ₹234.44 crore
- Total assets: ₹640.56 crore
- Assets held for sale: ₹27.13 crore
- Total liabilities: ₹389.38 crore
- Current liabilities exceed current assets by ₹70.42 crore
- Accumulated losses: ₹529.75 crore
Exceptional Items
- ₹4.60 crore charge recorded for quarter ended December 2025 and year ended March 2026
- Related to incremental impact of labor code implementation: ₹4.29 crore for gratuity liability and ₹0.31 crore for compensated absences
- Due to Government of India consolidating 29 labor legislations into four codes effective from November 21, 2025
Going Concern Assumption
- Company incurred net loss of ₹63.34 crore with accumulated losses of ₹543.73 crore
- Current liabilities exceed current assets by ₹65.48 crore
- Prepared on going concern basis based on: management's plans for asset monetization, availability of additional credit under ECLGS 5.0 scheme, expected growth opportunities, and financial support from Holding Company
Subsidiary Updates
- IM Inicio Projects Private Limited acquired painting services business from Hella Infra Market Limited for ₹0.26 crore on July 1, 2025
- Shalimar Adhunik Nirman Limited's Gurugram immovable property classified as held for sale
Performance Highlights
- Delivered positive EBITDA for first time since Hella Infra acquisition
- Executed cost rationalization initiatives reducing employee costs and operating expenses
- Premiumization of portfolio with improved saliency of high-margin emulsion products
- Strong business and operational turnaround despite industry headwinds
Other Disclosures
- Previous period numbers regrouped/reclassified where necessary
- Company operates in single business segment - Paints
- Results prepared in accordance with Ind AS and SEBI Listing Regulations