Repro India Limited (REPRO)
₹301.85 -3.07% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)Repro India Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q4 FY26, Repro India's revenue was ₹139 Cr (+13.0% year on year, +6.7% on the previous quarter), and net profit ₹-11.0 Cr (against a profit a year earlier); the operating margin was 7.9%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹139 | +13.0% | +6.7% |
| Operating profit | ₹11.0 | +30.8% | +5.4% |
| Net profit | ₹-11.0 | to loss | to loss |
| EPS (₹) | -7.85 | to loss | to loss |
| Operating margin | 7.9% | — | — |
REPRO delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.73% of the REPRO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.72%. That is close to its usual level. Turnover was only ₹28 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20. 2 bulk or block deals were reported in REPRO in the last 60 days: ₹4 Cr bought and ₹4 Cr sold.
Delivery in the last 5 sessions: 39.1% · 65.2% · 56.4% · 50.4% · 55.7%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 25 Sep | Sell | Trust Investment Advisors Private Limited | ₹4.10 Cr | ₹283.37 | 144,680 | Bulk |
| 25 Sep | Buy | Sanjeev Inderjit Vohra | ₹3.58 Cr | ₹285.55 | 125,427 | Bulk |
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
Repro India Limited's wholly owned subsidiary, Repro Books Limited (RBL), has completed the acquisition of 100% equity shares of Repro LLC on October 06, 2026. This follows the Share Transfer Agreement previously disclosed on August 18, 2026, after completing share transfer and registration formalities with SHAMS (Sharjah Media City), UAE. Consequently, Repro LLC has become a step-down wholly owned subsidiary of Repro India. Deal valuation, consideration amounts, and target revenue figures were not disclosed in this specific filing.
- Acquired 100% equity shares of target company Repro LLC.
- Acquisition executed through wholly owned subsidiary Repro Books Limited (RBL).
- Formalities completed with SHAMS (Sharjah Media City), UAE on October 06, 2026.
- Repro LLC is now a step-down wholly owned subsidiary of Repro India Limited.
Repro India Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 06, 2026. The RTA confirmed that all dematerialisation requests received during the period were processed as per regulations. Additionally, the filing noted that no dematerialisation requests were received from shareholders during the quarter ended September 30, 2026.
- Compliance certificate submitted under Regulation 74(5) for quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 06, 2026
- Document notes zero/no requests received from shareholders for the quarter ended September 30, 2026
Repro India Limited announced that Chief Financial Officer (CFO) and Key Managerial Personnel Abhinav Vohra has tendered his resignation on September 28, 2026. He will continue in his role until December 31, 2026, to ensure a smooth transition. Mr. Vohra cited commitments to a growing consumer products startup venture and suggested the company would benefit from a CFO with global technology experience as Repro expands internationally. The company stated the process to appoint a replacement is underway.
- CFO and KMP Abhinav Vohra submitted resignation letter dated September 28, 2026
- Cessation takes effect from close of business hours on December 31, 2026
- Provides a transition window of approximately 3 months until exit date
- Company is in the process of identifying and appointing a new Chief Financial Officer
Repro India Limited announced that Chief Financial Officer (CFO) and Key Managerial Personnel Abhinav Vohra has tendered his resignation on September 28, 2026. He will continue in his role until December 31, 2026, to ensure a smooth transition. Mr. Vohra cited commitments to a growing consumer products startup venture and suggested the company would benefit from a CFO with global technology experience as Repro expands internationally. The company stated the process to appoint a replacement is underway.
- CFO and KMP Abhinav Vohra submitted resignation letter dated September 28, 2026
- Cessation takes effect from close of business hours on December 31, 2026
- Provides a transition window of approximately 3 months until exit date
- Company is in the process of identifying and appointing a new Chief Financial Officer
Repro India Limited has announced the closure of its trading window for all Directors, KMPs, and Designated Persons effective October 01, 2026. The window will remain shut until 48 hours following the declaration of the Unaudited Financial Results for the quarter and half-year ended September 30, 2026. This is a mandatory procedural intimation in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The exact date of the board meeting to approve the financial results will be intimated separately.
