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Stovec Industries Ltd (504959)

📊 BSE: 504959 🏢 Industrial Products 📢 Latest filing: 25 Sep 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Stovec Industries' revenue was ₹52.8 Cr (-7.0% year on year, +13.0% on the previous quarter), and net profit ₹2.5 Cr (-17.2% year on year); the operating margin was 7.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹52.8	-7.0%	+13.0%
Operating profit	₹3.9	+7.2%	+47.0%
Net profit	₹2.5	-17.2%	+47.7%
EPS (₹)	11.75	-17.1%	+47.8%
Operating margin	7.4%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Stovec Industries Appoints SPGPrints CFO Theodorus Kortekaas as Additional Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 25 Sep 2026, 04:35 PM

Stovec Industries has appointed Mr. Theodorus Dominicus Bartholomeus Maria Kortekaas as an Additional Director (Non-Executive Non-Independent) effective September 25, 2026. Mr. Kortekaas brings over 16 years of experience within parent company SPGPrints Group, where he currently serves as Director, CFO, and Executive Board member. His appointment is subject to shareholder approval within 3 months as per SEBI Listing Regulations. The move strengthens direct oversight from the 71.06% majority shareholder, SPGPrints B.V.

Appointment of Mr. Theodorus Kortekaas effective September 25, 2026
Appointed as Non-Executive Non-Independent Director liable to retire by rotation
Shareholder approval to be sought within 3 months of appointment
Candidate has over 16 years of experience within SPGPrints Group and serves as current Group CFO

💡 Track the upcoming shareholder resolution for formal appointment approval and monitor if parent-level leadership involvement drives improved margins from the current 4.7% TTM OPM.

Stovec Industries Appoints SPGPrints CFO Theodorus Kortekaas as Additional Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 25 Sep 2026, 04:27 PM

Appointment of Mr. Theodorus Kortekaas effective September 25, 2026
Appointed as Non-Executive Non-Independent Director liable to retire by rotation
Shareholder approval to be sought within 3 months of appointment
Candidate has over 16 years of experience within SPGPrints Group and serves as current Group CFO

💡 Track the upcoming shareholder resolution for formal appointment approval and monitor if parent-level leadership involvement drives improved margins from the current 4.7% TTM OPM.

Stovec Industries: Non-Executive Director Garrett Forde Resigns Effective August 24, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 24 Aug 2026, 07:13 PM

Stovec Industries announced the resignation of Mr. Garrett Forde (DIN: 09040078) from his position as Non-Executive Non-Independent Director, effective close of business hours on August 24, 2026. The resignation follows his cessation as the Chief Executive Officer of holding company SPGPrints B.V., Netherlands. SPGPrints B.V. holds a 71.06% promoter stake in the Rs 345 Cr market cap company. This is an administrative board adjustment reflecting leadership changes at the parent entity level.

Resignation of Non-Executive Director Garrett Forde effective August 24, 2026
Departure driven by his cessation as CEO of holding company SPGPrints B.V.
Parent entity SPGPrints B.V. maintains a 71.06% promoter holding in Stovec Industries

💡 Track subsequent filings for the appointment of a replacement nominee director from parent company SPGPrints B.V.

Stovec Industries Q2 PAT Declines 17% YoY to ₹2.45 Cr; Parent CEO Joins Board

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 08:19 PM

Stovec Industries reported a 7% YoY decline in revenue from operations to ₹52.75 Cr for the quarter ended June 30, 2026. Net profit for the quarter fell 17% YoY to ₹2.45 Cr, down from ₹2.96 Cr in the same period last year. For the first half of 2026 (H1), the company's PAT saw a sharper decline of 27%, falling to ₹4.12 Cr from ₹5.64 Cr in H1 2025. In a significant management update, the company appointed Mr. Marcos Marti Erfurt, CEO of the parent company SPGPrints B.V., as an Additional Director.

Quarterly revenue from operations decreased to ₹52.75 Cr from ₹56.75 Cr in the year-ago period.
Net profit for Q2 2026 stood at ₹2.45 Cr, representing a 17% YoY contraction.
H1 2026 PAT dropped to ₹4.12 Cr compared to ₹5.64 Cr in H1 2025, a 27% decrease.
Cash and cash equivalents improved slightly to ₹29.41 Cr as of June 30, 2026, from ₹28.90 Cr in December 2025.
Appointment of Mr. Marcos Marti Erfurt (CEO of parent SPGPrints B.V.) as Non-Executive Director effective August 12, 2026.

