ARCHIES - Archies
📢 Recent Corporate Announcements
Archies Limited has announced the results of its postal ballot conducted via remote e-voting, confirming the appointment of Mr. Charan Jeet Singh Kochhar as a Non-Executive Independent Director. The special resolution was passed with an overwhelming majority, receiving 99.98% of the valid votes cast. A total of 15,125,090 valid votes were recorded from 63 participating members. This appointment ensures the company remains compliant with board composition regulations.
- Special resolution for the appointment of Mr. Charan Jeet Singh Kochhar passed with 99.98% approval.
- Total valid votes cast amounted to 15,125,090 shares across 63 members.
- Dissenting votes were negligible, representing only 0.02% (3,295 votes) of the total.
- The remote e-voting process was conducted from March 27, 2026, to April 25, 2026.
Archies Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. This document confirms that the company has processed dematerialization requests for the quarter ended March 31, 2026. The filing ensures that physical share certificates received were duly mutilated and cancelled after verification. This is a standard regulatory procedure for listed companies to maintain transparency in shareholding records.
- Compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
- Covers the reporting period for the quarter ended March 31, 2026.
- Confirms the processing and cancellation of physical security certificates received for dematerialization.
Archies Limited has announced the closure of its trading window for designated persons starting April 1, 2026. This closure is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, preceding the announcement of financial results. The window will remain closed until 48 hours after the Board of Directors approves the audited financial results for the quarter and year ending March 31, 2026. The specific date for the board meeting will be communicated at a later time.
- Trading window closure begins on April 1, 2026
- Closure is for the purpose of considering Audited Financial Results for Q4 and FY 2025-26
- Window to reopen 48 hours after the conclusion of the upcoming Board Meeting
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
Archies Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Charan Jeet Singh Kochhar as a Non-Executive Independent Director. The resolution is being proposed as a Special Resolution, requiring a 75% majority for approval. The voting process will be conducted entirely through electronic means (remote e-voting) starting from March 27, 2026, and concluding on April 25, 2026. Results of the ballot are expected to be declared on or before April 27, 2026.
- Proposal for the appointment of Mr. Charan Jeet Singh Kochhar as a Non-Executive Independent Director.
- Remote e-voting period is set from March 27, 2026 (09:00 AM) to April 25, 2026 (05:00 PM).
- The cut-off date for determining shareholder eligibility for voting was March 24, 2026.
- The resolution is a Special Resolution, necessitating high shareholder consensus.
- Results will be announced by April 27, 2026, and displayed on the company's investor website.
Archies Limited has initiated a Postal Ballot process to seek shareholder approval for the appointment of Mr. Charan Jeet Singh Kochhar as a Non-Executive Independent Director. The appointment is proposed for a five-year term starting from March 23, 2026, through March 22, 2031. Shareholders eligible as of the cut-off date of March 24, 2026, can participate in remote e-voting. The voting results are expected to be declared on or before April 27, 2026.
- Proposed appointment of Mr. Charan Jeet Singh Kochhar as Non-Executive Independent Director for a 5-year tenure.
- The resolution is being presented as a Special Resolution requiring significant shareholder majority.
- Remote e-voting period is scheduled from March 27, 2026, to April 25, 2026.
- Cut-off date for determining voting eligibility is fixed as March 24, 2026.
- Final results of the postal ballot will be announced by April 27, 2026.
Archies Limited has appointed Mr. Charan Jeet Singh Kochhar as an Additional Non-Executive Independent Director for a five-year term starting March 23, 2026. Mr. Kochhar brings over 40 years of experience from the State Bank of India, specializing in finance, marketing, and M&A. Following his appointment, the company has reconstituted several board committees, with Mr. Kochhar chairing the Audit, NRC, Stakeholder Relationship, and CSR committees. The appointment is subject to shareholder approval via a postal ballot process.
