Shish Industries Limited announced its unaudited standalone and consolidated financial results for the quarter ended December 31, 2025, demonstrating robust operational performance across key financial metrics. The Gujarat-based manufacturer of corrugated plastic products reported significant growth in revenue and profitability during the third quarter of FY26.

Financial Performance Overview

The company's standalone financial results showed strong momentum with revenue from operations reaching ₹3,123.70 lakh for Q3FY26, compared to ₹2,796.47 lakh in Q3FY25. Total income, including other income of ₹148.04 lakh, stood at ₹3,271.74 lakh for the quarter.

Profitability and Margins

Shish Industries maintained healthy profitability with profit before tax of ₹474.93 lakh in Q3FY26, substantially higher than ₹229.23 lakh in Q3FY25. The company's tax expense for the quarter was ₹146.56 lakh, resulting in a net profit of ₹328.37 lakh. This represents a significant improvement from the ₹173.11 lakh net profit recorded in the corresponding quarter of the previous year.

Total expenses for the quarter amounted to ₹2,796.81 lakh, with cost of materials consumed being the largest component at ₹2,284.77 lakh. The company benefited from favorable inventory changes, recording a positive impact of ₹400.94 lakh from changes in inventories of finished goods and work-in-progress.

Corporate Actions and Capital Structure

The Board of Directors approved several significant corporate actions during their meeting held on February 12, 2026. Key decisions included approval of related party transactions with subsidiaries Interstar Polyfab Private Limited and Shish Advanced Composites Private Limited for FY27, subject to shareholder approval through postal ballot.

The company completed the allotment of 2,434,100 equity shares of Re. 1/- each upon conversion of 243,410 warrants on November 09, 2025. Additionally, the Board approved the cancellation of 672,914 warrants due to non-payment of conversion amounts, resulting in forfeiture of ₹2.02 crore in upfront payments.

Consolidated Performance

On a consolidated basis, Shish Industries reported revenue from operations of ₹3,335.58 lakh for Q3FY26, compared to ₹3,503.56 lakh in Q3FY25. The consolidated net profit for the quarter was ₹105.48 lakh versus ₹190.16 lakh in the previous year's corresponding quarter. The consolidated results include performance from subsidiaries including Shish Polylam Private Limited, Shish Global Solutions Private Limited, and others.

Fund Utilization and Governance

The company reported complete utilization of ₹494.42 lakh raised through preferential issues on November 09, 2025. These funds were allocated for augmenting capital base, meeting working capital requirements, capital expenditure, and general corporate purposes. The Board appointed M/s. ALAP & Co. LLP as scrutinizer for the upcoming postal ballot process to ensure transparent shareholder voting on proposed matters.

Shish Industries Limited successfully conducted its Extraordinary General Meeting (EOGM) on January 22, 2026, securing shareholder approval for significant capital restructuring and fund-raising initiatives. The meeting, held through video conferencing via ZOOM platform from 12:00 Noon to 12:10 PM IST, was chaired by Managing Director Satishkumar Dayabhai Maniya.

Capital Structure Enhancement

The company's shareholders approved a substantial increase in authorized share capital to support future funding requirements and enable further equity issuances. The authorized capital will be enhanced from ₹40.00 crores to ₹53.00 crores, divided into 53,00,00,000 equity shares of Re. 1.00 each. This expansion required consequent alterations to Clause V of the Memorandum of Association, which was also approved by special resolution.

Preferential Equity Issue Details

Shareholders endorsed the company's proposal to issue equity shares on a preferential basis to identified non-promoter investors. The key parameters of this fund-raising initiative include:

The company confirmed that the proposed allotment will not result in any change of control, with no single allottee receiving more than five percent of the post-issue fully diluted share capital. The newly allotted equity shares will rank pari passu with existing shares and remain subject to applicable lock-in provisions under SEBI regulations.

Meeting Resolutions and Governance

The EOGM addressed three special resolutions, all of which received shareholder approval:

The meeting incorporated comprehensive governance measures, including remote e-voting facilities provided by National Securities Depository Limited. The e-voting window remained open from 9:00 AM on January 19, 2026, to 5:00 PM on January 21, 2026, with additional voting facilities available during the meeting and for 15 minutes post-conclusion.

Strategic Objectives and Compliance

Company Secretary and Compliance Officer Ms. Suman Jat outlined that the fund-raising initiatives aim to strengthen the balance sheet, provide access to long-term resources for growth requirements, and support general corporate purposes. The proposals comply with the Companies Act, 2013, and SEBI (ICDR) Regulations, 2018, with M/s Alap & Co. LLP appointed as scrutinizer for vote counting.

The meeting maintained full regulatory compliance with Ministry of Corporate Affairs and Securities and Exchange Board of India circulars for virtual meetings. All statutory documents, including registers of directors and contracts, were made available electronically for member inspection. The company committed to declaring results within 48 hours after receiving the scrutinizer's report, with outcomes to be published on the company website and submitted to stock exchanges as per listing regulations.