Hindusthan Insulators & Industries Limited has issued a postal ballot notice seeking member approval for four special resolutions. These include the appointment of Shailendra Jhalani as Deputy Managing Director and Mool Chand Gauba as an Independent Director, alongside a revision in remuneration for Managing Director Deepak Kejriwal.

The e-voting window opens on October 14, 2026, at 9:00 am and closes on November 12, 2026, at 5:00 pm. Members holding shares as of the cut-off date, October 2, 2026, are eligible to vote electronically through the Central Depository Services (India) Limited platform.

Leadership changes and remuneration revisions

The board proposes appointing Shailendra Jhalani as Whole-time Director designated as Deputy Managing Director for a three-year term from October 4, 2026, to October 3, 2029. Jhalani, currently the Chief Financial Officer, will receive an annual remuneration of ₹65 lakh. This includes a fixed component of ₹58.5 lakh and variable pay of ₹6.5 lakh.

Simultaneously, the company seeks approval to revise the remuneration of Managing Director Deepak Kejriwal to ₹1.65 crore per annum with effect from April 1, 2026. This revision follows previous approvals at the 64th Annual General Meeting. Kejriwal’s compensation structure includes a fixed annual earning of ₹1.485 crore and variable pay of ₹16.5 lakh.

Additionally, Mool Chand Gauba is proposed for appointment as a Non-Executive Independent Director for five years, from October 3, 2026, to October 2, 2031. Gauba previously served two terms as an Independent Director before his cooling-off period ended.

Capital structure adjustments

An ordinary resolution is also proposed to increase the authorized share capital from ₹108.5 crore to ₹121 crore. This increase involves creating additional equity shares to provide headroom for future capital requirements and potential issues.

What the numbers show

The explanatory statement highlights a significant operational turnaround under the current management. Revenue from operations rose to ₹338.54 crore in FY26 from ₹272.79 crore in FY25. More critically, EBITDA swung from negative ₹8.79 crore in FY25 to positive ₹65.69 crore in FY26. Despite this strong operating performance, the company reported a net loss after tax of ₹7.87 crore in FY26, primarily due to exceptional losses from the sale of its subsidiary, Hindusthan Speciality Chemicals Limited. Excluding these exceptional items, the profit before tax stood at ₹47.21 crore.

Hindusthan Insulators & Industries Limited reported a net profit of ₹55.4 crore for the quarter ended September 30, 2026 (Q2FY27), marking a significant turnaround from a loss of ₹43.3 crore in the corresponding period last year.

Revenue from operations surged to ₹171.4 crore in Q2FY27, representing a 148% increase from ₹69.2 crore recorded in Q2FY26. The company also reported a half-year net profit of ₹92.0 crore, compared to a half-year loss of ₹43.5 crore in H1FY26. The Board of Directors approved these unaudited financial results on October 3, 2026.

Financial Performance Highlights

The company's performance was primarily driven by its High Tension Insulators segment, which saw substantial growth in both revenue and segment results. The following table summarizes key financial metrics for Q2FY27:

Note: Figures converted from lakhs to crores for readability. EPS is not annualized.

Segment Analysis

The High Tension Insulators segment remained the primary revenue contributor, generating ₹170.3 crore in revenue during Q2FY27, up from ₹67.8 crore in Q2FY26. The Real Estate segment contributed ₹1.8 crore to revenue, remaining relatively stable year-on-year.

Segment results for High Tension Insulators stood at ₹73.8 crore in Q2FY27, a sharp increase from ₹5.3 crore in the previous year. The Real Estate segment posted a result of ₹1.4 crore, while other segments recorded a marginal loss of ₹0.04 crore.

Corporate Governance and Leadership Changes

The Board approved several key appointments and resignations during the meeting:

• Shailendra Jhalani resigned as Chief Financial Officer effective October 3, 2026, and was appointed as Whole-time Director (designated as Deputy Managing Director) effective October 4, 2026.
• Mool Chand Gauba was appointed as an Additional Director in the category of Non-Executive Independent Director for a term of five years.
• The Board authorized Key Managerial Personnel (KMPs) for determining materiality of events under Regulation 30(5) of SEBI Listing Regulations.

Additionally, the Board approved an increase in the authorized share capital from ₹108.5 crore to ₹121.0 crore, subject to shareholder approval.

What the Numbers Show

A notable divergence exists between the company's operational cash flow and its balance sheet expansion. While operating cash flow turned positive at ₹70.7 crore for H1FY27 (compared to ₹5.3 crore in H1FY26), trade receivables increased significantly to ₹85.2 crore as on September 30, 2026, up from ₹50.2 crore as on March 31, 2026. This rise in receivables alongside robust revenue growth suggests potential collection pressures or extended credit terms to support sales volume. Furthermore, capital work-in-progress jumped to ₹119.9 crore from ₹39.3 crore at the start of the fiscal year, indicating aggressive capacity expansion or ongoing infrastructure projects.