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Kshitij Polyline Limited (KSHITIJPOL)

₹3.47 +1.46% last close, 16 Oct

📊 NSE: KSHITIJPOL 🏢 Plastics Products 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Kshitij Polyline's revenue was ₹14.3 Cr (+57.7% year on year, +9.2% on the previous quarter), and net profit ₹0.5 Cr (+4.3% year on year); the operating margin was 8.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹14.3	+57.7%	+9.2%
Operating profit	₹1.2	+51.1%	-68.4%
Net profit	₹0.5	+4.3%	-78.4%
EPS (₹)	0.03	-40.0%	-78.6%
Operating margin	8.2%	—	—

Full quarterly financials → Results calendar →

KSHITIJPOL bulk deals

NSE end-of-day data for Fri, 16 Oct 2026

It closed at a price band (circuit) on 17 sessions in about the last 20. 36 bulk or block deals were reported in KSHITIJPOL in the last 60 days: ₹17 Cr bought and ₹16 Cr sold.

₹3.47NSE close · +1.46%

Date	Side	Counterparty	Value	Price	Quantity	Type
16 Oct	Sell	Sadhna Rochiram Vidhani	₹0.67 Cr	₹3.40	1,955,836	Bulk
16 Oct	Sell	Rochiram Hiranand Vidhani	₹0.56 Cr	₹3.40	1,640,379	Bulk
16 Oct	Sell	Sanjay Rochiram Vidhani	₹0.52 Cr	₹3.40	1,535,190	Bulk
16 Oct	Sell	Kavya Sanjay Vidhani	₹0.39 Cr	₹3.40	1,140,379	Bulk
15 Oct	Buy	Pr Energy And Minchem Private Limited	₹1.69 Cr	₹3.40	4,966,846	Bulk

Circuit stocks →All bulk and block deals →

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

Kshitij Polyline Appoints Shashi Kala Dhabriya as Independent Director Following Resignation

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Oct 2026, 07:07 PM

Kshitij Polyline Limited announced changes to its Board of Directors effective October 07, 2026. Non-Executive Independent Director Mr. Rajesh Nandkishore Pherwani has resigned citing personal reasons and pre-occupation, confirming no other material reasons. In his place, Mrs. Shashi Kala Dhabriya has been appointed as an Additional Non-Executive Independent Director, subject to shareholder approval. The microcap company (market cap Rs 60 Cr, 0% promoter holding) maintains its board composition through this replacement.

Resignation of Independent Director Mr. Rajesh Nandkishore Pherwani effective October 07, 2026
Appointment of Mrs. Shashi Kala Dhabriya as Additional Non-Executive Independent Director effective October 07, 2026
Pherwani served on the board since his first appointment on May 06, 2025
Board meeting commenced at 05:30 P.M. and concluded at 06:26 P.M. on October 07, 2026

💡 Track the upcoming shareholder vote required to regularize the appointment of the new Independent Director.

Kshitij Polyline Independent Director Rajesh Pherwani Resigns Effective Oct 7, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Oct 2026, 06:58 PM

Kshitij Polyline Limited announced the resignation of Mr. Rajesh Nandkishore Pherwani from his position as Non-Executive Independent Director, effective October 07, 2026. Mr. Pherwani cited personal reasons and pre-occupation for stepping down, confirming there were no other material reasons. He had originally joined the company's board on May 06, 2025, and holds no other directorships in listed entities.

Resignation of Non-Executive Independent Director Rajesh Nandkishore Pherwani effective October 07, 2026
Director had been on the board since May 06, 2025
Cites personal reasons and pre-occupation with no other material reasons confirmed
Holds directorships in Nil other listed entities

💡 Track subsequent board reconstitution filings to monitor whether the company maintains requisite independent director compliance under SEBI LODR rules.

Kshitij Polyline Appoints Shashi Kala Dhabriya as Independent Director Following Resignation

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Oct 2026, 06:53 PM

Resignation of Independent Director Mr. Rajesh Nandkishore Pherwani effective October 07, 2026
Appointment of Mrs. Shashi Kala Dhabriya as Additional Non-Executive Independent Director effective October 07, 2026
Pherwani served on the board since his first appointment on May 06, 2025
Board meeting commenced at 05:30 P.M. and concluded at 06:26 P.M. on October 07, 2026

💡 Track the upcoming shareholder vote required to regularize the appointment of the new Independent Director.

