Shish Industries Ltd

AGM Details

• AGM held on 30 September 2026 at 04:00 PM IST via VC/OAVM on Zoom.
• Remote e-voting opened 27 Sept 2026 and closed 29 Sept 2026.
• Meeting commenced 04:00 PM and concluded at 04:18 PM IST.
• Voting via NSDL e-voting available; Scrutinizer's report expected within 48 hours.
• Quorum present; proxies dispensed with due to VC/OAVM.
• Panelists include MD, Company Secretary, Auditors, and Secretarial Scrutinizer.

Key Resolutions

• Item No. 1: Ordinary resolution to adopt standalone and consolidated financial statements for FY 2025-26.
• Item No. 2: Ordinary resolution to re-appoint Satishkumar Maniya as Director by rotation.
• Item No. 3: Ordinary resolution to ratify remuneration of Cost Auditor for 2026-27.
• Item No. 4: Special resolution to alter Articles to insert Article 209 for non-transferable securities.

Voting Status

• Voting results to be declared after Scrutinizer's report, within 48 hours.
• No speaker shareholders present during questions.

Director Changes

• Re-appointment sought for Satishkumar Maniya as Director by rotation.
• He remains Chairman and Managing Director.

Auditor Appointments

• Cost Auditor M/s. V.M. Patel & Associates appointed for 2026-27; remuneration to be ratified.

Shish Industries Limited: Trading window closed from Thursday, October 01, 2026 till 48 hours after the declaration and publication of Unaudited standalone and consolidated Financial Results for the quarter ended September 30, 2026.

Secretarial Auditor name change

• Name of Secretarial Auditor changed from M/s. ALAP & Co. LLP to M/s. Prasad and Partners LLP.
• Terms, tenure and scope of appointment remain unchanged.

Scheme approval

• Composite Scheme of Amalgamation approved merging two wholly owned subsidiaries into Shish Industries.

Regulatory filings

• Board authorised actions for filings to NCLT, MCA, ROC, SEBI, and stock exchanges.

Statutory approvals

• Scheme subject to sanction of NCLT and other applicable statutory approvals.

Annexure A - unaudited details

• Annexure A contains June 30, 2026 unaudited standalone details.

Consideration and shareholding

• No cash consideration; transferors wholly owned by transferee; no change in shareholding.

Related party status

• Amalgamation not a related party transaction per MCA Circular 30/2014.

Rationale and benefits

• Consolidation aims for organizational, operational, and financial synergies.

Timeline and meeting details

• Board met on 23 September 2026, 3:00–4:00 PM.

Entity business scope

• Transferee: comprehensive industrial packaging.
• Transferor 1 & 2: Radiant Barrier and Lamination products.

Meeting Details

• Date: 23 September 2026; time and venue not disclosed.

Key Agenda Items

• Scheme of amalgamation/merger with Shish Polylam Pvt Ltd and Shish Global Solutions Pvt Ltd.
• Consider any other business with Chair's permission.

Other Notes

• Trading window closes from 19 Sep 2026 until 48 hours after announcement.

KMPs authorized for materiality disclosures

• The Board authorised KMPs for determining materiality of events or information, w.e.f Sept 11, 2026.
• Jehan Sairus Kasad designated as Chief Financial Officer.
• Suman Mohanlal Jat designated as Company Secretary & Compliance Officer.
• Authority includes determining materiality of events and making disclosures.
• Contact details: +91 99251 70407; compliance@shishindustries.com.
• Details uploaded on the company website.
• Meeting held on Sept 11, 2026.

CFO appointment

• Board approved appointment of Mr. Jehan S. Kasad as CFO, effective Sep 11, 2026.
• Kasad is a Chartered Accountant with 14 years' Finance, Governance, and ERP/SAP experience.
• Previously Assistant General Manager - Finance & Accounts at Sahajanand Medical Technologies.
• Effective date and term: 11/09/2026.

AGM Details

• Date and time: 30 Sept 2026, 04:00 PM IST; via VC/OAVM.
• Cut-off date for eligibility: 23 Sept 2026; register not closed due to no physical attendance.

Resolutions

• Ordinary Resolution: Adopt standalone financial statements and reports for year ended 31 March 2026.
• Ordinary Resolution: Adopt audited consolidated financial statements and auditors’ report for year ended 31 March 2026.
• Ordinary Resolution: Reappoint Satishkumar Dayabhai Maniya as Director on rotation.
• Ordinary Resolution: Ratify remuneration to Cost Auditor M/s V. M. Patel & Associates for 2026-27.
• Special Resolution: Alter Articles of Association to insert new Article 209 for marking specified securities as non-transferable.

