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Maheshwari Logistics Limited (MAHESHWARI)

₹71.73 -0.97% last close, 16 Oct

📊 NSE: MAHESHWARI 🏢 Trading & Distributors 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Maheshwari Logistics' revenue was ₹249 Cr (-7.1% year on year, -15.3% on the previous quarter), and net profit ₹3.3 Cr (-23.9% year on year); the operating margin was 6.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹249	-7.1%	-15.3%
Operating profit	₹16.6	-6.5%	-8.7%
Net profit	₹3.3	-23.9%	-37.2%
EPS (₹)	1.11	-24.5%	-30.2%
Operating margin	6.7%	—	—

Full quarterly financials → Results calendar →

MAHESHWARI delivery percentage

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

On Fri, 16 Oct 2026, 80.29% of the MAHESHWARI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 90.2%. That is lower than usual for this stock. Turnover was only ₹20 lakh, so a handful of trades can move this figure. It traded 3.8 times its average daily volume.

80.29%Delivery, 16 Oct

90.2%Own 20-session average

3.8×Volume vs its average

₹71.73NSE close · -0.97%

Delivery in the last 5 sessions: 99.9% · 93.5% · 97.9% · 90.1% · 80.3%

Delivery across the market →Unusual volume today →

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

Infomerics Reaffirms Maheshwari Logistics' Credit Rating at IVR A-/Stable on ₹291.88 Cr Facilities

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 13 Oct 2026, 05:05 PM

Infomerics Valuation and Rating Ltd has reaffirmed Maheshwari Logistics Limited's credit ratings across ₹291.88 crore of bank loan facilities. The long-term facilities rating was reaffirmed at 'IVR A-/Stable', while short-term bank facilities were reaffirmed at 'IVR A2+'. The rated bank facilities represent approximately 112% of the company's total outstanding debt of ₹261 crore and 27% of its TTM revenue of ₹1,091 crore. Additionally, a ₹10.00 crore bill discounting facility with Bajaj Finance Limited was withdrawn.

Infomerics reaffirmed Long Term Bank Facilities at IVR A-/Stable
Short Term Bank Facilities reaffirmed at IVR A2+
Total bank loan facilities rated stand at ₹291.88 Crore
₹10.00 crore bill discounting facility from Bajaj Finance Limited reduced to ₹0.00 crore and withdrawn
The rating review remains valid for one year until October 08, 2027

💡 Monitor upcoming quarterly earnings and working capital management to assess whether operating margins can sustain the target level of 8.0%.

Maheshwari Logistics Convenes 20th AGM on Sept 29, 2026; Seeks ₹100 Cr RPT Approval

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Sep 2026, 05:44 PM

Maheshwari Logistics Limited has issued the notice for its 20th Annual General Meeting scheduled for September 29, 2026. Key agenda items include the adoption of FY26 financial statements and the reappointment of a director retiring by rotation. Notably, the company is seeking shareholder approval for material related party transactions with subsidiary Vidhik Prints Private Limited up to an aggregate limit of ₹100 Cr over 3 years (~9.2% of TTM revenue). Additionally, the reappointment of an Independent Director for a second 5-year term is tabled for approval.

20th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 03:00 PM IST in Vapi, Gujarat
Shareholder approval sought for related party transactions with subsidiary Vidhik Prints Pvt Ltd up to ₹100 Cr over 3 years
Re-appointment of Mrs. Punam Pushpkumar Dhoot as Independent Director for a second 5-year term (Sept 30, 2026 to Sept 29, 2031)
Re-appointment of director Mr. Vinay Premnarayan Maheshwari retiring by rotation

💡 Track the AGM voting results following the September 29, 2026 meeting, particularly regarding the approval of the ₹100 Cr related-party transaction limit.

