Everest Industries Ltd

GST inspection update

• MGST Act Section 67 inspection initiated at Everest Industries' Mumbai office and Maharashtra unit on Aug 20, 2026.
• Authorization letter for inspection shown to company officials at 12:00 noon.
• Company states no material impact on financials or operations to date.
• Annexure provides details; no violation communication yet.
• Company is extending full cooperation to GST officials.

Mauritius subsidiary winding-up

• Board approved voluntary winding-up of Everest Building Products, a wholly owned Mauritius subsidiary.
• Everest Building Products is not a material subsidiary of the company.
• Winding-up is under Mauritian law and subject to regulatory clearances.
• Board meeting date was July 27, 2026.
• No binding agreement for sale of the unit/division.
• Closure date will be intimated in due course.
• As on 31 Mar 2026, EBP revenue Nil; net worth negative 5.16 lakhs (0.01% of group net worth).
• Reason: to simplify the group structure.

Standalone financials

• Standalone revenue from operations Rs 41,869.71 lakh; total income Rs 42,376.64 lakh.
• PAT Rs 1,585.57 lakh; EPS (basic/diluted) Rs 67.94.

Consolidated financials

• Consolidated total income Rs 43,868.28 lakh; PAT Rs 10,209.34 lakh.
• Total comprehensive income Rs 10,295.72 lakh; EPS Rs 64.39.

Standalone segment revenue

• Standalone segment revenue: Building products Rs 35,643.91 lakh; Steel buildings Rs 6,225.80 lakh.

Consolidated segment revenue

• Consolidated segment revenue: Building products Rs 37,362.41 lakh; Steel buildings Rs 6,225.80 lakh.

Exceptional items - standalone

• Podanur property sale profit Rs 9,615.42 lakh.
• Inter-corporate deposit impairment Rs 489.00 lakh.
• Investment in subsidiary impairment Rs 1.00 lakh.
• Labour Codes gratuity Rs 1,634.14 lakh.
• Everest Buildpro impairment Rs 2,870.00 lakh.
• Mumbai office sale profit Rs 304.58 lakh.

Exceptional items - consolidated

• Podanur sale profit Rs 9,615.42 lakh.
• Pre-operative expense write-off Rs 362.64 lakh.
• CAPEX withdrawal impairment Rs 125.00 lakh.
• Labour Codes gratuity Rs 1,668.84 lakh.
• Mumbai office sale profit Rs 304.58 lakh.
• Total exceptional items Rs 9,127.78 lakh.

Capex & operations

• CAPEX plan for Pre Engineered Buildings withdrawn; land surrendered.
• Board meeting date: 27 July 2026.

Audit status

• Independent auditor SRBC&CO LLP issued unmodified review on standalone and consolidated results.

Business overview

• Manufacturer of building products and steel buildings; operates standalone and via group subsidiaries.

GST SCN details

• Subject: SCN issued by CGST/IGST authorities for ineligible ITC and related underpayments.
• Tax demand totals Rs 1,35,68,692 for FY 2020-21 to 2023-24.
• SCN issued on July 24, 2026; company preparing response.
• Company believes strong grounds; expects no material liability.
• No material impact on financials or operations.
• Regulatory matter under CGST/HGST and IGST Acts.

Meeting Details

• Board meeting on July 27, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated financial results for quarter ended June 30, 2026.

Other Notes

• Trading window for Everest Industries shares closed July 1–29, 2026 (inclusive).

AGM notice and access details

• Provide web-link to access FY2025-26 annual report and AGM notice.
• 93rd AGM scheduled for Monday, August 3, 2026 at 3:30 PM IST via VC/OAVM.
• Soft copy of Annual Report and AGM notice emailed to members with registered addresses.
• Physical copies will be sent only on request.
• Email ID on record not registered against demat/account; update required.
• Notice and Annual Report available on NSDL, BSE, and NSE websites.
• Web-page path: Investor Relations > Annual Reports > FY2025-2026.
• E-voting opens July 30, 2026 at 9:00 AM and closes August 2, 2026 at 5:00 PM.
• Record date for final dividend is July 27, 2026.
• E-voting cut-off date is July 27, 2026.

Overview

• Standalone BRSR for FY2025-26; Everest manufactures roofing, boards, and Pre-engineered Steel Buildings.
• 90% of turnover from main activities: roofing/building products 75%, steel buildings 25%.
• 8 national plants and 5 offices; markets across 36 states and 18 countries.
• Exports contributed 2.9% of turnover.
• CSR turnover Rs 1354.24 crore; group subsidiaries include Everest Buildpro and Everest Steel Buildings.
• Assurance: Not applicable; no external assurance.

