---
title: "Shree Ajit Pulp and Paper Ltd (538795) — Share Price, Financials & Analysis"
symbol: "538795"
company: "Shree Ajit Pulp and Paper Ltd"
canonical: "https://tapetide.com/stocks/538795"
isin: "INE185C01017"
nse_symbol: "SAPPL"
bse_code: "538795"
sector: "Forest Materials"
industry: "Paper & Paper Products"
market_cap_cr: 253.18
generated_at: "2026-09-13T19:38:36.679Z"
---

# Shree Ajit Pulp and Paper Ltd (538795)

Canonical page: https://tapetide.com/stocks/538795

## Company

- **NSE Symbol:** SAPPL
- **BSE Code:** 538795
- **ISIN:** INE185C01017
- **Sector:** Forest Materials
- **Industry:** Paper & Paper Products
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Listed Since:** 2006-11-15
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** shreeajit.com

## About

Incorporated in 1995, Shree Ajit Pulp And Paper Ltd does manufacturing of Kraft Paper (Testliner / Multilayer Testliner) which is mainly used for manufacturing of corrugated boxes[1]

## Latest Price

- **Price:** ₹290.8
- **Change:** +4.75 (+1.66%)
- **Open:** ₹292
- **Day High:** ₹292
- **Day Low:** ₹286.05
- **Previous Close:** ₹286.05
- **Volume:** 212
- **As Of:** 2026-09-11T09:16:29+00:00

## Key Fundamentals

Observed at 2026-09-11T04:42:39.479505Z.

- **Market Cap:** ₹253.18 Cr
- **Classification:** Microcap
- **P/E (reported):** 6.1
- **P/E (TTM):** 6.23
- **EPS (TTM):** ₹46.68
- **Book Value:** ₹312.59
- **Price to Book:** 0.9
- **Dividend Yield:** 0.35%
- **ROE:** 3.8%
- **ROCE:** 7.96%
- **Debt to Equity:** 0.92
- **Revenue (yearly):** ₹700.94 Cr
- **Net Income:** ₹42.19 Cr
- **EBITDA:** ₹93.51 Cr
- **52-Week High:** ₹334.3
- **52-Week Low:** ₹252
- **RSI (14):** 50.95

## Tapetide Score

- **Score:** 63 / 100
- **Score date:** 2026-09-04
- **Archetype:** Quality at a Reasonable Price
- **What it means:** Financial strength is not being paid for with a demanding multiple. The question worth asking is whether the quality is durable or reflects a good patch — check the consistency of returns over several years rather than the latest quarter.
- **Pillar profile:** Quality: Good · Valuation: Cheap · Momentum: Rising
- **Percentile:** 94.2 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 27.72 | 9% |
| growth | 71.7 | 9% |
| momentum | 69.81 | 12% |
| ownership | 50 | 24% |
| quality | 68.66 | 22% |
| valuation | 77.48 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Stock is trading at 0.93 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 6.16% over last 3 years.

