Date: August 12, 2026

Board Meeting Outcomes

The Board of Directors meeting held on August 12, 2026 (commenced at 04:00 p.m. and concluded at 10:00 p.m.) approved the following decisions:

Financial Results

  • Considered and Approved the Unaudited Financial Results (Standalone and Consolidated) of the Company for the Quarter ended June 30, 2026

KMP / Board Changes

  • Appointment of Mr. Kundan Sangwar as Chief Financial Officer of the Company effective August 12, 2026
  • Mr. Sangwar has over 18 years of experience in corporate finance, treasury, financial planning & analysis, capital raising and strategic financial management
  • Previously held senior positions including Head - Corporate Finance & Treasury at Novopor Advanced Science and senior leadership roles at JSW Paints
  • Holds an MBA from IIM Indore and B.Tech from NIT Tiruchirappalli
  • Appointment made in accordance with Section 203 of Companies Act, 2013 and SEBI LODR Regulations

Capital Structure Changes

  • To increase Authorised Share capital from ₹20,00,00,000 (Twenty crores) divided into 10,00,00,000 (Ten crores Equity Shares) of ₹2 each to ₹600,00,00,000 (Six Hundred crores) divided into 300,00,00,000 (Three Hundred crores) equity shares of ₹2 each
  • To add Non-Cumulative Non-Participating Compulsory Convertible Preference Shares (CCPS) amounting to ₹400,00,00,000 (Four Hundred crores) divided into 200,00,00,000 (Two Hundred crores) preference shares of ₹2 each having coupon rate of 0.001% in authorised capital clause
  • Final authorized capital will be ₹1000,00,00,000 (One Thousand Crores) comprising 300 crore equity shares and 200 crore CCPS

Fundraising Proposals

Preferential Issue 1 (Cash):

  • Issue of up to 1,24,54,608 Equity Shares of face value ₹2 each at premium of ₹83 per share (Issue Price ₹85 per share)
  • Aggregating to ₹1,05,86,41,680 (One Hundred Five Crores Eighty-Six Lakhs Forty-One Thousand Six Hundred Eighty)
  • To Non-Promoter Allottees: Hathor Corporate Advisors LLP (4,151,536 shares), Plutus Capital Management LLP (4,151,536 shares), Pro Fin Capital Services Ltd (4,151,536 shares)
  • Total 3 investors

Preferential Issue 2 (Non-Cash):

  • Issue of up to 41,70,21,987 Equity Shares of face value ₹2 each at premium of ₹83 per share (Issue Price ₹85 per share)
  • Aggregating to ₹35,44,68,68,895 (Three Thousand Five Hundred Forty-Four Crores Sixty-Eight Lakhs Sixty-Eight Thousand Eight Hundred Ninety-Five)
  • To Promoters and Non-Promoter Allottees (185 investors)
  • Major allottees include Silverline Homes Pvt Ltd (15,073,850 shares), Nithin Kamath (23,575,692 shares), NKSquared (22,951,704 shares), Ashish Kacholia (16,505,501 shares), various Koradiya family members

Preferential Issue 3 (CCPS - Non-Cash):

  • Issue of up to 81,12,02,664 CCPS of face value ₹2 each at premium of ₹83 per share (Issue Price ₹85 per share)
  • Aggregating to ₹68,95,22,17,869 (Six Thousand Eight Hundred Ninety-Five Crores Twenty-Two Lakhs Seventeen Thousand Eight Hundred Sixty-Nine)
  • To 196 investors including Bizarro Advisory Limited (145,932,777 shares), Silverline Homes Private Limited (49,599,532 shares), Sukhpreet Singh Ajit Singh Sial (296,897,718 shares)

Qualified Institutions Placement:

  • Approved raising funds through QIP up to ₹1,000 crores (Rupees One Thousand crores)
  • Details to be determined by Board as per applicable laws

Strategic Investment

  • Investment in Equity Shares and CCPS of Hella Infra Market Limited through Swap ratio based on valuation report
  • Hella Infra Market Limited may become Unlisted Material Subsidiary of the Company
  • Board discussed potential strategic option aimed at maximizing synergies between Company and Hella Infra Market Limited
  • Exploring possibility of unification of entities at appropriate stage, subject to applicable laws and approvals

Other Approvals

  • Increase limit of investment in securities and other instruments under Section 186 of Companies Act, 2013
  • Approved notice convening Annual General Meeting
  • Approved notice convening Extraordinary General Meeting
  • Approved valuation reports of Equity Shares and CCPS of Company and Hella Infra Market Limited