Key ESG Risks & Opportunities

• Energy and emissions: high energy intensity; carbon tax risk; pursue efficiency and rooftop solar.
• Renewable energy share: rooftop solar accounts for 17% of electricity; exploring broader deployment.
• Water risk: groundwater reliance with semi-critical zones; plan to reduce consumption; all plants ZLD.
• Waste management: EPR compliance; reduce virgin plastic; replace with recycled content.
• Product stewardship: LCA/EPD planned; 50% Boards & Panels revenue from EPD by 2027; 80% GreenPro.
• Health and safety: ISO 45001 across sites; EHS risk management via HIRA.
• Supply chain: supplier Code of Conduct; diversify suppliers; domestic sourcing to reduce disruptions.
• CSR and diversity: water stewardship; women on board 25%, workforce 7%.
• Ethics: Legatrix compliance; whistleblowing; training; no penalties in FY2025-26.

Governance & Policy Highlights

• Board oversees BR policies; risks reviewed annually by the Risk Management Committee.
• Key policies include Whistleblower, Code of Conduct, Anti-Corruption, Human Rights, Equal Opportunity, Environmental, CSR.
• Anti-corruption policy in place; training conducted; no penalties in FY2025-26.
• Supplier Code of Conduct established; ESG assessment framework under development.
• Assurance: Not applicable; internal reviews; external assurance not provided.
• No regulator penalties reported in FY2025-26.

Social Responsibility & Workforce

• Women representation: 29% of board; 7% of overall workforce.
• Maternity/paternity return-to-work: 100% return; 100% retention after leave.
• Well-being spend: 0.17% of revenue on well-being measures.
• POSH: 1 sexual harassment complaint; 0 pending; 0 upheld.
• Grievance mechanisms: whistleblower, Ethics Helpline, HR Connect; townhalls and management channels.
• Human rights training: 79.8% of employees trained on human rights.

Environmental Performance

• Total energy: 322,718 GJ; renewable share 17% of electricity; renewables include 25,552 GJ electricity and 146,013 GJ renewable fuels.
• Non-renewable energy: electricity 119,422 GJ; fuels 31,730 GJ; total 151,152 GJ.
• GHG emissions: Scope 1 2,538 tCO2e; Scope 2 23,612 tCO2e; total 26,150 tCO2e; intensity 1.93e-6.
• Water: withdrawal 556,044 kl; ZLD across plants; 17,170 kl recycled in FY25-26; 22,348 kl prior year.
• Waste: total 5,249 tonnes; 4,734 recycled; 728 reused; 51.72 landfilled.
• Air emissions: NOx 0.68 t; SOx 0.075 t; PM 0.91 t.
• Certifications: ISO 9001, ISO 14001, ISO 45001; GreenPro; GRIHA; BIS; IMS integration.
• EPR: 194 MT plastic waste managed; ZLD ensures no industrial effluent discharge.

Stakeholder Engagement & Complaints

• Stakeholders: employees, customers, vendors, investors, communities, regulators, industry associations.
• Engagement channels: meetings, surveys, grievance mechanisms, community outreach; frequency varies.
• Shareholders: 13 complaints filed; 0 pending at year-end.
• Customers: 26,253 complaints; 2,469 pending at year-end.
• Communities: 0 complaints; 0 pending; grievances via foundation@everestind.com.
• Employees/workers: 1 sexual harassment complaint; 0 pending; escalation via POSH.

Other Notable Metrics

• Inputs from MSMEs: 21%; direct inputs from India: 77%.
• Product mix: Roofing 54% turnover; Boards & Panels 21%; PEB 25%. 14% env. parameters; 3% safe usage.
• Cyber security: policy in place; no data breaches reported in FY2025-26.
• Data privacy: no data breach incidents; cyber risk controls in place.
• Waste management: 194 MT plastic waste under EPR; 100% wastewater reuse under ZLD.

AGM Details

• AGM on August 3, 2026 at 3:30 PM IST via VC/OAVM.
• Record date for final dividend fixed at July 27, 2026.
• AGM conducted via VC/OAVM; attendance electronically.

Dividend

• Final dividend proposed: Re 1 per equity share.
• Dividend payable by September 1, 2026, subject to tax deduction.

Ordinary Resolutions

• Adopt Audited Standalone and Consolidated Financial Statements for FY2026.
• Declaration of final dividend on equity shares.
• Re-appointment of Ms. Padmini Sekhsaria as Director.
• Appointment of M/s Price Waterhouse Chartered Accountants LLP as Statutory Auditors.
• Ratification of remuneration of Cost Auditors for FY2027.

