EPACK Durable Limited has scheduled its 7th Annual General Meeting for Friday, September 18, 2026 at 12:00 Noon (IST) through Video Conferencing / Other Audio-Visual Means, with NSDL appointed as the e-voting agency.

The company reported consolidated revenue from operations of ₹18,945 million for FY 2025-26, compared to ₹21,709 million in FY 2024-25, reflecting a 12.7% decline. Consolidated profit after tax stood at ₹33 million, against ₹551 million in the previous year, with a diluted EPS of ₹0.34 for FY 2025-26.

Key AGM Schedule and E-Voting Timeline

The following dates govern shareholder participation and e-voting:

Agenda Items

The AGM will transact the following businesses:

Ordinary Businesses:

• Adoption of audited standalone and consolidated financial statements for FY 2025-26
• Re-appointment of Mr. Ajay DD Singhania (DIN: 00107555) as director liable to retire by rotation
• Re-appointment of M/s. Deloitte Haskins & Sells, Chartered Accountants (Firm Registration No. 015125N) as statutory auditors for a second term of five consecutive years from the conclusion of the 7th AGM till the conclusion of the 12th AGM

Special Businesses:

• Ratification of remuneration payable to M/s. Cheena & Associates, Cost Accountants (Firm Registration No. 000397) as cost auditors for FY 2026-27 at ₹1 Lakh plus applicable taxes
• Re-appointment of Mr. Ajay DD Singhania as Managing Director for a further term of five years effective November 02, 2026 to November 01, 2031 at a remuneration of ₹145.20 Lakhs per annum

FY 2025-26 Financial Performance

The company's standalone and consolidated financial results for FY 2025-26 are summarised below:

EBITDA and EBITDA margin stood at ₹1,139 million and 6.01% respectively on a consolidated basis. The company's market capitalisation as on March 31, 2026 was ₹1,90,436.15 million.

Product Revenue Mix

The company's revenue composition shifted meaningfully between FY 2024-25 and FY 2025-26, reflecting its diversification strategy:

Segment revenues for FY 2025-26 were: RAC at ₹10,461 Mn, SDA & LDA at ₹3,889 Mn, and Components at ₹3,663 Mn.

Strategic Capital Expenditure

The company invested ₹2,971 Mn in capital expenditure during FY 2025-26 across its manufacturing facilities:

Key Developments in FY 2025-26

During the year, the company undertook several strategic initiatives:

• Commenced production of washing machines and launched new SDA products including infrared cooktop, nutri blender and dry vacuum cleaner
• Entered into a Joint Venture Agreement with Bumjin Electronics Co. Limited (incorporated in Korea) to manufacture smart audio products in India, with the company holding 66.67% stake
• Incorporated three new wholly owned subsidiaries: Bumjin India Audio Products Private Limited (June 27, 2025), EPACK Electronic Component Private Limited (July 23, 2025), and EPACK Durable Global Sales L.L.C-FZ under Meydan Freezone, Dubai (September 26, 2025)
• Recognised incentive income of ₹2,177.36 lakhs under RIPS 2024 during FY 2025-26
• Reversed previously recognised PLI income of ₹324.20 million accrued from April to December 2025, which had a one-time impact on profitability
• Expanded customer base from 55 in FY 2024-25 to 72 in FY 2025-26
• Commissioned a 967 kW solar power plant at the Bhiwadi facility, bringing total solar generation capacity to 2,332 kW across all manufacturing units

Credit Ratings and Dividend

ICRA Limited re-affirmed the company's long-term rating at ICRA A (Stable) and short-term rating at ICRA A2+ as of January 27, 2026. The company has not recommended any dividend for FY 2025-26, considering its growth plans.

The Annual Report for FY 2025-26 is available on the company's website at www.epackdurable.com and on NSDL's website at www.evoting.nsdl.com .

Epack Durable Limited reported a record consolidated revenue from operations of ₹8,860 crore for the quarter ended June 30, 2026 (Q1FY27), marking a 34% year-on-year increase. Despite the top-line surge driven by strong Room Air Conditioner (RAC) sales and expansion in small and large domestic appliances, Profit After Tax (PAT) declined sharply by 48.5% to ₹118 crore. The profit contraction was primarily caused by rising input costs, higher depreciation, increased finance expenses, a share of loss from its joint venture, and a significant forex loss of ₹7 crore.