- Trading window closes on October 01, 2026
- Closure covers Q2 and H1 results for the period ended September 30, 2026
- Reopens 48 hours after the declaration of financial results
Repro India Limited announced that its wholly-owned subsidiary, Repro Books Limited (RBL), has entered into a Share Purchase Agreement to acquire 100% equity of Repro LLC for AED 10,000. Repro LLC is a Sharjah Media City (UAE) based entity incorporated on July 15, 2025, which has not yet commenced operations and has zero turnover. The acquisition is a related party transaction as the sellers are promoters/directors Mukesh Dhruve and Vinod Vohra. The transaction is slated for completion on or before August 31, 2026, aimed at expanding book distribution operations in the UAE.
- Repro Books Limited acquiring 100% equity (100 shares of AED 100 each) of Repro LLC for a cash consideration of AED 10,000.
- Target entity is incorporated in Sharjah Media City (SHAMS), UAE, with Nil historical turnover and no active commercial operations to date.
- Classified as a related-party transaction at arm's length, acquired from promoter-directors Mukesh Dhruve and Vinod Vohra.
- Target completion timeline is on or before August 31, 2026, subject to SHAMS regulatory share transfer approvals.
Repro India Limited concluded its 33rd Annual General Meeting on August 4, 2026, where shareholders approved the audited financial statements for FY26. The company, which reported a TTM revenue of ₹534 Cr and a net loss of ₹4 Cr, also secured approval for the re-appointment of Mr. Vinod Vohra as a Director. Both resolutions were passed with over 99.9% majority through remote and meeting-day electronic voting. The meeting was attended by 37 shareholders via video conferencing.
- 33rd Annual General Meeting held on August 4, 2026, via Video Conferencing.
- Resolution for adoption of FY26 Audited Financial Statements passed with 99.9995% votes in favor.
- Re-appointment of Mr. Vinod Vohra as Director approved with 99.9256% votes in favor.
- Total of 6,133,252 valid votes cast for the adoption of financial statements.
- Remote e-voting was conducted from July 30 to August 3, 2026, prior to the meeting.
Repro India reported its highest-ever quarterly revenue of Rs 141 cr in Q1 FY27, representing a 20% YoY growth. The company has achieved a major structural milestone by becoming debt-free with a Rs 70 cr cash surplus, following a Rs 167 cr exceptional gain from the Mahape land sale. The Digital Business vertical now contributes Rs 104 cr to quarterly revenue, with the high-growth Platform segment reaching an annualized run-rate of Rs 300 cr. Management has also shifted to a more conservative accounting policy, expensing all tech investments immediately rather than capitalizing them.
- Consolidated revenue reached Rs 141 cr, a 20% YoY increase and the highest quarterly revenue in company history.
- Reported an exceptional gain of Rs 167 cr from the Mahape land sale, resulting in a debt-free balance sheet and Rs 70 cr cash surplus.
- Platform vertical revenue grew 24% YoY to Rs 74 cr, representing a 3x growth over the last 4 years.
- Digital business revenue has scaled 6.6x from Rs 60 cr in FY21 to Rs 394 cr in FY26.
- Direct content repository grew 21% YoY to 1.22 million books, supported by 851 onboarded publishers.
Repro India reported a consolidated revenue of Rs 139.91 Cr for Q1 FY27, a 20.1% YoY increase from Rs 116.47 Cr. The company posted a net profit of Rs 128.56 Cr, primarily due to a massive one-time exceptional gain of Rs 167.29 Cr from the sale of leasehold rights of its Mahape facility. Operationally, the business remains under pressure, with a loss before exceptional items of Rs 7.26 Cr compared to a loss of Rs 2.45 Cr in the year-ago period. The cash infusion from the Rs 170.63 Cr sale consideration is significant relative to the company's Rs 479 Cr market cap.
