Srigee Dlm Ltd

Dematerialisation/rematerialisation status

• Dematerialisation requests processed; securities listed on stock exchanges; certificates mutilated and cancelled; depository substituted as registered owner.
• No rematerialisation requests were received during the quarter.
• Regulation 74(5) not applicable; all holdings are in demat form.

Transaction details

• Agreement to Sell for disposal of immovable property at Greater Noida.
• Total sale consideration ₹2.53 crore; completion date 09/07/2026.
• Buyer is Ms. Richa Singh (promoter group) via Syntyche Tradex Enterprises OPC.
• Related party transaction, conducted on arm's length basis; subject to approvals.

Operational impact

• Company will lease the property back to purchaser until new facility is ready.
• No material adverse impact; manufacturing to continue from existing premises.
• Unit contributed ₹6.73 crore revenue last year, ~9% of total.

Governance / Related Party

• Promoter group: Ms. Richa Singh disclosed; details in Annexure A.
• Date of agreement and expected completion: 09/07/2026.

FY26 results

• Revenue from operations was INR72.31 crores in FY26.
• Total income was INR75.76 crores in FY26.
• EBITDA rose to INR9.23 crores; EBITDA margin was 12.18%.
• PAT increased to INR6.87 crores; PAT margin was 9.06%.
• H2 FY26 total income was INR54.34 crores.
• H2 FY26 EBITDA was INR6.89 crores.
• H2 FY26 PAT more than doubled versus last year.

Operations and expansion

• Company described itself as a design-led manufacturing partner across plastics, assembly, tooling, and compounding.
• Polymer compounding under Polymos is nascent and started within the last two years.
• Current compounding output is about 50 metric tons per month.
• Planned compounding capacity is 150 metric tons monthly at the new facility.
• Internal polymer consumption is around 35 to 40 metric tons per month.
• Management said internal usage will be around 25% to 30% of raw material.
• New Greater Noida facility is targeted for commercial production by August 15, before Diwali.
• FY27 capex is around INR25 crores, excluding land already acquired.
• Management expects peak turnover of about INR200 crores from the INR25 crores capex.
• Management said the new facility could support INR350 crores revenue at full utilization.

Guidance and drivers

• Management expects FY27 revenue above INR100 crores.
• Management said FY28 revenue could be about INR200 crores to INR250 crores.
• Management said margins should rise with higher capacity and lower rent.
• Mobile phone assembly sales increased from INR50 lakh monthly to INR1 crore monthly.
• Management said mobile phone assembly is the highest margin vertical, not the highest sales vertical.
• OEM and ODM work accounted for about 76% of revenue.
• Top customer concentration fell from 95% to 91% of revenue.
• IPO funds were 50% utilized by March 31, 2026.
• Remaining IPO proceeds will be used this quarter and next, alongside bank debt.
• Expected debt cost is around 8% to 9%, with talks near 8% to 8.25%.

Q&A Highlights

• Analysts asked about polymer compounding revenue; management said it aims to 3x capacity and sales.
• Analysts asked about compounding benefits; management said in-house production saves about 10% to 20%.
• Analysts asked about FY27 sustainability; management said growth should continue and PAT should rise.
• Analysts asked about growth drivers; management cited mobile assembly, other income, and higher utilization.
• Analysts asked about new customers; management said three prospects are in talks, with two site visits completed.
• Analysts asked about ODM opportunities; management said two more assemblies may materialize after audit.
• Analysts asked about war impact; management said polymer prices were hit and cooler demand is seasonal.
• Analysts asked about asset sales; management said smaller plants and land may be sold to fund the new project.
• Analysts asked about transcript uploads; management said this was the first earnings call transcript.

Business

• Design-led manufacturer of polymer compounding and precision plastic products for consumer durables OEMs and ODMs.
• Operates three integrated Noida facilities with in-house tool room, R&D, assembly, and compounding capabilities.

Operations

• Serves brands including Symphony, Havells, LG, Yamaha, Nilkamal, Elentec, and Sunplast.
• Undertaking a 5X capex program to expand capacity, automation, and value-chain presence.
• New Greater Noida facility is being set up for injection moulding, automobile parts, and electronics.

Financials

• FY26 total income rose to ₹75.76 crore from ₹71.37 crore.
• FY26 revenue was ₹72.31 crore; EBITDA ₹9.23 crore; PAT ₹6.87 crore.
• FY26 EBITDA margin improved to 12.18%; PAT margin improved to 9.06%.
• H2 FY26 total income grew 54.3% YoY to ₹54.34 crore.
• H2 FY26 EBITDA rose 79.8% YoY to ₹6.89 crore; PAT rose 104.9% YoY to ₹5.53 crore.
• FY26 cash and bank balance increased to ₹9.24 crore from ₹0.59 crore.
• FY26 net worth increased to ₹41.89 crore from ₹19.46 crore.

Capital

• Long-term borrowings increased to ₹7.27 crore in FY26 from ₹1.89 crore.
• Debt-to-equity remained low at 0.20x in FY26.
• Current ratio improved to 2.70x in FY26 from 1.80x.

Outlook

• Management expects growth from higher outsourcing, expanding customer relationships, and improved operational efficiency.
• Focus remains on high-margin plastic injection moulding, ODM expansion, and polymer compounding.
• Company is targeting broader market reach through the new Ecotech-10 facility.

Risks

• Management highlighted dependence on customer demand, market conditions, and execution of expansion plans.
• Operational risks include infrastructure, logistics, and skilled labour constraints.

Governance

• Suchitra Singh is Whole-time Director and CFO.
• Promoter holding was 54.63% as of 2 June 2026.

Meeting Details

• Board meeting scheduled for 27 May 2026.
• Meeting to be held at the registered office of the company.

Key Agenda Items

• Approve standalone audited financial results for half year and year ended 31 March 2026.

Other Notes

• Trading window closed from 1 April 2026 until 48 hours after results declaration.