Maheshwari Logistics Sets Sept 22, 2026 as Record Date for 20th AGM E-Voting

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 03:43 PM

Maheshwari Logistics Limited has fixed Tuesday, September 22, 2026, as the record date/cut-off date for remote e-voting eligibility. The company's Register of Members and Share Transfer Books will remain closed from September 23, 2026 to September 29, 2026 for its 20th Annual General Meeting. This is a standard corporate compliance filing ahead of the AGM.

Record/cut-off date for remote e-voting fixed as September 22, 2026
Book closure period scheduled from September 23, 2026 to September 29, 2026
Filing conducted in relation to the company's 20th Annual General Meeting

💡 Shareholders holding shares as of September 22, 2026 will be eligible to cast votes during the remote e-voting period for the upcoming 20th AGM resolutions.

Maheshwari Logistics Schedules 20th AGM for September 29, 2026; Sets Sept 22 Cut-Off Date

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 03:33 PM

Maheshwari Logistics Limited has scheduled its 20th Annual General Meeting (AGM) for Tuesday, September 29, 2026, at 3:00 PM IST. The cut-off/record date for remote e-voting and attending the AGM is set for Tuesday, September 22, 2026. The register of members and share transfer books will remain closed from September 23 to September 29, 2026. Additionally, the Board approved the Annual Report and Directors' Report for FY 2025-26.

20th Annual General Meeting to be held on Tuesday, September 29, 2026 at 03:00 PM IST
Cut-off/record date for e-voting and AGM attendance fixed as September 22, 2026
Book closure period set from September 23, 2026 to September 29, 2026 (both days inclusive)
Remote e-voting window active from September 25, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
Board approved the Annual Report and Directors' Report for FY 2025-26

💡 Shareholders seeking to vote at the AGM should ensure their holdings are settled by the cut-off date of September 22, 2026, and cast votes during the September 25–28 e-voting window.

₹3.25 Cr PAT: Maheshwari Logistics Q1 FY27 Net Profit Declines 25.8% YoY

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 04:49 PM

Maheshwari Logistics reported a weak set of numbers for Q1 FY27, with standalone revenue declining 8.4% YoY to ₹234.85 Cr. Net profit fell sharply by 25.8% YoY to ₹3.25 Cr, down from ₹4.38 Cr in the year-ago period. The decline was primarily driven by a 59% drop in PBIT from the Kraft Paper segment and a loss in the Transportation segment. Additionally, finance costs surged 53% YoY to ₹8.03 Cr, significantly impacting the bottom line.

Revenue from operations fell 8.4% YoY to ₹234.85 Cr from ₹256.31 Cr in Q1 FY26.
Net profit (PAT) decreased 25.8% YoY to ₹3.25 Cr compared to ₹4.38 Cr in the same quarter last year.
Kraft Paper segment PBIT dropped to ₹3.94 Cr from ₹9.60 Cr YoY, a 58.9% decline.
Finance costs increased significantly to ₹8.03 Cr from ₹5.24 Cr in Q1 FY26.
Transportation & Port Service segment reported a PBIT loss of ₹0.15 Cr versus a profit of ₹1.06 Cr YoY.

💡 Investors should monitor the Kraft Paper segment's margin recovery and the company's ability to manage its high debt (D/E 1.21) as rising interest costs are eroding profitability. Watch for the performance of the new M&M dealership segment in upcoming consolidated results to see if it offsets core business weakness.

Maheshwari Logistics Clarifies Missing Balancing Figure Note for FY26 Results

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 20 Jul 2026, 06:28 PM

Maheshwari Logistics Limited has submitted a clarification to the National Stock Exchange (NSE) regarding its financial results for the period ended March 31, 2026. The company had inadvertently omitted the mandatory 'Standalone Balancing Figure Note' in its original May 30, 2026, filing. This note, now provided and certified by auditors, confirms that the Q4 figures are the balancing figures between the full-year audited results and the nine-month reviewed figures. This is a procedural correction and does not alter the previously reported financial performance.

