Royal Cushion Vinyl Products Ltd (526193)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Royal Cushion's revenue was ₹8.2 Cr (-34.6% year on year, -29.9% on the previous quarter), and net profit ₹-5.1 Cr (a bigger loss than a year earlier); the operating margin was -39.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹8.2 | -34.6% | -29.9% |
| Operating profit | ₹-3.3 | loss widened | loss widened |
| Net profit | ₹-5.1 | loss widened | loss widened |
| EPS (₹) | -1.40 | loss widened | loss widened |
| Operating margin | -39.7% | — | — |
📢 Recent Corporate Announcements
Royal Cushion Vinyl Products Ltd has allotted 41,17,160 equity shares of Rs 10 each on October 05, 2026, pursuant to the NCLT-approved amalgamation of Royal Spinwell and Developers Private Limited (RSDPL). The allotment was completed in a swap ratio of 7,807 equity shares of the company for every 19 shares of RSDPL. Consequently, aggregate promoter and promoter group shareholding has increased from 39.92% (1.46 crore shares) to 45.99% (1.87 crore shares). The acquisition is exempt from open offer requirements under Regulation 10(1)(d)(ii) of SEBI SAST Regulations.
- Allotment of 41,17,160 equity shares of Rs 10 each at par following the merger of RSDPL
- Swap ratio finalized at 7,807 shares of Royal Cushion Vinyl for every 19 shares of RSDPL
- Total promoter and PAC holding increased from 39.92% to 45.99%
- Direct acquirers' stake grew from 11.85% (43.37 lakh shares) to 20.77% (84.54 lakh shares)
- NCLT Mumbai Bench sanctioned the Scheme of Arrangement via Final Order dated July 28, 2026
Royal Cushion Vinyl Products has allotted 41,17,160 equity shares of Rs 10 each at par (totaling Rs 4.12 crore) to the shareholders of Royal Spinwell and Developers Private Limited pursuant to an NCLT-approved amalgamation scheme. The allotment took place on October 5, 2026, following the scheme becoming effective on August 30, 2026. The shares were issued in a swap ratio of 7,807 shares of Royal Cushion Vinyl for every 19 shares of RSDPL, entirely to promoter and promoter group entities. This expands the equity base and raises promoter shareholding in the financially stressed company, which has negative net worth (-Rs 37 crore) and debt of Rs 85 crore.
- Allotment of 41,17,160 equity shares of Rs 10 face value at par, valued at Rs 4,11,71,600
- Share exchange ratio set at 7,807 equity shares of the company for every 19 shares of RSDPL
- Merger scheme approved by NCLT Mumbai Bench vide order dated July 28, 2026, effective August 30, 2026
- Allotment completed on October 5, 2026, exclusively to 10 members of the promoter and promoter group
Royal Cushion Vinyl Products Ltd has allotted 41,17,160 equity shares of Rs 10 each to the shareholders of Royal Spinwell and Developers Private Limited pursuant to an NCLT-approved Scheme of Amalgamation. The allotment was executed on October 05, 2026, increasing total paid-up share capital from 3,65,88,462 shares to 4,07,05,622 shares. Consequently, promoter and promoter group shareholding expanded from 39.92% to 45.99%, representing a 10.11% acquisition relative to the pre-scheme capital base. The merger scheme was sanctioned by NCLT Mumbai Bench via order dated July 28, 2026, and became effective August 30, 2026.
- Allotment of 41,17,160 equity shares of Rs 10 each to eligible shareholders of Royal Spinwell and Developers Pvt Ltd
- Share exchange ratio set at 7,807 shares of the company for every 19 shares of the transferor company
- Promoter and PAC holding increased from 39.92% (1,46,04,378 shares) to 45.99% (1,87,21,538 shares)
- Total voting capital expanded from 3,65,88,462 shares (Rs 36.59 cr) to 4,07,05,622 shares (Rs 40.71 cr)
Royal Cushion Vinyl Products has approved the allotment of 41,17,160 equity shares of Rs 10 each and 84,99,592 non-convertible redeemable preference shares (NCRPS) of Rs 10 each pursuant to the amalgamation of Royal Spinwell and Developers Private Limited. The allotment increases the company's paid-up equity share capital from Rs 36.59 crore to Rs 40.71 crore, causing an equity dilution of ~10.1%. In addition, the unlisted 6% NCRPS add Rs 8.50 crore of preference share capital redeemable within up to 20 years. The amalgamation scheme became effective August 30, 2026, following NCLT approval on July 28, 2026.
- Allotment of 41,17,160 equity shares of Rs 10 each at par pursuant to the NCLT-approved merger scheme
- Allotment of 84,99,592 unlisted 6% Non-Convertible Redeemable Preference Shares of Rs 10 each (Rs 8.50 crore face value)
- Paid-up equity capital increases from Rs 36,58,84,620 to Rs 40,70,56,220 (~10.1% increase in share count)
- Amalgamation scheme of Royal Spinwell and Developers Pvt Ltd effective from August 30, 2026
Royal Cushion Vinyl Products Ltd submitted its Scrutinizer's Report for the 42nd AGM held on September 29, 2026. Shareholders approved all 8 resolutions, including multiple material related-party transactions (RPTs) with Natroyal Industries Private Limited covering land leasing, goods trading, corporate guarantees, and loans. Out of 36,588,462 total shares, 6,882,469 votes (18.81% turnout) were polled on key non-promoter resolutions, passing with 100% approval among voting shares. The approvals come amid severe balance sheet stress, with negative net worth of ₹-37 crore and debt of ₹85 crore.
- All resolutions passed with 100% majority of valid votes cast by 80 participating shareholders.
