Aaradhya Disposal Industries Limited (AARADHYA)
Latest quarterly results (H1 FY26)
AARADHYA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the AARADHYA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 97.32%. That is close to its usual level. Turnover was only ₹12 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Aaradhya Disposal Industries Limited concluded its 01st Extraordinary General Meeting (EGM) on October 15, 2026. Shareholders voted on three key resolutions, including an increase in authorised share capital and the alteration of Articles and Memorandum of Association. Most notably, the company sought approval for the preferential issuance of up to 83,25,000 fully convertible warrants. Final voting results and the Scrutinizer's report are pending submission to the exchange.
- Proposed preferential issue of up to 83,25,000 fully convertible warrants
- EGM conducted on October 15, 2026, between 02:00 PM and 03:00 PM
- Remote e-voting held from October 12, 2026 (9:00 AM) to October 14, 2026 (5:00 PM)
- Resolutions include alteration of Articles of Association and increase in authorised share capital
Aaradhya Disposal Industries Limited has issued a revised corrigendum to its EGM notice scheduled for October 15, 2026, clarifying the objects and utilization for its proposed preferential issue. The company plans to raise ₹99.90 crore via fully convertible warrants, allocating ₹60.00 crore towards plant/machinery capex and civil work. Additionally, ₹20.00 crore is earmarked for working capital requirements and ₹19.90 crore for general corporate purposes, all to be deployed within 24 months of fund receipt.
- Proposed preferential issue of convertible warrants totaling ₹99,90,00,000
- ₹60,00,00,000 earmarked for capacity expansion capex including plant, machinery, and civil work
- ₹20,00,00,000 allocated for working capital needs within 24 months of fund receipt
- ₹19,90,00,000 directed to general corporate purposes
- EGM scheduled for October 15, 2026 to seek shareholder approval
Aaradhya Disposal Industries Limited issued a corrigendum to its October 15, 2026 EGM Notice following observations from the NSE regarding its proposed preferential issue. The company plans to issue a total of 83,25,000 fully convertible warrants to promoters and non-promoters. Promoters Anil Maheshwari and Sunil Maheshwari will be allotted 30,00,000 and 28,75,000 warrants respectively, which will increase their combined holding from 33.94% to 47.51% post-conversion. Non-promoters, including Aarth AIF Growth Fund, are slated to receive the remaining 24,50,000 warrants across 41 entities/individuals.
- Proposed allotment of 83,25,000 fully convertible warrants via preferential issue
- Promoter Anil Maheshwari to receive 30,00,000 warrants, increasing holding from 16.98% to 24.04%
- Promoter Sunil Maheshwari to receive 28,75,000 warrants, increasing holding from 16.96% to 23.47%
- 41 Non-promoter entities/individuals to be allotted the remaining 24,50,000 warrants, including 5,04,000 warrants to Aarth AIF Growth Fund
- Extraordinary General Meeting scheduled for October 15, 2026 at Dewas, MP
Aaradhya Disposal Industries Limited announced the voting results and Scrutinizer's Report for its 13th Annual General Meeting held on September 30, 2026. Shareholders approved the adoption of Audited Financial Statements for FY26 with 100% of votes in favour (99,91,500 votes). Additionally, the reappointment of Mr. Sunil Maheshwari as Managing Director, who retired by rotation, was unanimously approved with 100% of votes cast (13,000 votes). No dissenting or invalid votes were recorded for either resolution.
- 13th AGM successfully concluded on September 30, 2026 at Dewas, MP
- Resolution 1 (FY26 Audited Financials) approved with 99,91,500 votes (100% in favour)
- Resolution 2 (Reappointment of MD Sunil Maheshwari) approved with 13,000 votes (100% in favour)
- Zero invalid votes and zero votes cast against both resolutions
Aaradhya Disposal Industries Limited has issued a corrigendum to its October 15, 2026 EGM notice following observations from the NSE regarding its proposed preferential issue. The company plans to issue a total of 83,25,000 fully convertible warrants to promoters and non-promoters. Promoters Anil Maheshwari and Sunil Maheshwari will be allotted 30,00,000 and 28,75,000 warrants respectively, taking their post-issue holdings to 24.04% and 23.47%. Non-promoter allottees include Aarth AIF Growth Fund, which will receive 5,04,000 warrants, bringing its post-issue stake to 3.63%.
- Preferential issuance of 83,25,000 fully convertible warrants into equity shares
- Promoter Anil Maheshwari to be allotted 30,00,000 warrants, increasing holding from 16.98% to 24.04%
- Promoter Sunil Maheshwari to be allotted 28,75,000 warrants, increasing holding from 16.96% to 23.47%
- Aarth AIF Growth Fund to receive 5,04,000 warrants, expanding stake to 3.63%
- EGM scheduled for October 15, 2026, to seek shareholder approval
Aaradhya Disposal Industries Limited has announced the closure of its trading window effective Thursday, October 01, 2026. The closure is pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the consideration and approval of the half-year unaudited financial results for the period ended September 30, 2026. The trading window will remain closed for all directors, designated persons, and their immediate relatives until 48 hours after the declaration of the results. This is a routine regulatory compliance intimation.