💡 Investors should monitor the impact of the parent company's CEO joining the board on future strategic direction and whether the company can arrest the declining revenue trend in upcoming quarters.

Stovec Industries Q2 Net Profit Falls 17% to ₹2.45 Cr; Parent CEO Joins Board

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 07:52 PM

Stovec Industries reported a weak set of results for Q2 2026, with revenue from operations declining 13.3% YoY to ₹47.55 Cr. Net profit for the quarter fell 17.2% YoY to ₹2.45 Cr, down from ₹2.96 Cr in the same period last year. For the half-year ended June 30, 2026, the company's profit before tax dropped to ₹5.32 Cr from ₹7.38 Cr in H1 2025. Concurrently, the company appointed Mr. Marcos Marti Erfurt, CEO of parent company SPGPrints B.V., as a Non-Executive Director to the board.

Q2 Revenue from operations declined to ₹47.55 Cr from ₹54.85 Cr in the year-ago quarter.
Net profit for the quarter ended June 30, 2026, stood at ₹2.45 Cr vs ₹2.96 Cr YoY.
H1 2026 Earnings Per Share (EPS) dropped to ₹19.71 from ₹28.52 in H1 2025.
Cash and cash equivalents remained stable at ₹29.41 Cr as of June 30, 2026.
Appointment of Mr. Marcos Marti Erfurt (CEO of SPGPrints B.V.) as Additional Director effective August 12, 2026.

💡 Investors should monitor the impact of the parent company CEO's board presence on strategic direction and whether the company can arrest the declining revenue trend in upcoming quarters.

Stovec Industries Q2 PAT Falls 17% YoY to ₹2.45 Cr; Parent CEO Appointed to Board

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 07:45 PM

Stovec Industries reported a 16.2% YoY decline in quarterly revenue to ₹47.55 Cr for the period ended June 30, 2026. Net profit for the quarter dropped 17.2% YoY to ₹2.45 Cr, while half-yearly profits (H1 2026) saw a sharper decline of 38% to ₹4.12 Cr compared to H1 2025. On the management front, Mr. Marcos Marti Erfurt, CEO of parent company SPGPrints B.V., has been appointed as a Non-Executive Director. Despite the earnings pressure, the company remains debt-free with cash and bank balances totaling ₹45.64 Cr.

Quarterly revenue from operations decreased by 16.2% YoY to ₹47.55 Cr from ₹56.75 Cr
Net profit for the quarter ended June 30, 2026, stood at ₹2.45 Cr compared to ₹2.96 Cr in the same period last year
Half-yearly PAT (Jan-Jun 2026) declined significantly to ₹4.12 Cr from ₹6.64 Cr in H1 2025
Cash and bank balances increased to ₹45.64 Cr as of June 30, 2026, up from ₹36.28 Cr in December 2025
Appointment of Mr. Marcos Marti Erfurt (CEO of parent SPGPrints B.V.) as an Additional Director

💡 Investors should monitor if the revenue contraction is a temporary industry-wide issue or a loss of market share, and watch for any strategic shifts following the parent company CEO's induction into the board.

Stovec Industries reports promoter-level debt restructuring and new shareholder agreement

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 10 Aug 2026, 03:30 PM

Stovec Industries' indirect promoter, Print I B.V., has undergone a debt restructuring where lenders converted debt into a 44% equity stake (46.3% voting rights) held via Magenta Holding B.V. The existing promoter group entity, Print Holdings B.V. (PHBV), retains majority control with 51% equity and 53.7% voting rights. While there is no direct change in Stovec's management or control, the new Shareholders' and Subscription Agreement (SHA) mandates that any related party transactions by Stovec now require consent from Magenta Holding. This disclosure is a procedural requirement under Regulation 30A of LODR for agreements impacting listed entities.

Lenders converted debt into 647,059,000 equity shares of the indirect parent entity, Print I B.V.
Magenta Holding B.V. acquired 46.3% voting rights in the indirect parent following the restructuring.
Print Holdings B.V. (PHBV) maintains ultimate control with 53.7% voting rights.
The Shareholders' and Subscription Agreement (SHA) was originally executed on 26 February 2025.
Related party transactions by Stovec now require specific consent from Magenta Holding B.V.

