HPIL - Hindprakash Indu
📢 Recent Corporate Announcements
Hindprakash Industries Limited (HPIL) has received shareholder approval to sell, transfer, or dispose of its entire undertaking. The special resolution was passed with an overwhelming 99.80% of the votes cast in favor, indicating strong support from both promoters and public shareholders. A total of 84.88 lakh votes were polled, representing a 74.30% turnout of the total 1.14 crore shares. This decision marks a major strategic shift for the company, potentially leading to a complete divestment of its current operations.
- Special resolution passed to sell or dispose of the company's entire unit/undertaking
- Resolution received 99.80% approval (84,71,847 votes) from the total votes polled
- Total voter turnout stood at 74.30% of the 1,14,24,110 total shares
- Promoters voted 100% in favor of the resolution with 77.39 lakh votes
- Public non-institutional shareholders backed the move with 97.75% support
Hindprakash Industries Limited (HPIL) shareholders have passed a special resolution via postal ballot to sell, transfer, or dispose of the company's entire undertaking. The resolution received overwhelming support, with 99.80% of the total 84.88 lakh votes cast in favor. Promoters showed strong backing with 100% of their polled votes supporting the move, while public participation saw 97.75% approval. This significant corporate action indicates a major strategic shift or potential exit from current business operations.
- Special resolution passed to sell, transfer, or dispose of the whole of the company's unit/undertaking.
- Total of 84,88,663 votes were polled, representing 74.30% of the total outstanding shares.
- The resolution was approved with a 99.80% majority, with only 0.20% of votes cast against.
- Promoter group cast 77,39,845 votes, with 100% in favor of the disposal.
- Public non-institutional shareholders cast 7,48,818 votes, with 97.75% supporting the resolution.
Sanjay Prakash Mangal, representing the promoter group of Hindprakash Industries Limited, has filed a disclosure under Regulation 31(4) of SEBI (SAST) Regulations. The promoter group collectively holds 85,50,955 equity shares as of March 31, 2026. The filing confirms that no shares were encumbered or pledged, directly or indirectly, during the entire financial year 2025-26. This transparency regarding the absence of share pledging is a positive indicator of the promoter group's financial stability.
- Promoter and Promoter Group hold a total of 85,50,955 equity shares as of March 31, 2026
- Declaration confirms zero encumbrances or pledges were made during the financial year 2025-26
- Major individual holdings include Sanjay Prakash Mangal with 22,32,590 shares and Vedantprakash S Mangal with 14,70,000 shares
- The disclosure covers 14 distinct entities and individuals within the promoter group
Hindprakash Industries Limited (HPIL) has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI's insider trading regulations. This closure is ahead of the upcoming declaration of the audited financial results for the quarter and year ending March 31, 2026. The restriction applies to promoters, directors, and designated persons, lasting until 48 hours after the results are made public. This is a standard regulatory procedure for all listed entities in India and does not impact general trading by public shareholders.
- Trading window closure effective from April 1, 2026.
- Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
- Restriction applies to Promoters, Directors, and Designated Persons of the company.
- Window will reopen 48 hours after the official declaration of financial results.
- The date for the Board Meeting to approve the results will be announced in due course.
Hindprakash Industries Limited (HPIL) has issued a postal ballot notice seeking shareholder approval to sell or dispose of its industrial undertaking in Bharuch, Gujarat. The asset involves 38,433.534 sq. mts. of non-agricultural land and buildings located at the Saykha Industrial Estate. The company intends to execute the sale at a consideration not lower than the valuation provided by a registered valuer. The e-voting period for this special resolution is scheduled from March 23 to April 21, 2026.
- Proposed disposal of 38,433.534 sq. mts. of land and building at Saykha Industrial Estate, GIDC.
- Special Resolution sought under Section 180(1)(a) of the Companies Act for sale of an undertaking.
- Sale consideration guaranteed to be at least the value determined by a registered valuer.
- Remote e-voting period set for March 23, 2026, through April 21, 2026.
Hindprakash Industries Limited (HPIL) has received board approval to sell its industrial unit located at Saykha Industrial Estate in Gujarat. The unit is a minor part of the company's operations, contributing only 0.64% (₹64.44 lakhs) to the total revenue in FY25. Notably, the unit had a negative net worth of ₹3.74 crore, making this disposal a strategic move to exit an underperforming asset. The proceeds will be utilized for debt repayment and working capital, which is expected to strengthen the company's liquidity and balance sheet.
- Board approved the sale of the Saykha Industrial Estate unit to a non-related third party.
- The unit contributed only ₹64.44 lakhs (0.64%) to the company's total revenue in FY25.
- The undertaking had a negative net worth of ₹3.74 crore as of March 31, 2025.
- Proceeds will be used for debt repayment, working capital, and general corporate purposes.
- The sale price will be determined based on a Registered Valuer's report and requires shareholder approval.
Hindprakash Industries Limited has submitted its quarterly compliance report under SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar, Bigshare Services Pvt Ltd, confirmed that no dematerialization or rematerialization requests were processed during the quarter ended December 31, 2025. Notably, the company maintains 100% of its shares in demat form. This is a standard administrative disclosure required by Indian stock exchanges to ensure shareholding records are accurate.
- Quarterly compliance certificate submitted for the period ending December 31, 2025.
- Confirmed that 100% of the company's shares are already in dematerialized format.
- Zero requests for demat or remat were received by the Registrar during the quarter.
- Filing is in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Hindprakash Industries Limited (HPIL) has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This restriction applies to all promoters, directors, and designated persons for the upcoming financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the official declaration of these results. The company will notify the exchanges regarding the specific board meeting date for result approval in due course.