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -58.99% | -61.95% | -68.33% |
| ebitda margin growth | 28.12% | 27.18% | 45.72% | 18.66% |
| net income growth | 92.71% | 348.83% | 13% | 5% |
| revenue growth | 14.18% | 38.14% | 24% | 21% |
| roce | 33.46% | 75.33% | -8.4% | 11.44% |
| roe | 92.92% | 4.68% | 5.79% | -73.61% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 68 | 43 | 107 | 118 | 111 | 121 | 155 | 177 | 172 | 177 | 175 | 201 |
| Expenses | 63 | 38 | 102 | 107 | 101 | 108 | 137 | 154 | 152 | 154 | 148 | 165 |
| Operating Profit | 5 | 5 | 5 | 11 | 10 | 13 | 18 | 23 | 21 | 23 | 26 | 36 |
| OPM % | 7 | 12 | 5 | 9 | 9 | 10 | 11 | 13 | 12 | 13 | 15 | 18 |
| Other Income | 0 | 0 | 6 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 2 | 1 |
| Interest | 1 | 1 | 5 | 5 | 5 | 6 | 8 | 8 | 7 | 7 | 12 | 8 |
| Depreciation | 2 | 2 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 |
| Profit before tax | 2 | 2 | 3 | 3 | 2 | 3 | 7 | 10 | 9 | 11 | 12 | 24 |
| Tax % | 53 | 29 | 3 | 26 | 26 | 26 | 33 | 31 | 32 | 32 | 21 | 24 |
| Net Profit | 1 | 2 | 3 | 2 | 1 | 2 | 5 | 7 | 6 | 8 | 10 | 19 |
| EPS in Rs | 1.28 | 1.79 | 3.2 | 2.46 | 1.56 | 2.1 | 5.1 | 7.95 | 6.57 | 8.47 | 10.8 | 20.84 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 249 | 270 | 240 | 267 | 418 | 372 | 295 | 506 | 701 | 725 |
| Expenses | 226 | 225 | 206 | 222 | 376 | 343 | 274 | 454 | 607 | 619 |
| Operating Profit | 24 | 44 | 34 | 45 | 43 | 29 | 21 | 51 | 94 | 106 |
| OPM % | 10 | 16 | 14 | 17 | 10 | 8 | 7 | 10 | 13 | 15 |
| Other Income | 0 | 1 | 1 | 1 | 1 | 10 | 7 | 2 | 3 | 4 |
| Interest | 6 | 5 | 4 | 4 | 5 | 6 | 7 | 23 | 34 | 34 |
| Depreciation | 6 | 7 | 8 | 8 | 7 | 7 | 9 | 16 | 20 | 20 |
| Profit before tax | 11 | 33 | 23 | 34 | 32 | 25 | 11 | 14 | 42 | 56 |
| Tax % | 32 | 28 | 15 | 30 | 32 | 18 | 27 | 33 | 29 | — |
| Net Profit | 8 | 24 | 20 | 24 | 22 | 21 | 8 | 9 | 30 | 42 |
| EPS in Rs | 8.62 | 26.91 | 22.39 | 26.97 | 24.29 | 23.26 | 9.27 | 10.59 | 33.78 | 46.68 |
| Dividend Payout % | 5 | 2 | 2 | 2 | 2 | 3 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 8 | 9 | 9 |
