Milton Industries Limited (MILTON)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Milton Industries' revenue was ₹24.4 Cr (+11.3% year on year, +10.9% on the previous half-year), and net profit ₹1.1 Cr (+55.6% year on year); the operating margin was 9.8%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹24.4 | +11.3% | +10.9% |
| Operating profit | ₹2.4 | +79.7% | +17.7% |
| Net profit | ₹1.1 | +55.6% | +64.7% |
| EPS (₹) | 0.66 | +57.1% | +65.0% |
| Operating margin | 9.8% | — | — |
📢 Recent Corporate Announcements
Milton Industries submitted its voting results and scrutinizer's report for the 40th Annual General Meeting held on September 28, 2026. All 15 resolutions, including the adoption of FY26 financial statements and director appointments, were passed with 100% of polled votes in favor. Notably, two material related-party transactions (remuneration to Whole-Time Director Ajay Mahipal Singh Jain and rent payment to Archana Jain) were passed, with promoters abstaining and 27,94,047 public non-institution votes cast in favor. Overall shareholder turnout was 61.27% of total voting capital for general items.
- All 15 resolutions passed with 100% of votes cast in favor across remote e-voting and AGM e-voting
- Overall turnout for general resolutions stood at 61.27% (1,04,12,607 out of 1,69,95,000 total shares)
- Turnout on two material related-party transactions stood at 16.44% (27,94,047 shares polled) with promoter votes excluded
- Remote e-voting was open from September 25, 2026 to September 27, 2026 with cut-off date September 21, 2026
Milton Industries Limited has scheduled its 40th Annual General Meeting (AGM) for Monday, September 28, 2026, at 3:00 PM. The company has fixed Monday, September 21, 2026, as the cut-off date to determine shareholder voting eligibility. Remote e-voting will commence on Friday, September 25, 2026, and conclude on Sunday, September 27, 2026.
- 40th Annual General Meeting scheduled for Monday, September 28, 2026 at 3:00 PM
- Cut-off date for e-voting eligibility fixed as Monday, September 21, 2026
- Remote e-voting window opens September 25, 2026 and closes September 27, 2026
- AGM notices dispatched electronically on September 05, 2026 based on the August 28, 2026 record
Milton Industries Limited has scheduled its 40th Annual General Meeting (AGM) for Monday, September 28, 2026, at 3:00 PM via VC/OAVM. The company fixed Tuesday, September 22, 2026, as the record date to determine member eligibility for attending and e-voting at the AGM. This is a standard corporate compliance filing with no impact on business operations or financials.
- Record date fixed as Tuesday, September 22, 2026
- 40th Annual General Meeting scheduled for Monday, September 28, 2026 at 03:00 PM
- Meeting to be conducted via Video Conferencing / Other Audio Visual Means (VC/OAVM)
- Eligible shareholders holding equity shares on the record date can cast votes through remote e-voting
Milton Industries Limited has released its Annual Report for FY 2025-2026 and scheduled its 40th Annual General Meeting (AGM) for September 28, 2026. Key agenda items include the adoption of FY26 audited financial statements and director re-appointments. Additionally, shareholder approval is sought for material related-party transactions concerning executive remuneration of up to Rs 48 lakhs per annum each for the Managing Director and Whole-time Directors.
- 40th Annual General Meeting convened for Monday, September 28, 2026 via Video Conferencing.
- Proposed remuneration of up to Rs 48 lakhs p.a. for Managing Director Vijaypal Jain across FY27 to FY29.
- Proposed remuneration of up to Rs 48 lakhs p.a. each for Whole-time Directors Saket Jain and Vikas Jain.
- Annual Report dispatched electronically to members registered as on August 28, 2026.
Milton Industries Limited has issued the notice for its 40th Annual General Meeting (AGM) scheduled for Monday, September 28, 2026, via Video Conferencing. Key agenda items include the adoption of audited financial statements for FY 2025-2026 and director re-appointments. Additionally, the company seeks shareholder approval for material related-party transactions concerning executive remuneration up to ₹48 lakhs per annum each for Managing Director Vijaypal Jain and Whole-time Directors Saket Jain, Vikas Jain, and Abhaykumar Jain.