Kshitij Polyline Concludes 18th AGM; All Resolutions Approved by Shareholders

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Sep 2026, 07:42 PM

Kshitij Polyline Limited has submitted its voting results and Scrutinizer's Report for its 18th Annual General Meeting held on September 29, 2026. The remote e-voting was open between September 26 and September 28, 2026, alongside an e-voting facility at the meeting. According to the report by scrutinizer M/s Ronak Jhuthawat & Co, all resolutions were passed by shareholders with the requisite majority. The filing represents a regular statutory disclosure with no unexpected corporate actions.

18th Annual General Meeting held on September 29, 2026, via video conferencing
Remote e-voting window was active from September 26, 2026 (9:00 A.M.) to September 28, 2026 (5:00 P.M.)
All resolutions approved by shareholders with requisite majority as per Scrutinizer's Report
M/s Ronak Jhuthawat & Co acted as the independent Scrutinizer for the voting process

💡 Track the upcoming Q2 FY27 quarterly results to monitor whether the company maintains operational profitability following FY26 profit of ₹3.74 Cr.

Kshitij Polyline Concludes 18th AGM; Approves Re-Appointment of Whole-Time Director

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Sep 2026, 07:01 PM

Kshitij Polyline Limited concluded its 18th Annual General Meeting (AGM) on September 29, 2026, conducted via video conferencing with 45 public shareholders present out of 102,847 total shareholders. All four agenda items were approved by members with the requisite majority, including the adoption of FY26 standalone and consolidated financial statements. Shareholders also approved the re-appointment and remuneration fixation of Mrs. Vineeta Jain as Whole-Time Director for a 3-year term from January 30, 2027 to January 30, 2030. Notably, promoter holding remains at 0.0%, with zero promoter representatives attending the meeting.

All 4 ordinary and special resolutions approved with the requisite majority
Mrs. Vineeta Jain re-appointed as Whole-Time Director for 3 years starting January 30, 2027
Total of 45 public shareholders attended the meeting out of 1,02,847 shareholders on record
0 promoter group members were present, reflecting the reported 0.0% promoter shareholding

💡 Track the formal submission of final voting results (Scrutinizer's report) and monitor the upcoming Q2 FY27 earnings to assess operating margin trends against TTM performance.

Kshitij Polyline Appoints Kinjal Paneri as Company Secretary and Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 23 Sep 2026, 07:04 PM

Kshitij Polyline Limited has appointed Ms. Kinjal Paneri as its Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP) effective September 23, 2026. The decision was approved during a Board meeting held on the same day from 05:30 PM to 06:34 PM. Ms. Paneri is an Associate Company Secretary (cleared in June 2024) with 21 months of internship experience. This is a routine secretarial appointment to meet statutory compliance requirements under Section 203 of the Companies Act.

Appointment of Ms. Kinjal Paneri as Company Secretary, Compliance Officer, and KMP effective September 23, 2026
Candidate cleared CS qualification in June 2024 and completed 21 months of internship experience in May 2026
Board meeting commenced at 05:30 PM and concluded at 06:34 PM on September 23, 2026
Candidate holds ICSI Membership No. A81860 and has no relation to any company director

💡 Track subsequent statutory filings and governance disclosures; no fundamental or financial changes arise from this routine secretarial appointment.

Kshitij Polyline Appoints Kinjal Paneri as Company Secretary and Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 23 Sep 2026, 07:01 PM

Appointment of Ms. Kinjal Paneri as Company Secretary, Compliance Officer, and KMP effective September 23, 2026
Candidate cleared CS qualification in June 2024 and completed 21 months of internship experience in May 2026
Board meeting commenced at 05:30 PM and concluded at 06:34 PM on September 23, 2026
Candidate holds ICSI Membership No. A81860 and has no relation to any company director

💡 Track subsequent statutory filings and governance disclosures; no fundamental or financial changes arise from this routine secretarial appointment.