Financial performance

• Standalone revenue from operations: INR 12,326.12 Lakh, up 4.65% YoY.
• Consolidated revenue from operations: INR 13,439.12 Lakh, up 15.60%.
• Standalone PBT: INR 1,228.70 Lakh; PAT: INR 875.94 Lakh.
• Consolidated PAT after minority: INR 726.64 Lakh; 16.86% down YoY due to raw material costs.
• Total income: Standalone INR 13,016.72 Lakh; Consolidated INR 13,994.21 Lakh.
• Export vs domestic: Export INR 5,582.36 Lakh; Domestic INR 7,856.75 Lakh.

Capital structure & fundraising

• Authorized capital subdivided to INR 5,300 Lakh; 530 million equity shares.
• Issued, subscribed and paid-up capital after preferential issue: INR 4,219.51 Lakh; 421,950,590 shares.
• 81,14,25,50 warrants issued at INR 12; 25% upfront collected.
• Funds raised FY2025-26: INR 2,434.28 Lakh; upfront payment of 25%.
• Diluted equity post-conversion: 503,093,140 shares.
• Acquired 65% stake in Shish Advanced Composites Private Limited (SACPL).

Subsidiaries & acquisitions

• Material subsidiary: Interstar Polyfab Private Limited (76.67%); turnover INR 712.53 Lakh; PAT negative.
• Shish Polylam Private Limited turnover INR 162.55 Lakh; PAT INR 38.73 Lakh.
• GreenEnergy International INC (USA) turnover INR 1,246.31 Lakh; PAT INR 82.61 Lakh.
• Dunnage Bag Private Limited turnover INR 414.52 Lakh; PAT INR 45.01 Lakh.
• Shish Global Solutions Private Limited turnover INR 36.11 Lakh; PAT negative.
• Shish Advanced Composites Private Limited not yet operational; loss incurred.

Governance & management

• CFO Nishit Rameshbhai Lakhani resigned on 07-Jun-2025; current KMPs: Satishkumar Maniya (MD) and Suman Jat (Company Secretary).
• Board meetings: 14; Audit Committee: 7; Nomination & Remuneration: 4; CSR: 2.
• Independent Directors: Lakhani reappointed w.e.f. 8-Jan-2026; Tamakuwala appointed 21-Mar-2025.
• ESOP 2023: No options granted as of 31-Mar-2026.

Dividends & capital allocation

• Dividend paid/recommended for FY2025-26: Nil.
• Utilisation of preferential issue proceeds disclosed; monitoring by Brickwork Ratings; no material deviations reported.
• General reserve: no transfer proposed; full net profit moved to reserve/surplus.

Related party transactions

• Interstar Polyfab: Sales 32.12 L; Purchases 712.54 L; Loans given 967.13 L; outstanding loan 1,855.51 L.
• Shish Advanced Composites Private Limited: Loan given INR 1,074.79 L.
• Dunnage Bag Private Limited: Sales INR 89.27 L; Purchases INR 53.86 L; Rent INR 45.50 L; Electricity INR 0.28 L.
• Shish Global Solutions Private Limited: Turnover INR 36.11 L; PAT negative.
• Shish Polylam Private Limited: Turnover INR 162.55 L; PAT INR 38.73 L.
• GreenEnergy International INC: Turnover INR 1,246.31 L; PAT INR 82.61 L.

CSR and sustainability

• CSR expenditure for 2025-26: INR 17.52 Lakh; obligation INR 21.40 Lakh.
• Surplus from CSR projects: INR 3.88 Lakh; no end-year shortfall.
• Rooftop solar installation: 2.8 MW; meets over 40% electricity needs.

Industry outlook & risks

• Indian packaging market expected to grow around 9% CAGR to FY2030.
• Global FIBC market projected ~6.2% CAGR to 2033.
• Key risks: raw-material price volatility, currency and trade dynamics, competition, and regulatory shifts.

Audit, controls & disclosures

• Statutory Auditor: M/s K P C M & Co; Secretarial Auditor: M/s ALAP & Co. LLP.
• CFO vacancy acknowledged; CFO appointed as soon as possible.
• Monitoring agency for fund utilisation: Brickwork Ratings; no material deviations reported.