Financial Results (Standalone)

Quarter Ended June 30, 2026 (₹ crore)

  • Revenue from operations: 136.19
  • Other income: 1.06
  • Total income: 137.25
  • Cost of materials consumed: 106.59
  • Purchase of stock-in-trade: 6.16
  • Changes in inventories: (15.28)
  • Employee benefits expense: 17.94
  • Finance costs: 4.88
  • Depreciation & amortization: 5.07
  • Other expenses: 32.67
  • Total expenses: 158.03
  • Loss before exceptional items and tax: (20.78)
  • Exceptional items: -
  • Loss before tax: (20.78)
  • Tax expenses: -
  • Loss for the period: (20.78)
  • Other comprehensive income: 1.57
  • Total comprehensive loss: (19.21)
  • Paid-up equity share capital: 16.74
  • Loss per share (Basic): (2.48)
  • Loss per share (Diluted): (2.48)

Comparative Performance (₹ crore)

| Particulars | 30.06.2026 | 31.03.2026 | 30.06.2025 | 31.03.2026 (Audited) |

| Revenue | 136.19 | 153.06 | 153.46 | 560.03 |

| Total Income | 137.25 | 154.21 | 155.02 | 575.89 |

| Net Loss | (20.78) | (6.18) | (16.66) | (63.34) |

| Total Comprehensive Loss | (19.21) | (5.51) | (16.49) | (62.23) |

Notes to Standalone Results

  • Company incurred net loss after tax of ₹20.78 crore and has accumulated losses of ₹562.94 crore as at June 30, 2026
  • Current liabilities exceeded current assets by ₹64.55 crore as at June 30, 2026
  • Management believes Company will be able to realize assets and discharge liabilities considering progress on monetization of assets, expected sales consideration realization, expected growth opportunities, and continued financial support from Holding Company
  • Financial results prepared on going concern basis
  • Company engaged in single business segment 'Paints'

Financial Results (Consolidated)

Quarter Ended June 30, 2026 (₹ crore)

  • Revenue from operations: 136.84
  • Other income: 1.06
  • Total income: 137.90
  • Total expenses: 159.87
  • Loss before exceptional items and tax: (21.26)
  • Loss before tax: (21.26)
  • Loss for the period: (21.26)
  • Other comprehensive income: 1.57
  • Total comprehensive loss: (19.69)
  • Net loss attributable to owners: (21.26)
  • Loss per share (Basic): (2.54)
  • Loss per share (Diluted): (2.54)

Subsidiaries Included

1. Shalimar Adhunik Nirman Limited

2. IM Inicio Projects Private Limited

Notes to Consolidated Results

  • Group incurred net loss after tax of ₹21.26 crore and has accumulated losses of ₹549.44 crore as at June 30, 2026
  • Current liabilities exceeded current assets by ₹69.45 crore as at June 30, 2026
  • During previous year, IM Inicio Projects acquired painting services business from Hella Infra Market Limited for consideration of ₹0.26 crore
  • Comparative figures restated due to business combination

Standalone Results

  • Reviewed by Walker Chandiok & Co LLP
  • Conclusion: Nothing has come to attention that causes belief that financial results contain material misstatement
  • Unmodified review opinion

Consolidated Results

  • Reviewed by Walker Chandiok & Co LLP
  • Did not review interim financial results of 2 subsidiaries representing total revenues of ₹21.99 crore, net loss of ₹0.56 crore
  • Reliance on other auditors' review reports for subsidiaries
  • Unmodified conclusion

Strategic Announcement

Investment in Hella Infra Market Limited

  • Proposed investment brings together Shalimar's manufacturing heritage with Infra.Market's pan-India scale across ready mix concrete, aggregates, steel, tiles and other branded building products
  • Expected to create significantly stronger platform with scale, capabilities, technology, manufacturing infrastructure and capital resources
  • QIP of approximately ₹1000 crore proposed to provide immediate growth capital
  • Transaction structured with emphasis on robust governance and regulatory compliance
  • Board to consider convening EGM for shareholder approvals

About Hella Infra Market Limited

  • Technology-enabled building materials platform offering diversified product portfolio of building materials
  • Supported by pan-India manufacturing infrastructure and multi-channel distribution network
  • Uses technology to monitor and track lifecycle of construction projects, enabling product cross-selling and up-selling opportunities

Corporate Details

  • Corporate Office: Olethia Business Spaces, Road No 16Z, Opp. Ashar IT Park, Wagle Industrial Estate, Thane (W) 400604
  • Toll Free: 1800 103 6509