Special Resolutions

• Remuneration to Anant Talaulicar as Chairman FY2025-26: Rs 40 lakh.
• Remuneration to Rajendra Chitale FY2025-26: Rs 6.50 lakh.
• Remuneration to Alok Nanda FY2025-26: Rs 3.50 lakh.
• Remuneration to Ashok Kumar Barat FY2025-26: Rs 5.50 lakh.
• Remuneration to Bijal Ajinkya FY2025-26: Rs 3.50 lakh.
• Commission to Non-Executive Directors five years from Apr 1, 2026; cap 5% of net profits.
• Commission to Anant Talaulicar for FY2026-27 up to Rs 2 crore; within 4% net profits.

Financial highlights

• Standalone revenue from operations: Rs 1,375.93 crore for FY2025-26.
• Consolidated revenue: Rs 1,428.42 crore.
• Standalone net loss: Rs 100.17 crore; consolidated net loss: Rs 101.69 crore.
• Standalone PBT: Rs -111.05 crore; consolidated PBT: Rs -111.52 crore.
• EPS (basic/diluted): Rs -64.20 per share.
• Consolidated operating cash flow: Rs 108.6 crore.
• Net debt: Rs 82.8 crore; gearing 14.34%.
• Final dividend proposed: Rs 1 per share; record date 27 July 2026.
• FY26 was impacted by one-time provisions for labour codes and obsolescence.

Dividend & capital allocation

• Final dividend: Rs 1 per equity share for FY2025-26.
• Record date: 27 July 2026; payout by 1 September 2026.
• Previous year dividend: Rs 2.50 per share.
• ESOS: 80,000 options granted in FY2025-26; exercise price Rs 595.
• Options vest after one year; five-year exercise window.
• New equity: 35,874 shares issued during the year.

Segment performance

• External segment revenue: Building products Rs 101,670.37 lakhs; Steel buildings Rs 31,557.36 lakhs.
• Total segment revenue: Rs 139,227.73 lakhs.
• Geography: Domestic Rs 128,973.13 lakhs; Overseas Rs 4,018.74 lakhs.
• Segment profits: Building Rs 5,799.07 lakhs; Steel Rs (5,521.69) lakhs.
• Pre-Engineered Buildings capacity: 72,000 MT.
• Projects: 54 projects; 72,000 MT capacity; one export country.

Governance & audit

• Board size seven; Hemant Khurana appointed MD & CEO from 13 Sep 2025.
• Independent Directors: Talaulicar, Chitale, Nanda, Barat, Ajinkya; Sekhsaria non-independent.
• Statutory auditors appointed: M/s Price Waterhouse Chartered Accountants LLP for five years.
• CARO notes identify qualifications in standalone; similar in subsidiaries.
• Nomination & Remuneration Policy and Board Diversity policy in place.
• Remuneration policies for directors reviewed; ESOS governance in place.

CSR & ESG highlights

• CSR focus areas: Education/sports; Livelihood; Health & Environment.
• CSR expenditure: Rs 50.78 lakhs; CSR obligation Rs 18.46 lakhs; surplus Rs 32.32 lakhs.
• Everest Foundation received Rs 47.50 lakhs in CSR funding.
• Energy: renewables contributed 17% of total electricity; IMS/ISO 45001 implemented.
• Water: 17,170 KL treated and recycled; ZLD across plants.
• Waste: 51.72 MT disposed; 4,734 MT recycled/reused.
• Plastic waste management under EPR: 194 MT handled; CPCB-compliant.
• Board gender representation: 2 women on a 7-member board (29%).

Group structure & subsidiaries

• Wholly owned subsidiaries: Everest Building Products (Mauritius); Everestind FZE (UAE); Everest Buildpro (India); Everest Steel Building (India); Everest Foundation (CSR).
• Consolidated subsidiaries include ESBP, ESBPL, and CF across geographies.
• No material associates; 4 subsidiaries reported in AOC-1.

Outlook & risks

• Outlook FY2027: disciplined execution and seven Must-Win Battles to drive profitable growth.
• Macro drivers: infrastructure capex and urban housing continue supportive.
• FX and input-cost risks persist; hedging and pricing actions in place.
• Labour codes: one-time cost impacts acknowledged; ongoing cost-management focus.

AGM & governance details

• 93rd AGM scheduled for August 3, 2026 via VC/OAVM.
• Remote e-voting window: July 30–August 2, 2026; AGM voting on-site for those attending VC/OAVM.
• Attending through VC/OAVM permitted; proxies not applicable.

Key management & remuneration

• CEO transition completed; Hemant Khurana appointed MD & CEO in 2025.
• Non-executive directors’ remuneration approved via special resolutions; aggregate limits defined.
• ESOS governance: 80,000 options granted in 2025-26; exercise price Rs 595; vesting over three years.