Hindware Home Innovation Limited has received a corrigendum order from the National Company Law Tribunal (NCLT) Kolkata correcting meeting dates for its ongoing scheme of arrangement. The company informed stock exchanges on January 22, 2026 about receiving the corrected order regarding the composite scheme involving three entities.

Meeting Date Corrections

The NCLT Kolkata issued two separate corrigendum orders correcting inadvertent errors in meeting dates. The tribunal corrected the meeting schedule as follows:

Scheme of Arrangement Details

The composite scheme involves three companies in a complex demerger arrangement. Under the scheme, Hindware Home Innovation Limited serves as the demerged company, with its consumer product business transferring to HHIL Limited and remaining business operations moving to Hindware Limited. The appointed date for the scheme implementation is April 1, 2025.

Stakeholder Structure

The NCLT order reveals the stakeholder composition across the three companies:

Meeting Dispensations and Requirements

The NCLT dispensed with several meetings while requiring others to proceed. The tribunal dispensed meetings for equity shareholders of both transferee companies and secured creditors of all companies. However, meetings remain mandatory for equity shareholders and unsecured creditors of the demerged company, plus unsecured creditors of Hindware Limited.

Regulatory Approvals

The scheme has received necessary regulatory clearances from stock exchanges. The National Stock Exchange of India Limited granted its no-objection on August 29, 2025, while BSE Limited provided approval on August 28, 2025. Ernst & Young Merchant Banking Services LLP prepared the valuation report dated March 27, 2025, with Corporate Professionals Capital Private Limited issuing the fairness opinion.

Next Steps

With the corrected meeting dates now scheduled for March 7, 2026, the company must publish advertisements and send individual notices at least 30 days before the meetings. The NCLT appointed Mr. Sandip Kumar Kejriwal as chairperson and Mr. Jnana Ranjan Dhal as scrutinizer for the meetings. The cut-off date for determining voting eligibility remains September 30, 2025, and all other provisions of the original December 3, 2025 order remain unchanged.

Hindware Home Innovation Limited , a leading player in the home solutions space, has reported a mixed set of results for the second quarter of fiscal year 2026. The company's strategic shift towards core profitable segments has begun to show positive impact, despite facing challenges in certain business areas.

Financial Highlights

For Q2 FY26, Hindware Home Innovation reported:

Business Segment Performance

Bathware Business

The Bathware segment, which includes sanitaryware and faucets, demonstrated resilience:

• Revenue: ₹397.00 crore
• Growth: 10.1% year-on-year
• EBITDA: ₹43.00 crore
• PBT: ₹16.00 crore

Nirupam Sahay, CEO of Bath and Consumer Appliances business, stated, "Even though the market remained somewhat soft this quarter as well, we continue to be well-positioned, backed by our strong fundamentals."

Consumer Appliances

The company has strategically decided to focus on kitchen appliances, particularly chimneys, hobs, and cooktops. This segment reported:

• H1 FY26 Revenue: ₹155.00 crore
• H1 FY26 EBITDA: ₹17.00 crore
• H1 FY26 PBT (before exceptional items): ₹8.00 crore

Pipes and Fittings

The pipes segment faced challenges due to raw material price fluctuations and subdued market demand. For Q2 FY26, it reported:

• Revenue: ₹196.00 crore
• EBITDA: ₹12.00 crore
• PBT: -₹5.00 crore (negative)

Strategic Initiatives

1. Portfolio Rationalization: The company has discontinued high loss-making product categories such as air coolers (except through e-commerce), fans, air purifiers, water purifiers, and furniture fittings.

2. Focus on Premium Segments: Hindware Home Innovation is emphasizing mid-premium and premium products in the Bathware segment, which currently account for about 50% of sales.

3. Expansion Plans: Trial production has commenced at the new Roorkee facility in Uttarakhand, with commercial operations expected to begin in H2 FY26.

4. Product Innovation: The company has introduced new products like foam core pipes, double-wall corrugated (DWC) pipes, and polypropylene random (PPR) pipes to address diverse market needs.

Market Outlook

The management expects the Bathware market to grow in mid-single digits in the second half of FY26, while the Consumer Appliances segment may see growth in late-single to early-double digits.

Management Commentary

Sandeep Sikka, Group CFO, commented on the company's future prospects: "We have taken a number of steps over the last 4-5 quarters in terms of improving returns and bringing back growth. The next few quarters are important for us to demonstrate how we have come back."

Hindware Home Innovation's strategic focus on core profitable segments and premium products, coupled with its expansion plans, positions the company to navigate the current market challenges and potentially capitalize on future growth opportunities in the home solutions sector.