Shalimar Paints Limited shareholders have approved the reappointment of Mr. Atul Rasiklal Desai as an Independent Director for a second term of three years and the appointment of Mr. Abhijeet Jhawar as a Director. The resolutions were passed through a remote e-voting process which concluded on June 13, 2026, with over 99.9% of votes cast in favour of both proposals. The approvals were sought via a postal ballot notice dated May 11, 2026, under the provisions of the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The remote e-voting process was conducted by the Scrutinizer, Mr. Ankush Agarwal of M/s. MAK & Co., Company Secretaries. The voting period commenced on May 15, 2026, and concluded on June 13, 2026. The total voting capital of the company as on the cut-off date of May 8, 2026, consisted of 8,37,11,178 equity shares. A total of 6,24,17,679 votes were polled, representing approximately 74.56% of the total voting capital.

Voting Results Summary

The detailed voting results for the two resolutions indicate strong shareholder support. The special resolution for the reappointment of Mr. Desai received 99.978% assent, while the ordinary resolution for the appointment of Mr. Jhawar received 99.978% assent. Promoters and public institutions voted entirely in favour of both resolutions.

Breakdown of Votes Polled

The voting participation was primarily driven by the Promoter and Promoter Group, which accounted for the majority of votes polled. Public Non-Institutional shareholders showed some dissent against both resolutions, with approximately 35% of votes cast by this category being against the proposals.

The Scrutinizer's report confirms that the postal ballot process was conducted in a fair and transparent manner. The results have been declared in accordance with the applicable laws and regulations.

Shalimar Paints reported a net loss of ₹63.34 crore for the financial year ended March 31, 2026, a significant improvement from the net loss of ₹80.11 crore in the previous year. The company achieved positive EBITDA for the first time since its acquisition by Hella Infra Market Limited, driven by cost rationalization and operational efficiencies. Revenue from operations for the year stood at ₹569.03 crore, compared to ₹599.06 crore in FY25.

The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, at a meeting held on May 28, 2026. M/s Walker Chandio & Co., LLP, Statutory Auditors, provided an unmodified opinion on the standalone and consolidated financial results. The company reported a loss per share of ₹7.57 for FY26, compared to ₹9.57 in the previous year.

Financial Performance

The company's total income for FY26 was ₹575.89 crore, down from ₹608.92 crore in the previous year. Total expenses decreased to ₹634.63 crore from ₹689.03 crore, aided by reductions in employee costs and manufacturing expenses. For the quarter ended March 31, 2026, the company reported a net loss of ₹6.18 crore, compared to a loss of ₹9.51 crore in the same quarter last year.

Operational Highlights

The company attributed its improved performance to focused cost rationalization initiatives, which led to significant reductions in employee costs and manufacturing expenses. It also continued the premiumization of its portfolio, emphasizing high-margin emulsion products to enhance its margin profile. Despite industry headwinds and volatile demand conditions, Shalimar Paints delivered a strong operational turnaround.

Going Concern and Exceptional Items

The financial statements were prepared on a going concern basis, supported by management's plans for asset monetization, additional credit facilities under the ECLGS 5.0 scheme, and financial support from the holding company. The company reported an exceptional item of ₹4.60 crore for the year, primarily due to a one-time charge arising from the implementation of new labour codes effective November 21, 2025. This charge included an increase in gratuity liability and compensated absences liability.