Apt Packaging Ltd

Price movement clarification and Q1 2026 results

• Company states no undisclosed material information or corporate action as of the clarification date.
• Price movement appears market-driven with no specific factor identified by management.
• Q1 FY2026 results declared on 27 July 2026 show revenue ₹1,083.63 Lakhs and profit ₹181.65 Lakhs.
• Revenue and profit show substantial improvement versus Q1 2025 and the prior quarter.
• Preferential allotment from May 2025 matured; some shares became freely tradable after January 2026 lock-in.
• Liquidity of dematerialised shares increased; expiry of the lock-in does not indicate new information.
• Promoters and management are not connected with or responsible for the price movement.
• Disclosures to the Stock Exchange concerning results were already made and are public.

Credit facilities renewal

• PNB approved renewal and enhancement of Apt Packaging's credit facilities via sanction letter dated 13 Aug 2026.
• Total sanctioned facilities increased to ₹546.99 lakh from ₹366.99 lakh, net uplift ₹180.00 lakh.
• Cash Credit facility raised to ₹500.00 lakh from ₹195.00 lakh.
• Non-Fund Based facilities reduced from ₹125.00 lakh to nil.
• GECL I & II unchanged at ₹46.99 lakh.
• Disbursement subject to pre-disbursement conditions and bank discretion; not yet funds received.
• Interest rate for Cash Credit fixed at 8.70% p.a. per sanction letter.
• Security includes hypothecation of current assets and collateral as specified.
• Sanction date: 13 August 2026; facility for general business and working capital requirements.
• Total fund-based facilities rise to ₹546.99 lakh; overall facilities match working capital needs.

Board update

• Board approved unaudited standalone results for quarter ended 30 June 2026; Limited Review Report attached.
• Annexure A contains the unaudited results; Annexures B-D are Not Applicable.
• Board meeting held from 4:00 PM to 4:45 PM.

Dematerialisation processing and listing

• Dematerialisation requests processed; securities confirmed to depositories for the quarter.
• Dematerialised securities listed on stock exchanges where listed.
• Physical certificates mutilated and cancelled after verification; depository name substituted as registered owner.

Meeting Details

• Meeting date: 27 July 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve Standalone Unaudited Financial Results for quarter ended 30 June 2026.
• Approve draft Notice, Directors Report, Corporate Governance Report, and Secretarial Audit Report for FY 2025-26.
• Fix AGM date and Book Closure Date.

Other Notes

• Trading window closed from 1 July 2026; reopens 48 hours after results declaration.

FY26 results

• 📊 Revenue from operations rose 63% YoY to Rs 2,250.11 lakh.
• 📊 Total income rose 64% YoY to Rs 2,250.11 lakh.
• 📊 PBT rose to Rs 203.31 lakh from Rs 99.38 lakh.
• 📊 PAT rose to Rs 160.63 lakh from Rs 30.58 lakh.
• 📊 Q4FY26 revenue was Rs 661.80 lakh, up 33% QoQ.
• 📊 Q4FY26 PAT was Rs 70.26 lakh versus Rs 45.99 lakh in Q3FY26.
• 📊 Basic and diluted EPS were Rs 1.46 for FY26.

Costs and margins

• 📊 Material consumed rose to Rs 997.41 lakh, the largest expense line.
• 📊 Employee benefit expense increased to Rs 269.06 lakh.
• 📊 Other expenses increased to Rs 656.42 lakh.
• 📊 Finance cost fell to Rs 42.69 lakh from Rs 68.90 lakh.
• 📊 Depreciation and amortisation rose to Rs 124.45 lakh.

Balance sheet and cash flow

• 📊 Total assets stood at Rs 2,617.59 lakh as of 31 March 2026.
• 📊 Equity improved to Rs 1,662.48 lakh from negative Rs 465.79 lakh.
• 📊 Borrowings fell to Rs 653.53 lakh from Rs 2,340.09 lakh.
• 📊 Trade receivables rose to Rs 583.08 lakh from Rs 429.03 lakh.
• 📊 Inventory increased to Rs 266.25 lakh from Rs 197.47 lakh.
• 📊 Operating cash flow was Rs 120.47 lakh; capex outflow was Rs 384.91 lakh.
• 📊 Cash and cash equivalents closed at Rs 21.23 lakh.