- Trading window closes on Thursday, October 01, 2026
- Closure is for considering unaudited financial results for the half-year ended September 30, 2026
- Window to reopen 48 hours post declaration of results to the stock exchange
Aaradhya Disposal Industries Limited concluded its 13th Annual General Meeting (AGM) on September 30, 2026, at Dewas, Madhya Pradesh. A total of 8 members representing 9,991,500 shares, or 70.67% of voting capital, were present to achieve the required quorum. All proposed resolutions, including the adoption of FY26 audited financial statements and the re-appointment of Managing Director Sunil Maheshwari, were approved with the requisite majority. The statutory auditor's report was confirmed to be free of qualifications or adverse remarks.
- AGM held on September 30, 2026, concluded with 8 members representing 70.67% of share capital (9,991,500 shares)
- Audited financial statements for the year ended March 31, 2026 adopted without auditor qualifications
- Re-appointment of Sunil Maheshwari (DIN: 02611461) as Managing Director approved
- Voting was conducted via physical ballot for shareholders holding stock as of the September 23, 2026 cut-off date
Aaradhya Disposal Industries Limited has issued an Extraordinary General Meeting (EGM) notice scheduled for October 15, 2026. The company is seeking shareholder approval to issue up to 83,25,000 fully convertible warrants on a preferential basis. Additionally, it proposes to increase its authorised share capital from Rs. 16.00 crore to Rs. 26.00 crore, divided into 2.60 crore equity shares of Rs. 10 each, alongside altering its Articles of Association.
- Proposed preferential issue of up to 83,25,000 fully convertible warrants
- Authorised share capital increase from Rs. 16,00,00,000 to Rs. 26,00,00,000
- EGM scheduled for October 15, 2026, with remote e-voting closing on October 14, 2026
- Voting cut-off date fixed as Friday, October 09, 2026
Aaradhya Disposal Industries Limited's Board has approved raising up to Rs 99.90 crore via preferential allotment of up to 83,25,000 convertible warrants at an issue price of Rs 120 per warrant (face value Rs 10, premium Rs 110). The warrants will be allotted to 45 proposed allottees, including promoters Anil Maheshwari and Sunil Maheshwari, who are subscribing to 30,00,000 and 28,75,000 warrants respectively. To accommodate the issuance, the Board approved increasing the Authorized Share Capital from Rs 16 crore to Rs 26 crore and altering the Articles of Association. The proposal is subject to shareholder approval at an Extra-Ordinary General Meeting scheduled for October 15, 2026.
- Preferential issue of up to 83,25,000 convertible warrants at Rs 120 each, raising up to Rs 99.90 crore
- 25% payable upfront on subscription, with the balance 75% payable upon conversion within 18 months
- Authorised Share Capital increased from Rs 16,00,00,000 to Rs 26,00,00,000
- Promoters Anil Maheshwari and Sunil Maheshwari to be allotted 30,00,000 and 28,75,000 warrants, raising their combined post-issue holding to 47.51%
- EGM convened on October 15, 2026, to seek shareholder approval
Aaradhya Disposal Industries' Board has approved a preferential issue of up to 83,25,000 convertible warrants at an issue price of ₹120 per warrant, raising up to ₹99.90 crore. To accommodate the issuance, the authorised share capital is proposed to increase from ₹16.00 crore to ₹26.00 crore. Promoters Anil Maheshwari and Sunil Maheshwari will be allotted 30,00,000 and 28,75,000 warrants respectively, taking their combined post-issue holding to 47.51% (up from 33.94%). The proposal is subject to shareholder approval at the Extra-Ordinary General Meeting scheduled for October 15, 2026.
- Fundraise of up to ₹99.90 crore via 83,25,000 convertible warrants at ₹120 each (including ₹110 premium)
- Authorised share capital raised from ₹16.00 crore (1.60 crore shares) to ₹26.00 crore (2.60 crore shares)
- Promoters to be allotted 58,75,000 warrants, increasing combined promoter holding from 33.94% to 47.51%
- 25% upfront payable upon subscription with remaining 75% payable within an 18-month conversion window
- Extra-Ordinary General Meeting (EGM) convened for October 15, 2026, to seek shareholder approval
Aaradhya Disposal Industries Limited's Board has approved raising up to ₹99.90 crore through the preferential issue of up to 83,25,000 convertible warrants at an issue price of ₹120 each (face value ₹10 plus ₹110 premium). The warrants will be allotted across 45 promoter and non-promoter investors, with promoters Anil Maheshwari and Sunil Maheshwari being allocated 30,00,000 and 28,75,000 warrants respectively. An upfront payment of 25% will be received on subscription, with the remaining 75% payable within 18 months upon conversion. The company has also approved increasing its authorized share capital from ₹16 crore to ₹26 crore, subject to shareholder approval at an EGM on October 15, 2026.
