Standard Glass Lining Technology Limited (SGLTL), a leading manufacturer in the glass lining industry, has taken a significant step in aligning its corporate governance structure with its post-IPO status. During the company's 13th Annual General Meeting (AGM) held on September 12, 2025, shareholders approved a special resolution to alter the Articles of Association, specifically removing provisions that were relevant only in the pre-IPO phase.

Key Changes to Articles of Association

The alteration primarily involved the deletion of Part B of the Articles of Association in its entirety. This section contained various provisions stemming from pre-IPO shareholders' and investors' agreements, including:

• Board representation rights
• Affirmative voting rights
• Transfer restrictions

Rationale for the Change

The company's Board of Directors recommended this deletion for several reasons:

1. Alignment with Current Status: The pre-IPO agreement ceased to be effective upon SGLTL's listing on the BSE and NSE.
2. Compliance: The move ensures alignment with applicable laws and regulations for publicly listed companies.
3. Governance Framework: It reflects the current governance structure of the company as a listed entity.
4. Business Requirements: The deletion adapts the Articles to the company's present business needs and operational context.

Shareholder Approval

The special resolution for this alteration was passed with an overwhelming majority. According to the scrutinizer's report:

Implications for Investors

This change signifies SGLTL's transition to a fully public company structure, potentially offering:

1. Enhanced Transparency: Removal of special rights aligns all shareholders more closely.
2. Simplified Governance: A more streamlined decision-making process without pre-IPO constraints.
3. Flexibility: Increased adaptability to market conditions and corporate strategies.

Company's Statement

Kallam Hima Priya, Company Secretary & Compliance Officer of SGLTL, stated in the regulatory filing, "The shareholders approved the deletion by passing a special resolution. This alteration aligns our Articles of Association with the applicable laws, current governance framework, and business requirements."

The move by Standard Glass Lining Technology Limited demonstrates its commitment to evolving its corporate structure in line with its public company status, potentially setting the stage for more agile operations and governance in the future.

Standard Glass Lining Technology Limited (SGLTL) has reported a strong start to FY26, with significant growth in revenue and profitability for the first quarter ended June 30, 2025. The company also announced the launch of an innovative product and strategic international expansion plans.

Financial Highlights

SGLTL reported total income of INR 178.00 crores for Q1 FY26, marking a 23.6% year-over-year increase. The company's EBITDA grew by 31.9% to INR 35.00 crores, with a margin of 19.5%. Profit after tax increased by 37.6% to INR 21.00 crores, reflecting a PAT margin of 11.9%.

Segment Performance

The glass-lined equipment segment showed strong performance, growing from INR 41.00 crores to INR 67.00 crores compared to the same quarter last year. This growth was primarily driven by increased demand from the pharmaceutical and CDMO sectors.

Strategic Developments

Innovative Product Launch

SGLTL has launched Shell and Tube Glass-Lined Heat Exchangers in the domestic market. This innovative product addresses the growing demand for corrosion-resistant, particle-free solutions in the pharmaceutical and specialty chemical sectors. The company has already received initial orders from key clients and plans to ramp up production to 300 units per month by January 2026.

International Expansion

The company has partnered with BioCon Solutions Pte Limited, Singapore, to expand its reach in Southeast Asian markets, including Indonesia, Malaysia, Thailand, and Singapore. Additionally, SGLTL has incorporated a wholly-owned subsidiary, Standard Engineering Inc., in South Carolina, USA, to support its exclusive dealer for the USA and Europe markets.

Capacity Expansion Plans

SGLTL announced significant capacity expansion plans, including:

1. An investment of INR 40-50 crores in automation and upgrades for existing facilities.
2. A new greenfield project requiring INR 150-180 crores investment, aimed at heavy engineering capabilities.

Management Commentary

Nageswara Rao Kandula, Managing Director of SGLTL, stated, "We have started FY26 with a strong quarter both financially and strategically. Our focus on engineered products, high-margin segments, and global exports continues to support both top-line growth and bottom-line efficiency."

Future Outlook

The management has guided for 20-25% revenue growth for the year and aims to increase exports from the current 4% to 12-15% of revenue by year-end. The company maintains a strong market position with a 30-35% share in glass-lining equipment and holds cash reserves of INR 209.00 crores.

SGLTL expects continued growth in the pharmaceutical and CDMO sectors, with increasing inquiries and capital investment plans from clients. The company's innovative product offerings and strategic expansions position it well to capitalize on the growing demand for corrosion-resistant equipment in both domestic and international markets.