Atharva Poly-Plast reported a 27.46% year-on-year increase in profit after tax (PAT) to ₹6.47 crore for FY26, driven by a 14.48% rise in revenue from operations. The company scheduled its 13th Annual General Meeting for September 24, 2026.

The Board of Directors did not recommend any dividend for the financial year ended March 31, 2026, opting to conserve resources for future expansion. Members holding shares as on the cut-off date of September 18, 2026, are eligible to vote via remote e-voting from September 21 to September 23, 2026.

Financial Performance Highlights

Atharva Poly-Plast’s revenue from operations grew to ₹54.39 crore in FY26 from ₹47.54 crore in the previous year. EBITDA expanded by 23.7% to ₹11.25 crore, reflecting improved operational efficiency and a shift towards higher-value engineered components.

The company also issued bonus shares at a ratio of 9:10 during the period, increasing its total share capital to ₹12.35 crore. Trade receivables turnover ratio declined by 18.94% to 6.79, indicating an increase in average trade receivables relative to sales.

Key Resolutions and Appointments

During a board meeting on September 1, 2026, the company appointed M/s R H Patel & Associates as internal auditor for FY27. The firm holds Firm Registration Number 143472W and specializes in financial audit and regulatory advisory services.

Mr. Ashish Shivaji Darade, Director and CFO, retires by rotation at the AGM and seeks reappointment. He has attended all 20 board meetings held during FY25-26. His remuneration for FY26-27 is set at ₹4.5 lakh.

Corporate Governance and Compliance

The company was converted from a private limited to a public limited entity in April 2025 and listed on the BSE SME platform in July 2026. The annual report and AGM notice were submitted to BSE Limited under Regulation 34(1) of the SEBI Listing Regulations.

Statutory auditors M/s P R A S S & Associates LLP issued an unqualified report on the financial statements. This declaration was made in accordance with the third proviso of Regulation 33(3)(d) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The secretarial audit report by M/s Nitin Katkar & Associates confirmed compliance with applicable statutory provisions during the reporting period.

Atharva Poly-Plast reported a net profit of ₹6.47 crore for the financial year ended March 31, 2026 (FY26), up from ₹5.07 crore in FY25. The Pune-based plastics manufacturer’s revenue from operations grew 14.43% year-on-year to ₹54.39 crore. Despite the profitability surge, the Board of Directors did not recommend any final dividend, nor was any interim dividend paid during the year. This decision, combined with a sharp decline in operating cash flow, signals that the company is prioritizing capital deployment and working capital management over shareholder payouts in its post-IPO phase.

The Board approved the standalone audited financial results on August 5, 2026, at the company’s registered office in Pune. Prass & Associates LLP, Chartered Accountants (FRN: 107816W/W100222), issued an unqualified audit opinion. The filing was submitted pursuant to Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Notably, the company completed its Initial Public Offering and began trading on the BSE SME Platform on July 7, 2026, treating it as a non-adjusting subsequent event.

Financial Performance

Revenue from operations increased to ₹54.39 crore in FY26 from ₹47.54 crore in FY25. Other income remained stable at ₹1.51 crore against ₹1.53 crore previously. Total income stood at ₹55.91 crore. Expenses rose to ₹47.65 crore from ₹42.51 crore, primarily driven by higher material costs which increased to ₹38.86 crore from ₹33.33 crore. Finance costs also climbed to ₹1.35 crore from ₹1.04 crore. Profit before tax improved to ₹8.25 crore from ₹6.46 crore. After accounting for current tax of ₹1.84 crore and deferred tax adjustments, net profit reached ₹6.47 crore. Earnings per share (basic and diluted) rose to ₹5.24 from ₹4.11.

Balance Sheet and Cash Flow Dynamics

Total assets expanded to ₹43.79 crore from ₹30.88 crore, supported by a rise in share capital to ₹12.35 crore from ₹6.50 crore following equity issuance. Long-term borrowings increased to ₹3.58 crore from ₹2.19 crore, while short-term borrowings rose to ₹6.18 crore from ₹5.72 crore. The debt-equity ratio improved to 0.50 from 0.60.

Operating cash flow declined significantly to ₹3.26 crore from ₹7.47 crore in FY25. This drop was largely attributed to a ₹7.43 crore increase in trade receivables and a ₹1.64 crore buildup in inventory. Net cash used in investing activities was ₹2.37 crore, mainly due to capital expenditures of ₹3.99 crore. Financing activities generated ₹2.99 crore, primarily from increased borrowings. The net decrease in cash and cash equivalents was ₹34.06 lakh, closing at ₹23.34 crore.

What the Numbers Show

The divergence between strong bottom-line growth and weakening operating cash flow warrants attention. While net profit surged by 27%, cash generated from operations fell by over 56%. This suggests that revenue growth was accompanied by significant credit extension to customers, as evidenced by the sharp rise in trade receivables. Additionally, the company recognized an exceptional item of ₹6.23 lakh related to the statutory impact of new Labour Codes, restructuring employee compensation effective April 1, 2026. Investors should monitor collection efficiency in subsequent quarters to ensure accounting profits translate into tangible cash inflows, especially as the company navigates its newly listed status.