- Exceptional gain of Rs 167.29 Cr recognized from the transfer of leasehold rights at Mahape, Navi Mumbai
- Revenue from operations increased 20.1% YoY to Rs 139.91 Cr
- Loss before exceptional items widened to Rs 7.26 Cr from Rs 2.45 Cr in Q1 FY26
- Total comprehensive income for the quarter stood at Rs 128.61 Cr
- Sale consideration for the Mahape property totaled Rs 170.63 Cr
Repro India Limited has clarified a discrepancy in its Earnings Per Share (EPS) figures for the quarter and year ended March 31, 2026, following an inquiry from the NSE. The company stated that the error was purely clerical and occurred during the XBRL filing process on May 29, 2026. The corrected consolidated EPS for the year is (23.24), compared to the previously reported (23.68). The company confirmed that there is no impact on the underlying financial performance, profitability, net worth, or cash flows.
- Corrected Consolidated EPS for FY26 is (23.24) instead of the (23.68) reported in the initial XBRL filing.
- Corrected Standalone EPS for FY26 is (25.57) instead of the (25.61) reported.
- The company confirmed zero impact on net worth, cash flows, or profitability as the Board-approved results remain unchanged.
- A revised XBRL filing was submitted to the exchange on July 17, 2026, to rectify the error.
Repro India has scheduled its 33rd Annual General Meeting (AGM) for August 4, 2026, to be conducted via video conferencing. The company has released its Annual Report for FY 2025-26 and is notifying shareholders with unregistered email addresses on how to access the document. This filing is a standard regulatory requirement but serves as a precursor to the AGM where management will likely discuss the company's strategic pivot toward digital print-on-demand services. Given the TTM loss of ₹4 Cr and a 36.2% share price decline over the past year, the annual report details will be critical for assessing the turnaround progress.
- 33rd Annual General Meeting scheduled for August 4, 2026, at 03:30 p.m. IST
- Annual Report for Financial Year 2025-26 made available via dedicated web-link
- Mandatory KYC update reminder issued to physical shareholders per SEBI circular dated May 07, 2024
- Company targeting 70% revenue from Digital Business by FY2026 as per strategic profile
Repro India has released its FY 2025-26 Annual Report and scheduled its 33rd Annual General Meeting for August 4, 2026. The company is aggressively pivoting to a 'Digital Business' model, aiming for it to constitute 70% of total revenue by FY2026 to offset a 75% revenue collapse in its traditional K-12 vertical. Despite a TTM loss of ₹4 Cr, the company is positioning itself to capture a share of the Indian book market, which is projected to grow to USD 14.6 billion by 2030. The strategy focuses on a 'sell first, produce later' Print-on-Demand (POD) model to minimize inventory risk and working capital.
- 33rd Annual General Meeting scheduled for August 04, 2026, via video conferencing.
- Digital Business segment targeted to reach 70% of total revenue by FY2026.
- Indian book market projected to grow at a 6% CAGR from 2025 to 2030, reaching USD 14.6 billion.
- Global book market expected to reach USD 192 billion by 2030 with a 4.2% CAGR.
- India imported over 214 million books in 2022, indicating significant domestic demand for international titles.
Repro India Limited has scheduled its 33rd Annual General Meeting (AGM) for August 04, 2026, to be conducted via video conferencing. The primary agenda includes the adoption of audited financial statements for FY2025-26 and the re-appointment of Mr. Vinod Vohra as a Director. The company has fixed July 28, 2026, as the cut-off date for determining shareholder voting eligibility. This meeting follows a fiscal year where the company reported a TTM revenue of Rs 534 Cr and a net loss of Rs 4 Cr.
- AGM scheduled for August 04, 2026, at 03:30 PM IST through Video Conferencing
- Cut-off date for e-voting eligibility is July 28, 2026
- Remote e-voting period set from July 30, 2026, to August 03, 2026
- Proposed re-appointment of Mr. Vinod Vohra, a 74-year-old Director holding 20,832 shares
- Book closure period for the register of members is July 29, 2026, to August 04, 2026
Repro India Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that no requests for dematerialization were received from shareholders during the quarter ended June 30, 2026. This is a standard procedural filing required for all listed entities to confirm the integrity of the share register.