- Board approved issuance of up to 83,25,000 warrants at ₹120 per warrant, aggregating up to ₹99.90 crore
- Promoters to subscribe to 58,75,000 warrants (Anil Maheshwari 30.0 lakh, Sunil Maheshwari 28.75 lakh)
- Authorized share capital proposed to be raised from ₹16.00 crore to ₹26.00 crore
- 25% payable upfront upon subscription and balance 75% payable within 18 months upon exercise
- Shareholder approval scheduled for the Extraordinary General Meeting on October 15, 2026
Aaradhya Disposal Industries' Board has approved raising up to ₹99.90 crore via preferential allotment of up to 83,25,000 convertible warrants at an issue price of ₹120 per warrant (including a ₹110 premium). The issue is proposed to 45 allottees, with promoters Anil Maheshwari and Sunil Maheshwari subscribing to 30,00,000 and 28,75,000 warrants respectively, increasing promoter holding substantially. An initial 25% is payable on allotment, with the remaining 75% due within 18 months upon exercise. The company also approved expanding its authorized share capital from ₹16 crore to ₹26 crore, subject to shareholder approval at an EGM on October 15, 2026.
- Fundraise of up to ₹99,90,00,000 (₹99.90 crore) through the issuance of up to 83,25,000 convertible warrants
- Issue price fixed at ₹120 per warrant, comprising ₹10 face value and ₹110 premium
- Promoters subscribing to 58,75,000 warrants (Anil Maheshwari: 30,00,000; Sunil Maheshwari: 28,75,000)
- Authorized share capital proposed to increase from ₹16,00,00,000 to ₹26,00,00,000
- 25% upfront subscription payable upon allotment; warrants exercisable in tranches within 18 months
Aaradhya Disposal Industries Limited has issued the notice for its 13th Annual General Meeting (AGM), scheduled for September 30, 2026, at Dewas, Madhya Pradesh. The record date to determine shareholder voting eligibility is September 23, 2026. Ordinary business includes the adoption of audited financial statements for FY 2025-26 and the re-appointment of Managing Director Mr. Sunil Maheshwari, who holds a 16.96% stake (23,98,000 shares) and drew Rs. 36,00,000 in annual remuneration.
- 13th AGM scheduled for Wednesday, September 30, 2026, at 01:00 PM IST in Dewas, MP
- Record date set as September 23, 2026, to determine eligible voting members
- Proposed re-appointment of Managing Director Mr. Sunil Maheshwari, who holds 23,98,000 shares (16.96%)
- Mr. Sunil Maheshwari's last drawn remuneration reported at Rs. 36,00,000 p.a.
Financial Performance
Revenue Growth by Segment
The company achieved significant growth in high-value segments: Paper Cup Blanks grew by 253.7% to INR 16.59 Cr, and Coated Paper Reel/Bobbin/Sheet grew by 85.8% to INR 30.05 Cr. Uncoated Paper Sheet/Board/Reel saw a modest growth of 3.3% to INR 45.25 Cr. New revenue streams were established in OGR Paper (INR 4.28 Cr) and Paper MTR/OTR (INR 2.85 Cr).
Geographic Revenue Split
Domestic sales remain the primary driver, while Export Sales grew by approximately 68.7% YoY, reaching approximately INR 13.53 Cr in FY 2024-25 compared to INR 8.02 Cr in FY 2023-24, driven by increased demand for Paper Cup Blanks and Barrier Coated Rolls in international markets.
Profitability Margins
Net Profit Margin improved from 6.27% in FY 2023-24 to 8.50% in FY 2024-25. This 223-basis point expansion was driven by a 108.2% increase in Net Profit to INR 9.66 Cr, outpacing the 53.6% growth in total revenue.
EBITDA Margin
Operating Profit (before other income and interest) stood at INR 2.95 Cr, representing an operating margin of 2.59%. While absolute operating profit grew 30.2% YoY from INR 2.26 Cr, the margin compressed slightly as revenue growth was heavily supported by other income or exceptional items leading to a PBT of INR 14.16 Cr.
Capital Expenditure
Not explicitly disclosed in available documents, though the company operates a state-of-the-art manufacturing facility in Dewas, Madhya Pradesh, and maintains proper records for Property, Plant, and Equipment.