- 40th Annual General Meeting scheduled for Monday, September 28, 2026, at 3:00 PM via Video Conferencing
- Approval sought for Managing Director Vijaypal Jain's remuneration of up to ₹48 lakhs p.a. for FY27 to FY29
- Approval sought for Whole-time Directors Saket Jain and Vikas Jain's remuneration of up to ₹48 lakhs p.a. each
- Adoption of audited financial statements for the financial year ended March 31, 2026
Milton Industries (Market Cap ₹61 Cr) has announced a series of management updates following its board meeting on August 10, 2026. Ms. Drishti Vesasi has been appointed as the Company Secretary and Compliance Officer. The board also approved the re-appointment of three Whole-Time Directors (Saket Jain, Vikas Jain, and Abhaykumar Jain) and the fresh appointment of Ajay Mahipal Singh Jain as a Whole-Time Director, all effective August 13, 2026. Additionally, new Secretarial and Internal Auditors were appointed for the 2026-27 financial year as the company prepares for its 40th Annual General Meeting.
- Appointment of Ms. Drishti Vesasi (Membership No. F12524) as Company Secretary and Compliance Officer effective August 10, 2026
- Re-appointment of 3 Whole-Time Directors (Saket, Vikas, and Abhaykumar Jain) for terms starting August 13, 2026
- Appointment of Ajay Mahipal Singh Jain as a new Whole-Time Director effective August 13, 2026
- Appointment of Kinjal Shah as Secretarial Auditor and Mohit Agarwal as Internal Auditor for FY 2026-27
- Approval of the Board's Report for the financial year ended March 31, 2026
Milton Industries Limited conducted a board meeting on August 10, 2026, to finalize several key management and administrative appointments. The company appointed Ms. Drishti Vesasi as the new Company Secretary and Compliance Officer and re-appointed three existing Whole-Time Directors (Saket Jain, Vikas Jain, and Abhaykumar Jain) effective August 13, 2026. Additionally, Mr. Ajay Mahipal Singh Jain was appointed as a new Whole-Time Director. These moves ensure management continuity for the Rs 58 Cr market cap company as it prepares for its 40th Annual General Meeting.
- Appointment of Ms. Drishti Vesasi as Company Secretary and Compliance Officer effective August 10, 2026
- Re-appointment of 3 Whole-Time Directors (Saket, Vikas, and Abhaykumar Jain) starting August 13, 2026
- Appointment of Mr. Ajay Mahipal Singh Jain as a new Whole-Time Director
- Approval of the Board's Report for the financial year ended March 31, 2026
- Appointment of Secretarial and Internal Auditors for the Financial Year 2026-27
Financial Performance
Revenue Growth by Segment
Total operating income grew 48.56% YoY to INR 89.06 Cr in FY24 from INR 59.95 Cr in FY23. However, H1FY25 showed a significant slowdown with revenue at INR 22.80 Cr, representing only 25.6% of the previous full year's performance. Segment-specific growth percentages for Laminates, Artificial Leather, and GFRE Sheets were not disclosed.
Geographic Revenue Split
The company operates manufacturing facilities in Mehsana and Sabarkantha, Gujarat. It exports 12 x 6 size compact laminates to Europe, America, and Australia. Specific percentage splits between domestic and export revenue are not disclosed in available documents.
Profitability Margins
PAT margins have shown a downward trend, declining from 5.50% in FY22 to 4.79% in FY23, and further to 3.58% in FY24. H1FY25 PAT was INR 0.55 Cr on INR 22.80 Cr revenue, resulting in a margin of 2.41%. This compression is attributed to deteriorating debt protection metrics and increased operational costs.
EBITDA Margin
PBILDT stood at INR 7.02 Cr in FY24 (7.88% margin) compared to INR 4.90 Cr in FY23 (8.17% margin). In H1FY25, PBILDT was INR 1.87 Cr (8.20% margin). While the margin percentage remained relatively stable, the absolute EBITDA value is tracking lower for FY25 due to reduced scale.
Capital Expenditure
Historical CAPEX includes the establishment of the Sabarkantha plant in August 2015 for GFRE sheets. Current and planned capital expenditure values in INR Cr are not disclosed in the provided documents.