| Reserves | 88 | 95 | 118 | 138 | 161 | 182 | 203 | 220 | 239 | 269 |
| Borrowings | 44 | 51 | 36 | 30 | 24 | 46 | 169 | 226 | 285 | 256 |
| Other Liabilities | 36 | 36 | 40 | 37 | 54 | 48 | 51 | 63 | 67 | 82 |
| Total Liabilities | 173 | 187 | 199 | 210 | 245 | 282 | 429 | 516 | 600 | 616 |
| Fixed Assets | 89 | 111 | 127 | 134 | 129 | 128 | 140 | 294 | 408 | 389 |
| CWIP | 6 | 2 | 3 | 3 | 1 | 3 | 139 | 44 | 0 | 1 |
| Investments | 5 | 5 | 8 | 8 | 7 | 4 | 13 | 0 | 0 | 3 |
| Other Assets | 73 | 69 | 62 | 65 | 108 | 147 | 136 | 179 | 192 | 223 |
| Total Assets | 173 | 187 | 199 | 210 | 245 | 282 | 429 | 516 | 600 | 616 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 14 | 18 | 45 | 32 | 25 | -7 | 21 | 19 | 8 | 63 |
| Cash from Investing Activity | -27 | -18 | -24 | -14 | 0 | -15 | -146 | -87 | -46 | -8 |
| Cash from Financing Activity | 13 | 1 | -21 | -10 | -10 | 16 | 110 | 66 | 48 | -63 |
| Net Cash Flow | 0 | 0 | 0 | 8 | 15 | -7 | -15 | -2 | 10 | -9 |
| Free Cash Flow | -12 | 0 | 23 | 18 | 25 | -24 | -125 | -76 | -39 | 58 |
| CFO/OP | 91 | 82 | 120 | 107 | 77 | 7 | 89 | 110 | 19 | 75 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 55 | 60 | 43 | 51 | 58 | 49 | 41 | 66 | 57 | 52 |
| Inventory Days | 57 | 50 | 56 | 53 | 78 | 73 | 84 | 118 | 80 | 60 |
| Days Payable | 45 | 35 | 40 | 42 | 57 | 32 | 33 | 76 | 38 | 30 |
| Cash Conversion Cycle | 67 | 75 | 58 | 62 | 79 | 90 | 91 | 108 | 98 | 82 |
| Working Capital Days | 20 | 23 | 29 | 39 | 45 | 41 | 50 | 30 | 22 | 58 |
| ROCE % | 10 | 12 | 25 | 17 | 21 | 17 | 10 | 3 | 7 | 14 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 56.84% | 56.84% | 59.34% | 59.39% | 59.39% | 59.39% | 59.39% | 59.39% | 59.39% | 59.6% | 59.6% | 59.6% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 36.55% | 36.59% | 35.22% | 35.91% | 35.84% | 35.62% | 35.62% | 35.53% | 35.52% | 35.41% | 35.37% | 35.61% |
| Others | 6.61% | 6.57% | 5.44% | 4.7% | 4.77% | 4.99% | 5% | 5.09% | 5.09% | 4.99% | 5.02% | 4.78% |
| No. of Shareholders | 1899 | 1895 | 2593 | 2398 | 2482 | 2525 | 2402 | 2349 | 2276 | 2130 | 2146 | 2143 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 6 / 1

