46th AGM transcript: FY26 revenue and profit lower, no dividend, Q1 FY27 improves
AGM transcript shared.
- FY25-26 Standalone Revenue
- Rs. 355.80 crore (vs Rs. 406.04 crore)
- FY25-26 Net Profit
- Rs. 18.15 crore (vs Rs. 56.70 crore)
- Q1 FY27 Consolidated Revenue
- Rs. 117.19 crore vs Rs. 81.97 crore
- Q1 FY27 PAT
- Rs. 5.89 crore vs loss of Rs. 1.53 crore
- Dividend Recommendation
- No dividend recommended
What was shared
The transcript of the 46th Annual General Meeting held on 29th September, 2026 through video conferencing, along with the link to the audio-visual recording.
FY2025-26 performance as described by the Chairman
- Standalone revenue from operations: Rs. 355.80 crore, compared with Rs. 406.04 crore in the previous year.
- Net profit: Rs. 18.15 crore, compared with Rs. 56.70 crore in FY2024-25.
- Reasons cited: planned shutdowns to integrate new facilities, equipment breakdowns, delays in a major expansion project, and pressure on demand and realisations from increased imports.
- The Moulded Fibre Products business achieved its highest annual revenue and expanded volumes and market reach, though profitability in that segment stayed under pressure.
Q1 FY2026-27 update shared at the meeting
- Unaudited consolidated revenue from operations for the quarter ended 30th June, 2026: Rs. 117.19 crore versus Rs. 81.97 crore in the corresponding quarter.
- Profit after tax: Rs. 5.89 crore versus a loss of Rs. 1.53 crore.
- The Chairman noted that one quarter does not establish a trend.
Project Jagriti
Described as central to growth plans, intended to strengthen pulp, paper, energy and recovery capabilities and support a larger portfolio of value-added sustainable packaging products. It has required substantial capital and has faced delays; the Board is focused on completion, commissioning, stabilisation, funding and risk control.
Dividend and capital allocation
After considering the year's financial performance, liquidity, planned capital expenditure and funding requirements, the Board did not recommend a dividend for FY2025-26, choosing to retain earnings to protect liquidity and support projects. International plans are being paced according to funding availability, execution readiness and market conditions.
Other disclosures
- CSR spend during FY2025-26: Rs. 2.35 crore, focused on education, employment and ecology.
- Stated Board priorities: complete and stabilise Project Jagriti, restore operating performance, strengthen cash generation, scale sustainable products and maintain governance standards.
How investors may read it
The transcript puts a sharp fall in FY26 revenue and profit alongside a stronger first quarter of FY27 and an ongoing, delayed capital project funded by retained earnings rather than dividends.
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More numbers
- FY2025-26 standalone revenue from operationsRs. 355.80 crore
- Previous year standalone revenueRs. 406.04 crore
- FY2025-26 net profitRs. 18.15 crore
- FY2024-25 net profitRs. 56.70 crore
- Q1 FY2026-27 consolidated revenueRs. 117.19 crore
- Corresponding quarter revenueRs. 81.97 crore
- Q1 FY2026-27 profit after taxRs. 5.89 crore
- Corresponding quarter lossRs. 1.53 crore
- CSR spend FY2025-26Rs. 2.35 crore
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