Clarification pertains to the financial results for the quarter and year ended March 31, 2026.
NSE raised the query on June 24, 2026, regarding the omission of the balancing figure note under Regulation 33.
The company submitted the missing note on June 26, 2026, certified by Statutory Auditors Kakaria and Associates LLP.
The reported March 2026 quarter revenue remains at Rs 293.92 Cr with a net profit of Rs 5.26 Cr.
The company has assured the exchange that due care will be taken in future submissions to avoid such oversights.

💡 No action is required as this is a technical compliance filing. Investors should continue to monitor the company's progress in its new M&M dealership segment and its target to reach sustainable 8% operating margins.

Maheshwari Logistics Reports 100% Demat Holding for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jul 2026, 11:10 AM

Maheshwari Logistics Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's registrar, Bigshare Services Pvt. Ltd., confirmed that no requests for dematerialization or rematerialization were received during the quarter ended June 30, 2026. Furthermore, the registrar noted that the entire shareholding of the company is already maintained in dematerialized form, ensuring full compliance with electronic trading standards.

0 requests received for dematerialization or rematerialization during the quarter ended June 30, 2026
100% of the company's shares are confirmed to be in demat form as per the registrar
Compliance certificate issued by Bigshare Services Pvt. Ltd. on July 4, 2026
Official intimation to the National Stock Exchange (NSE) completed on July 9, 2026

💡 This is a routine administrative filing. Investors should focus on upcoming quarterly financial results for operational performance updates.

Maheshwari Logistics to Close Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 12:35 PM

Maheshwari Logistics Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting July 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the official declaration of the quarterly results. This is a standard regulatory procedure to prevent insider trading during the sensitive period before earnings are public.

Trading window closure scheduled to commence on July 1, 2026.
Closure pertains to the financial results for the quarter ended June 30, 2026.
Window will reopen 48 hours after the announcement of financial results.
Compliance maintained under SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No action is required as this is a routine regulatory filing. Investors should await the announcement of the board meeting date for the release of Q1 FY2026-27 results.

Maheshwari Logistics Shareholders Approve Appointment of Palash Maheshwari as Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Jun 2026, 05:27 PM

Maheshwari Logistics Limited has successfully passed an ordinary resolution via postal ballot to appoint Mr. Palash Maheshwari as a Non-Executive Director. The resolution received overwhelming support with 99.9997% of the votes cast in favor. A total of 15,181,011 votes were polled, representing approximately 51.29% of the total outstanding shares. The appointment is categorized under the Professional, Non-Executive sub-category.

Appointment of Mr. Palash Maheshwari as Non-Executive Director approved with 99.9997% majority.
Total of 15,181,011 valid votes were cast during the e-voting period from May 5 to June 3, 2026.
Only 51 votes (0.0003%) were cast against the ordinary resolution.
The resolution is deemed passed as of June 3, 2026, the final day of the voting period.
The voting process was scrutinized by Shilpi Thapar & Associates, confirming compliance with the Companies Act, 2013.

💡 This is a routine management update and reflects strong shareholder confidence in the board's composition; no immediate portfolio action is required.

Maheshwari Logistics Appoints Shailendra Jain & Associates as Internal Auditor for FY 2026-27

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 30 May 2026, 05:28 PM

Maheshwari Logistics Limited has appointed M/s. Shailendra Jain & Associates as the company's Internal Auditor for the financial year 2026-27. The appointment was finalized during a Board of Directors meeting held on May 30, 2026, effective immediately. The firm brings specialized experience in internal audit, risk management, and compliance, ensuring the company adheres to regulatory standards. This is a routine governance update in compliance with SEBI (LODR) Regulations.

Appointment of M/s. Shailendra Jain & Associates as Internal Auditor for the 2026-27 financial year.
Board of Directors approved the appointment in a meeting held on May 30, 2026.
The firm specializes in direct/indirect tax, risk management, and internal control systems.
Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 No immediate action is required as this is a routine regulatory appointment. Investors should view this as a standard procedure to maintain internal governance and financial oversight.

