Responsive Industries Limited (RESPONIND)
₹150.70 -0.65% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Responsive Industries' revenue was ₹193 Cr (-43.1% year on year, -55.1% on the previous quarter), and net profit ₹2.7 Cr (-94.5% year on year); the operating margin was 12.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹193 | -43.1% | -55.1% |
| Operating profit | ₹23.3 | -67.9% | -49.3% |
| Net profit | ₹2.7 | -94.5% | -88.1% |
| EPS (₹) | 0.10 | -94.7% | -88.4% |
| Operating margin | 12.1% | — | — |
RESPONIND delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 14.68% of the RESPONIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 29.67%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 32.6% · 4.9% · 16.1% · 28.0% · 14.7%
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
Promoter group entity Fairpoint Tradecom LLP reported a series of pledge release and creation transactions under SEBI SAST and PIT regulations. The entity released 7,00,000 shares (0.26%) on September 24, 2026, and 3,00,000 shares (0.11%) on September 25, 2026, followed by the creation of a pledge on 10,00,000 shares (0.38%) on September 29, 2026. Following these transactions, the entity's total encumbered shares remained unchanged at 90,95,971 shares, representing 3.41% of total share capital and 36.90% of its own holding. The pledges were transacted in favor of Central Depository Services (India) Limited for margin trading funding.
- Released pledge on 7,00,000 shares (0.26% total capital) valued at Rs 11.06 Cr on 24-09-2026
- Released pledge on 3,00,000 shares (0.11% total capital) valued at Rs 4.84 Cr on 25-09-2026
- Created pledge on 10,00,000 shares (0.38% total capital) valued at Rs 16.81 Cr on 29-09-2026
- Net encumbered shares unchanged at 90,95,971 shares (3.41% of total equity, 36.90% of promoter entity's holding)
Responsive Industries Limited submitted its Reconciliation of Share Capital Audit Report pursuant to Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The report confirms that the company's issued and listed capital stands at 26,66,08,544 equity shares of face value Re. 1 each. Dematerialized holdings account for 100% of the share capital, with 54.87% held in CDSL and 45.13% in NSDL. No shares remain in physical form.
- Issued and listed share capital stands at 26,66,08,544 equity shares
- 100% of equity shares are held in dematerialized form (0 physical shares)
- 54.87% of shares (14,62,94,294 shares) are held via CDSL
- 45.13% of shares (12,03,14,250 shares) are held via NSDL
- Audit report certified by Mayank Arora & Co., Company Secretaries
Responsive Industries Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by MUFG Intime India Private Limited, the Registrar & Share Transfer Agent (RTA), on October 03, 2026. It confirms that share certificates received for dematerialisation were duly processed, verified, and cancelled within prescribed timelines. This is a standard quarterly compliance filing with no operational or financial impact.
- Compliance certificate pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 03, 2026
- Submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Confirms securities dematerialised were listed and physical certificates cancelled within prescribed timelines
Responsive Industries Limited has informed the exchanges that its trading window for dealing in company securities will be closed starting Thursday, October 01, 2026. The closure applies to all Designated Persons pursuant to SEBI Insider Trading regulations. The window will reopen 48 hours after the conclusion of the Board Meeting held to approve the unaudited financial results for the quarter and half-year ended September 30, 2026. The specific date for the Board Meeting will be announced in due course.
- Trading window closes effective Thursday, October 01, 2026
- Closure applies until 48 hours after the declaration of Q2 and H1 FY27 results
- Results pertain to the period ended September 30, 2026
- Board meeting date to approve results will be intimated in due course
Responsive Industries' Board of Directors met on September 17, 2026, to deliberate on a proposed equity share buyback. After considering prevailing market conditions and global economic uncertainties affecting its export business, the Board decided not to proceed with the buyback at this stage. The company noted that it may reconsider a buyback at an appropriate time in the future. This decision follows a weak Q1 FY27 (Jun 2026), where revenue fell to Rs 192.87 Cr and net profit dropped to Rs 2.74 Cr.
