Clean Science & Technology Limited has successfully completed its postal ballot process on December 16, 2025, with shareholders overwhelmingly approving all six proposed resolutions for board restructuring and leadership transition. The voting results demonstrate strong shareholder confidence in the company's governance reforms, with 79.40% of total shares participating in the remote e-voting process.

Postal Ballot Results Overview

The company received substantial shareholder participation during the remote e-voting period from November 17 to December 16, 2025. All resolutions secured the requisite majority, reflecting broad-based support for the proposed changes across all shareholder categories.

Board Restructuring Approved

Shareholders approved several key changes to the board composition with overwhelming support. Ms. Madhu Dubhashi's directorship will continue beyond her 75th birthday on February 6, 2026, until February 19, 2026. Mr. Keval Navinchandra Doshi secured re-appointment as Non-executive Independent Director for a second five-year term from February 6, 2026, to February 5, 2031.

Two new appointments were approved - Mr. Raj Kamal and Ms. Pallavi Gokhale, both for five-year terms from November 6, 2025, to November 5, 2030, as Non-executive Independent Directors.

Leadership Transition Confirmed

The company's planned leadership transition received strong shareholder endorsement across all categories:

Voting Process and Participation

The postal ballot was conducted under Regulation 44 of SEBI Listing Regulations, with Mr. Jayavant B. Bhave serving as the scrutinizer. The total number of members on record date (November 10, 2025) was 2,49,493, with significant participation across all shareholder categories.

These approved resolutions will reshape Clean Science and Technology's leadership structure for the coming years, ensuring continuity in governance while bringing fresh perspectives through new independent directors. The overwhelming shareholder support demonstrates confidence in the company's strategic direction and management capabilities in the specialty chemicals sector.

Clean Science & Technology , a leading specialty chemicals manufacturer, reported a 5% sequential decline in standalone revenue to INR 206.00 crores in Q2 FY26. The company faced headwinds from lower sales in established products and challenging market conditions, particularly in China.

Key Financial Highlights

• Standalone revenue declined 5% sequentially and 8% year-on-year to INR 206.00 crores
• EBITDA margins remained resilient at 44% despite revenue moderation
• Standalone EBITDA was INR 90.00 crores, down 10% quarter-on-quarter
• Standalone PAT stood at INR 65.00 crores, a 15% decrease quarter-on-quarter

Performance Analysis

The revenue decline was primarily driven by lower sales in established products, with the top four products contributing 80% to standalone revenue, down from 84% in the previous quarter. The company attributed the lower sales to customers experiencing sharp price declines in their end products due to competitive pressure from Chinese suppliers, leading to slower procurement.

Mr. Siddharth Sikchi, Executive Director of Clean Science & Technology, commented on the market dynamics, stating, "China is a very tricky environment. And it is sometimes very difficult to predict exactly what is happening there."

HALS Segment Shows Promise

The HALS (Hindered Amine Light Stabilizers) segment demonstrated positive momentum:

• Monthly run-rate volumes averaged 260 tons per month, representing over 25% growth compared to the previous quarter
• Material margins for the HALS portfolio improved to 35% from 31%
• The company commercialized HALS 2020 and barbituric acid during the quarter

New Product Developments

Clean Science & Technology is making progress on new product initiatives:

• Performance Chemical 1 is undergoing chemical trials with satisfactory results, and commercialization is expected this month
• The facility has an installed capacity of about 10,000 tons with potential revenue of INR 300.00 crores at current prices over a 3-year period by FY28
• The company expects a 50-50 split between domestic and international markets for this new product

Outlook

While the company faces near-term challenges, management remains focused on growth initiatives:

• Expect sequential growth in the HALS segment for Q3 and Q4
• Anticipate contributions from barbituric acid and Performance Chemical 1 starting in Q4
• Maintain a strategy to preserve market share in established products

Clean Science & Technology continues to navigate a complex global market environment, balancing challenges in established products with growth opportunities in new segments. The company's ability to maintain margins and progress on new product initiatives suggests resilience in the face of market headwinds.

Q2 FY26 Financial Performance

As Clean Science & Technology adapts to evolving market conditions, investors and industry observers will be watching closely to see how the company's strategic initiatives unfold in the coming quarters.