Kshitij Polyline Appoints Kinjal Paneri as Company Secretary and Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 23 Sep 2026, 06:56 PM

Kshitij Polyline Limited announced the appointment of Ms. Kinjal Paneri as Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP) effective September 23, 2026. The appointment was approved at a board meeting held on September 23, 2026, which ran from 5:30 PM to 6:34 PM. Ms. Paneri cleared her CS qualification in June 2024 and completed 21 months of professional internship experience in May 2026. This administrative change fulfills statutory requirements under Section 203 of the Companies Act, 2013, and SEBI listing regulations.

Kinjal Paneri appointed Company Secretary, Compliance Officer, and KMP effective September 23, 2026
Board meeting conducted on September 23, 2026, from 05:30 P.M. to 06:34 P.M.
Candidate cleared CS qualification in June 2024 and completed 21 months of internship in May 2026
Compliance filing executed under Regulation 30 and 33 of SEBI LODR Regulations

💡 Track future quarterly financial disclosures and operational updates; this secretarial appointment has no direct impact on commercial operations.

Kshitij Polyline Utilises ₹18.48 Cr from ₹18.98 Cr Rights Issue to Repay Debt

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 21 Sep 2026, 06:59 PM

Kshitij Polyline Limited announced the utilisation of proceeds from its recent Rights Issue, which raised ₹18.98 crore via the allotment of 5,98,86,887 shares at ₹3.17 per share. Of this, the company has deployed ₹18.48 crore toward the repayment and prepayment of borrowings. Relative to its total reported debt of ₹18 crore, this deployment effectively eliminates or drastically reduces the company's borrowing base. This is expected to lower interest costs substantially against its TTM PAT of ₹4 crore.

Raised ₹18,98,41,431.79 through the allotment of 5,98,86,887 equity shares
Shares issued at ₹3.17 each (face value ₹2.00 plus premium of ₹1.17)
Utilised ₹18,48,41,000 strictly toward debt repayment/prepayment
Proceeds deployed match the objectives in the Letter of Offer dated August 20, 2026

💡 Monitor upcoming quarterly results to verify the extent of interest expense reduction and inspect the balance sheet for debt elimination.

Kshitij Polyline Allots 5.99 Cr Rights Equity Shares to Raise ₹18.98 Cr

🟡 NEUTRAL ⭐ 9/10

FUNDRAISE 📅 10 Sep 2026, 08:44 PM

Kshitij Polyline Limited finalized the allotment of 5,98,86,887 fully paid-up equity shares under its Rights Issue at an issue price of ₹3.17 per share (face value ₹2.00 plus premium of ₹1.17). The total funds raised via the allotment amount to ₹18.98 crore, compared to the target issue size of ₹1,955.83 lakhs, with the issue subscribed by 104.85%. This fundraise represents approximately 37% of the company's current market capitalization of ₹51 crore and will expand its share count from 15.42 crore shares to 21.41 crore shares.

Allotment of 5,98,86,887 equity shares approved at an issue price of ₹3.17 per share
Total capital raised stands at ₹1,898.41 lakhs against an issue size of ₹1,955.83 lakhs
Rights issue subscribed at 104.85% of the total issue size
Paid-up share capital expanded from 15,42,44,874 to 21,41,31,761 equity shares

💡 Track the credit of rights shares and listing/trading approvals on the NSE, alongside observing how the ₹18.98 crore proceeds are deployed toward debt reduction or operational growth.

Kshitij Polyline CS & Compliance Officer Nikita Dhaval Mehta Resigns Effective September 10, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 Sep 2026, 06:53 PM

Kshitij Polyline Limited announced that Ms. Nikita Dhaval Mehta has resigned from the position of Company Secretary and Compliance Officer effective September 10, 2026. The resignation letter was submitted under Section 168 of the Companies Act, 2013, citing standard procedural departure. With a micro-cap valuation of Rs 51 Cr and promoter holding standing at 0.0%, management and compliance continuity remain key administrative focal points.