Maheshwari Logistics FY26 Revenue Rises 12.4% to ₹1,073 Cr; Net Profit Dips to ₹16.35 Cr

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 30 May 2026, 05:16 PM

Maheshwari Logistics reported a 12.4% year-on-year growth in total income for FY26, reaching ₹1,07,338.04 lakhs. However, annual net profit declined by 6.9% to ₹1,634.93 lakhs from ₹1,756.46 lakhs in FY25, primarily due to higher operational and finance costs. The Q4 FY26 performance was particularly weak, with net profit dropping to ₹337.79 lakhs from ₹625.63 lakhs in the year-ago quarter. Additionally, the board has decided not to recommend any final dividend for the financial year.

Annual Total Income grew by 12.4% YoY to ₹1,07,338.04 lakhs compared to ₹95,476.97 lakhs in FY25.
Net Profit for FY26 decreased to ₹1,634.93 lakhs from ₹1,756.46 lakhs in the previous year.
Q4 FY26 Net Profit saw a sharp decline of 46% YoY, falling to ₹337.79 lakhs.
Finance costs rose to ₹3,340.66 lakhs in FY26, up from ₹3,107.34 lakhs in FY25.
The Board of Directors did not recommend any final dividend for the financial year ended March 31, 2026.

💡 Investors should be cautious as rising costs are compressing margins despite healthy revenue growth. The sharp decline in Q4 profitability and the absence of a dividend suggest a need to wait for management commentary on margin recovery.

Maheshwari Logistics Promoters Confirm No New Share Pledges for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 26 May 2026, 12:43 PM

Maheshwari Logistics Limited has submitted its annual disclosure under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations for the financial year ended March 31, 2026. The promoter group, led by Vinay Premnarayan Maheshwari, declared that no new encumbrances or pledges were made on their shareholding during the year. The disclosure lists 18 promoter entities, with major stakes held by Mukta Maheshwari (19.82%) and Radhadevi Premnarayan Maheshwari (11.66%). This routine filing confirms the stability of the promoter's equity position without new debt-related liens.

Promoters declared zero new encumbrances on shares for the financial year ended March 31, 2026
Mukta Maheshwari holds the largest individual promoter stake at 19.82% (5,867,275 shares)
Vinay Premnarayan Maheshwari holds 10.63% and Radhadevi Premnarayan Maheshwari holds 11.66% of the company
A total of 18 entities and individuals are identified within the promoter and promoter group
The filing is a mandatory annual compliance requirement under Regulation 31(4) of SEBI SAST

💡 This is a routine regulatory disclosure and does not require any immediate investment action. It serves as a positive confirmation that promoters have not increased the pledging of their shares.

Maheshwari Logistics Promoters Declare No New Share Encumbrances for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 May 2026, 07:35 PM

Maheshwari Logistics Limited has submitted its annual disclosure under Regulation 31(4) of SEBI Takeover Regulations for the financial year ended March 31, 2026. The promoter group, represented by Vinay Premnarayan Maheshwari, declared that no new encumbrances or pledges were made on their shareholding during the year. The disclosure lists 18 promoter entities, with major individual holdings including Mukta Maheshwari at 19.82% and Radhadevi Premnarayan Maheshwari at 11.66%. This filing is a standard annual compliance requirement to ensure transparency in promoter shareholding.

Promoter group confirms zero new encumbrances on shares for the financial year ended March 31, 2026.
Mukta Maheshwari holds the largest individual stake among promoters at 58,67,275 shares (19.82%).
Vinay Premnarayan Maheshwari holds 31,47,407 shares, representing 10.63% of the company.
Radhadevi Premnarayan Maheshwari holds a significant 11.66% stake with 34,52,000 shares.
A total of 18 entities are listed under the promoter and promoter group category.