💡 Investors should monitor if the new consent requirement for related party transactions affects the company's operational flexibility or its dealings with the global SPG Prints group.

71.06% Promoter Stake Indirectly Encumbered via Parent Level Debt Restructuring

🔵 WATCH ⭐ 6/10

REGULATORY 📅 10 Aug 2026, 12:37 PM

Stovec Industries' promoter, SPG Prints B.V., has disclosed an indirect encumbrance affecting its entire 71.06% stake (14,83,777 shares). This arises from a debt restructuring at its parent company, Print I B.V., where lenders (via Magenta Holding B.V.) converted debt into 647,059,000 shares of the parent entity. While there is no direct pledge on Stovec's shares, the agreement includes transfer restrictions and a potential change of control option at the parent level.

Indirect encumbrance created over 14,83,777 shares, representing 71.06% of the company's total capital.
Lenders converted debt into 647,059,000 equity shares of the parent entity, Print I B.V.
The Shareholders’ and Subscription Agreement (SHA) dated 26 February 2025 grants lenders an option to take full control of the parent entity.
Arrangement includes general restrictions on share transfers, including drag-along and tag-along rights at the parent level.

💡 Watch for any updates regarding the lenders exercising their option to take control of the parent entity, which could trigger a change in the ultimate promoter of Stovec and potentially an open offer.

71.06% Promoter Stake Under Indirect Encumbrance Due to Parent Debt Restructuring

🔵 WATCH ⭐ 7/10

REGULATORY 📅 10 Aug 2026, 12:34 PM

Stovec Industries has disclosed an indirect encumbrance on its entire promoter stake of 71.06% (14,83,777 shares). This follows a debt restructuring at the holding company level (Print I B.V. in the Netherlands), where lenders represented by Magenta Holding B.V. converted debt into 647,059,000 equity shares of the holding entity. While no direct pledge exists on Stovec's shares, the agreement includes share transfer restrictions and a potential option for lenders to take full control of the holding company. This disclosure is mandatory under SEBI (SAST) Regulations as it affects the ultimate control of the promoter group.

Indirect encumbrance created on 14,83,777 shares, representing 71.06% of the total share capital.
Lenders converted debt into 647,059,000 equity shares of the holding company, Print I B.V.
Shareholders' and Subscription Agreement (SHA) originally executed on 26 February 2025.
Magenta Holding B.V. granted drag-along, tag-along, and potential full control options over the holding company.
Stovec Industries itself remains debt-free with a 0.00 D/E ratio as per latest financials.

💡 Investors should monitor for any change in control at the Dutch parent level (Print I B.V.), as a change in ultimate ownership could trigger mandatory open offer requirements in India.

Board Meeting Scheduled for August 12, 2026, to Approve Q2 Financial Results

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 07 Aug 2026, 10:51 AM

Stovec Industries has scheduled a board meeting for August 12, 2026, to consider and approve its unaudited financial results for the quarter ended June 30, 2026. This follows a period of financial contraction, with FY26 revenue at Rs 198 Cr compared to Rs 235 Cr in FY25. The company's trading window for insiders has been closed since June 26, 2026, and will remain so until August 14, 2026. Investors will be looking for a recovery in margins, which currently stand at a TTM OPM of 4.4%.

Board meeting scheduled for August 12, 2026, to approve Q2 results.
Results period covers the quarter and period ended June 30, 2026.
Trading window for insiders closed on June 26, 2026.
Trading window to reopen 48 hours after the results declaration on August 14, 2026.

💡 Monitor the financial results on August 12 to evaluate if the company can arrest the decline in profitability seen in previous quarters.

July 17, 2026: Resignation of Non-Executive Director Arnout Otma

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 17 Jul 2026, 06:16 PM

Arnout Otma has resigned as a Non-Executive Non-Independent Director of Stovec Industries, effective July 17, 2026. This follows his resignation as CFO of the holding company, SPGPrints B.V., to pursue external opportunities. He will also step down from all board committees. The change is administrative and linked to leadership shifts at the parent company level.