Indian Toners & Developers has secured board approval to proceed with the direct listing of its equity shares on the National Stock Exchange of India Limited. The resolution was passed via circulation on August 26, 2026.

The company submitted the certified true copy of Circular Resolution No. 1 of FY 2026-2027 to the BSE Listing Compliance Department. This filing marks a formal step in the direct listing route for its entire paid-up equity share capital.

Authorization Details

The resolution empowers specific executives to manage the listing process. These individuals are authorized to execute all necessary documents and formalities required by the exchange.

These officers can sign the listing agreement, submit applications, and engage consultants as needed. They also hold the authority to settle questions arising during the process.

Regulatory Submission

The submission includes the checklist prescribed by the NSE for direct listings. The company requested that the exchange take the resolution on record for necessary action. This procedural step ensures compliance with regulatory requirements for the proposed market debut.

Indian Toners & Developers reported a significant improvement in profitability for FY26, with profit after tax (PAT) rising 21% to ₹27.23 crore from ₹22.44 crore in the previous year. This growth was supported by an 8.4% increase in revenue from operations, which stood at ₹165.81 crore compared to ₹152.99 crore in FY25. The company’s strong performance underscores its focus on operational efficiency and cost management amidst fluctuating raw material prices.

At its 36th Annual General Meeting (AGM) held on July 13, 2026, in Rampur, shareholders approved the audited financial statements for the year ended March 31, 2026. The statutory auditors, B. K. Shroff & Co., represented by partner Kavita Nangia, issued an unqualified report with no adverse observations. Additionally, the secretarial audit report by Mukesh Agarwal & Co. confirmed compliance with regulatory requirements under Section 204(1) of the Companies Act, 2013.

Financial Performance Highlights

The company’s financial results for FY26 reflect steady growth across key metrics. Revenue from operations increased by approximately ₹12.82 crore, while profit before tax (PBT) rose to ₹34.70 crore from ₹33.51 crore in FY25. The expansion in PAT outpaced revenue growth, indicating improved margin management.

Dividend Declaration

Shareholders confirmed the interim dividend of ₹6.00 per equity share as the final dividend for FY26. This declaration aligns with the company’s consistent dividend policy, which has seen uninterrupted payouts since FY18. The dividend payout ratio remains robust, reflecting the company’s commitment to returning value to shareholders while maintaining operational stability.

Board Re-appointments

The AGM also addressed several board-level re-appointments through ordinary and special resolutions:

• Akshat Jain was re-appointed as a Director upon retiring by rotation.
• Sushil Jain, Chairman, was re-appointed as Wholetime Director for a three-year term effective August 16, 2026.
• Satyendra Paroothi was re-appointed as Wholetime Director for a two-year term effective May 27, 2026.
• Sanjay Gupta was re-appointed as Independent Director for a second five-year term effective June 22, 2026.

All resolutions passed with requisite majority support, with promoter group voting consistently in favor of all proposals. Public non-institutional shareholders showed high approval rates, exceeding 99% for most resolutions.

What the Numbers Show

The divergence between revenue growth (8.4%) and PAT growth (21%) suggests that Indian Toners & Developers successfully leveraged operational efficiencies to enhance bottom-line results. This margin expansion is particularly notable given the chairman’s acknowledgment of raw material price fluctuations during FY26. The company’s ability to maintain profitability despite input cost pressures indicates effective cost control measures and potentially favorable product mix shifts. Furthermore, the consistent dividend history combined with current earnings strength provides a stable return profile for investors.