Sheetal Cool Products Ltd

AGM Details

• Date and time: 29 September 2026, 12:05 PM start; VC/OAVM.
• Mode: VC/OAVM; concluded at 12:30 PM.
• Record date: 22 September 2026; shareholders on record: 6,745.

Resolutions & voting

• Resolution 1: Adopt Audited Financial Statements for year ended 31 March 2026.
• Resolution 1 outcome: Passed; 100% in favour.
• Resolution 2: Re-appointment of Dineshbhai D Bhuva; retires by rotation.
• Resolution 2 outcome: Passed; 100% in favour.
• Resolution 3: Ratification of remuneration of Cost Auditor.
• Resolution 3 outcome: Passed; one vote against.

Dividend

• No dividend proposed or declared.

Director changes

• Dineshbhai D Bhuva re-appointed; retires by rotation.

Auditors

• Remuneration of Cost Auditor ratified; no change to statutory auditor.

Material related party transactions

• No material related party transactions approved.

Other material approvals

• No other material approvals reported.

Business overview

• Diversified food & FMCG company with ice creams, dairy, namkeen, bakery, sweets.
• 2026 saw start of a dedicated RTE/RTC manufacturing facility.
• Manufacturing base in Amreli, Gujarat with nationwide and international reach.

Operational highlights

• Amreli base; 2026 launch of dedicated RTE/RTC facility.
• Ice cream capacity: candies 1.7 million/day.
• Cones 0.7 million/day; cups 11 million/day.
• Namkeen pouches 550k/day; milk products 80k LPD.
• In-house packaging: corrugated boxes, chocolate syrup, biscuit cones.
• Export footprint expanding to USA, Japan, Australia, Hong Kong, UAE, etc.
• Parlour network supports efficient market reach.
• Solar and wind energy support sustainability and capability.

Financial performance

• FY26 revenue from operations ₹366.0 Cr, up 13.9% YoY.
• EBITDA ₹41.9 Cr; margin 11.4%.
• PAT ₹19.1 Cr; margin 5.2%.
• Diluted EPS ₹18.2.
• Cash from operations ₹34.3 Cr.
• Net decrease in cash ₹9.5 Cr; end-year cash ₹0.5 Cr.
• Total assets ₹264.6 Cr; shareholders' funds ₹156.9 Cr.
• Borrowings long-term ₹1.5 Cr; short-term ₹38.3 Cr.
• Inventories ₹151.8 Cr; trade receivables ₹35.7 Cr.

Capital structure & liquidity

• Long-term borrowings ₹1.5 Cr; short-term borrowings ₹38.3 Cr.
• Cash & equivalents ₹0.5 Cr at year-end.
• Operating cash flow ₹34.3 Cr; financing cash flow ₹25.5 Cr.

Strategic priorities & outlook

• Expand ready-to-eat and ready-to-cook offerings to capitalise on convenience trends.
• Broaden domestic and international footprint; strengthen distribution.
• Invest in automation, manufacturing efficiency, and R&D; maintain certifications.

Governance & leadership

• Chairman & MD: Bhupatbhai D. Bhuva.
• 750 employees as of 31 March 2026.
• Leadership team comprises multiple Bhuva family members guiding manufacturing and sales.

Business Overview

• Diversified food and FMCG company in Amreli, Gujarat, across ice cream, dairy, namkeen, bakery, sweets, and RTE/RTC.
• In 2026, commenced dedicated RTE/RTC manufacturing facility.

Operational Highlights

• FY26 revenue reached ₹366 crore, up from ₹321.3 crore FY25.
• EBITDA ₹41.9 crore; EBITDA margin 11.4% in FY26.
• ROE 13.3% and ROCE 16.2% in FY26.
• Current ratio 2.7x and debt-equity 0.3x reflect improved liquidity.
• Cash conversion cycle improved to 197 days.

Financial Performance

• Gross profit ₹110.1 crore; gross margin 30.1% in FY26.
• PAT ₹19.1 crore; PAT margin 5.2% in FY26.
• Ending cash balance ₹0.5 crore; total assets ₹264.6 crore.
• Shareholders' funds ₹156.9 crore; total borrowings ₹39.8 crore.

Capital Structure & Liquidity

• Long-term borrowings ₹1.5 crore; short-term ₹38.3 crore.
• Total borrowings ≈₹39.8 crore; cash ₹0.5 crore.
• Equity funds ₹156.9 crore.

Strategic Priorities & Outlook

• Expand ready-to-eat/cook offerings and newer consumption trends.
• Grow domestic and export presence through Parlour network.
• Invest in automation, R&D, and energy sustainability (solar and wind).
• Capex plan to support growth and maintain quality certifications.

