V.I.P. Industries Limited has appointed Ms. Vaishali Shrikant Bhat and Mr. Sanjay Mahesh Rastogi as Additional Non-Executive & Independent Directors for a period of five consecutive years effective May 27, 2026. The appointments, approved by the Board via a Circular Resolution dated May 26, 2026, are subject to approval by the members of the company. These changes follow the resignation of two existing independent directors, effective from the close of business hours on May 26, 2026.

Mr. Tushar Jani resigned as Independent Director due to pre-occupation and other personal commitments. Consequently, he ceased to be the Chairman of the Audit Committee and a Member of the Stakeholders Relationship Committee, Nomination & Remuneration Committee, and Risk Management and Business Responsibility & Sustainability Committee. Ms. Payal Kothari also resigned as Independent Director due to other professional commitments, stepping down from her roles as Chairperson of the Stakeholders Relationship Committee and Corporate Social Responsibility Committee, and Member of the Allotment Committee.

New Appointments

The Board of Directors approved the appointments based on the recommendation of the Nomination and Remuneration Committee. Both new appointees are not liable to retire by rotation and satisfy the criteria of independence prescribed under the Companies Act, 2013, and SEBI Listing Regulations. They are not related to any Director of the company and are not debarred from holding the office of director by any regulatory authority.

Director Profiles

Ms. Vaishali Shrikant Bhat is a seasoned CFO/CXO with over three decades of experience across leading FMCG multinational companies including Procter & Gamble, Johnson & Johnson, and Reckitt. She served as the Global CFO of Reckitt's Hygiene business and currently runs her own enterprise offering consulting and executive coaching services.

Mr. Sanjay Mahesh Rastogi is a business leader with over three decades of experience in human capital strategy, new business incubation, and ESG. He is currently associated with Trent Limited as Head – New Businesses, Strategy, ESG, CSR & Leadership. Previously, he headed the Human Resources function at Trent Limited for over 15 years and was associated with Wockhardt Limited.

VIP Industries Limited has reported a significant widening of losses for both the quarter and the full year ended March 31, 2026, alongside a contraction in revenue from operations on a consolidated basis. The Board of Directors, at its meeting held on May 15, 2026, approved the audited financial results (standalone and consolidated) for the quarter and year ended March 31, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory auditors, Price Waterhouse Chartered Accountants LLP, issued an audit report with an unmodified opinion on the annual audited financial results. The results were signed by Rahul Poddar, Chief Financial Officer, and the board meeting was chaired by Renuka Ramnath, Chairperson (DIN No: 00147182).

Consolidated Financial Performance

The company's consolidated revenue from operations declined to ₹436.23 crore in Q4 FY26, compared to ₹494.21 crore in the corresponding quarter of the previous year. For the full year FY26, consolidated revenue from operations stood at ₹1,858.13 crore, down from ₹2,178.43 crore in FY25. The following table presents the key consolidated financial results:

Standalone Financial Highlights

On a standalone basis, VIP Industries reported revenue from operations of ₹430.61 crore for Q4 FY26, compared to ₹488.13 crore in Q4 FY25. For the full year FY26, standalone revenue from operations was ₹1,849.09 crore versus ₹2,169.66 crore in FY25. The standalone net loss after tax for Q4 FY26 stood at ₹142.33 crore, compared to a net loss of ₹30.51 crore in Q4 FY25. For the full year FY26, the standalone net loss after tax was ₹342.88 crore against ₹81.40 crore in FY25. The company's standalone reserves (excluding revaluation reserves) stood at ₹180.31 crore as of March 31, 2026, compared to ₹521.27 crore as of March 31, 2025.

Equity, Reserves and Balance Sheet

The company's paid-up equity share capital stood at ₹28.41 crore as of March 31, 2026, marginally up from ₹28.40 crore as of March 31, 2025. On a consolidated basis, reserves (excluding revaluation reserves) were ₹261.09 crore for FY26, compared to ₹587.76 crore for FY25. Total consolidated assets stood at ₹1,604.22 crore as of March 31, 2026, versus ₹1,856.37 crore as of March 31, 2025, while total consolidated equity declined to ₹289.50 crore from ₹616.16 crore. Consolidated current borrowings rose to ₹410.75 crore from ₹415.25 crore, and consolidated inventories declined significantly to ₹472.45 crore from ₹698.42 crore.

Exceptional Items and Key Developments

The results include several exceptional items during the year. On a consolidated basis, exceptional income totalled ₹78.18 crore for FY26, comprising a gain of ₹63.53 crore from the sale of non-core assets, insurance claim receipts of ₹4.57 crore related to a fire at the company's regional warehouse in Guwahati on May 17, 2025, and ₹15.15 crore from partial insurance claim receipts related to a fire at the plant of subsidiary VIP Industries Bangladesh Private Limited on January 31, 2023. Additionally, the standalone results include a provision towards inventories amounting to ₹93.74 crore accrued during FY26 (FY25: ₹4.28 crore), while consolidated results include an inventory provision of ₹122.66 crore (FY25: ₹7.53 crore). During the year, the company also granted 7,20,000 stock appreciation rights to eligible employees under ESARP 2018, resulting in a net expense of ₹2.23 crore. A GST investigation under Section 67 of the Maharashtra GST Act and Central GST Act was initiated during the year; the company paid ₹14.11 crore comprising tax of ₹8.63 crore (available as input tax credit) and interest of ₹4.78 crore, with no material adverse impact on the financial position.

Regarding the promoter group change, certain entities of the promoter group entered into an agreement with Multiples Private Equity Fund for the sale of up to 4,54,46,305 equity shares constituting approximately 32% of the total paid-up share capital. The Shareholders' Agreement became effective from September 23, 2025, and the Multiples group acquired 'Control' and was classified as 'Promoters' of the company.

Auditor Appointment

The Board of Directors, on the recommendation of the Audit Committee and subject to shareholder approval, approved the appointment of M/s. Deloitte Haskins & Sells Chartered Accountants LLP (FRN: 117364W/W100739) as the statutory auditors of the company for a term of five years — from the conclusion of the 59th Annual General Meeting to be held in 2026 till the conclusion of the 64th Annual General Meeting to be held in 2031. This follows the completion of two terms by Price Waterhouse Chartered Accountants LLP, which was appointed at the 54th AGM and whose tenure concludes at the 59th AGM. Deloitte Haskins & Sells Chartered Accountants LLP has a strength of over 45,000 personnel and 981 partners and serves as statutory auditor to several companies listed on stock exchanges in India.

Regulatory Compliance

The financial results were submitted to BSE Limited and the National Stock Exchange of India Ltd. pursuant to Regulation 47 read with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the quarterly and annual financial results is available on the websites of the stock exchanges as well as on the company's website at www.vipindustries.co.in .