Time Technoplast Ltd announced that Praveen Kumar Agarwal and Triveni Makhijani ceased to be Non-Executive Independent Directors with effect from end of day on September 27, 2026.

The cessation occurred upon the completion of their second consecutive term as Non-Executive Independent Directors of the company. The board placed on record its appreciation for the valuable contributions made by both directors during their tenure.

Board composition updates

The company reiterated that its Board of Directors had previously appointed Devendra Jitendra Shah and Hema Rajendra Gaitonde as Non-Executive Independent Directors. These appointments were approved by the Board on August 5, 2026, for a first term of five consecutive years, running from August 5, 2026, to August 4, 2031.

Members subsequently ratified these appointments at the Annual General Meeting held on September 22, 2026. Both events were duly intimated to the stock exchanges on August 5, 2026, and September 22, 2026, respectively.

Regulatory compliance

The composition of the Board of Directors continues to be in compliance with the requirements prescribed under the Companies Act, 2013, and the Listing Regulations. The necessary details pursuant to Regulation 30 of the Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, were disclosed in Annexure A.

Time Technoplast Limited shareholders approved all eight resolutions at the 36th Annual General Meeting held on September 22, 2026. Voting results show overwhelming support, with each resolution passing with more than 99% of votes in favour.

The meeting, conducted via video conferencing, ratified the audited standalone and consolidated financial statements for FY26. Shareholders also approved the final dividend of ₹1.50 per equity share (150%) and the re-appointment of Chairman Sanjaya Kulkarni and Director Mahinder Kumar Wadhwa.

Voting outcomes and governance

The scrutinizer’s report confirms that all ordinary and special resolutions were passed with requisite majority. The adoption of consolidated financial statements received 99.68% support, while other items secured between 99.85% and 99.99% in favour.

Two new Independent Directors, Devendra Jitendra Shah and Hema Rajendra Gaitonde, were appointed for a five-year term effective August 5, 2026. The remuneration payable to M/s. Darshan Vora & Co., Cost Accountants, for FY27 was also ratified.

FY26 financial performance context

The approval of financials follows a record year for the company. Consolidated revenue rose 12% to ₹6,114 crore, while profit after tax climbed 21% to ₹469 crore. EBITDA increased 14% to ₹901 crore, driven by volume growth of 13.5% YoY.

Key segments contributed as follows:

Strategic developments and capital allocation

During FY26, Time Technoplast invested ₹370 crore in capital expenditure. A Qualified Institutions Placement raised ₹800 crore, deployed towards debt repayment and working capital. The Board recommended a final dividend of ₹1.50 per share, raising the payout ratio to 15.8% from 14.6% in FY25.

Notable operational milestones include:

• First PESO approval in India for Type-III and Type-IV composite hydrogen cylinders.
• Successful flight trials of a hydrogen-powered drone using the company’s cylinder technology.
• Commissioning of a greenfield recycling facility in Gujarat with 12,000 metric tonnes annual capacity.
• Acquisition of a 76% stake in Systoverse Private Limited post-year-end.

Q1FY27 momentum

Momentum continued into Q1FY27, with revenue growing 25% to ₹1,694 crore. EBITDA rose 15% to ₹225 crore, and profit after tax grew 22% to ₹117 crore, reflecting sustained demand across its diversified portfolio.