Kay Power and Paper Ltd

Kay Power and Paper Ltd trading window closed from 1 October 2026 and ends 48 hours after the declaration and publication of Un-audited financial results of the Company for the quarter and half year ending September 30th, 2026, become generally available information.

AGM Details

• Date: 21 September 2026; time: 3:00 PM; mode: e-voting and poll at Registered Office.

Key Resolutions

• Adopt standalone audited financial statements for the year; ordinary; passed.
• Adopt consolidated audited financial statements for the year; ordinary; passed.
• Appoint statutory auditors for five-year term; ordinary; passed.
• Appoint Deepa Agarwal as Managing Director; special; passed.
• Appoint Ms. Aarushi Chandara as Director; ordinary; passed.
• Approve transfer of immovable property to the Company; special; passed.
• Approve material related party transactions with subsidiary; ordinary; passed.

AGM Details

• Date/time: September 21, 2026, 3:00 PM IST.
• Meeting duration: 3:00 PM to 4:30 PM IST.
• Mode: physical AGM at registered office; remote e-voting provided; voting closed Sep 20, 2026 at 5:00 PM.
• Meeting concluded at 4:30 PM IST.

Key Resolutions

• Adopt standalone audited financial statements for year ended March 31, 2026.
• Adopt consolidated audited financial statements for year ended March 31, 2026.
• Appoint Ankush Shinde & Co as statutory auditors for five years; remuneration to be fixed by Board.
• Appoint Mrs. Deepa Agarwal as Managing Director.
• Appoint Ms. Aarushi Chandra as Director, Non-Executive, Non-Independent.
• Approve transfer of immovable property to wholly-owned subsidiary under Section 180(1)(a).
• Approve material related party transactions with subsidiary.

Voting Results

• Voting results to be intimated separately; no outcome details disclosed.

Directors

• MD appointment: Mrs. Deepa Agarwal.
• Director appointment: Ms. Aarushi Chandra.

Auditors

• Statutory auditor: Ankush Shinde & Co appointed for five years; remuneration to be fixed.

Related Party Transactions

• Material related party transactions with subsidiary approved.

Financial snapshot

• Standalone revenue from operations: ₹2,438.04 lakh; total revenue: ₹2,492.72 lakh.
• Net profit after tax (standalone): ₹101.02 lakh; net profit margin: 4.14%.
• Earnings per share (standalone): ₹0.29.
• Paid-up equity capital rose to ₹34.94 crore from ₹22.09 crore via warrants.
• Warrants issued: 2.59 crore; forfeited 1.445 crore; funds raised via conversion ~₹29.01 crore.
• Fire incident on 12 March 2026; boiler issues; 190 days plant downtime.
• Dividend not recommended for 2025-26.
• Subsidiaries: Satara Aerospace and Defence Industrial Park Pvt Ltd 100% owned; Kay Pulp and Paper Mills Pvt Ltd formed 15 July 2026.
• Net cash from operating activities: ₹-2303.60 lakh; financing activities: ₹2834.50 lakh; year-end cash ₹28.95 lakh.

Operations and production

• Kraft paper division produced 5,877.902 MT; prior year 12,797.325 MT.
• Boiler fuel issues left the plant non-operational for 190 days.
• Fire on 12 March 2026 damaged storage and machinery; operations paused Mar–May 2026.
• FY25-26 consolidated revenue: no revenue from Satara Aerospace subsidiary.
• Kraft paper range 80–180 GSM; served Western and Southern India; strong dealer network.
• Company focused on market expansion, quality, and cost management.

Capital structure & funding

• Equity capital increased to ₹34.94 crore (3.49 crore shares).
• Warrants converted: 97,50,000 and 31,00,000 shares; 1,44,50,000 unexercised forfeited.
• Funds raised via warrant conversions: ₹29.01 crore.
• Listing approvals: 97.50 lakh shares listed Nov 11, 2025; trading approved Dec 9, 2025.
• Forfeiture: 16 Oct 2025 for unexercised warrants.

Governance and leadership

• Niraj Chandra resigned as MD from 1 June 2026.
• Deepa Agarwal appointed MD with effect from 12 August 2026.
• Aarushi Chandra appointed Additional Director from 28 May 2026.
• 35th AGM scheduled for 21 September 2026; notices include director appointments.
• Board conducted seven meetings in the year; independent director training completed.

Related party transactions

• Special Resolution to transfer land to wholly owned subsidiary Kay Pulp and Paper Mills Pvt Ltd.
• Material related party transactions with Satara Engineering Projects & Equipments Ltd; contract up to Rs 50 Cr.
• RPTs reviewed by Audit Committee; material ones require shareholder approval.
• Disclosures include multiple subsidiaries; quarterly reviews by Audit Committee.