Company Secretary & Compliance Officer Nikita Dhaval Mehta (ACS: 72564) resigned effective September 10, 2026
Filing made pursuant to SEBI circular dated January 30, 2026 and Regulation 30
No immediate successor announced in the regulatory disclosure

💡 Track subsequent exchange filings for the appointment of a new Company Secretary and Compliance Officer to maintain statutory compliance.

Kshitij Polyline Dispatches Notice for 18th AGM on Sep 29, 2026 and Shares FY26 Annual Report Link

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 10:02 PM

Kshitij Polyline Limited has informed the stock exchange regarding the dispatch of letters containing the web-link to its FY2025-26 Annual Report to shareholders whose email addresses are unregistered. The company's 18th Annual General Meeting (AGM) is scheduled to take place on Tuesday, September 29, 2026, at 11:30 AM IST via Video Conferencing/Other Audio-Visual Means. This intimation is a routine regulatory compliance disclosure pursuant to Regulation 36(1)(b) of SEBI LODR Regulations, 2015.

18th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 11:30 AM IST
AGM to be conducted via Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
Annual Report for FY 2025-26 link dispatched to shareholders lacking registered emails per SEBI Regulation 36(1)(b)

💡 Track the 18th AGM proceedings and voting outcomes on September 29, 2026. Review the full FY26 Annual Report for details on business operations and governance.

Kshitij Polyline Convenes 18th AGM on September 29, 2026; Proposes Re-appointment of Whole-Time Director

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 09:51 PM

Kshitij Polyline Limited has issued notice for its 18th Annual General Meeting scheduled for September 29, 2026, via video conferencing. Key ordinary business includes adopting standalone and consolidated audited financial statements for FY26. Additionally, shareholders will vote on a special resolution to re-appoint Mrs. Vineeta Jain as Whole-Time Director for a 3-year term from January 30, 2027, to January 30, 2030, with last drawn annual remuneration of Rs 10,20,000.

18th Annual General Meeting scheduled on Tuesday, September 29, 2026, at 11:30 AM IST
Special resolution proposed to re-appoint Mrs. Vineeta Jain as Whole-Time Director for 3 years (January 30, 2027, to January 30, 2030)
Remuneration last drawn by Mrs. Vineeta Jain stated at Rs 10,20,000
Adoption of audited financial statements for the financial year ended March 31, 2026

💡 Track the outcome of shareholder voting following the AGM on September 29, 2026, and monitor the company's subsequent quarterly financial disclosures.

Kshitij Polyline Approves Re-Appointment of Vineeta Jain as Whole-Time Director; AGM on Sept 29

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 04 Sep 2026, 08:45 PM

Kshitij Polyline Limited's Board of Directors has approved the re-appointment of Mrs. Vineeta Jain as Whole-Time Director for a 3-year term from January 30, 2027 to January 30, 2030. The re-appointment is subject to shareholder approval at the upcoming 18th Annual General Meeting scheduled for September 29, 2026. Mrs. Jain is related to Director Mahendra Kumar Jain (daughter-in-law) and has been on the board since January 31, 2024. The filing also covers procedural approvals for conducting the AGM via video conferencing.

Re-appointment of Mrs. Vineeta Jain as Whole-Time Director for a 3-year term (effective January 30, 2027 to January 30, 2030)
18th Annual General Meeting (AGM) convened for September 29, 2026 at 11:30 AM IST
Mrs. Vineeta Jain originally joined the Board on January 31, 2024
Disclosed relationship: Daughter-in-law of Mr. Mahendra Kumar Jain (Director)

💡 Track shareholder voting results on the director re-appointment at the 18th AGM on September 29, 2026.

Kshitij Polyline Approves Re-Appointment of Vineeta Jain as Whole-Time Director for 3 Years

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 04 Sep 2026, 12:48 PM

Kshitij Polyline Limited has approved the re-appointment of Mrs. Vineeta Jain as Whole-Time Director for a three-year term effective January 30, 2027 to January 29, 2030, subject to shareholder approval. Mrs. Jain was first appointed to the board on January 31, 2024, and is the daughter-in-law of Director Mahendra Kumar Jain. The company operates with a market cap of ₹52 Cr and reported TTM revenue of ₹50 Cr with 0.0% promoter holding.

