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 Limited has issued an official postal ballot notice dated December 10, 2025, seeking shareholder approval for the appointment of Ms. Jinal Hasmukhbhai Rupani as Non-Executive Independent Director. The company, with CIN L27100GJ1993PLC020552 and BSE scrip code 513709, had previously announced her appointment by the Board of Directors on November 4, 2025, subject to shareholder approval.

Postal Ballot Process Details

The company has engaged Central Depository Services (India) Limited (CDSL) to facilitate the remote e-voting process. The postal ballot notice will be sent electronically to all members whose email addresses are registered with the company as of the cut-off date of December 5, 2025.

E-Voting Schedule:

Director Appointment Details

Ms. Jinal Hasmukhbhai Rupani's appointment as Additional Independent Director was recommended by the Nomination and Remuneration Committee and approved by the Board of Directors on November 4, 2025. The appointment requires approval through a Special Resolution by shareholders.

Key Appointment Information:

Professional Background and Expertise

Ms. Rupani brings significant expertise to the Board with her background as a commerce graduate from Saurashtra University and qualification as a Chartered Accountant. She holds certificates of Junior Associate of the Indian Institute of Bankers (JAIIB) and Certified Associate of the Indian Institute of Bankers (CAIIB) from the Indian Institute of Banking and Finance (IIBF).

She currently serves on the boards of other listed companies, including Rajoo Engineers Limited, where she holds positions on various committees including the Audit Committee, Nomination and Remuneration Committee, and Risk Management Committee.

Regulatory Compliance

The postal ballot process complies with Section 108 and Section 110 of the Companies Act, 2013, along with relevant MCA circulars and SEBI regulations. The company has appointed CS Janvi N Davda as the Scrutinizer to conduct the voting process in accordance with legal requirements.

The results of the postal ballot will be declared within two working days after the e-voting period ends and will be communicated to BSE and displayed on the company's website. If approved by the requisite majority, the resolution will be deemed passed on January 12, 2026.