- Approved lease of 25,324.94 sq. mtrs. land and 6,606 sq. mtrs. building at Baska, Gujarat to Natroyal Industries.
- Approved leave and licence of 9,030.06 sq. mtrs. land at Baska, Gujarat to Natroyal Industries.
- Sanctioned corporate guarantee and financial assistance via loans/advances from Natroyal Industries and Mahesh K Shah.
- Overall voter turnout on RPT resolutions was 18.81% (6,882,469 out of 36,588,462 shares) as promoter shares were interested.
Royal Cushion Vinyl Products Limited has submitted its Annual Report and Notice for the 42nd Annual General Meeting (AGM) for FY 2025-26 under Regulation 34 of SEBI LODR. The AGM is scheduled to be held via Video Conferencing on September 29, 2026. The cut-off date to determine shareholder eligibility for remote e-voting is September 22, 2026, with remote e-voting open from September 26 to September 28, 2026. This is a routine compliance disclosure containing no new operational or financial surprises.
- 42nd AGM scheduled for Tuesday, September 29, 2026 at 3:30 PM IST via VC/OAVM
- Cut-off date for e-voting entitlement fixed as Tuesday, September 22, 2026
- Remote e-voting window runs from September 26, 2026 (9:00 AM IST) to September 28, 2026 (5:00 PM IST)
- Annual Report for FY 2025-26 submitted pursuant to Regulation 34
Royal Cushion Vinyl Products has scheduled a Board meeting on September 1, 2026, to approve the allotment of 41,17,160 equity shares and 84,99,592 unlisted Non-Convertible Redeemable Preference Shares (NCRPS) of Rs. 10 each. This follows the NCLT Mumbai order dated July 28, 2026, sanctioning the merger of Royal Spinwell and Developers Private Limited into the company. The Board will also approve the notice and date for the 42nd AGM scheduled for September 29, 2026.
- Board meeting scheduled on September 1, 2026, to consider share allotments post-merger
- Sanctioned by NCLT Mumbai Bench vide order dated July 28, 2026
- Proposed allotment of 41,17,160 listed equity shares of Rs. 10 each to Royal Spinwell shareholders
- Proposed allotment of 84,99,592 unlisted NCRPS of Rs. 10 each to Royal Spinwell shareholders
- 42nd Annual General Meeting convened for Tuesday, September 29, 2026
Royal Cushion Vinyl Products has received formal NCLT sanction (dated July 28, 2026) for the merger of Royal Spinwell and Developers Private Limited into the company. This corporate action comes as the company struggles with a negative net worth of Rs -37 crore and a high debt load of Rs 85 crore relative to its Rs 55 crore market cap. While Q1 FY27 results were approved, the company remains loss-making on a TTM basis with a net loss of Rs 8 crore. Investors should focus on how the merger impacts the consolidated balance sheet and whether it addresses the current capital deficiency.
- NCLT Mumbai Bench sanctioned the Scheme of Arrangement for merger on July 28, 2026
- Company reported a negative net worth of Rs -37 crore as per latest financial context
- Total debt of Rs 85 crore significantly exceeds the current market capitalization of Rs 55 crore
- TTM operating profit margin remains deeply negative at -15.5%
- Statutory and regulatory compliances for the merger completion are currently in progress
Royal Cushion Vinyl Products (RCVP) has formally taken on record the NCLT Mumbai Bench order dated July 28, 2026, sanctioning the merger of Royal Spinwell and Developers Private Limited into the company. This structural change comes at a critical time as RCVP faces significant financial stress, including a negative net worth of ‡37 cr and TTM losses of ‡8 cr. The board also approved the unaudited financial results for the quarter ended June 30, 2026. Investors should note that the company remains highly leveraged with ‡85 cr in debt against a market cap of only ‡55 cr.
- NCLT Mumbai Bench sanctioned the Scheme of Arrangement on July 28, 2026
- Company currently operates with a negative net worth of ‡37 cr
- Total debt stands at ‡85 cr, which is approximately 1.5x the current market capitalization
- TTM revenue of ‡56 cr is nearly equaled by the company's total debt
- Operating profit margin remains deeply negative at -15.5% as per TTM data
Royal Cushion Vinyl Products has scheduled a board meeting on August 13, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. The company is under significant financial pressure with a negative net worth of ₹37 Cr and total debt of ₹85 Cr. TTM revenue is ₹56 Cr, while operating margins are deeply negative at -15.5%. Investors should monitor these results for any signs of operational recovery or debt management strategies.
- Board meeting scheduled for August 13, 2026, to approve Q1 results
- Company reported a TTM net loss of ₹8 Cr as of March 2026
- Trading window for designated persons closed from July 01, 2026
- Total debt of ₹85 Cr significantly exceeds the market cap of ₹55 Cr
The National Company Law Tribunal (NCLT) Mumbai Bench has sanctioned the Scheme of Arrangement for the merger of Royal Spinwell and Developers Private Limited into Royal Cushion Vinyl Products Limited (RCVPL). The merger, which has an appointed date of October 1, 2021, brings a textile and real estate development entity into RCVPL. This is a significant development for RCVPL, which currently faces severe financial distress with a negative net worth of Rs -37 Cr and debt of Rs 85 Cr. The merger process has been ongoing since board approval in January 2022.
- NCLT Mumbai Bench sanctioned the merger scheme on July 28, 2026.
- The merger has a retroactive appointed date of October 01, 2021.
- RCVPL currently operates with a negative net worth of Rs -37 Cr and debt of Rs 85 Cr.
- The company reported a TTM net loss of Rs 8 Cr on revenue of Rs 56 Cr.
- Certified copy of the NCLT order must be filed with the ROC within 30 days of receipt.
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