Glen Industries Limited has announced a change in its statutory auditors following a board meeting held on May 21, 2026. The company accepted the resignation of M/s. S N Guha & Co, Chartered Accountants, who cited the non-renewal of their Peer Review Certificate as the reason for their inability to continue. The resignation was effective immediately from May 21, 2026.

To fill the casual vacancy created by this resignation, the board of directors approved the appointment of M/s. Tosniwal & Associates, Chartered Accountants. The new auditors will hold office until the conclusion of the company's ensuing annual general meeting. The appointment is based on the recommendation of the Audit Committee but remains subject to approval by the shareholders.

The Audit Committee reviewed the circumstances surrounding the resignation and confirmed alignment with the reasons stated in the resignation letter. The committee noted that the outgoing auditors had not raised any concerns or issues during their tenure. The outgoing auditors also confirmed there were no reasons for their departure other than those mentioned in their resignation letter.

Details of Auditor Change

The transition details regarding the resignation and the subsequent appointment have been disclosed in accordance with SEBI regulations. The table below summarizes the key particulars of the change in statutory auditors.

M/s. Tosniwal & Associates is a professionally managed firm registered with the Institute of Chartered Accountants of India (ICAI). The firm provides services including statutory audit, internal audit, taxation, and corporate advisory. The company has confirmed that no proceedings are pending against the new audit firm regarding professional matters of conduct.

Glen Industries Limited has delivered exceptional financial performance in H2 FY26 and the full fiscal year, demonstrating robust growth in the sustainable packaging sector. The company's business update, filed under Regulation 30 of SEBI regulations, highlights significant revenue expansion and strategic capacity enhancement initiatives.

Financial Performance Overview

The company reported strong financial results across both periods, with H2 FY26 showing particularly impressive growth momentum:

Operational Metrics and Capacity Utilization

Glen Industries operates with strong capacity utilization across its product portfolio, with thin-wall containers leading the performance:

The company maintains a diversified revenue mix with domestic operations contributing approximately 72.63% of revenue, while exports account for around 27.37% with presence across 30+ countries.

Strategic Capacity Expansion Initiative

Glen Industries is undertaking significant capacity expansion to transition from a capacity-constrained model to scale-led growth:

Market Position and Growth Drivers

The revenue growth has been primarily driven by strong demand for thin-wall food containers, which contribute over 70% of the company's revenue. This demand surge reflects the growing preference for sustainable packaging solutions in the QSR, takeaway, and food delivery ecosystem. The company's export order book provides visibility of approximately 1.5-1.6 million with 3-month forward visibility.

Future Outlook

Management expects the capacity expansion to drive growth from FY27 onwards, supported by strong demand from existing customers and expansion in export markets. The company anticipates stable margins through operating leverage, improved product mix, and scale benefits as it transitions to a scale-driven packaging platform.