Statutory auditors Deloitte Haskins & Sells issued a qualified opinion on the financials due to unresolved disputes over ₹196.1 lakh in trade receivables. The Board of Directors approved the standalone and consolidated unaudited financial results on August 11, 2026. In compliance with SEBI Listing Regulations, the company published newspaper advertisements in Financial Express and Jansatta Express on August 12, 2026, and re-appointed M/s Ernst & Young LLP as its Internal Auditor for FY27.

Financial Performance Highlights

Consolidated revenue from operations rose to ₹8,860 crore in Q1FY27 from ₹6,624 crore in Q1FY26. Standalone revenue reached ₹88,473.84 lakh. On the profitability front, consolidated EBITDA remained nearly flat at ₹550 crore versus ₹546 crore in the year-ago period, causing the reported EBITDA margin to contract by 203 basis points to 6.21% from 8.24%. However, management clarified that this comparison is distorted by the absence of Production Linked Incentive (PLI) income in the current quarter, unlike the ₹133 crore accrued in Q1FY26. Excluding PLI effects, the underlying EBITDA margin improved by approximately 15 basis points year-on-year.

Segment-Wise Revenue Growth

The revenue expansion was broad-based across key segments. RAC revenue grew 43.8% to ₹6,221 crore, with management attributing the growth to a 30% volume increase and 14% value growth from price pass-throughs. Small and Large Domestic Appliances (SDA & LDA) revenue surged 68.9% to ₹1,314 crore, led by strong traction in air-fryers and washing machines. Conversely, the Components segment saw a 23.1% decline to ₹853 crore due to a high base effect, while Other revenues grew 15.1% to ₹472 crore. No PLI income was recognized in Q1FY27.

Auditor Qualification and Receivables Risk

The qualified audit opinion stems from a disputed balance of ₹196.1 lakh included in trade receivables. The holding company believes there is a high probability of recovery and has not recognized any provision against these dues. Deloitte Haskins & Sells stated that, given the legal dispute and lack of sufficient evidence regarding the customer's ability to pay, they could not determine if adjustments to the carrying amount of trade receivables or allowances for expected credit loss were required. This qualification was also present in the reports for the quarter and year ended March 31, 2026.

Strategic Outlook and Diversification

Epack Durable is actively diversifying its revenue mix to reduce dependency on RAC. Non-RAC contribution rose from 20% in FY23 to 45% in FY26. In Q1FY27, non-RAC segments accounted for approximately 30% of revenue, a figure management attributes to seasonal RAC peaks rather than a reversal of the diversification trend. Top-customer concentration has fallen significantly from 72% in FY23 to 38% in Q1FY27. The company continues its strategic capex program, with ₹102 crore spent in Q1FY27 towards localization and backward integration. Management expects total capex for FY27 to reach approximately ₹450-470 crore, with ₹60-70 crore remaining in pipeline.

What the Numbers Show

The divergence between reported and underlying margins highlights the transitional impact of expiring government incentives. While the reported EBITDA margin contracted by 203 basis points, the exclusion of ₹133 crore in PLI income from the prior year reveals an underlying operational improvement of 15 basis points. This suggests that core pricing power and cost management are stabilizing, even as the company faces headwinds from forex volatility and increased depreciation from new capacity additions. The significant rise in other expenses, driven largely by a ₹7 crore forex loss, underscores the currency risk exposure in a global supply chain environment.

What This Means for Investors

While top-line growth is robust, the qualified audit opinion introduces uncertainty regarding asset quality. The ₹196.1 lakh disputed receivable represents a material risk if recovery proves difficult, potentially impacting future provisions and net margins. The contraction in reported EBITDA margin to 6.21% signals ongoing cost pressures even as revenues scale. Investors should monitor management's commentary on the legal proceedings, the progress of margin recovery initiatives, and the normalization of working capital as inventory levels adjust post-season.