- Appointment of Mr. Charan Jeet Singh Kochhar as Independent Director for a 5-year term effective March 23, 2026
- Appointee brings over 40 years of banking experience from State Bank of India with expertise in Finance and M&A
- Mr. Kochhar will chair four key board committees including Audit and Nomination & Remuneration
- Shareholder approval for the appointment will be sought through a postal ballot process
Rajinder Kumar Verma has resigned from his position as a Non-Executive Independent Director at Archies Limited, effective March 11, 2026. He is also stepping down from his roles as Chairman of the Audit Committee, Nomination and Remuneration Committee, and Corporate Social Responsibility Committee. The resignation is attributed to personal commitments, and the director confirmed there are no other material reasons for his departure. The company will need to appoint a successor to fill these critical committee leadership roles.
- Resignation of Rajinder Kumar Verma (DIN: 10209315) effective from the close of business on March 11, 2026.
- Vacates chairmanship of three key board committees: Audit, Nomination and Remuneration, and CSR.
- The director confirmed in his letter that there are no material reasons for resignation other than personal commitments.
- Archies Limited must now ensure board and committee composition remains compliant with SEBI (LODR) Regulations.
Archies Limited has launched 'Archies Express,' a new-age retail format specifically designed to attract Gen Z and Millennial consumers with lifestyle accessories and stationery. The company has set a target to open 20 such stores across India during FY26, focusing on high-footfall mall locations in metros and Tier 2 cities. This new format follows a cost-efficient, scalable model characterized by lower capital expenditure per store compared to traditional outlets. The strategy aims for faster rollouts and quicker breakeven points to revitalize the brand's offline retail presence and improve unit-level economics.
- Planned launch of 20 new 'Archies Express' stores across India in FY26
- New format features a lower capex and scalable model designed for faster breakeven
- First store commissioned at Unity One Elegante Mall, Netaji Subhash Place, New Delhi
- Strategic focus on high-margin lifestyle accessories, stationery, and trendy collectibles
- Expansion leverages the brand's existing network of over 1,000 sales points
Archies Limited has announced the resignation of Mr. Jagdish Moolchandani from his dual roles as Executive Director and Chief Financial Officer (CFO). The resignation was tendered on February 26, 2026, and will be effective from the close of business hours on March 28, 2026. The outgoing CFO cited health issues requiring immediate and sustained attention as the primary reason for his departure. He is currently serving a 30-day notice period as per the company's terms of appointment.
- Mr. Jagdish Moolchandani has resigned as Executive Director and CFO effective March 28, 2026.
- The resignation is attributed to health reasons, with no other material reasons reported.
- The company received the formal resignation letter on February 26, 2026, initiating a 30-day notice period.
- Mr. Moolchandani has been a Key Managerial Personnel (KMP) holding DIN: 00016718.
Archies Limited has announced the resignation of Mr. Jagdish Moolchandani from his dual roles as Executive Director and Chief Financial Officer. The resignation is effective from the close of business hours on March 28, 2026, following a 30-day notice period initiated on February 26, 2026. The stated reason for his departure is health issues requiring immediate and sustained attention. The company will now need to appoint a successor to manage its financial leadership and strategic operations.
- Mr. Jagdish Moolchandani resigns as Executive Director and CFO effective March 28, 2026
- Resignation is attributed to health reasons with no other material reasons reported
- The executive is serving a 30-day notice period starting from February 26, 2026
- Company must identify a new CFO to ensure continuity in financial reporting and management
Archies Limited reported a significant decline in total income from operations to ₹13.70 crore for the quarter ended December 2025, down from ₹17.82 crore in the same period last year. The company posted a net loss of ₹4.48 lakhs for Q3 FY26, a reversal from the ₹2.83 lakhs profit recorded in Q3 FY25. For the nine-month period ending December 2025, total income fell to ₹45.81 crore compared to ₹51.32 crore in the previous year. Although the company reported a loss this quarter, it narrowed significantly from the ₹25.21 lakhs loss reported in the preceding quarter (Q2 FY26).
- Total Income from operations fell 23% YoY to ₹13.70 crore in Q3 FY26 from ₹17.82 crore in Q3 FY25.
- Reported a Net Loss of ₹4.48 lakhs in Q3 FY26 versus a Net Profit of ₹2.83 lakhs in the year-ago quarter.
- Nine-month (9M FY26) revenue decreased to ₹45.81 crore from ₹51.32 crore in 9M FY25.
- Earnings Per Share (EPS) stood at negative ₹0.02 for the quarter compared to positive ₹0.01 YoY.