- Board decided not to proceed with the proposed equity share buyback on September 17, 2026
- Cited prevailing market conditions, global economic uncertainties, and impact on export business as rationale
- Trading window remains closed for designated persons until 48 hours post board meeting
- Board meeting concluded rapidly within 23 minutes (commenced 03:52 PM, concluded 04:15 PM)
Promoter group entity Fairpoint Tradecom LLP disclosed the creation of pledges on 15,00,000 equity shares, representing 0.57% of Responsive Industries' total share capital, between August 18 and August 19, 2026. The encumbrances were made with Bajaj Financial Securities (10,00,000 shares for margin trading funding), Imperial Solutions (1,00,000 shares as loan collateral), and Virtue Financial Services (4,00,000 shares as loan collateral). Following these transactions, total encumbered shares held by the entity rose from 75,95,971 shares (2.85%) to 90,95,971 shares (3.41% of total share capital, representing 36.90% of Fairpoint's holding).
- Pledge created on 15,00,000 shares (0.57% of total equity) across three separate transactions on August 18–19, 2026
- Post-transaction encumbrance for Fairpoint Tradecom stands at 90,95,971 shares (3.41% of company equity and 36.90% of its own holding)
- Pledge values disclosed: Rs 15.90 Cr (Bajaj Financial), Rs 1.59 Cr (Imperial Solutions), and Rs 6.36 Cr (Virtue Financial)
- End use indicated personal use/borrowing by promoters/PACs, not for the benefit of the listed company
Responsive Industries Limited announced the results and Scrutinizer's Report for its 44th Annual General Meeting held on August 24, 2026. All 8 resolutions were passed with over 99.6% majority across remote e-voting and meeting e-voting. Approved items include the adoption of FY26 financial statements, declaration of a final dividend for FY26, appointment of Mr. Aayush Agarwal as Non-Executive Director & Chairperson, and alterations to the Memorandum and Articles of Association. Total valid votes polled stood at 162,791,749 shares, representing 61.06% of outstanding equity.
- All 8 resolutions passed with requisite majority (>99.6% to 99.99% votes in favor)
- Total valid votes polled were 162,791,749, representing 61.06% of total outstanding shares
- Shareholder count stood at 18,106 as of the cut-off record date of August 17, 2026
- Shareholders ratified the appointment of Mr. Aayush Agarwal as Non-Executive Non-Independent Director & Chairperson
Responsive Industries Limited conducted its 44th Annual General Meeting on August 24, 2026, placing standard ordinary and special resolutions before shareholders. The company confirmed a recommended final dividend of ₹0.10 (10%) per share for FY26 and the appointment of Mr. Aayush Agarwal as Non-Executive Chairperson. Additionally, shareholders voted on altering the Memorandum of Association (MoA) to enable future business adjacencies in infrastructure and real estate. Detailed voting results and the Scrutinizer's report will be submitted separately.
- Tabled approval for a final dividend of Rupee 0.10 (10%) per equity share for FY26
- Appointed Mr. Aayush Agarwal as Non-Executive Non-Independent Director & Chairperson
- Proposed MoA alteration to add business objects related to adjacent infrastructure and real estate sectors
- Management noted the domestic vinyl flooring market is projected to reach ~$2.38 billion by 2034 at a 7.3% CAGR
Responsive Industries Limited has informed the exchanges that its trading window for designated persons will remain closed until 48 hours after the conclusion of an upcoming Board Meeting. The Board is scheduled to consider a proposal for the buy-back of equity shares of the company. The trading window has been closed since July 1, 2026, and the exact date of the Board Meeting will be intimated in due course. Detailed terms such as buyback quantum, price, and mechanism remain undisclosed at this stage.