💡 This is a routine regulatory filing that confirms the stability of promoter holdings with no new pledges. No immediate action is required, but investors should maintain focus on the company's quarterly financial results.

Maheshwari Logistics Seeks Shareholder Approval for Director Appointment via Postal Ballot

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 04 May 2026, 03:49 PM

Maheshwari Logistics Limited has issued a Postal Ballot Notice to seek shareholder approval for the regularization of Mr. Palash Maheshwari as a Non-Executive Director. Mr. Maheshwari was previously appointed as an Additional Director on February 15, 2026, for a five-year term ending February 14, 2031. The e-voting period is scheduled from May 5, 2026, to June 3, 2026, with the cut-off date for eligibility set as May 1, 2026. This is a standard regulatory requirement to confirm board appointments made by the directors.

Proposed appointment of Mr. Palash Maheshwari as Non-Executive Director for a 5-year term (2026-2031)
Remote e-voting period starts on May 5, 2026, and concludes on June 3, 2026
Cut-off date for determining shareholder voting eligibility is May 1, 2026
The resolution is proposed as an Ordinary Resolution to regularize the February 15, 2026 appointment

💡 Shareholders should review the director's profile and participate in the e-voting process before the June 3 deadline. No immediate impact on stock price is expected from this routine governance matter.

Maheshwari Logistics to Regularize Appointment of Mr. Palash Maheshwari as Director for 5 Years

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 30 Apr 2026, 03:32 PM

Maheshwari Logistics Limited has approved a draft Postal Ballot Notice to seek shareholder approval for the regularization of Mr. Palash Maheshwari as a Non-Executive Director. The proposed appointment is for a five-year term effective from February 15, 2026, to February 14, 2031. The company has established May 01, 2026, as the cut-off date to determine shareholder eligibility for voting. This process is a standard regulatory requirement to formalize board positions through shareholder consent.

Regularization of Mr. Palash Maheshwari as Non-Executive Director for a 5-year tenure.
Appointment term spans from February 15, 2026, to February 14, 2031.
Cut-off date for Postal Ballot eligibility set for May 01, 2026.
Bigshare Services Private Limited appointed as the e-voting service provider.
Ms. Shilpi Thapar appointed as Scrutinizer for the Postal Ballot process.

💡 Investors should review the Postal Ballot notice when it is released to evaluate the director's qualifications and vote as per their assessment. This is a routine governance matter and does not require immediate changes to investment positions.

View All MAHESHWARI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for FY25 was INR 949.24 Cr, representing a 7.65% decline from INR 1,027.91 Cr in FY24. Segment-wise capital employed as of September 2025 shows Manufacturing Kraft Paper at INR 182.02 Cr (86.7% of allocated assets), Trading at INR 55.54 Cr (26.5%), and Transportation & Port Service at INR 19.59 Cr (9.3%).

Geographic Revenue Split

The company is primarily based in Vapi, Gujarat, with operations centered in Western India. Specific percentage splits for other regions are not disclosed in available documents.

Profitability Margins

Standalone PAT margin improved from 1.26% in FY24 to 1.84% in FY25. Consolidated profit for the year ended March 31, 2025, was INR 18.42 Cr, a 33.9% increase from INR 13.75 Cr in FY24.

EBITDA Margin

Standalone EBITDA margin increased to 6.79% in FY25 from 5.00% in FY24, driven by improved operational efficiencies despite lower topline revenue. The company aims to sustain operating margins at approximately 8.0%.

Capital Expenditure

Property, plant, and equipment stood at INR 157.75 Cr as of March 31, 2025, up 7.7% from INR 146.39 Cr in FY24. Capital Work in Progress (CWIP) was INR 29.66 Cr, indicating ongoing investments in infrastructure.

Credit Rating & Borrowing

The company holds a short-term credit rating of IVR A2+ from Infomerics. Total standalone debt increased to INR 250.41 Cr in FY25 from INR 238.98 Cr in FY24, with an overall gearing ratio of 1.35x.