- Net Profit before tax remained positive at ₹10.28 lakhs, but tax adjustments resulted in a bottom-line loss.
Mrs. Sona Mitul Adhia has resigned from her position as a Non-Executive Independent Director at Archies Limited, effective February 11, 2026. She cited personal commitments as the reason for her departure and confirmed there are no other material reasons for the resignation. Consequently, she will also step down from her roles in the Audit Committee and the Nomination and Remuneration Committee. The company will need to ensure its board composition remains compliant with SEBI regulations following this exit.
- Resignation of Mrs. Sona Mitul Adhia as Non-Executive Independent Director effective Feb 11, 2026.
- Departure from key board committees including Audit and Nomination & Remuneration.
- Director confirmed no material reasons for resignation other than personal commitments.
- The company must now fill the vacancy to maintain regulatory compliance for board structure.
Archies Limited reported a weak performance for the quarter ended December 31, 2025, with total income falling to ₹1457.76 lakhs from ₹2079.62 lakhs in the previous year. The company posted a net loss of ₹7.46 lakhs, a reversal from the ₹2.83 lakhs profit recorded in Q3 FY25. Operational struggles were evident in the Stationery and Paper Bag segment, where revenue dropped by nearly 40% YoY. Furthermore, the auditor's report raised significant red flags regarding the non-payment of statutory dues including EPF and TDS since August 2025.
- Total Income fell 29.9% YoY to ₹1457.76 lakhs from ₹2079.62 lakhs in Q3 FY25.
- Net loss for the quarter stood at ₹7.46 lakhs compared to a profit of ₹2.83 lakhs in the same period last year.
- Stationery and Paper Bag segment revenue plummeted to ₹524.42 lakhs from ₹870.52 lakhs YoY.
- Auditors highlighted non-deposition of Employees Provident Fund and TDS for the period August 2025 to December 2025.
- Nine-month cumulative performance shows a net loss of ₹2.67 lakhs compared to a loss of ₹35.86 lakhs in the previous year's nine-month period.
Archies Limited has scheduled a Board of Directors meeting for February 11, 2026, to consider and approve the un-audited financial results for the quarter ended December 31, 2025. The meeting is set to commence at 1:00 PM. This announcement follows the publication of statutory notices in Financial Express and Jansatta on February 6, 2026. Investors should track this date as it will reveal the company's performance during the key holiday and gifting season.
- Board meeting scheduled for Wednesday, February 11, 2026, at 1:00 PM.
- Agenda includes approval of un-audited financial results for the quarter ended December 31, 2025.
- Newspaper advertisements published in Financial Express (English) and Jansatta (Hindi) on February 6, 2026.
- Notice issued in compliance with Regulation 29 and 47 of SEBI (LODR) Regulations, 2015.
ICRA has affirmed the long-term credit rating for Archies Limited's bank facilities totaling Rs. 24.10 Crores. The assigned rating is [ICRA]BB, which is considered non-investment grade, and it carries a 'Negative' outlook. This outlook suggests that the company's credit profile could face downward pressure in the near term. Investors should be cautious as the rating reflects potential risks in the company's ability to service its debt obligations effectively.
- ICRA affirmed the long-term rating at [ICRA]BB for bank lines worth Rs. 24.10 Crores.
- The rating outlook is maintained as 'Negative', indicating potential future downgrades.
- The rating action follows a review by the Rating Committee of ICRA.
- The disclosure complies with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
Overall revenue from operations declined by 12.95% to INR 69.71 Cr in FY2025. Segment-wise performance showed a 23.55% decrease in Gifts, a 7.32% decrease in Greeting Cards, and a marginal 0.11% increase in Stationery products.
Geographic Revenue Split
The company has a high geographic concentration in North India, which contributed approximately 82% of total revenues in H1 FY2025, up from 77% in 9M FY2024, making the business highly sensitive to regional economic conditions.
Profitability Margins
Net Profit Margin improved from -10.26% in FY2024 to -2.10% in FY2025, representing a 79.54% positive change due to reduced losses. However, the company reported a PAT loss of INR 8.2 Cr in FY2024 and a loss of INR 0.4 Cr in H1 FY2025.
