Glen Industries has postponed the commencement of commercial production at its project to Q3 of FY 2026-27, citing delays in regulatory approvals and the onset of the monsoon season. The company had initially expected operations to begin by Q4 of FY 2025-26, a timeline that was subsequently extended to Q2 of FY 2026-27. The revised schedule was disclosed in a regulatory filing submitted on June 30, 2026.

The primary reasons for the delay include disruptions caused by the SIR and election process in West Bengal, which hindered building plan approval from the Zila Parishad. Additionally, the company faces obstacles in securing power sanctions due to the administrative processes, while the monsoon season is expected to impede construction activities at the site.

Despite the setbacks, Glen Industries has made significant progress on the project's groundwork. The conversion of land use from agricultural to industrial has been successfully completed, and land filling work is finished. The company has secured essential regulatory clearances, including a No Objection Certificate and Consent to Establish from the West Bengal Pollution Control Board, and a Fire NOC from the West Bengal Fire & Emergency Services.

Project Status and Approvals

The company has awarded the contract for the Pre-Engineered Building (PEB) structure and finalized structural designing. While piling work is complete, foundation work is anticipated to be finished by the end of July 2026. Structural work will commence following the receipt of the building plan approval, for which the company is awaiting a demand note from the Zila Parishad.

On the procurement front, orders for all plant and machinery have been placed, with the exception of short delivery items for paper cups, which are expected to be finalized in August 2026. Orders for utility equipment have been partially placed, with the remaining procurement scheduled for completion in July 2026.

Regarding power infrastructure, an inspection by WBSEDCL for bulk power supply has been conducted, and a sanction letter has been received. However, the company has requested an amendment to the scope of work, with a revised sanction letter expected shortly.

Glen Industries Limited has released the transcript of its analyst meet held on May 29, 2026, discussing the audited financial results for the half-year and financial year ended March 31, 2026. The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance for FY26

The company reported a strong financial performance for Financial Year 2026, with total income reaching INR205.16 crores. EBITDA for the year stood at INR38.50 crores, while profit after tax was INR16.50 crores. The growth was driven by robust demand for sustainable packaging products, increasing exports, and operational efficiencies.

The second half of the fiscal year showed encouraging momentum. Total income for H2 FY26 was INR108.60 crores, with EBITDA at INR18.69 crores and profit after tax at INR8.20 crores. This performance reflected healthy demand and improved scale efficiencies.

Operational Highlights

Glen Industries continued to focus on manufacturing sustainable plastic and paper-based packaging solutions. The category-wise revenue contribution for FY26 was led by thin-wall food containers at approximately 82.72%, followed by PLA and paper straws at 17.16%. Mold designing services contributed 0.12%.

Capacity utilization for the year was approximately 77.74% for thin-wall food containers, 28.33% for PLA straws, and 34.13% for paper straws. The company serves over 26 states in India and more than 30 countries globally, with a client base of over 40 recurring international customers.

Expansion and Future Guidance

Management outlined a significant expansion project with a capital expenditure estimated between INR130 crores and INR135 crores, an increase from the initial estimate of INR100 crores due to currency fluctuation and enhanced project scope. The project, which includes increasing food container capacity and adding paper-based packaging, is funded through internal resources.

Commercial production is expected to start by September 2026. The new capacity is projected to add approximately INR300 crores in revenue. Combined with existing capacity potential of INR200 crores to INR215 crores, the company targets a total turnover of INR500 crores by FY28, with an EBITDA of INR90 crores.

Raw Material Pricing

Addressing raw material costs, the company noted that polypropylene prices, which were around INR90 to INR92 per kg before the war, peaked at INR150 per kg and stabilized at INR135 per kg. PLA prices moved from INR195 to INR197 per kg to approximately INR205 per kg. The company passes on raw material price fluctuations to customers to maintain absolute margins.

Shikha Sureka, Company Secretary and Compliance Officer, signed the disclosure on behalf of Glen Industries Limited.