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 283.16 | Buy |
| EMA (10) | 285.07 | Buy |
| SMA (20) | 285.05 | Buy |
| EMA (20) | 285.19 | Buy |
| SMA (50) | 289.06 | Buy |
| EMA (50) | 285.75 | Buy |
| SMA (100) | 288.46 | Buy |
| EMA (100) | 282.14 | Buy |
| SMA (200) | 269.39 | Buy |
| EMA (200) | 269.15 | Buy |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 54 | Neutral |
| MACD (12,26,9) | -0.54 | Buy |
| Stochastic (14,3,3) | 54.4 | Neutral |
| ADX (14) | 14.28 | Neutral |
| Williams %R (14) | -37.54 | Neutral |
| ATR (14) | 17.11 | High Volatility |
| ROC (12) | 0.62 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 37.92 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-09 | [Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=76bf945d-1ba8-4ad7-a3b8-27064c32e1d2.pdf) |
| 2026-09-08 | [With Reference To The Captioned Subject We Hereby Inform You That We Have Already Intimated Stock Exchange Vide Letter Dated September 4 2026 For The 31St Annual General Meeting (AGM) Of The Company Which Is Scheduled To Be Held On Wednesday September 30](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8a758bda-39d9-4311-8277-2e7b2111663d.pdf) |
| 2026-09-08 | [With Reference To The Captioned Subject We Hereby Inform You That We Have Already Intimated Stock Exchange Vide Letter Dated September 4 2026 For The 31St Annual General Meeting (AGM) Of The Company Which Is Scheduled To Be Held On Wednesday September 30](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cc095565-12eb-4c43-8ce2-1f0ef75e191a.pdf) |
| 2026-09-08 | [Notice Of 31St Annual General Meeting Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c7a202be-afe5-4035-b97c-5cade3823c4b.pdf) |
| 2026-09-08 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ee616c8b-8d2e-4dd5-b23b-4fd5a7c2f5f4.pdf) |
| 2026-09-04 | [Intimation Of 31Sh Annual General Meeting Of The Company Scheduled To Be Held On Wednesday September 30 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ff5a93cb-a18d-49ba-872d-ac0bb9e1c0a5.pdf) |
| 2026-09-04 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5a735d15-daca-40ae-804a-90c274555679.pdf) |
| 2026-08-25 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cd5c052e-e928-4a77-88be-e838df7ddd4b.pdf) |
| 2026-08-24 | [Announcement under Regulation 30 (LODR)-Resignation of Director](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a2185b18-eeeb-4568-8dce-b18cd4f2f5a0.pdf) |
| 2026-08-24 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d0e0f862-03ae-4015-a0a0-97de47bb3909.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-14 | [Submission Of Unaudited Financial Results For The Quarter Ended 30Th June 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=763653b7-1fba-46b9-a8d9-02883a752223.pdf) |
| 2026-05-28 | [Audited Financial Result 31.03.2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ddf60638-b51b-4763-8ae3-6f4f20800c4b.pdf) |
| 2026-02-09 | [Submission Of Unaudited Financial Results For The Quarter And Nine Months Ended 31St December 2025.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=427ea5e7-517e-46f2-a353-2301d3fc3d85.pdf) |
| 2025-11-14 | [Unaudited Financial Results For The Quarter And Half Year Ended 30Th September 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b811e5e0-5810-4d01-b4a6-77dcd6bcd829.pdf) |
| 2025-08-14 | [Financial Results For Quarter Ended On 30.06.2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c6416403-552d-4937-b368-6faf9477278d.pdf) |
| 2025-05-29 | [Financial Result For The Quarter And Year Ended 31/03/2025.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7ded8f6f-df15-4130-8b5a-1376c407e882.pdf) |
| 2025-02-14 | [Submission Of Unaudited Financial Results For The Quarter And Nine Months Ended 31St December 2024.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ec047172-3d48-4220-8aeb-72658757376b.pdf) |
| 2024-11-14 | [Submission Of Unaudited Financial Results For The Quarter Ended 30Th September, 2024.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=28d623f2-3953-4a8c-b837-950ea7fc8612.pdf) |
| 2024-05-29 | [Results - Financial Results For The Year Ended On March 31, 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cc7f345a-ddef-4ac5-a5f6-afce4002806e.pdf) |
| 2024-02-14 | [Results-Financial Results For Quarter And Nine Months Ended On December 31, 2023](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=23c8370b-1c93-4661-8159-e4131689541a.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 9 Feb - Filed unaudited consolidated and standalone results for quarter and nine months ended 31 Dec 2025. | [Submission Of Unaudited Financial Results For The Quarter And Nine Months Ended 31St December, 2025. 9 Feb - Filed unaudited consolidated and standalone results for quarter and nine months ended 31 Dec 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/427ea5e7-517e-46f2-a353-2301d3fc3d85.pdf) |
