Sarthak Industries Limited has issued a clarification regarding an incorrect regulatory filing submitted by its promoter group member, Maha Kosh Papers Private Limited (MPPL), on March 18, 2026. The company has confirmed that the previously reported disposal of 73,900 equity shares was filed in error and has been formally withdrawn.

Error Clarification Details

The clarification reveals that the original transaction disclosure was mistakenly prepared for the wrong company:

Company Response

Sarthak Industries Limited, through Company Secretary and Compliance Officer Riya Bhandari (Jain), submitted the clarification to BSE Limited on March 24, 2026. The company confirmed that the incorrect intimation was submitted under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Prohibition of Insider Trading Regulations, 2015.

The company has requested BSE Limited to treat the earlier submission as withdrawn and incorrect, acknowledging the inconvenience caused by the filing error.

Promoter Group Explanation

Maha Kosh Papers Private Limited provided a detailed explanation for the error in their rectification letter dated March 24, 2026. Director Narendra R. Gadekar (DIN: 03019790) confirmed that the company holds shares in both Sarthak Industries Limited and Anik Industries Limited under the promoter group category.

The confusion arose during documentation preparation, with no intention to misreport or mislead stakeholders. MPPL has assured that necessary precautions have been implemented to prevent similar errors in the future.

Current Shareholding Status

Following the clarification, Maha Kosh Papers Private Limited's shareholding in Sarthak Industries Limited remains unchanged:

The company has confirmed that MPPL has submitted fresh and accurate intimation regarding the actual transaction in Anik Industries Limited to the appropriate regulatory authorities and compliance officers.

Sarthak Industries Limited has announced a credit rating upgrade from India Ratings and Research (Ind-Ra), marking a positive development for the Mumbai-based manufacturing company. The rating agency upgraded the company's bank loan facilities from IND A4+ to IND BB+/Stable/IND A4+ through its press release dated February 06, 2026.

Rating Upgrade Details

The company informed BSE Limited about this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The upgrade reflects India Ratings' assessment of the company's improving operational prospects.

Rating Rationale and Business Outlook

India Ratings provided detailed rationale for the upgrade, highlighting both positive factors and areas of concern. The rating agency expects the company's scale of operations to improve in FY26, which should lead to enhanced EBITDA margins through better absorption of fixed costs.

However, the ratings also reflect certain challenges:

• Modest EBITDA margins in FY25
• Stretched liquidity position in FY25
• Expected similar credit metrics levels in FY26
• Likelihood of continued stretched liquidity in FY26

Company Strengths and Experience

The upgraded rating remains supported by the strong foundation built by the company's promoters, who bring more than three decades of experience in the manufacturing sector. The company's core business activities include:

• Manufacturing of cylinders
• Trading of agricultural commodities
• Trading of non-agricultural commodities

This extensive experience in both manufacturing and trading operations provides stability to the company's business model and supports the rating agency's assessment.

Regulatory Compliance

Sarthak Industries Limited, incorporated in 1982 with CIN L99999MH1982PLC136834, has fulfilled its regulatory obligations by promptly informing the stock exchange about this rating change. The company's registered office is located in Mumbai, Maharashtra, and it trades on BSE under scrip code 531930.

The complete credit rating report by India Ratings and Research is available on the agency's official website for stakeholders seeking detailed analysis of the rating decision.