- Trading window closure effective from January 1, 2026
- Applies to financial results for the quarter and nine months ended December 31, 2025
- Window reopens 48 hours after the official announcement of unaudited results
- Board meeting date for result approval to be announced separately
Financial Performance
Revenue Growth by Segment
The company operates in a single primary business segment (Dyes, Intermediates, and Chemicals). Total revenue from operations grew by 2.32% YoY, reaching INR 101.82 Cr in FY25 compared to INR 99.50 Cr in FY24.
Geographic Revenue Split
Not specifically disclosed in available documents, though operations are concentrated in Gujarat with facilities in Vatva (Ahmedabad) and Saykha (Bharuch).
Profitability Margins
Profitability remains thin due to low value-addition processes like blending. PAT margin improved slightly to 1.62% in FY25 from 1.54% in FY24, despite a drop in operating margins, supported by higher non-operating income from interest on loans.
EBITDA Margin
PBILDT margin declined by 136 bps to 2.59% in FY25 from 3.94% in FY24. This 34% YoY contraction in operating profitability was driven by increased employee costs for the new adhesives division and muted sales realizations amid high competition.
Capital Expenditure
The company has invested in a new adhesives manufacturing division and maintains facilities at Vatva and Saykha. Specific INR Cr values for future planned CapEx are not disclosed, but recent cash flow shows payments for PPE and CWIP of INR 0.03 Cr in the half-year ended Sept 2025.
Credit Rating & Borrowing
CARE Ratings reaffirmed 'CARE BB+; Stable' for long-term and 'CARE A4+' for short-term facilities. Borrowing costs are impacted by increased reliance on working capital, with finance costs rising to INR 1.79 Cr in FY25 from INR 1.32 Cr in FY24, a 35.6% increase.
Operational Drivers
Raw Materials
Key raw materials include crude oil derivatives and chemical intermediates, which represent the bulk of the cost of materials consumed (INR 61.49 Cr in FY25, or 60.4% of revenue).
Import Sources
Not specifically disclosed, but the company is susceptible to global crude oil price volatility which dictates the pricing of chemical inputs.
Capacity Expansion
Current operations are stable at approximately INR 100 Cr scale. Expansion is focused on the new adhesives manufacturing division to diversify the product basket and improve value addition.
Raw Material Costs
Cost of materials consumed and stock-in-trade purchases totaled INR 86.02 Cr in FY25, representing 84.5% of total revenue. Profitability is highly sensitive to crude oil price fluctuations.
Manufacturing Efficiency
The business model focuses on low value-addition processes like blending and standardization, which inherently limits margin expansion regardless of utilization levels.
Logistics & Distribution
Not specifically disclosed as a standalone percentage of revenue.
Strategic Growth
Expected Growth Rate
145%
Growth Strategy
The company aims to scale Total Operating Income (TOI) beyond INR 250 Cr (a 145% increase from current levels) by operationalizing the adhesives manufacturing division and leveraging a newly hired retail marketing team to expand market reach beyond industrial dyes.
Products & Services
Dyes, chemical intermediates, textile auxiliaries, and adhesives (newly added).
Brand Portfolio
Hindprakash.
New Products/Services
Adhesives manufacturing division is the primary new launch, expected to contribute to volume-driven growth and better capacity utilization.
Market Expansion
Targeting the retail adhesive market to diversify from the competitive industrial chemical landscape.
Market Share & Ranking
Operates in a highly fragmented industry with many organized and unorganized players; specific ranking not disclosed.
External Factors
Industry Trends
The chemical industry is shifting toward stringent environmental regulations and sustainable practices. HPIL is positioned as a blender/trader, which requires less heavy-industrial compliance than primary manufacturers but remains subject to safety standards.
Competitive Landscape
Faces tough competition from both organized and unorganized players in the dyes and intermediates sector, leading to pricing pressure.
Competitive Moat
The primary moat is the 20+ years of experience of the Mangal family (3rd generation promoters) and an established track record in the Hindprakash group. However, this moat is narrow given the low-margin, competitive nature of the blending business.
Macro Economic Sensitivity
Growth is closely linked to overall economic growth and manufacturing sector performance in India.
Consumer Behavior
Shift toward bio-based materials and renewable chemicals is a noted industry trend that may affect future product demand.
Geopolitical Risks
Geopolitical factors affecting oil-producing regions pose a direct risk to input cost stability.
Regulatory & Governance
Industry Regulations
Compliance with GIDC (Gujarat Industrial Development Corporation) norms for facilities in Vatva and Saykha, and adherence to safety standards for chemical handling.
Environmental Compliance
Subject to complex environmental regulations and safety standards inherent to the chemical industry; specific ESG spend not disclosed.
Taxation Policy Impact
Effective tax rate is approximately 26.6% based on FY25 PBT of INR 2.24 Cr and Tax Expense of INR 0.60 Cr.
Legal Contingencies
The company has a Vigil Mechanism (Whistle Blower Policy) and Insider Trading regulations in place. Specific pending court case values are not disclosed in the provided text.
Risk Analysis
Key Uncertainties
Volatility in crude oil prices (high impact), intense pricing competition (medium impact), and the successful ramp-up of the adhesives division.
Geographic Concentration Risk
High concentration in Gujarat, with all registered offices and factories located in Ahmedabad and Bharuch districts.
Third Party Dependencies
High dependency on external suppliers for chemical intermediates and raw materials, as the company focuses on blending rather than basic manufacturing.
Technology Obsolescence Risk
Low risk for blending operations, but the shift toward sustainable 'green' chemicals requires ongoing product adaptation.
Credit & Counterparty Risk
Stretched liquidity with high collection periods (125-137 days) and negative cash flow from operations (INR -4.53 Cr in FY25) due to high year-end receivables.