- Zero requests received from shareholders for dematerialization during the quarter ended June 30, 2026
- Compliance certificate issued by MUFG Intime India Private Limited (formerly Link Intime India)
- Filing covers the three-month period from April 1, 2026, to June 30, 2026
- Confirmation that the company has adhered to prescribed timelines for depository interactions
Repro India Limited has officially dissolved its wholly-owned subsidiary, Repro DMCC, located in Dubai, UAE, effective July 06, 2026. The subsidiary had not commenced any business operations since its incorporation and contributed zero revenue and net worth to the company in FY 2025-26. This administrative action follows the initial approval for voluntary dissolution granted on August 14, 2025. Management confirms that this dissolution will have no material impact on the company's consolidated financial position or ongoing business operations.
- Dissolution of Repro DMCC became effective on July 06, 2026, following a certificate from the Dubai Multi Commodities Centre.
- The subsidiary contributed 0% to the company's turnover and net worth during FY 2025-26.
- Repro DMCC had not commenced any business operations, transactions, or activities since its incorporation.
- The process follows a board-level approval for voluntary dissolution dated August 14, 2025.
Financial Performance
Revenue Growth by Segment
The Digital Printing segment grew by 18% YoY in H1 FY2025, now contributing 56% of total revenue as of 9M FY2024 (up from 36% in FY2021). Conversely, the Traditional Offset Printing segment (Long Run vertical) experienced a massive 43% YoY decline in H1 FY2025, with Q2 FY2026 revenues for this vertical falling to approximately INR 13 Cr, representing a 75% drop from steady-state levels over six quarters.
Geographic Revenue Split
While specific regional percentages are not fully itemized, the company derives significant revenue from export markets including Kenya, Sierra Leone, Nigeria, South Africa, the UK, and the USA, alongside its domestic Indian operations.
Profitability Margins
Operating Profit Margins (OPM) improved to 10.7% in 9M FY2024 but contracted sharply by 430 bps to 6.0% in H1 FY2025 due to lower absorption of fixed costs in the traditional segment. Net Profit Margin turned negative in FY2025, declining 118% YoY to 0.00% (on a reported basis in MDA) due to lower revenue and losses during the year.
EBITDA Margin
Consolidated EBITDA for Q2 FY2026 stood at approximately INR 8 Cr compared to INR 5 Cr YoY. However, the PBDIT margin for FY2025 decreased to -8.21% of sales from 11% in FY2024, primarily impacted by the structural decline in the long-run print vertical.
Capital Expenditure
The company reported a primary increase in net debt from INR 63 Cr in March 2025 to INR 94 Cr in Q2 FY2026, driven largely by capital expenditure for the 'digital ecosystem' to support the transition toward on-demand printing.
Credit Rating & Borrowing
ICRA maintained an 'Adequate' liquidity profile. Borrowing costs are reflected in finance charges which decreased to INR 8.46 Cr in FY2025 from INR 9.73 Cr in FY2024. Debt levels were significantly reduced from INR 96.2 Cr in March 2023 to INR 32.0 Cr in September 2023 following a INR 77.8 Cr equity raise.
Operational Drivers
Raw Materials
The primary raw materials are printing paper and ink. While specific percentage of total cost is not disclosed, they are the dominant components of the 'Cost of materials consumed' which fluctuates with global pulp prices.
Import Sources
Not specifically disclosed, though the company focuses on 'import substitution' to reduce the carbon footprint of multinational publishers.
Capacity Expansion
Current capacity is not stated in MT, but the company is shifting focus from traditional high-volume offset capacity to digital 'print-on-demand' infrastructure. The Mahape, Navi Mumbai facility (land, building, and machinery) has been freed from operational restrictions following a labor settlement, making it available for use or sale.
Raw Material Costs
Profitability is vulnerable to fluctuations exceeding 5% in paper and ink prices. Contracts include escalation clauses to renegotiate costs if prices vary beyond this threshold, mitigating margin compression.