Credit Rating & Borrowing
Ratings were downgraded in November 2024 to 'ACUITE B' and 'CARE B+; Stable' from 'ACUITE B+' and 'CARE BB-; Stable' respectively. The company is flagged as 'Issuer Not Cooperating'. Total rated bank facilities amount to INR 21.50 Cr. Interest coverage ratio declined from 5.05x in FY23 to 3.73x in FY24, and further to 2.31x in H1FY25, indicating rising borrowing stress.
Operational Drivers
Raw Materials
Specific raw materials include Epoxy Resin, Glass Fiber (for GFRE sheets), and PVC/polymers (for artificial leather). The exact percentage of total cost for each material is not disclosed.
Import Sources
Not specifically disclosed, though the company operates in Gujarat, suggesting local sourcing for certain chemicals and resins.
Capacity Expansion
Current installed capacity is 3,600 MTPA for laminates, 2,400 km per annum for artificial leather & PVC, and 4,400 MTPA for Glass Fibre Reinforced Epoxy (GFRE) Resin Sheets. No specific expansion timelines were provided.
Raw Material Costs
Raw material costs are a primary driver of the PAT margin decline from 4.79% to 3.58% in FY24. Procurement strategies are not detailed, but the company faces deterioration in profitability margins as of H1FY25.
Manufacturing Efficiency
Capacity utilization metrics are not disclosed, but the decline in H1FY25 revenue to INR 22.80 Cr suggests a potential drop in utilization compared to the FY24 peak of INR 89.06 Cr.
Strategic Growth
Growth Strategy
The company is focusing on product diversification into high-demand niche segments like GFRE Sheets, DGFRP, CCL, and NAFTC. It targets the export market (Europe, America, Australia) with specialized 12 x 6 compact laminates to capture higher-value international demand.
Products & Services
Laminates, Artificial Leather Cloth, Glass Fibre Reinforced Epoxy (GFRE) Sheets, DGFRP, CCL, and NAFTC.
Brand Portfolio
Milton Industries.
New Products/Services
The company recently diversified into DGFRP, CCL, and NAFTC. Expected revenue contribution percentages for these new lines are not disclosed.
Market Expansion
Targeting international markets in Europe, America, and Australia specifically for High-Pressure Hydraulic Press compact laminates.
External Factors
Industry Trends
The industry is shifting toward specialized polymer and epoxy-based sheets for industrial use. Milton is positioning itself by moving beyond decorative laminates into GFRE and NAFTC to align with these technical textile and material trends.
Competitive Landscape
Competes in the fragmented laminate and artificial leather market in India, particularly with other Gujarat-based manufacturers.
Competitive Moat
The company's moat is based on its established 30-year track record (incorporated 1985) and its ISO 9001:2008 certified manufacturing facilities. However, this is weakened by poor governance and non-cooperation with credit agencies.
Macro Economic Sensitivity
Highly sensitive to the Real Estate sector and government infrastructure spending (Railways/Roadways). A decline in H1FY25 revenue suggests sensitivity to domestic economic cooling.
Consumer Behavior
Increased demand for durable and specialized laminates in international markets is driving the company's focus on 12 x 6 compact laminate sizes.
Geopolitical Risks
Export operations to Western markets make the company vulnerable to trade barriers or shipping disruptions in those regions.
Regulatory & Governance
Industry Regulations
The company must comply with manufacturing standards for products supplied to Indian Railways and international standards for exports to Europe and Australia.
Legal Contingencies
The company reported 'No default' on loans and debt securities as of late 2024. No specific pending court cases or values were disclosed.
Risk Analysis
Key Uncertainties
The primary risk is 'Information Adequacy Risk' due to the company's persistent refusal to provide data to CARE and Acuité, which may signal hidden financial distress. This has already resulted in multiple rating downgrades.
Geographic Concentration Risk
Manufacturing is concentrated in two districts of Gujarat (Mehsana and Sabarkantha), making operations vulnerable to regional disruptions.
Third Party Dependencies
Dependency on Indian Railways as a major client for artificial leather and polymers creates significant concentration risk.
Technology Obsolescence Risk
The shift toward GFRE and specialized epoxy sheets suggests the company is attempting to mitigate the risk of obsolescence in traditional laminate products.
Credit & Counterparty Risk
The company's overall gearing is low at 0.33x (FY24), but the 'Issuer Not Cooperating' status suggests potential issues with transparency and receivables quality that are not visible in the limited financials.
