Plastiblends India Limited , a key player in the plastic industry, has announced a significant change in its board composition. Shri Shreevallabh Gopilal Kabra, a Non-Executive Non-Independent Director of the company, has submitted his resignation, effective from the close of business hours on July 25, 2025.

Resignation Details

Mr. Kabra, in his resignation letter addressed to the Board of Directors, cited his advancing age and inability to devote the required time as the primary reasons for his decision to step down. He explicitly confirmed that there were no other material reasons for his resignation beyond those stated.

Regulatory Compliance

In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Plastiblends India Limited promptly disclosed this information to the stock exchanges. The company provided the following details as part of its regulatory filing:

Director's Statement

In his resignation letter, Mr. Kabra expressed:

"Due to advancing age, I am unable to devote my time as required. Hence, I hereby tender my resignation as Non-Executive Non-Independent Director of the Plastiblends India Limited with effect from 25/07/2025 (Effective Date)."

He also extended his gratitude to the Board and the management team for their support during his tenure and conveyed his best wishes for the company's continued success.

Company's Acknowledgment

Himanshu Mhatre, Company Secretary of Plastiblends India Limited, acknowledged the resignation and ensured that all necessary disclosures were made in accordance with the SEBI regulations.

This development marks a change in the leadership structure of Plastiblends India Limited. The company has not yet announced any plans for filling the position vacated by Mr. Kabra's departure.

Plastiblends India Ltd , a leading masterbatch manufacturing company, expects a rebound in revenue growth for the upcoming quarter, despite facing challenges in Q1. The company's optimistic outlook is driven by new product innovations and an increased share in export markets, which are anticipated to be key factors in the expected strong recovery.

Q1 Performance

According to the company's recent financial results announcement, Plastiblends India reported revenue from operations of ₹199.63 crore in Q1, showing a slight sequential growth from ₹199.16 crore in the previous quarter. However, this figure represents a decline from ₹211.58 crore recorded in the same quarter of the previous fiscal year.

Challenges Faced

The company faced several challenges during the quarter:

• Muted growth in key industries served by Plastiblends, including irrigation, piping, textile, agriculture, and flexible packaging (FMCG)
• Heavy rainfall in various regions disrupting business operations
• Execution delays and budget constraints in government-led projects, particularly affecting demand in agriculture and infrastructure sectors
• Substantial drop in orders due to delayed execution of projects under the "Jal Jeevan Mission"
• Rising power and labor costs impacting margins

Strategic Initiatives and Future Outlook

Despite the temporary setback, Plastiblends India remains optimistic about its future prospects:

1. Product Mix Optimization: The company has undertaken strategic initiatives to concentrate on a better product mix, which are already yielding positive results.

2. Innovation and Export Focus: New product innovations and regained share in export markets are expected to drive the anticipated recovery.

3. Capacity Expansion: Plastiblends is contemplating augmentation of manufacturing capacity in various product families. As of June 30, the company's CAPEX + CWIP (Capital Work in Progress) stands at ₹12.10 crore, with further significant CAPEX planned.

4. Financial Prudence: The company continues to maintain effective working capital management and remains net cash surplus, with approximately ₹56 crore invested in mutual funds.

Management Commentary

S. N. Kabra, Chairman & Managing Director of Plastiblends India, commented on the company's performance and outlook: "As we enter the new fiscal year, we are optimistic about India's growth prospects, with GDP growth forecasted at 6.5%–6.7%. Despite the decline in Q1, the masterbatch market is expected to experience steady growth moving forward, with key sectors such as packaging, automotive, and agriculture driving the recovery and long-term demand."

Kabra further added, "We expect the revenue growth to revive in the ensuing quarter. Supported by favorable monetary policies and government initiatives, we are confident in the continued demand for India's polymer compounds and specialty plastics."

Industry Outlook

The company remains positive about the long-term growth prospects in the masterbatch industry, citing factors such as:

• Urbanization and infrastructure development
• Government initiatives contributing to increased masterbatch consumption across various industries
• Sustainability trends and global trade dynamics opening new opportunities

Plastiblends India reaffirms its commitment to creating long-term value for stakeholders and expresses confidence in its ability to handle external challenges and grow sustainably in the evolving landscape of the masterbatch and compounds industry.