Polymechplast Machines appointed Devang Rasiklal Shah as an Additional Director and Non-Executive Independent Director on August 27, 2026. The board also approved the reconstitution of various company committees during the meeting.

The appointment was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Shah will hold office until the next Annual General Meeting as an Additional Director. His tenure as a Non-Executive Independent Director, not liable to retire by rotation, spans five consecutive years from August 27, 2026, to August 26, 2031.

Board Meeting Details

The Board of Directors convened the meeting on Thursday, August 27, 2026. The session commenced at 12:30 pm and concluded at 1:15 pm. Vaishali Vimalkumar Punjabi, Company Secretary and Compliance Officer, signed the disclosure.

Profile of Appointee

Mr. Devang Rasiklal Shah brings over 30 years of experience as a senior business professional. His expertise covers international trade, commercial operations, manufacturing, supply chain management, regulatory compliance, risk management, and business development.

He holds a Bachelor of Commerce degree and a Post Graduate Diploma in Export-Import. Mr. Shah has significant exposure to cross-border operations across Europe, the USA, Gulf countries, Turkey, and Taiwan. He has also handled DGFT procedures and liaison with government authorities.

The company affirmed that Mr. Shah is eligible for the position and is not debarred by any order from SEBI or other statutory authorities.

Polymechplast Machines reported a standalone net loss of ₹71.47 lakh for the quarter ended June 30, 2026 (Q1FY26), reversing a net profit of ₹25.09 lakh in the same period last year. The decline was driven by a contraction in revenue from operations to ₹992.64 lakh from ₹1,197.59 lakh year-on-year, coupled with higher cost of materials consumed at ₹595.67 lakh. The Board of Directors approved these unaudited financial results on August 12, 2026, alongside key corporate governance updates including the re-appointment of Himmatlal Parshottambhai Bhuva and the scheduling of the 39th Annual General Meeting.

The company’s total income stood at ₹1,017.09 lakh for the quarter, comprising ₹992.64 lakh from operations and ₹24.45 lakh from other income. Total expenses rose to ₹1,109.10 lakh from ₹1,250.48 lakh in Q1FY25, primarily due to lower inventory adjustments which recorded a positive change of ₹144.96 lakh compared to a negative adjustment of ₹233.49 lakh in the prior year. Despite the expense reduction, the pre-tax position deteriorated to a loss of ₹92.01 lakh from a loss of ₹33.34 lakh in Q1FY25. A deferred tax benefit of ₹20.53 lakh reduced the final net loss.

Financial Performance Snapshot

On the consolidated front, Polymechplast Machines reported a net loss after tax and share of associate’s profit/loss of ₹79.68 lakh, compared to a loss of ₹29.07 lakh in Q1FY25. The associate entity, TBC-Goldcoin Private Limited, contributed a loss of ₹8.21 lakh during the quarter, widening the consolidated deficit. Consolidated revenue from operations remained identical to standalone figures at ₹992.64 lakh, indicating no significant inter-segment elimination or additional revenue streams from associates in this period.

Corporate Governance Updates

The Board meeting held on August 12, 2026, also addressed several administrative matters. The directors noted the resignation of Independent Director Chirag Sureshbhai Shah, effective August 7, 2026, citing health reasons. Consequently, Shah ceased to be a member of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. To maintain board composition, the Board recommended the re-appointment of Himmatlal Parshottambhai Bhuva (DIN: 00054580), who retires by rotation and has offered himself for re-election.

The Board fixed the book closure period from September 18, 2026, to September 24, 2026, for the purpose of the 39th Annual General Meeting (AGM). The AGM is scheduled to be held on September 24, 2025, via Video Conferencing or other Audio Visual Means (OAVM). Note: The source document lists the AGM date as September 24, 2025, which appears to be a typographical error given the current context of FY26 results; however, the date is reported exactly as stated in the filing. M/s. Devesh Pathak & Associates, Practising Company Secretaries, Vadodara, were appointed as Scrutinizer for the remote voting process.

Statutory Auditors CNK & Associates LLP issued their review report on the unaudited standalone and consolidated financial results, confirming that nothing came to their attention to suggest the statements do not comply with Ind AS 34 and SEBI Listing Regulations. The results were prepared in accordance with Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013.