Shilp Gravures Limited , a manufacturer of gravure rollers, has reported a significant decline in its standalone profit for the second quarter of fiscal year 2026. The company's financial results, released on November 12, 2025, show a 51% decrease in profit compared to the same period last year.

Financial Performance

For the quarter ended September 30, 2025, Shilp Gravures reported a standalone profit of ₹192.23 lakhs, down from ₹390.95 lakhs in the corresponding quarter of the previous year. Despite the drop in profit, the company's revenue from operations saw a modest increase, rising to ₹2,324.67 lakhs from ₹2,249.41 lakhs year-over-year.

The company's financial performance for Q2 FY26 can be summarized as follows:

The half-yearly results also reflect a similar trend, with profit for the first six months of FY26 reaching ₹583.18 lakhs, compared to ₹674.29 lakhs in the previous year.

Segment Performance

Shilp Gravures operates in three reportable segments: manufacture of gravure rollers, power generation, and others. The gravure rollers segment continues to be the primary revenue generator for the company. For Q2 FY26, the segment-wise revenue breakdown is as follows:

• Gravure rollers: ₹2,194.13 lakhs
• Power generation: ₹86.74 lakhs
• Others: ₹130.54 lakhs

Board Committee Reconstitution

In addition to the financial results, Shilp Gravures announced the reconstitution of its Audit Committee and Stakeholders Relationship Committee. The new compositions are as follows:

Audit Committee:

1. Mr. Jayantilal Jhalavadia (Independent Director) - Chairman
2. Mr. Shailesh Patel (Independent Director) - Member
3. Mr. Shailesh Shah (Independent Director) - Member
4. Ms. Jinal Rupani (Independent Director) - Member

Stakeholders Relationship Committee:

1. Mr. Jayantilal Jhalavadia (Independent Director) - Chairman
2. Mr. Shailesh Patel (Independent Director) - Member
3. Ms. Jinal Rupani (Independent Director) - Member

The reconstitution of these committees aims to strengthen the company's corporate governance structure and ensure compliance with SEBI regulations.

Conclusion

While Shilp Gravures has experienced a decline in profitability, the company's revenue growth, albeit modest, suggests resilience in its core business. The management may need to focus on cost optimization and operational efficiency to improve profit margins in the coming quarters. The impact of the reconstituted board committees on the company's performance and governance remains to be seen.

Shilp Gravures , a leading player in the gravure roller manufacturing industry, has announced strong financial results for the first quarter, alongside significant changes in its board composition.

Financial Highlights

The company's unaudited financial results for Q1 showcase a notable improvement in both standalone and consolidated performance:

Shilp Gravures witnessed a robust growth in its revenue from operations, with standalone figures rising by 7.92% year-over-year to Rs. 2,249.41 lakhs. The consolidated revenue showed an even stronger performance, increasing by 8.99% to Rs. 2,483.14 lakhs.

The company's profitability saw significant improvement, with standalone profit before tax surging by 32.09% to Rs. 541.61 lakhs. On a consolidated basis, the profit before tax jumped by 36.31% to Rs. 513.82 lakhs.

Net profit for the quarter also showed positive growth. Standalone net profit increased by 2.24% to Rs. 390.95 lakhs, while consolidated net profit rose by 6.05% to Rs. 370.42 lakhs.

The company's earnings per share (EPS) reflected this growth, with standalone EPS increasing from Rs. 6.22 to Rs. 6.36, and consolidated EPS rising from Rs. 5.68 to Rs. 6.02.

Segment Performance

Shilp Gravures operates in three reportable segments:

1. Gravure rollers manufacturing
2. Power generation
3. Others

The gravure rollers segment, which is the company's primary business, showed strong performance with revenue of Rs. 2,110.78 lakhs on a standalone basis and Rs. 2,344.51 lakhs on a consolidated basis for Q1.

Board Changes and Director Resignation

In a separate development, Mrs. Monica Kanuga has resigned from her position as Non-Executive Director of Shilp Gravures, effective from the close of business hours on August 7. Mrs. Kanuga cited changes in management and promoters as the reason for her departure after an association of more than two decades with the company.

Following this resignation, the Board of Directors has approved the reconstitution of the Nomination & Remuneration Committee and Stakeholder Relationship Committee to ensure compliance with SEBI regulations.

Management Commentary

While specific management commentary was not provided in the available data, the strong financial results indicate that Shilp Gravures has maintained its growth trajectory despite challenging market conditions.

The company's ability to increase revenue and profitability across both standalone and consolidated operations suggests effective cost management and possibly increased market share in the gravure roller manufacturing sector.

As Shilp Gravures continues to navigate the evolving business landscape, investors and stakeholders will be keen to see how the company builds on this positive start to the fiscal year and addresses the recent changes in its board composition.

Note: All financial figures are based on the unaudited financial results for the quarter as approved by the Board of Directors on August 7.