⚙️ Operational Drivers

Raw Materials

Key materials include Coal and Waste Paper, which are used for both trading and as primary inputs for the Kraft Paper manufacturing segment. Specific cost percentages for each are not disclosed.

Capacity Expansion

The company operates in four segments: logistics, trading, manufacturing of Kraft paper, and a newly added M&M dealership (added Dec 2023). Specific MTPA capacity for the paper plant is not disclosed.

Raw Material Costs

The company is exposed to price fluctuations in coal and waste paper. Procurement strategies involve leveraging extensive promoter experience of over 20 years to manage volatile market prices.

Manufacturing Efficiency

Manufacturing of Kraft Paper is the most asset-intensive segment with INR 182.02 Cr in capital employed as of September 2025. Specific utilization percentages are not disclosed.

Logistics & Distribution

The company operates its own transportation business, which supports its trading and manufacturing segments, though specific distribution costs as a percentage of revenue are not provided.

📈 Strategic Growth

Expected Growth Rate

8.00%

Growth Strategy

Growth is targeted through the stabilization of the new Mahindra & Mahindra (M&M) dealership segment added in December 2023 and improving operating margins to a sustainable 8.0%. The company relies on its diversified portfolio to maintain a stable topline despite segment-specific volatility.

Products & Services

Kraft Paper, traded Coal, traded Waste Paper, Logistics and Port Services, and Mahindra & Mahindra commercial/passenger vehicles via dealership.

Brand Portfolio

Maheshwari Logistics Limited (MLL) and Mahindra & Mahindra (as an authorized dealer).

New Products/Services

The M&M dealership business segment was added in December 2023 to diversify revenue streams beyond industrial trading and manufacturing.

Market Expansion

The company is expanding its footprint in the automobile dealership space while maintaining its core logistics and trading presence in Gujarat.

Strategic Alliances

Authorized dealership agreement with Mahindra & Mahindra (M&M).

🌍 External Factors

Industry Trends

The logistics and trading industries are seeing increased formalization. The coal industry remains highly regulated, while the paper industry is shifting toward recycled Kraft paper due to environmental preferences.

Competitive Landscape

Faces intense competition from unorganized players in the logistics sector and large established firms in the coal trading and paper manufacturing industries.

Competitive Moat

The company's moat is built on its diversified business model and 20+ years of promoter experience, which allows it to navigate commodity price cycles better than pure-play competitors.

Macro Economic Sensitivity

Highly sensitive to industrial production cycles and regulatory changes in the coal sector, which impact both the trading and logistics volumes.

Consumer Behavior

Shift toward e-commerce is driving demand for Kraft paper used in packaging, benefiting the manufacturing segment.

Geopolitical Risks

Global supply chain disruptions affecting coal and waste paper imports could impact raw material availability and pricing.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to highly regulated coal trading norms and environmental standards for paper manufacturing and vehicle emissions for the logistics fleet.

Taxation Policy Impact

The company follows Ind AS for tax reporting; current income tax and deferred tax are measured based on temporary differences between tax bases and carrying amounts.

Legal Contingencies

The company reports remeasurements of defined benefit plans and fair value investments in its equity statements, but specific pending litigation values are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Volatility in coal and waste paper prices poses a significant risk to trading and manufacturing margins. The success of the newly added M&M dealership is also a key uncertainty.

Geographic Concentration Risk

High concentration in Gujarat, particularly around the Vapi industrial cluster.

Third Party Dependencies

Dependent on coal suppliers and the regulatory environment governing coal distribution in India.

Technology Obsolescence Risk

The manufacturing segment faces risks if competitors adopt more advanced, lower-cost paper recycling technologies.

Credit & Counterparty Risk

The company maintains a moderate current ratio of 1.31x-1.37x, indicating a need for disciplined receivable management in its trading and logistics operations.