EBITDA Margin
Operating Profit Margin significantly improved to 12.93% in FY2025 from 7.33% in FY2024, a 76.38% YoY increase driven by cost rationalization and reduced operating expenses despite falling revenues.
Capital Expenditure
Historical expenditure on Property, Plant, and Equipment was INR 0.09 Cr for the period ended Sept 2025, compared to INR 0.35 Cr in the previous period, reflecting a cautious approach to expansion.
Credit Rating & Borrowing
Ratings were downgraded in November 2024 to [ICRA]BB- (Stable) from [ICRA]BB (Negative). Total Debt/OPBDIT is expected to deteriorate to 6.9-7.2 times by March 2025 from 5.9 times in FY2024 due to moderate operating profits.
Operational Drivers
Raw Materials
Primary raw materials include paper, wood, and plywood (used for store fixtures and products), though specific percentage costs per material are not disclosed.
Import Sources
Not specifically disclosed in available documents, though manufacturing is centralized at Manesar, Haryana.
Capacity Expansion
The company is currently consolidating rather than expanding, with the store count declining from 111 in December 2022 to 87 company-owned stores by September 2024.
Raw Material Costs
The company is actively mitigating environmental risks by reducing dependence on plywood and minimizing wood wastage to optimize the cost structure of its physical products.
Manufacturing Efficiency
Manufacturing is centralized in Manesar, Haryana; however, efficiency is challenged by high inventory write-offs in Q4 of the last two financial years.
Logistics & Distribution
Distribution is handled through a pan-India network of 87 owned stores plus franchisees and retailers, but high inventory holding requirements at stores drive working capital intensity to 88.9%.
Strategic Growth
Expected Growth Rate
12-13%
Growth Strategy
Growth is targeted through cost rationalization, promoter funding (INR 3.1 Cr infused in 9M FY2024), and maintaining a pan-India distribution network while shifting focus toward stationery which showed 0.11% growth.
Products & Services
Greeting cards, gifts, stationery, paper bags, perfumes, and watches.
Brand Portfolio
Archies, Archies Gallery.
Market Expansion
The company is currently rationalizing its footprint, having reduced its store count to 87 units to focus on more profitable locations.
Market Share & Ranking
Renowned retailer in the organized social expressions market in India, though specific percentage market share is not disclosed.
External Factors
Industry Trends
The industry is undergoing a permanent structural shift from physical greetings to digital mediums. Archies is positioned as a legacy player attempting to pivot toward gifting and stationery to counter the decline in cards.
Competitive Landscape
Competes with digital communication platforms, unorganized gifting retailers, and emerging online-first gifting brands.
Competitive Moat
The primary moat is the 'Archies' brand recognition and a 45-year operational track record. However, this moat is weakening as consumer behavior shifts toward online channels where the company has a limited presence.
Macro Economic Sensitivity
Highly sensitive to consumer discretionary spending and macroeconomic factors in North India, which accounts for over 80% of sales.
Consumer Behavior
Increasing consumer preference for environmentally sustainable products and digital-first communication is reducing demand for traditional paper-based greeting cards.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and Indian Accounting Standards (Ind AS). The company maintains an Audit Committee to ensure financial reporting credibility.
Environmental Compliance
Focusing on reducing plywood usage and wood wastage in manufacturing and store interiors to meet moderate environmental risk standards.
Legal Contingencies
The Board reviews compliance with all relevant legislations and litigation status, including show cause and penalty notices, though no specific case values were disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the sustainability of physical retail in the face of digital disruption, with revenue declining from INR 139.32 Cr (pre-Covid) to ~INR 70-75 Cr (projected FY2025).
Geographic Concentration Risk
82% of revenue is concentrated in North Indian states, creating significant regional risk.
Third Party Dependencies
High dependency on promoter support; promoters infused INR 3.1 Cr in 9M FY2024 and INR 3.5 Cr in FY2023 to bridge funding gaps.
Technology Obsolescence Risk
High risk of product obsolescence as digital greetings replace physical cards; the company has a limited presence in online sales channels.
Credit & Counterparty Risk
Trade receivables stood at INR 7.90 Cr as of March 2025; Debtors Turnover Ratio remained stable at 5.42, indicating consistent collection from franchisees and retailers.