Shish Industries Limited has issued a comprehensive postal ballot notice dated February 12, 2026, seeking shareholder approval for multiple significant corporate resolutions through electronic voting. The notice, filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, outlines five key proposals requiring member approval.

Material Related Party Transactions with Subsidiaries

The company is seeking approval for substantial related party transactions with two subsidiary companies. The first proposal involves transactions with Interstar Polyfab Private Limited (IPPL), a 76.67% subsidiary engaged in manufacturing FIBC bags, woven sacks, and allied products. The second proposal covers transactions with Shish Advanced Composites Private Limited (SACPL), a 65.00% subsidiary focused on advanced composite solutions for aerospace, automotive, and engineering applications.

Transaction Details with IPPL

Transaction Details with SACPL

These transactions are proposed for FY 2026-27 and are expected to be conducted on an arm's length basis in the ordinary course of business. The company's consolidated turnover for FY 2024-25 was ₹11,625.12 lakh, making several of these transactions material under SEBI regulations.

Board and Management Changes

The postal ballot includes two significant appointments and remuneration matters. The company proposes to revise the remuneration of Mrs. Nitaben Satishkumar Maniya (DIN: 07740523), Executive Director, to up to ₹2,00,000 per month with annual increments of 10% effective April 1, 2026. Mrs. Maniya, who has 12 years of administrative experience, currently holds 6,59,989 equity shares in the company.

Additionally, the company seeks to re-appoint Mr. Nareshkumar Parshottambhai Lakhani (DIN: 09023300) as an Independent Director for a second five-year term until January 7, 2031. Mr. Lakhani, a practicing Chartered Accountant with nearly 20 years of experience in finance and taxation, currently holds 4,000 equity shares.

Financial Assistance Authorization

The fourth resolution seeks approval for advancing loans, providing guarantees, or securities to SACPL and other related entities under Section 185 of the Companies Act, 2013, with an aggregate outstanding limit of ₹35.00 crores. This authorization is intended to support the subsidiary's capital expenditure requirements and working capital needs.

Voting Schedule and Process

The company has engaged National Securities Depository Limited (NSDL) for the e-voting facility, with M/s. ALAP & Co. LLP appointed as the scrutinizer. Only members whose names appear in the register as of the cut-off date are eligible to vote, with voting rights proportional to their shareholding in the paid-up equity share capital.

Company Performance Context

Shish Industries Limited reported strong financial performance in FY 2024-25, with standalone revenue from operations of ₹11,778.82 lakh compared to ₹8,547.88 lakh in the previous year. The company achieved a standalone profit after tax of ₹1,095.21 lakh for FY 2024-25, demonstrating robust operational performance that supports these strategic initiatives.

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.