Company Overview
Key Financial Performance (Standalone)
Revenue from Operations: ₹29,718.61 lakhs (FY 2024-25: ₹26,553.41 lakhs) - increase of 11.92%
EBITDA: ₹2,109.86 lakhs (FY 2024-25: ₹2,491.88 lakhs)
Finance Costs: ₹659.41 lakhs (FY 2024-25: ₹618.58 lakhs)
Depreciation: ₹804.33 lakhs (FY 2024-25: ₹667.48 lakhs)
Profit Before Tax: ₹646.12 lakhs (FY 2024-25: ₹1,205.82 lakhs)
Tax Expense: ₹(70.86) lakhs (includes deferred tax credit of ₹82.06 lakhs)
Profit After Tax: ₹716.98 lakhs (FY 2024-25: ₹999.31 lakhs)
Operational Metrics
Production: 76,983 MT (FY 2024-25: 73,043 MT)
Installed Capacity: 1,08,000 MT per annum (enhanced from 72,000 MT in previous year)
Sales Distribution: Domestic ~80%, Export ~20%
Employee Count: 197 as of March 31, 2026
Capital Structure
Authorized Share Capital: ₹2,500 lakhs (2,50,00,000 equity shares of ₹10 each)
Paid-up Share Capital: ₹1,923.74 lakhs (1,92,37,360 equity shares of ₹10 each fully paid-up)
Promoter Holding: Hitendra Shah (47.49%), Prafulla Shah (10.68%), Rushabh Shah (7.54%)
Dividend: No dividend recommended for FY 2025-26
Borrowings and Debt Structure
Long-term Borrowings: ₹2,109.30 lakhs
Short-term Borrowings: ₹5,407.32 lakhs
Total Debt: ₹7,516.62 lakhs
Debt-Equity Ratio: 0.19 (FY 2024-25: 0.23)
Current Ratio: 1.21 (FY 2024-25: 1.31)
Key Financial Ratios
Debtors Turnover: 3.21% (FY 2024-25: 4.70%)
Inventory Turnover: 75.78 (FY 2024-25: 73.81)
Interest Coverage Ratio: 1.98 (FY 2024-25: 1.86)
Operating Profit Margin: 4.39% (FY 2024-25: 3.83%)
Net Profit Margin: 2.41% (FY 2024-25: 3.76%)
Return on Net Worth: 6.46% (FY 2024-25: 12.14%)
Business Overview
Products: Manufactures recycled paper-based Duplex Board (Royal Grey Back, Prima Grey Back, Royal White Back) using 100% recycled waste paper
Applications: Packaging for food and beverages, pharmaceuticals, cosmetics, consumer goods, FMCG
Manufacturing Facility: Chiplun, District Ratnagiri, Maharashtra
Market Presence: Domestic (80%) and export (20%) markets
Strategic Initiatives
- Commissioned RDF/MSW Boiler utilizing segregated non-recyclable plastic waste as alternative fuel
- Focus on energy conservation and process optimization
- Investments in Maglev Turbine Vacuum Pump, IBS Turn-Up System, Synchrofly Sheeter Machine
- Enhancing product mix with value-added grades
- Strengthening domestic and export customer base
Annual General Meeting Details
37th AGM Date: September 29, 2026 at 3:00 PM IST
Meeting Mode: Video Conferencing/Other Audio Visual Means (no physical presence)
Ordinary Business: Adoption of financial statements, re-appointment of Mr. Rushabh Hitendra Shah as Managing Director
Special Business: Ratification of cost auditor remuneration of ₹1,35,000 + GST for FY 2026-27
Board of Directors
Mr. Hitendra Dhanji Shah: Chairman & Whole-time Director (DIN: 00448925)
Mr. Rushabh Hitendra Shah: Managing Director (DIN: 01874177) - retiring by rotation
Mrs. Prafulla Hitendra Shah: Whole-time Director (DIN: 00457076)
Mr. Ashok Kumar Bansal: Non-Executive Independent Director (DIN: 07325904)
Mrs. Jigna Ravilal Dedhia Shah: Non-Executive Independent Director (DIN: 10452692)
Mrs. Feni Jay Shah: Non-Executive Independent Director (DIN: 10303831)
Key Managerial Personnel
Mr. Krunal Pravin Waghela: Chief Financial Officer
Ms. Mittal Mehta: Company Secretary & Compliance Officer (Membership No. 36950)
Auditor Appointments
Statutory Auditors: Piyush Kothari & Associates, Chartered Accountants (Firm Registration No. 140711W)
Secretarial Auditors: Hemali Shah & Associates, Practising Company Secretaries
Cost Auditors: Ms. Ketki D. Visariya, Cost Accountants (Firm Registration No. 102266)
Internal Auditors: Kunder, D'Mello & Associates, Chartered Accountants
Corporate Governance
Board Meetings: 4 meetings held during FY 2025-26 with 100% attendance by all directors
Committees: Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee, Executive Committee of Board
CSR Expenditure: ₹20.50 lakhs spent on healthcare and education (required: ₹20.37 lakhs)
Risk Factors
- Raw material price volatility (waste paper)
- Energy and fuel cost fluctuations
- Import competition and pricing pressure
- Foreign exchange risk on imports/exports
- Working capital intensive operations
Outlook and Strategy
Management remains cautiously optimistic about long-term prospects for recycled paperboard industry. Focus areas include:
- Improving capacity utilization
- Enhancing operational efficiencies
- Strengthening domestic procurement of waste paper
- Expanding export market presence
- Product development and quality improvement
- Cost management and working capital discipline