Manufacturing Efficiency
Inventory Turnover Ratio improved slightly by 3% to 5.28 in FY2025 (from 5.11 in FY2024). The shift to digital business is intended to improve efficiency as it requires lower inventory and offers faster collections.
Logistics & Distribution
The company has forged strategic relationships with e-commerce giants including Amazon, Flipkart, JIO, Meesho, First Cry, and Snapdeal to manage its digital business distribution.
Strategic Growth
Expected Growth Rate
10-12%
Growth Strategy
The strategy centers on the 'Digital Business' segment, which is expected to reach 70% of total revenue by FY2026. This involves monetizing an existing catalog of titles and leveraging an exclusive partnership with Ingram Content Group to access an additional 8 million titles. The company is also pivoting away from the unviable K-12 long-run vertical toward Academic, MNC Publishers, and Domestic Trade segments.
Products & Services
Printed books, educational materials, K-12 textbooks, journals, and digital 'print-on-demand' services.
Brand Portfolio
Repro, Repro Books Limited.
New Products/Services
Digital 'Print-on-Demand' ecosystem and content digitization services for individual writers and publishers.
Market Expansion
Targeting the INR 70,000 Cr Total Addressable Market (TAM) in the Indian book market, specifically focusing on capturing a higher percentage of onboarded publishers' Gross Merchandise Value (GMV), which currently stands at only 0.85%.
Strategic Alliances
Exclusive partnership with Ingram Content Group for 8 million titles; tie-ups with major e-commerce platforms like Amazon and Flipkart.
External Factors
Industry Trends
The industry is shifting from high-volume traditional offset printing to digital 'print-on-demand' to reduce inventory waste. Repro is positioning itself to lead this disruption by targeting a 70% digital revenue mix by FY2026.
Competitive Landscape
Faces intense competition from unorganized players in traditional printing and from other distributors/aggregators in the e-tailing segment.
Competitive Moat
Moat is built on deep integration with e-commerce platforms and an exclusive partnership with Ingram Content Group, providing a massive title repository that is difficult for unorganized competitors to replicate.
Macro Economic Sensitivity
Highly sensitive to educational policy changes (e.g., NCERT syllabus delays or distribution shifts) and paper industry price cycles.
Consumer Behavior
Increasing demand for 'on-demand' availability of books via e-commerce rather than traditional bulk retail distribution.
Geopolitical Risks
Exposure to various African markets (Nigeria, Sierra Leone) and the UK/USA introduces geopolitical and trade risk.
Regulatory & Governance
Industry Regulations
Subject to environmental and safety regulations related to the printing and paper industry. NCERT regulatory shifts in the K-12 segment are the most significant regulatory impact on the business model.
Environmental Compliance
Operates green manufacturing facilities to reduce carbon footprints for MNC publishers via import substitution.
Taxation Policy Impact
The company reported a tax expense/credit resulting in a Net Loss of INR 206 lakhs for FY2025.
Legal Contingencies
Successfully settled a long-standing industrial dispute at the Mahape, Navi Mumbai facility. This involved a one-time exceptional cost of approximately INR 18 Cr for employment settlement, resulting in the withdrawal of all legal proceedings by unions and workers.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'logical conclusion' of the long-run vertical which has seen a 75% revenue decline. Management is still exploring options to create value from this failing segment.
Geographic Concentration Risk
Significant exposure to the Indian educational market (NCERT), which has proven to be a high-risk concentration point due to policy changes.
Third Party Dependencies
High dependency on e-commerce platforms (Amazon/Flipkart) for digital sales and on NCERT/Publishers for traditional order flow.
Technology Obsolescence Risk
Traditional offset printing is becoming obsolete for many segments; the company is mitigating this through a heavy transition to digital printing technology.
Credit & Counterparty Risk
Debtors stood at approximately INR 52 Cr in Q2 FY2026, down from INR 61 Cr in March 2025, indicating improved collection efficiency despite revenue challenges.