Credit Rating & Borrowing
The company has sanctioned working capital limits exceeding INR 5 Cr from banks secured against current assets. Finance costs increased by 63% YoY to INR 2.93 Cr, reflecting higher debt utilization to support the 53.6% surge in operations.
Operational Drivers
Raw Materials
Key raw materials include Paper Board, Poly-coated Paper, and Base Paper, which are essential for manufacturing disposable packaging. These materials constitute the bulk of the cost of goods sold, though specific percentage splits are not disclosed.
Import Sources
Sourced from both domestic and international markets to ensure a steady supply of premium inputs for export-quality products.
Key Suppliers
The company sources raw materials from major industry players including ITC, Century, Nippon, and West Coast, ensuring high-quality standards for its sustainable product line.
Capacity Expansion
The company operates a manufacturing facility in Dewas, MP. While specific MTPA capacity is not disclosed, the 253.7% growth in Paper Cup Blank sales indicates a significant ramp-up in production utilization during FY 2024-25.
Raw Material Costs
Raw material price escalation is identified as a primary risk. The company manages this through strategic sourcing from reputed suppliers like ITC and Century to mitigate supply chain volatility.
Manufacturing Efficiency
Efficiency is driven by a skilled team with over a decade of industry experience and a state-of-the-art facility in Dewas, enabling the company to scale revenue by 53.6% with a constant headcount of 33 employees.
Strategic Growth
Expected Growth Rate
56.73%
Growth Strategy
The company is pursuing a 'Sustainability-First' strategy, expanding its global footprint in eco-friendly packaging. Growth is driven by aggressive market share pursuit in the Paper Cup Blank segment (which grew 253.7% this year) and diversifying into new categories like OGR Paper and Paper MTR/OTR to build a robust sales pipeline.
Products & Services
Paper cup blanks, ripple blanks, poly-coated paper rolls, embossed ripple wallpaper fans, multi-colour paper fans, biodegradable coated paper, OGR paper, and PP Lids.
Brand Portfolio
Aaradhya Disposal Industries Limited.
New Products/Services
Introduced OGR Paper (contributing INR 4.28 Cr) and Paper MTR/OTR (contributing INR 2.85 Cr) in FY 2024-25, representing approximately 6.3% of total revenue.
Market Expansion
Expanding global footprint for eco-friendly disposable and packaging solutions, specifically targeting international markets for barrier-coated rolls and blanks.
External Factors
Industry Trends
The industry is shifting rapidly toward sustainable, plastic-free packaging. Aaradhya is positioned to benefit from this as a manufacturer of biodegradable coated paper, evidenced by its 56.73% revenue growth.
Competitive Landscape
The company competes in the sustainable packaging market, focusing on high-quality paper-based disposables against both traditional plastic manufacturers and other paper converters.
Competitive Moat
The company's moat is built on its 'Sustainability' focus and strategic sourcing partnerships with premium suppliers like ITC, which ensures product quality that is difficult for smaller unorganized players to replicate.
Macro Economic Sensitivity
Highly sensitive to economic downturns which could reduce consumer spending on disposable products, and sensitive to global sustainability trends.
Consumer Behavior
Increasing global awareness and demand for eco-friendly and biodegradable packaging solutions are driving the shift toward the company's product portfolio.
Geopolitical Risks
Trade barriers or changes in international environmental regulations could impact the INR 13.53 Cr export segment.
Regulatory & Governance
Industry Regulations
Complies with Indian Accounting Standards (Ind AS) and Section 133 of the Companies Act. Managerial remuneration is capped at 11% of net profits as per Section 197.
Environmental Compliance
The company aligns with complex environmental regulations to lead in green practices and sustainability, which is core to its business model.
Taxation Policy Impact
The company is subject to Indian corporate tax laws; PBT of INR 14.16 Cr resulted in a Net Profit of INR 9.66 Cr, implying an effective tax impact of approximately 31.8%.
Legal Contingencies
The company has disclosed the impact of pending litigations on its financial position in its financial statements, though specific case values are not detailed in the summary.
Risk Analysis
Key Uncertainties
Primary risks include raw material price escalation, currency volatility for exports, and potential economic downturns affecting demand for disposables.
Geographic Concentration Risk
Manufacturing is concentrated in Dewas, Madhya Pradesh, while revenue is diversified across domestic and international markets (INR 13.53 Cr exports).
Third Party Dependencies
Significant dependency on key raw material suppliers like ITC, Century, and Nippon for high-quality paper base.
Technology Obsolescence Risk
The company uses an accounting software with audit trail (edit log) features as required by law since April 1, 2024, to ensure data integrity.
Credit & Counterparty Risk
The company maintains adequate internal financial controls over financial reporting, which were rated as operating effectively as of March 31, 2025.