- Board of Directors to convene to consider a proposal for buy-back of equity shares
- Trading window closed with effect from July 01, 2026
- Trading window to remain shut until 48 hours post conclusion of the Board Meeting
- Exact date of the Board Meeting to be announced separately in due course
Responsive Industries reported a sharp decline in performance for Q1 FY27, with consolidated revenue falling 43% YoY to ₹192.87 Cr. Net profit plummeted 94.5% YoY to ₹2.74 Cr from ₹49.87 Cr in the same quarter last year. The company also announced the formation of a committee to evaluate a potential share buyback, which may provide some support to the stock price despite the weak earnings. Operating margins were severely impacted as total expenses of ₹191.27 Cr nearly matched the total income of ₹194.91 Cr.
- Consolidated Revenue from Operations fell 43% YoY to ₹192.87 Cr from ₹338.71 Cr in Q1 FY26.
- Net Profit after tax saw a massive 94.5% decline to ₹2.74 Cr compared to ₹49.87 Cr in the year-ago period.
- Earnings Per Share (EPS) for the quarter dropped to ₹0.10 from ₹1.87 in the same quarter last year.
- Total expenses for the quarter stood at ₹191.27 Cr, representing 98% of total income.
- Board has constituted a Buy-Back Committee to assess the feasibility and modalities of a share repurchase.
Responsive Industries Limited has announced its 44th Annual General Meeting (AGM) for August 24, 2026. The company has established August 14, 2026, as the record date for dividend payments, requiring shareholders to have updated KYC and bank details. Additionally, August 17, 2026, is the record date for e-voting eligibility, with the voting window open from August 21 to August 23. The Integrated Annual Report for FY 2025-26 is now available, providing details on the company's performance and sustainability initiatives.
- 44th Annual General Meeting (AGM) to be held on Monday, August 24, 2026
- Record date for dividend entitlement set for August 14, 2026
- Record date for e-voting and AGM attendance eligibility is August 17, 2026
- Remote e-voting period starts August 21, 2026, at 09:00 A.M. and ends August 23, 2026, at 05:00 P.M.
- Integrated Annual Report for FY 2025-26 released, including the Business Responsibility and Sustainability Report
Responsive Industries has fixed August 14, 2026, as the record date for a final dividend of Re 0.10 per share (10% of face value) for the financial year ended March 31, 2026. The dividend is subject to shareholder approval at the 44th Annual General Meeting (AGM) scheduled for August 24, 2026. Eligible shareholders will receive payments starting August 24, 2026. Given the current stock price of Rs 171.6, the dividend yield is negligible at approximately 0.06%.
- Final dividend declared at Re. 0.10 per equity share (10% of Re. 1 face value)
- Record date for determining shareholder entitlement is Friday, August 14, 2026
- Payment to be processed on or after August 24, 2026, following AGM approval
- 44th Annual General Meeting scheduled for August 24, 2026, at 03:00 P.M. IST
Responsive Industries has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, confirming a consolidated revenue of ₹1,394.12 cr. The company maintains a strong international presence, serving over 70 countries with exports accounting for 30.45% of total turnover. Vinyl Flooring remains the dominant segment, contributing 58.63% to the top line. The report highlights a clean compliance record with zero consumer complaints, data breaches, or product recalls during the year.
- Consolidated revenue for FY 2025-26 reached ₹1,394.12 cr with a consolidated net worth of ₹1,558.93 cr.
- Exports contributed 30.45% of total turnover, supported by operations in 70+ international countries.
- Vinyl Flooring is the primary revenue driver at 58.63%, followed by Synthetic Leather at 23.10%.
- The company reported zero complaints from shareholders, customers, and employees for the fiscal year.
- Workforce consists of 275 permanent employees and 102 permanent workers, with 16.67% female representation on the Board.
Responsive Industries has scheduled its 44th Annual General Meeting for August 24, 2026, following the release of its FY26 Annual Report. The company reported FY26 revenue of Rs 1,393.78 Cr with a PAT of Rs 148.60 Cr, reflecting a slight decline in margins compared to FY24. A key strategic focus remains capturing 3% of the USD 7.2 Bn US flooring market by FY27, representing a USD 220 Mn opportunity. Currently, the company operates at 50% capacity utilization across 15 manufacturing lines at its Boisar facility.
