VIP Industries Ltd

AGM details

• AGM held on 21 August 2026.

Voting outcomes

• All resolutions passed with requisite majority.

AGM Details

• AGM held on 21 August 2026 at 2:30 PM IST via VC/OAVM.
• 69 members attended; proxies not applicable per circulars.

Key Resolutions

• Adoption of audited standalone and consolidated financial statements for FY ended 31 March 2026.
• Re-appointment of Sridhar Sankararaman by rotation.
• Appointment of Deloitte Haskins & Sells as Statutory Auditors.
• Waiver of recovery of excess managerial remuneration paid to former Executive Director for FY2025-26.
• Waiver of recovery of excess managerial remuneration paid to former Managing Director for FY2025-26.
• Waiver of recovery of excess managerial remuneration paid to former Executive Director Ashish Saha for FY2025-26.
• Appointment of Vaishali Shrikant Bhat as Independent Director.
• Appointment of Sanjay Mahesh Rastogi as Independent Director.

Voting Results

• All resolutions deemed passed subject to receipt of requisite majority.

Dividends

• No dividend proposed or approved.

Directors & Auditors

• Statutory Auditor: Deloitte Haskins & Sells LLP appointed.
• Secretarial Auditor/Scrutinizer: Ragini Chokshi & Co. appointed as AGM Scrutinizer.

Related Party Transactions

• No material related party transactions disclosed.

Other Approvals

• No additional material approvals disclosed.

Financial Highlights

• Q1FY27 revenue Rs 578 crore, up 3% YoY from Rs 561 crore.
• QoQ revenue up 33%.
• EBITDA Rs -7 crore, margin -1%; FY26 EBITDA loss Rs -219 crore.
• Profitability hurt by raw-material inflation from crude price hikes.
• Guides higher growth in Q2.
• Records growth for first time in seven quarters.
• Over 80 product launches drive about 50% of revenue.
• Transformation: first phase completed; problems largely behind.

Strategic & Governance Developments

• Ownership transition to Multiples-led consortium completed by end of Q3 FY26.
• Expanded leadership team onboarded in Q4 FY26.

Investor presentation highlights

• Investor presentation for quarter ended June 30, 2026 following board meeting outcome.
• 80+ new product launches contributing to about 50% of revenue.
• Key products highlighted: Flexy Flap Front Laptop Opening, Silent Wheels, Suspension Wheels.
• Brand-building initiatives: revamped website, influencer campaigns, and outdoor advertising.
• Organization under transformation: new product design and refreshed communications.
• Growth is back after seven quarters, within two quarters of the related transaction completion.
• Recap: Growth Agenda summarized in the presentation.

Financials

• Consolidated revenue Rs 578 crore, up 3% YoY.
• EBITDA at -1% of revenue, Rs -7 crore, improved from FY26 loss.
• 80+ product launches drive about 50% of revenue.
• Records growth for first time in 7 quarters.

Governance & ownership

• Ownership transition to consortium led by Multiples completed by end of Q3 FY26.
• Expanded leadership team onboarded in Q4 FY26.
• First phase of transformation completed; past problems largely behind.

Outlook

• Guides for higher growth in Q2.

Financial results approved

• Board approved unaudited standalone and consolidated results for quarter ended June 30, 2026.
• Results were reviewed by the Audit Committee; limited review reports included.

ESARP grant and expense

• Nomination and Remuneration Committee approved ESARP 2018 grant; 1,20,000 ESAR issued.
• Rs 0.09 crore expense recognized; 96,000 ESAR lapsed/forfeited.

Non-core asset sale

• Sale of non-core assets completed in July 2026; remaining assets held for sale.
• Sale completed; gross consideration disclosed in notes.

Insurance claims

• Insurance claim received: Rs 0.53 crore in quarter; Rs 4.57 crore in year.
• Bangladesh plant claim: Rs 7.00 crore received; Rs 15.15 crore in year.

Litigation and Carlton brand

• Commercial suit filed by Chinese supplier for Rs 6.41 crore; no liability provision.
• Carlton brand dispute sub judice; Delhi High Court proceedings.
• Interim relief allowed sale of Carlton inventory till May 31, 2026; all sold.
• Global CARLTON rights retained.

Tax and regulatory disclosures

• Deferred tax asset recognition restricted in standalone results.
• Inventory provision reversal of Rs 12.31 crore in Q1 2026.

Segment

• Single segment: Manufacturing and marketing of luggage and bags.