Risks & Mitigation

• Diversification across segments mitigates seasonality and demand risk.

Governance & Leadership

• 2018 NSE Mainboard listing; leadership includes Bhupat D. Bhuva (MD/Chairman).
• Approximately 750 employees as of 31-Mar-2026.

Key disclosures

• Target Company: Sheetal Cool Products Limited (SCPL).
• Disclosing Party: Yash Bhupatbhai Bhuva and 10 PACs from promoter group.
• Transaction Type: Acquisition of voting rights by gift.
• Pre-Transaction Holding: 471,059 shares, 4.486%.
• Transaction Details: Acquired 10,621 shares, 0.101%.
• Post-Transaction Holding: 481,680 shares, 4.587%.
• Date of transaction: 28/09/2026.
• Share capital context: Before/after Rs 10,50,00,000; diluted capital unchanged.
• Promoter group status: Acquirer belongs to promoter group.
• Mode of acquisition: Gift (without consideration).

AGM Details

• AGM held on 29 Sep 2026, 12:00 PM schedule, started 12:05 PM, concluded 12:30 PM via VC/OAVM.
• Chaired by Mr. Bhupatbhai D Bhuva, MD.

Ordinary Business

• Adoption of Audited Financial Statements for FY ended 31 March 2026.
• Re-appointment of Mr. Dineshbhai D Bhuva on rotation.

Special Business

• Ratification of remuneration of Cost Auditor.

Voting Results

• Detailed voting results to be submitted separately.

Director Changes

• Dineshbhai D Bhuva re-appointed as Director.

Auditor Approvals

• Cost auditor remuneration ratified.

Sheetal Cool Products Ltd — Closure of trading window from Thursday, October 01, 2026 till 48 hours after the declaration of Unaudited Financial Results for the quarter and half year ended on September 30, 2026.

Sheetal Cool Products Limited trading window closed from October 01, 2026 till 48 hours after the declaration of Unaudited Financial Results for the quarter and half year ended September 30, 2026.

Meeting Details

• Date and time: 30 September 2026, 1:00 PM
• Type and mode: group investor/analyst interaction, virtual
• Event/organiser: Bharat Connect Conference: Rising Stars by Arihant Capital
• Key company participants: Managing Director
• Purpose: general investor interaction; references publicly available documents; no UPSI intended

Financial snapshot

• Revenue from operations: Rs 36,600.04 Lakhs; up about 14% YoY.
• EBITDA: Rs 4,189.77 Lakhs; EBITDA margin 11.45%.
• PAT: Rs 1,911.83 Lakhs; PAT margin 5.22%.
• EPS (Basic): Rs 18.21 per share.
• Net worth: Rs 15,691.40 Lakhs.
• Debt/Equity: 0.32x.
• Current ratio: 2.65x.
• Dividend: no dividend declared for FY2025-26.
• Convertible warrants: 8.40 lakh issued to non-promoters at Rs 317.65 per warrant.
• Application money received: 25% of issue price.

Revenue mix & geography

• Domestic sales Rs 35,832.17 Lakhs; export Rs 767.87; total Rs 36,600.04.
• Two product segments; Namkeen not reportable under Ind AS 108.
• Geography: operations in India; exports to USA and other markets.

Capital structure & dividends

• Authorized capital Rs 15 crore; issued/subscribed/payable Rs 10.50 crore.
• 40 lakh convertible warrants issued; private placement to non-promoters; approved by AGM.
• Dividend status: no dividend declared for the year.

Governance & leadership

• Board size six; three independent; one independent woman director.
• 14 Board meetings held in FY2025-26.
• CS Rajshri Indoria appointed Jan 5, 2026; Bharat Trivedi resigned Jan 3, 2026.
• Statutory Auditor: H.B. Kalaria & Associates; Cost Auditor: Niketan Govindbhai Tadhani & Co.
• Secretarial Auditor: Pitroda Nayan & Co.; Internal Auditor: Divyesh Dobariya.

CSR & sustainability

• CSR spend Rs 57.22 Lakhs; CSR obligation Rs 52.27 Lakhs; excess Rs 4.95 Lakhs.
• Installed 4.9 MW solar plant; renewable energy portfolio strengthened.
• CSR policy published on company website.

Audit, risk & internal controls

• Inventory existence/valuation flagged as a key audit matter.
• Trade receivables with 1% ECL provision; some balances outstanding.
• Internal controls deemed effective; no material weaknesses observed.
• Risk management framework in place; omnibus approvals for related party transactions.

Related party transactions

• Related party transactions are arm's length with omnibus approvals.
• Key RPTs include sale of goods to Sheetal Pan & Coldrinks and Sheetal Smiley Parlour.
• Remuneration to relatives of KMPs; CSR donations to DJBS Foundation.