- 44th Annual General Meeting scheduled for August 24, 2026, at 03:00 PM IST.
- FY26 Revenue reached Rs 1,393.78 Cr with an Operating Profit Margin of 17.32%.
- Targeting a USD 220 Mn revenue opportunity in the USA market for LVP and SPC flooring by FY27.
- Current capacity utilization is approximately 50% at the 52-acre (or 100-acre integrated) Boisar manufacturing campus.
- Promoter holding remains stable at 59.14% as of June 2026.
Responsive Industries has announced the reconstitution of five key board committees: Audit, Nomination and Remuneration, Stakeholders Relationship, Risk Management, and Corporate Social Responsibility. The Audit Committee will be chaired by Mr. Sanjiv Swarup and consists entirely of three Independent Directors. Mr. Aayush Agarwal, a Non-Independent Director, has been appointed to chair the Stakeholders Relationship, Risk Management, and CSR committees. This is a procedural governance update following a board meeting held on July 24, 2026.
- Reconstitution of 5 board committees effective from July 24, 2026
- Audit Committee composed of 3 Independent Directors to ensure oversight
- Mr. Aayush Agarwal appointed as Chairperson for 3 committees (Stakeholders, Risk, and CSR)
- Board meeting duration was 1 hour and 45 minutes, concluding at 05:00 PM
Financial Performance
Revenue Growth by Segment
Total revenue from operations decreased by 15.15% YoY, falling from INR 654.95 Cr in FY24 to INR 555.74 Cr in FY25. Local sales grew by 15.09% to INR 309.06 Cr, while Export sales saw a significant decline of 36.16% to INR 246.68 Cr.
Geographic Revenue Split
Domestic (India) revenue contribution increased to 55.6% (INR 309.06 Cr) in FY25 from 41% in FY24. Export revenue contribution decreased to 44.4% (INR 246.68 Cr) in FY25 from 59% in FY24, primarily due to global demand shifts and logistics costs.
Profitability Margins
Operating Profit Margin for FY25 stood at 16.48%, a decrease of 8.12% from 17.94% in FY24. Net Profit Margin was 14.02% in FY25 compared to 14.84% in FY24. Return on Net Worth improved slightly to 14.78% in FY25 from 14.18% in FY24.
EBITDA Margin
Consolidated EBITDA margin showed a massive improvement YoY, rising from 11.30% in FY23 to 22.34% in FY24. This was driven by a shift toward high-value products like SPC and LVP, which command higher margins.
Capital Expenditure
The company moved towards positive Free Cash Flow of INR 35 Cr in FY24, compared to zero in FY23, after accounting for acquisition of fixed assets and capital work-in-progress. Historical net worth grew from INR 972 Cr in FY23 to INR 1,137 Cr in FY24.
Credit Rating & Borrowing
The company holds a credit rating of IVR A- (Stable) for long-term facilities and IVR A2+ for short-term facilities. Interest coverage ratio was 9.76x in FY25, slightly down from 10.1x in FY24, indicating strong debt-servicing capability despite a 3.43% performance decline.
Operational Drivers
Raw Materials
The primary raw material is PVC (Poly Vinyl Chloride) resin. Other critical inputs include additives for SPC (Stone Plastic Composite) and LVP (Luxury Vinyl Plank) production, as well as materials for the shipping ropes division (Axiom Cordages).
Import Sources
Not explicitly detailed by country in the documents, though the company monitors global commodity prices and maintains a risk mitigation plan for price volatility in international markets.
Capacity Expansion
The company operates a 52-acre state-of-the-art factory in Boisar, Palghar, with 15 manufacturing lines. Current capacity utilization is approximately 50%, with plans to improve utilization levels in the coming years to enhance return ratios.