Subsidiaries and consolidation

• Satara Aerospace and Defence Industrial Park Pvt Ltd is 100% owned.
• Kay Pulp and Paper Mills Private Limited formed 15 July 2026; 75,000 TPA kraft plant planned.
• Consolidated financial statements include subsidiaries; Satara Aerospace revenue not in FY25-26.

Audit, controls and disclosures

• Auditors: R Y Kulkarni resigned; Ankush Shinde & Co appointed as statutory auditors 2026–2031.
• Secretarial audit: Neha Doshi & Co; no qualifications.
• Key audit matter: fire losses and insurance receivable; adequately disclosed.
• Internal controls: adequate; no material deficiencies observed; governance disclosures in annual report.

Outlook and risks

• Kraft paper market outlook positive; demand from packaging, e-commerce, and logistics sectors.
• Risks: raw material price volatility, energy costs, regulatory compliance, and supply chain disruptions.
• Company focus: operational efficiency, quality, cost controls, and sustainable manufacturing.

AGM Details

• Date and time: 21 September 2026 at 3:00 PM.
• Venue: registered office; in-person meeting with remote e-voting via CDSL.
• Voting cut-off date: 14 September 2026.
• Remote e-voting window: 18–20 September 2026, 9:00 AM–5:00 PM.

Ordinary Business

• Adoption of Standalone Audited Financial Statements for year ended 31 March 2026.
• Adoption of Consolidated Audited Financial Statements for year ended 31 March 2026.
• Appointment of Ankush Shinde & Company as Statutory Auditors for five years; remuneration to be fixed.

Special Business

• Item 4: Deepa Agarwal appointed Managing Director for five years from 12 Aug 2026; remuneration NIL.
• Item 5: Aarushi Chandra appointed Director (Non-Executive, Non-Independent).
• Item 6: Special Resolution to transfer land to wholly owned subsidiary.
• Item 7: Ordinary Resolution to approve material related party transactions with subsidiaries.

Material Related Party Transactions

• Material RPT with subsidiary Satara Engineering Project and Equipment Limited up to Rs 50 crore; Deepa Agarwal to abstain.
• Details include paper purchase and 75,000 TPA Kraft plant equipment; arm's-length, ordinary course.
• Related party: Kay Pulp and Paper Mills Private Limited; transaction with its subsidiary as above.

Directors & Appointments

• MD term: Deepa Agarwal; 5-year term; post-appointment terms may be revised by Board.
• Director: Aarushi Chandra; additional director appointed May 28, 2026; liable to retire by rotation.

Appointment details

• Board approved appointment of Deepa Agarwal as Managing Director effective 12 August 2026, subject to member approval.
• Appointment is contingent on approval by shareholders at forthcoming AGM.
• Disclosures under SEBI Listing Regulations provided; includes relationship to director Aarushi Chandra (mother).
• Brief profile: Deepa Agarwal, B.A. (Hons), active in private limited companies; holds 2,286,800 shares.
• Not debarred from holding office by SEBI or any authority.

Unaudited results

• Standalone and Consolidated unaudited Q1 FY2026-27 results approved for quarter ended 30 June 2026.
• Limited Review Reports by statutory auditors enclosed.

MD appointment

• Mrs. Deepa Agarwal appointed Managing Director, effective 12 August 2026, subject to AGM approval.

Kraft paper project via subsidiary

• Proposed Kraft Paper plant via wholly owned subsidiary Kay Pulp and Paper Mills Private Limited, capacity 75,000 TPA.
• Project to be commissioned in FY2027-28; first-year revenue expected around Rs 200 crore.
• Consolidated results to reflect from FY2028-29, subject to commercial operations and accounting requirements.

Subsidiary status

• Wholly owned Satara Aerospace and Defence Industrial Park Private Limited has not commenced operations; no revenue yet.

Auditor remarks

• Independent Auditor's Review Report issued with unmodified opinion on consolidated results.
• Corresponding quarter figures for prior period not reviewed by branch auditors; matter noted.

Other disclosures

• Subsidiary incorporation date 15 July 2026; project planning/development stage; further disclosures to Stock Exchange as required.

Financial highlights

• Standalone revenue from operations (net of GST) Rs 589.20 cr.
• Standalone total revenue Rs 589.31 cr; net profit Rs 13.42 cr.
• PBT Rs 13.42 cr; exceptional items loss Rs 5.35 cr.
• EPS continuing operations Basic/Diluted Rs 0.04.
• Board approved unaudited results on Aug 12, 2026.
• Consolidated results include wholly owned Satara Aerospace and Defence Industrial Park; subsidiary revenue nil.
• Subsidiary has not commenced operations.
• Independent Auditor's Review: unmodified opinion.
• Repair works completed April 2026; plant restarted May 2, 2026.
• Figures for prior period restated for comparability.

Subsidiary status

• Satara Aerospace and Defence Industrial Park Pvt Ltd is wholly owned.
• Revenue from the subsidiary remains nil as operations have not commenced.

Notes & compliance

• Previous quarter/year figures have been restated to ensure comparability.