Board Meeting Details

The Board Meeting of Valplast Technologies Limited commenced at 2:00 p.m. and concluded at 5:45 p.m. on Saturday, November 14, 2026.

Key Agenda Items Approved

1. Financial Results Approval

The Board considered and approved the un-audited financial results for the quarter and half year ended September 30, 2026, and approved their publication in the newspaper.

2. Director Appointment

The Board approved the appointment of Mr. Naresh Kumar Pathak (DIN: 10200842) as an Independent and Additional Director of the Company.

3. Monitoring Agency Report

The Board considered and approved the Monitoring Agency Report for the quarter ended September 30, 2026.

Financial Results Summary (Standalone)

Income Statement Highlights (All amounts in ₹ lakhs)

For Quarter Ended September 30, 2026:

  • Revenue from Operations: ₹3,499.45
  • Other Income: ₹36.00
  • Total Revenue: ₹3,535.45
  • Total Expenses: ₹3,262.41
  • Profit Before Tax: ₹273.04
  • Tax Expense: ₹69.54
  • Current Tax: ₹77.41
  • Deferred Tax: ₹(7.87)
  • Profit for the Period: ₹203.50

For Half Year Ended September 30, 2026:

  • Revenue from Operations: ₹6,750.62
  • Other Income: ₹87.75
  • Total Revenue: ₹6,838.37
  • Total Expenses: ₹5,974.95
  • Profit Before Tax: ₹863.41
  • Tax Expense: ₹271.15
  • Current Tax: ₹341.02
  • Deferred Tax: ₹(68.60)
  • Previous Year Tax: ₹(1.26)
  • Profit for the Period: ₹592.26

Comparative Figures (Half Year Ended):

  • September 30, 2025: Profit of ₹337.92 lakhs
  • March 31, 2026 (Audited): Profit of ₹930.17 lakhs

Earnings Per Share (Face value of ₹10 each)

Quarter Ended September 30, 2026:

  • Basic (Non-Annualised): ₹1.04
  • Diluted (Non-Annualised): ₹1.04
  • Basic (Annualised): ₹2.07
  • Diluted (Annualised): ₹2.07

Half Year Ended September 30, 2026:

  • Basic (Non-Annualised): ₹3.04
  • Diluted (Non-Annualised): ₹3.04
  • Basic (Annualised): ₹6.08
  • Diluted (Annualised): ₹6.08

Balance Sheet Position as at September 30, 2026 (₹ lakhs)

  • Share Capital: ₹1,962.79
  • Reserves and Surplus: ₹4,649.71
  • Total Equity: ₹6,612.50
  • Long-Term Borrowings: ₹939.80
  • Short-Term Borrowings: ₹1,519.62
  • Total Assets: ₹10,217.86

Cash Flow Statement for Half Year Ended September 30, 2026 (₹ lakhs)

  • Net Cash Used in Operating Activities: ₹(525.48)
  • Net Cash Used in Investing Activities: ₹(315.29)
  • Net Cash from Financing Activities: ₹313.15
  • Net Decrease in Cash: ₹(527.63)
  • Cash at Beginning: ₹616.48
  • Cash at End: ₹88.85

Director Appointment Details

Mr. Naresh Kumar Pathak (DIN: 10200842)

  • Appointment: Independent and Additional Director
  • Term: November 14, 2026 to November 13, 2031 (5 years)
  • Approval: Subject to shareholder approval at next General Meeting
  • Profile: Technology and business leader with 30+ years experience in manufacturing, chemicals, gas industry, heavy engineering, pharmaceuticals, and infrastructure. Expertise in digital transformation, AI/ML strategies, cybersecurity, and IT infrastructure as Chief Information Officer (CIO) and Chief Digital & Information Officer (CDIO).
  • Relationship Disclosure: Not related to any existing directors of the Company.

IPO Proceeds Utilization

Initial Public Offering Details

  • IPO Date: October 8, 2026
  • Gross Proceeds: ₹2,809.08 lakhs
  • Note: Proceeds received after September 30, 2026, hence no utilization during the reported period.

Approved Utilization as per Prospectus

  • Funding capital expenditure (machinery): ₹495.00 lakhs
  • Incremental Working Capital: ₹1,400.00 lakhs
  • General Corporate Purpose: ₹603.18 lakhs
  • Issue Expenses: ₹310.90 lakhs

Reallocation Approval

Pursuant to Special Resolution passed by members on June 30, 2026, the unutilized IPO proceeds of ₹495.00 lakhs originally earmarked for capital expenditure were approved to be reallocated to meeting incremental working capital requirements and general corporate purposes.

Monitoring Agency Report (CARE Ratings Limited)

Report for Quarter Ended September 30, 2026

  • Monitoring Agency: CARE Ratings Limited
  • Reference: SEBI Regulation 262 of ICDR Regulations
  • IPO Amount Monitored: ₹28.09 crore

Key Findings

  • Deviation from Objects: No deviation
  • Shareholder Approval: Obtained for reallocation of funds from capex to working capital and general corporate purpose
  • Means of Finance: Unchanged
  • Government Approvals: All obtained
  • Technical Arrangements: All in operation
  • Viability: No unfavorable events affecting viability

Utilization Status as of September 30, 2026

  • Total IPO Proceeds: ₹28.09 crore
  • Total Utilized: ₹28.09 crore (100% utilization)
  • Working Capital Requirement: ₹18.95 crore utilized (including ₹4.95 crore reallocated from capex)
  • General Corporate Purpose: ₹6.03 crore utilized
  • Issue Expenses: ₹3.11 crore utilized
  • Capital Expenditure: ₹0.00 utilized (fully reallocated)

Quarterly Utilization Breakdown

During Q2 FY27, the company utilized:

  • ₹4.95 crore towards working capital for payments to contractors, procurement of raw materials including Ready-Mix Concrete, Optical BI-Spectrum Bullet IP Network Cameras, and machinery parts
  • ₹0.1168 crore towards general corporate purpose for procurement of construction materials used in tunnel construction work

Auditor's Review

KRA & Co Chartered Accountants (Firm Registration No.: 020266N) conducted a review of the financial results and expressed an unmodified conclusion. They emphasized that IPO proceeds were received after the period end (October 8, 2026) and thus no utilization occurred during the reported period.