| 9 Feb - Approved unaudited results for quarter/nine months ended 31-Dec-2025; independent director reappointed 02-Dec-2025–01-Dec-2030. | [Board Meeting Outcome for Outcome Of Board Meeting 9 Feb - Approved unaudited results for quarter/nine months ended 31-Dec-2025; independent director reappointed 02-Dec-2025–01-Dec-2030.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/bb4029b3-edfc-42a3-b40a-872b3dfe1a67.pdf) |
| 6 January 2026 - Exchange has sought clarification from Madhya Pradesh Today Media Limited for the quarter ended 30-Sep-2025 with respect to Regulation 33 of the SEBI (LODR) Regulations, … | [Clarification - Financial Results 6 January 2026 - Exchange has sought clarification from Madhya Pradesh Today Media Limited for the quarter ended 30-Sep-2025 with respect to Regulation 33 of the SEBI (LODR) Regulations, …](https://www.nseindia.com/companies-listing/corporate-filings-announcements?symbol=MPTODAY&tabIndex=sme) |
| 4 February 2026 - Resubmitted corrected unaudited results and XBRL for quarter/half-year ended Dec 31, 2025; acknowledgements attached. | [Reply to Clarification- Financial results 4 February 2026 - Resubmitted corrected unaudited results and XBRL for quarter/half-year ended Dec 31, 2025; acknowledgements attached.](https://nsearchives.nseindia.com/corporate/MPTODAY_12012026155201_NSE_reply-_submission_of_results_30-09-2025.pdf) |
| 31 Jan - Board meeting on Feb 9, 2026 to approve unaudited results for quarter and nine months ended Dec 31, 2025. | [Board Meeting Intimation for Notice Of The Board Meeting Pursuant To Regulation 29 Of SEBI (LODR) Regulations, 2015. 31 Jan - Board meeting on Feb 9, 2026 to approve unaudited results for quarter and nine months ended Dec 31, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1ef9b646-f207-426a-9ea1-f47a19bd485a.pdf) |
| 30 Jan - Re-appoint Gautam D. Shah MD (1 Jul 2026–30 Jun 2029) and Bela G. Shah WTD/CFO (7 Feb 2026–6 Feb 2029). | [Board Meeting Outcome for Re-Appointment Of Mr. Gautam D. Shah (DIN: 00397319) As Managing Director And Mrs. Bela G. Shah (DIN: 01044910) As Whole-Time Director And Chief Financial Officer Of The Company 30 Jan - Re-appoint Gautam D. Shah MD (1 Jul 2026–30 Jun 2029) and Bela G. Shah WTD/CFO (7 Feb 2026–6 Feb 2029).](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0c994f5a-c230-414d-98a9-57fc14f656f7.pdf) |
| 25 Mar - Trading window closed Apr 1, 2026 until 48 hours after audited results for FY/Q4 ended Mar 31, 2026. | [Closure of Trading Window 25 Mar - Trading window closed Apr 1, 2026 until 48 hours after audited results for FY/Q4 ended Mar 31, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d8768040-4831-4dbd-8818-fdc7adb199a5.pdf) |
| 24 Feb - M/s. J B R & CO LLP (Ms. Beenal Koradia) appointed internal auditor effective February 24, 2026 for FY2025-26. | [Announcement under Regulation 30 (LODR)-Change in Management 24 Feb - M/s. J B R & CO LLP (Ms. Beenal Koradia) appointed internal auditor effective February 24, 2026 for FY2025-26.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/dbac4819-eccb-4849-9889-16d59ffe3d8b.pdf) |
| 24 Feb - Board appointed M/s. J B R & Co. LLP as internal auditor on February 24, 2026. | [Board Meeting Outcome for Outcome Of Board Meeting. 24 Feb - Board appointed M/s. J B R & Co. LLP as internal auditor on February 24, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/886e76de-0ada-4c23-8a99-3a69e769a1bc.pdf) |
| 23 Mar - On March 19, 2026, shareholders reappointed Gautam D. Shah (MD), Bela G. Shah (WTD/CFO), Yogesh Kabaria (Independent Director). | [Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 23 Mar - On March 19, 2026, shareholders reappointed Gautam D. Shah (MD), Bela G. Shah (WTD/CFO), Yogesh Kabaria (Independent Director).](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0b2861cc-bcb3-4c22-9ed8-faf295c02984.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28641_MPTODAY_2024_2025_A_2394927_05092025190105.pdf) |
| from nse | [Financial Year 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26043_MPTODAY_2023_2024_060920241980.pdf) |
| from nse | [Financial Year 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23772_MPTODAY_2022_2023_07092023174235_09072023180028.zip) |
| from nse | [Financial Year 2022 from nse](https://archives.nseindia.com/annual_reports/SME_AR_21723_MPTODAY_2021_2022_08092022180110_09082022190020.zip) |
| from nse | [Financial Year 2021 from nse](https://archives.nseindia.com/annual_reports/SME_AR_19573_MPTODAY_2020_2021_07092021142934_09072021150014.zip) |
| from nse | [Financial Year 2020 from nse](https://archives.nseindia.com/annual_reports/SME_AR_17423_MPTODAY_2019_2020_05092020190135_05092020200003.zip) |
| from nse | [Financial Year 2019 from nse](https://archives.nseindia.com/annual_reports/SME_AR_15706_MPTODAY_2018_2019_03092019225447_03092019230006.zip) |
| from nse | [Financial Year 2018 from nse](https://archives.nseindia.com/annual_reports/SME_AR_13964_MPTODAY_2017_2018_03102018122630.zip) |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f6aa715a-6a00-40b3-bb86-fd7a7e0215fe.pdf) |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/dafb52dd-584a-4711-9100-5d68109672f6.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:38:36.679Z.