Euro Panel Products Ltd

Euro Panel Products Limited closes trading window from 1 October 2026 till 48 hours after the declaration of Unaudited Financial Results (UFR) for the quarter and half year ended 30 September 2026.

Cost Auditor Re-appointment

• Re-appoint cost auditor M/s Ritesh Jayswal & Associates; remuneration ratified; 1-year term.

Managing Director Re-appointment

• Rajesh Nanalal Shah re-appointed as MD; 5-year term.
• Profile: 14+ years with the company; oversees management.
• Relationship: husband of Krishna Rajesh Shah.

Whole Time Director Re-appointment

• Divyam Rajesh Shah re-appointed as WTD; 5-year term.
• Profile: 13+ years with the company; oversees procurement, production, branding.
• Relationship: Son of Rajesh Nanalal Shah and Krishna Rajesh Shah.

Non-Executive Independent Director Gandhi

• Rajesh Nagardas Gandhi appointed Non-Executive Independent Director; 5-year term.
• Profile: 40+ years in radiation physics; founder of Industrial Inspection Services.
• Relationship: Not related to other directors.

Non-Executive Independent Director Bhimani

• Samarth Ishwar Bhimani appointed Non-Executive Independent Director; 5-year term.
• Profile: Civil Engineer; licensed surveyor; 3+ years in real estate; with DevGanga Associates since Mar 2026.
• Relationship: Not related to other directors.

AGM Details

• AGM held on 28 September 2026 at 11:00 IST.
• Mode: VC/OAVM; no physical attendance.
• Book closure 22–28 September 2026.
• Record date for voting: 21 September 2026.
• Shareholders on record: 3,243.

Key Resolutions

• Item 1: Adopt audited financial statements and reports — Passed.
• Item 2: Re-appoint Rajesh Nanalal Shah as Managing Director — Passed.
• Item 3: Ratify remuneration payable to cost auditors — Passed.
• Item 4: Re-appoint Rajesh Nanalal Shah as Managing Director — Passed.
• Item 5: Re-appoint Divyam Rajesh Shah as Whole-time Director — Passed.
• Item 6: Appoint Rajesh Nagardas Gandhi as Non-Executive Independent Director — Passed.
• Item 7: Appoint Rajesh Nagardas Gandhi as Non-Executive Independent Director — Passed.

Voting Results

• Overall: All resolutions passed; small opposition of five votes per item.
• No resolution failed.

Dividend

• Dividend not proposed or declared.

Directors & Auditors

• MD and Whole-time Director re-appointments approved.
• Independent director appointments approved.
• Remuneration to cost auditors ratified; no change to statutory auditor.

Related Party Transactions / Other Approvals

• No material related party transactions disclosed.
• No other material approvals noted.

AGM Details

• AGM held via VC/OAVM on 28 September 2026 at 11:00 IST.
• Meeting commenced 11:00 IST and concluded 11:27 IST.
• Notice and annual report dispatched electronically to members.
• Remote e-voting held 25–27 September 2026; Scrutinizer appointed.

Resolutions put to vote

• Adopt Audited Financial Statements for 2025-26; Board and Auditor reports. (Ordinary)
• Re-appoint Rajesh Nanalal Shah as Managing Director. (Ordinary)
• Ratify remuneration payable to Cost Auditors. (Ordinary)
• Approve re-appointment of Rajesh Nanalal Shah as Managing Director. (Ordinary)
• Approve re-appointment of Divyam Rajesh Shah as Whole-time Director. (Ordinary)
• Appoint Rajesh Nagardas Gandhi as Non-Executive Independent Director. (Special)
• Appoint Samarth Ishwar Bhimani as Non-Executive Independent Director. (Special)

Voting results

• E-voting results and Scrutinizer’s Report to be declared within regulatory timelines.

Cost Audit FY2025-26 approval

• Board approved Cost Audit Report and annexures for FY2025-26, authenticated by Cost Auditor M/s Ritesh Jayswal & Associates.

Key dates and purpose

• Cut-off date for e-voting: September 21, 2026, to determine eligibility for the 13th AGM.
• Share transfer books closed Sept 22–28, 2026 (inclusive) for AGM.
• AGM date and time: September 28, 2026 at 11:00 AM IST via VC/OAVM.
• Purpose: book closure for AGM and eligibility for e-voting.

Financial highlights

• Standalone revenue from operations for FY26 ₹50,393.24 Lakhs.
• Total income ₹50,570.74 Lakhs; YoY growth 19.17%.
• Net profit ₹2,752.30 Lakhs; prior year ₹1,836.00 Lakhs.
• Basic EPS ₹11.10.
• Cash flow from operating activities ₹-324.28 Lakhs.
• No dividend declared for FY26.

Operations & capacity

• 3-Coat 2-Bake line is fully operational; central to production.
• Backward integration improves shade consistency, lead times, and costs.
• Production volume up 22.4% to over 16 lakh sheets.
• Launched SolidAl and EURODUAL solid aluminium panels.
• NABL accreditation expanded to 51 testing parameters.
• Migration to Main Board; listing on NSE and BSE on Aug 1, 2025.

Strategic expansion & subsidiaries

• Wholly owned subsidiary Euro Panel Trading W.L.L. (Qatar) formed Aug 28, 2025.
• Subsidiaries added: Euro Sealant Private Limited (Apr 28, 2026); Eurobond Dimensions Private Limited (Jul 15, 2026).
• Eurobond Europe launched as exclusive distributor for Europe.

Governance & leadership

• Daisy Cyril D’souza and Vaibhav Shah resigned May 2026.
• Rajesh Nagardas Gandhi and Samarth Ishwar Bhimani appointed as Independent Directors (Aug 2026).
• Krishna Rajesh Shah appointed Executive Director (May 2025).

Capital & liquidity

• Authorized capital ₹26 crore; paid-up ₹24.50 crore; no change.
• Short-term borrowings ₹13,758.48; long-term ₹1,697.22; GECL ₹79.19.
• Unutilised bank credit ₹3,115.41; current ratio 1.42; quick ratio 0.41.
• Dividend policy published; no dividend declared.

ESG & CSR

• SOLAR: 3.6 MW captive capacity; 2.2 MW added; 50% factory power offset.
• Sustainability: STP treating and recycling 26 Lakh litres wastewater; LDPE & aluminium recycling.
• CSR expenditure ₹41.47 Lakhs; 2% average net profit target ₹39.03 Lakhs; excess ₹2.44.

Audit, risk & controls

• Statutory audit: Jogin Raval & Associates; Secretarial: Kala Agarwal.
• 1 warehouse stock fraud of ₹27.50 Lakhs detected.
• Internal controls robust; whistle-blower policy in place; no whistleblower complaints in year.

Annual report access and AGM notice

• AR 2025-26 and 13th AGM notice accessible online on company and stock exchange sites.
• Letters sent to members with unregistered emails containing the exact AR access link.
• Direct web-link and path to AR provided (Home > Investor Relations > Annual Report).
• Physical copies available on request via MUFG Intime India Private Limited (RTA).
• Shareholders urged to register email with their DP or RTA for future communications.

Rating action details

• Long-term facilities ₹26.61 crore: CARE BBB+; Stable (Reaffirmed).
• Long-term/short-term facilities ₹133.39 crore: CARE BBB+; Stable / CARE A3+ (Reaffirmed).
• Total rated facilities ₹160.00 crore.
• Rating agency: CARE Ratings Limited (CareEdge Ratings).
• Rationale based on FY26 audited and Q1 FY27 unaudited performance.
• Outlook: Stable.
• Material change since last rating: None; ratings reaffirmed.