Re-appointment approved for a 3-year term from January 30, 2027 to January 29, 2030
Subject to approval by shareholders at the ensuing Annual General Meeting
First appointed to the Board of Directors on January 31, 2024
Inter-se relationship disclosed: Daughter-in-law of Director Mahendra Kumar Jain

💡 Track voting outcomes at the upcoming Annual General Meeting regarding the director re-appointment resolution.

View All KSHITIJPOL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Stationery Plastic Products revenue was INR 30.58 Cr in FY25, representing a decrease of 10.64% compared to INR 34.22 Cr in FY24. Total revenue for FY25 was INR 32.38 Cr, down 5.38% YoY.

Geographic Revenue Split

Not disclosed in available documents, though the company operates a manufacturing facility in Silvassa and is expanding into new geographies.

Profitability Margins

The company reported a Net Loss of INR 9.30 Cr in FY25 compared to a loss of INR 0.56 Cr in FY24, a 1,554% increase in loss. Net Profit Margin for FY25 was -28.72%.

EBITDA Margin

Not explicitly disclosed, but total expenditure increased by 26.13% YoY in FY25 despite a revenue decline, indicating severe EBITDA margin compression.

Capital Expenditure

Depreciation and amortization expenses increased by 41.65% to INR 1.66 Cr in FY25 from INR 1.17 Cr in FY24, suggesting recent capital investments in manufacturing assets.

Credit Rating & Borrowing

CRISIL BB-/Stable (Issuer Not Cooperating) as of the latest rating update. Historical interest coverage was 2.16 times in 2019.

⚙️ Operational Drivers

Raw Materials

Crude oil derivatives including Polypropylene (PP), Polyvinyl Chloride (PVC), High Impact Polystyrene (HIPS), Acrylonitrile Butadiene Styrene (ABS), and High-Density Polyethylene (HDPE).

Capacity Expansion

Current manufacturing facility is located at Silvassa. Specific MTPA capacity or expansion timelines are not disclosed.

Raw Material Costs

Raw material costs are highly sensitive to crude oil prices; total expenditure increased by 26.13% in FY25 primarily due to rising input costs.

Manufacturing Efficiency

The 'Fit for growth' program was instituted as a manpower productivity improvement exercise to reduce process complexities through technology.

Logistics & Distribution

The company is expanding its dealer network and sales team to cater to e-commerce and traditional dealers.

📈 Strategic Growth

Growth Strategy

Growth will be achieved through the 'Fit for growth' manpower productivity program, migration from the MSME platform to the Main Board for better fund access, and expansion into new geographies and e-commerce channels.

Products & Services

Smart identity cards, binding and lamination equipment, PP/PVC/HIPS/ABS/HDPE sheets and films, PVC profiles, wiro products, and stationery items like folders and notebooks.

Brand Portfolio

Kshitij Polyline Limited (KSHITIJPOL).

New Products/Services

Wiro products, lamination sheets, and PP/PET sheets suitable for stationery, dairy, and notebooks.

Market Expansion

Expansion into new geographies and increasing the strength of dealers and sales teams to cater to e-commerce platforms.

🌍 External Factors

Industry Trends

The Global Stationery market is anticipated to rise at a considerable rate between 2024-2030. The industry is shifting toward organized players due to transparent government policies and a reduction in unethical practices.

Competitive Landscape

The company faces competition from both organized and unorganized sectors, though transparent policies are helping organized players grow.

Competitive Moat

Moat is based on its migration to the Main Board which increases investor reliability and its established manufacturing presence in Silvassa for specialized plastic sheets.

Macro Economic Sensitivity

Highly sensitive to crude oil price fluctuations and general industrial growth trends in India.

Consumer Behavior

Increasing preference for e-commerce and high-quality stationery products in the dairy and education sectors.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Companies Act, 2013.

Taxation Policy Impact

The company benefits from rationalized GST rate structures which have made its products more affordable for end users.

Legal Contingencies

The Corporate Governance certificate mentions compliance except for matters specified in the Secretarial Audit Report; however, specific case values are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Rising crude prices impacting raw material costs and disruptions in the agriculture sector due to climatic changes pose risks to revenue and profitability.