Audit qualifications

• ⚠️ Auditors issued a qualified opinion on the standalone FY26 financial statements.
• ⚠️ Unprovided GST liability was Rs 20.70 lakh for FY2019-20.
• ⚠️ Trade receivables, payables, employee balances, loans and advances need confirmation and reconciliation.
• ⚠️ Doubtful debts of Rs 11.45 lakh were not provided for.
• ⚠️ Internal audit system needs strengthening.

Preferential issue

• 📍 Preferential issue raised Rs 1,965.00 lakh on 8 May 2025.
• 📍 Proceeds were used for working capital, debt repayment, expansion, and general corporate purposes.
• 📍 Management reported no deviation in use of funds.
• 📍 Debt repayment allocation was exceeded by Rs 109.34 lakh within the permitted 10% band.

Related party transactions

• 🗒️ Managing Director remuneration during the period was Rs 11.96 lakh.
• 🗒️ Managing Director loan closing balance was Rs 236.00 lakh.
• 🗒️ Director Sandeep Machhar loan closing balance was Rs 9.15 lakh.
• 🗒️ Inter-corporate deposit with Race Course Capital Markets stood at Rs 156.53 lakh.
• 🗒️ Inter-corporate deposit with Machhar Packaging Services was fully repaid.

Business and operations

• 🗒️ The company manufactures co-extruded tubes.
• 🗒️ Management described the business as a single primary operating segment.
• 🗒️ Mr. Avnish Kr. Srivastava was appointed Chief Executive Officer on 28 April 2026.

Financial Performance 📊

• Q3 FY26 standalone revenue: Rs. 497.09 mn, up 53.9% YoY from Rs. 323.02 mn.
• 9M FY26 revenue: Rs. 1,561.72 mn, +70.3% YoY from Rs. 916.51 mn.
• Q3 FY26 EBITDA: Rs. 30.38 mn vs Rs. 4.06 mn YoY; 9M FY26 EBITDA: Rs. 68.32 mn vs Rs. 21 mn YoY.
• Q3 FY26 PAT: Rs. 45.58 mn vs Rs. 5.10 mn YoY; 9M FY26 PAT: Rs. 52.41 mn vs Rs. 26.99 mn YoY.
• Basic and diluted EPS Q3 FY26: Rs. 0.39 vs Rs. 0.10 YoY; 9M FY26 EPS: Rs. 0.78 vs Rs. 0.51 YoY.
• Total expenses Q3 FY26: Rs. 466.71 mn vs Rs. 318.95 mn YoY; material consumed Rs. 212 mn, employee expenses Rs. 73.7 mn.

Audit & Liabilities ⚠️

• Audit qualified opinion due to Rs. 20.70 mn GST liability (FY20), Rs. 11.45 mn doubtful debts, and unprovided leave encashment liabilities per new labor code.
• Total income after audit adjustments: Rs. 520.23 mn; net profit Rs. 45.99 mn; EPS Rs. 0.39.

Capital & Funding 🧱

• Raised Rs. 196.5 mn via preferential equity shares on 08-May-2025; Rs. 188.21 mn utilized by 31-Dec-2025.
• No deviation or variation in use of preferential issue funds.

Costs & Other Items 🧾

• Finance cost reduced to Rs. 7.53 mn in Q3 FY26 from Rs. 14.28 mn YoY.
• Other comprehensive income affected by remeasurement of post-employment benefits and investments.
• No deferred tax asset recognized due to uncertainty of future taxable income.

Business Model & Operations 🗒️

• Company operates in manufacturing co-extruded tubes, single operating segment.
• Board approved Q3 FY26 unaudited standalone results and limited review report on 27-Jan-2026.
• Management appealing GST demand and addressing doubtful debt recovery and labor code compliance.