TPL Plastech526582Leadership appointment or

CEO resigns effective November 30; Mangesh Sarfare appointed CEO and KMP for two years

Board took note of Mr. Jayesh Ajitkumar Ashar's resignation as CEO, effective close of business on November 30, 2026, for personal reasons arising from family commitments.

By ScoutQuest · Wed 4 Nov 2026, 7:57 PM IST · 2 min read

Q2 consolidated revenue from operations: Rs. 14,949.82 lakh
Q2 consolidated profit after tax: Rs. 837.80 lakh
Bhuj IBC plant capacity: 1,50,000 units per annum

Leadership change

The Board took note of the resignation of Mr. Jayesh Ajitkumar Ashar (age 62 years) from the position of Chief Executive Officer of the company, with effect from the close of business hours on November 30, 2026. The reason stated is personal reasons arising from family commitments.

The successor

The Board considered and approved the appointment of Mr. Mangesh Sarfare as Chief Executive Officer and Key Managerial Personnel for a period of two (2) years with effect from December 01, 2026. Consequent to this appointment, the Board also considered and accepted his resignation from the office of Non-Executive Director, with effect from the close of business hours on November 04, 2026.

The outgoing CEO's term ends on November 30, 2026 and the new CEO's term begins on December 01, 2026.
Mr. Sarfare moves from a Non-Executive Director role on the Board to an executive CEO role.
The Board approved reconstitution of the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee and the Corporate Social Responsibility Committee with effect from November 04, 2026, consequent upon the change in his designation.

Quarter and half-year results

Along with the leadership changes, the Board approved the unaudited financial results for the quarter and half year ended September 30, 2026. Consolidated figures, in Rs. lakh:

Revenue from operations: 14,949.82 for the quarter; 23,049.18 for the half year.
Profit before tax: 1,098.60 for the quarter; 1,952.01 for the half year.
Profit after tax: 837.80 for the quarter; 1,490.19 for the half year.
Earnings per share (face value Rs. 2 each): 1.07 for the quarter; 1.91 for the half year.

Standalone figures, in Rs. lakh

Revenue from operations: 14,851.72 for the quarter; 22,957.44 for the half year.
Profit after tax: 849.00 for the quarter; 1,503.38 for the half year.
Earnings per share: 1.09 for the quarter; 1.93 for the half year.

The statutory auditor, M/s. Raman S Shah & Associates, issued the limited review reports for both the consolidated and standalone results.

New plant

The notes to the results state that during the quarter the company commenced commercial operations through its wholly owned subsidiary at Bhuj, Gujarat, for manufacturing Intermediate Bulk Containers (IBCs), with an installed capacity of 1,50,000 IBCs per annum. The new facility is expected to generate additional annual revenue of approximately 100 crore. The company's operations fall under a single segment, Industrial Packaging.

What the update sets out

A change of CEO, with the outgoing CEO's last day on November 30, 2026 and a named successor taking charge from December 01, 2026.
The reason given for the exit is personal, linked to family commitments.
Quarterly and half-yearly numbers that let an investor compare revenue, profit and per-share earnings for the period.
A new IBC manufacturing facility that has begun commercial operations, with stated capacity and expected revenue contribution.

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