Raw Material Costs
Raw material and freight costs were cited as the primary reasons for EBITDA margin volatility, causing a drop from 16.87% in FY21 to 10.16% in FY22. The company manages this by establishing clear pricing terms with suppliers and tracking market price changes.
Manufacturing Efficiency
Manufacturing efficiency is being targeted through a shift toward high-value-added products (SPC/LVP) and increasing the utilization of the existing 15 production lines from the current 50% level.
Logistics & Distribution
The company is establishing a robust B2C distribution network in India to increase domestic market penetration. Export logistics are managed through strategic marketing networks globally.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be achieved by capturing 3% of the USD 7.2 Bn USA market for LVP and SPC by FY27, representing a USD 220 Mn opportunity. The strategy involves prioritizing high-margin products, expanding export efforts in the USA, and leveraging the 'China Plus 1' global sourcing shift.
Products & Services
The company sells PVC flooring, Stone Plastic Composite (SPC) flooring, Luxury Vinyl Plank (LVP) flooring, and synthetic shipping ropes.
Brand Portfolio
Responsive Industries (RIL) and Axiom Cordages.
New Products/Services
Focus is shifting heavily toward SPC and LVP flooring, which are expected to sustain EBITDA margins above 20% due to their high-value-added nature.
Market Expansion
Targeting the USA market for flooring products and expanding the domestic B2C brand presence in India through an enhanced distribution network.
Market Share & Ranking
The company aims to capture 3% of the projected USD 7.2 Bn USA market for LVP/SPC by FY27.
Strategic Alliances
The company operates through wholly-owned subsidiaries in Hong Kong, Singapore, and the USA (Responsive Industries Limited LLC) to facilitate global trade and operationalize overseas units.
External Factors
Industry Trends
The industry is shifting toward high-value-added flooring (SPC/LVP). The USA market is projected to reach USD 7.2 Bn by FY27, growing as consumers move away from traditional flooring to more durable, synthetic options.
Competitive Landscape
Competes in the global PVC flooring and shipping ropes market. Key advantages include lower debt-to-equity (0.18x) and a strong balance sheet compared to smaller peers.
Competitive Moat
Moat is built on a 52-acre integrated manufacturing setup, 40 years of promoter experience, and a well-diversified product portfolio that allows for flexible shifting between domestic and export markets.
Macro Economic Sensitivity
Highly sensitive to global demand-supply conditions and finished goods pricing. The company benefits from anti-dumping duties and export bans affecting competitors.
Consumer Behavior
Increasing consumer preference for value-added, durable flooring products like SPC and LVP in both residential and commercial sectors.
Geopolitical Risks
The 'China Plus 1' strategy and anti-dumping duties are viewed as favorable geopolitical tailwinds that drive demand toward Indian manufacturers like Responsive.
Regulatory & Governance
Industry Regulations
Operations are subject to global trade regulations, including anti-dumping duties and export-import policies that affect the PVC and shipping rope industries.
Taxation Policy Impact
The company follows standard Indian Accounting Standards. Tax as a percentage of profit was 24% in FY22 and 29% in FY21 on a standalone basis.
Legal Contingencies
The company responded to NSE queries regarding volume movement in November 2025, affirming compliance with SEBI LODR regulations and stating no undisclosed price-sensitive information exists.
Risk Analysis
Key Uncertainties
Primary risks include volatility in raw material prices and freight costs, which can impact EBITDA margins by 5-8%. Global demand fluctuations also pose a risk to the export-heavy revenue mix.
Geographic Concentration Risk
Revenue is split between India (55.6%) and International markets (44.4%), providing a hedge against regional economic downturns.
Third Party Dependencies
Dependency on global shipping lines for export delivery, with freight cost volatility being a major risk factor for profitability.
Technology Obsolescence Risk
The company mitigates technology risk by investing in state-of-the-art manufacturing lines for advanced products like SPC and LVP.
Credit & Counterparty Risk
Receivables management improved in FY25, with debtor days decreasing by 19.48% to 150 days, reducing counterparty credit risk.
