Shrenik Limited (SHRENIK)
📢 Recent Corporate Announcements
Shrenik Limited has intimated that the 1st Meeting of the Committee of Creditors (CoC) is scheduled for Saturday, August 29, 2026, at 12:30 PM IST via physical and video conferencing. This follows the NCLT Ahmedabad Bench's order dated August 5, 2026, which admitted the company into the Corporate Insolvency Resolution Process (CIRP) and appointed CA Rahul Nareshbhai Shah as the Interim Resolution Professional. The company is under severe distress, carrying debt of ₹125 Cr against a negative net worth of ₹-176 Cr and annual FY26 revenue of ₹35.69 Cr. The CoC meeting marks the initial formal step by creditors to manage the resolution or liquidation process.
- 1st Committee of Creditors (CoC) meeting scheduled for Saturday, August 29, 2026 at 12:30 PM IST.
- Follows CIRP admission by NCLT Ahmedabad Bench on August 5, 2026.
- Interim Resolution Professional (IRP) CA Rahul Nareshbhai Shah is conducting the proceedings.
- Company carries ₹125 Cr in debt against a negative net worth of ₹-176 Cr.
Shrenik Limited's suspended director, Mr. Rishit Shrenik Vimawala, has filed an appeal before the NCLAT, New Delhi, challenging the NCLT Ahmedabad order dated July 30, 2026, which admitted the company into Corporate Insolvency Resolution Process (CIRP). In the preliminary hearing held on August 13, 2026, the NCLAT issued notices to the respondents and listed the matter for its next hearing on September 8, 2026. The company is currently under the management of an Interim Resolution Professional (IRP). This legal battle comes amid severe financial distress, with the company reporting a negative net worth of ₹-176 Cr and total debt of ₹125 Cr against TTM revenue of ₹36 Cr.
- Suspended director filed Company Appeal (AT) (Ins) No. 1497 of 2026 challenging CIRP admission order dated July 30, 2026
- NCLAT heard the matter on August 13, 2026, and issued notices to the respondents with process to be completed in 4 working days
- Next date of hearing at the NCLAT Principal Bench is scheduled for September 8, 2026
- Company is currently under CIRP under the charge of Interim Resolution Professional CA Rahul Nareshbhai Shah
Shrenik Limited informed exchanges that suspended director Rishit Shrenik Vimawala has filed an appeal before the NCLAT challenging the NCLT Ahmedabad Bench order dated July 30, 2026, which admitted the company into Corporate Insolvency Resolution Process (CIRP). During the first hearing on August 13, 2026, the NCLAT observed that the matter requires consideration and issued notices to respondents, including operational creditor Yatayat Corporation India Pvt. Ltd. The next hearing is scheduled for September 8, 2026, while the company remains managed by the Interim Resolution Professional amid severe financial distress (debt of Rs 125 Cr and negative net worth of Rs -176 Cr).
- Appeal filed before NCLAT challenging the NCLT order dated July 30, 2026 admitting Shrenik into CIRP
- NCLAT issued notice to respondents on August 13, 2026, requiring procedural steps within 4 working days
- Next date of hearing at NCLAT Principal Bench scheduled for September 8, 2026
- Company is currently under CIRP under the management of IRP CA Rahul Nareshbhai Shah
Shrenik Limited's suspended director, Mr. Rishit Shrenik Vimawala, has filed an appeal before the NCLAT Principal Bench challenging the NCLT Ahmedabad order dated July 30, 2026, which admitted the company into the Corporate Insolvency Resolution Process (CIRP). At the initial hearing on August 13, 2026, the NCLAT issued notices to the respondents (Yatayat Corporation India Pvt Ltd & Anr.) and listed the matter for further hearing on September 8, 2026. The company remains under the control of the Interim Resolution Professional (IRP) amid severe financial distress with a negative net worth of Rs -176 Cr and debt of Rs 125 Cr.
- Appeal filed under Company Appeal (AT) (Ins) No. 1497 of 2026 before NCLAT New Delhi
- Challenges NCLT Ahmedabad order dated July 30, 2026 admitting the company to CIRP (CP (IB) No. 200 of 2023)
- NCLAT issued notice to respondents during the hearing on August 13, 2026
- Next date of hearing before NCLAT is scheduled for September 8, 2026
The NCLT Ahmedabad Bench has admitted Shrenik Limited into the Corporate Insolvency Resolution Process (CIRP) following a default of ₹5.93 crore to an operational creditor, Yatayat Corporation India Pvt Ltd. A moratorium has been imposed effective July 30, 2026, and Mr. Rahul Nareshbhai Shah has been appointed as the Interim Resolution Professional (IRP). The company's financial position is critical, with a negative net worth of ₹176 crore and total debt of ₹125 crore. Creditors are required to submit their claims by August 19, 2026, as the company enters a formal restructuring or liquidation phase.
- Total default amount of ₹5,92,78,324, comprising ₹3.23 Cr principal and ₹2.70 Cr interest
- Insolvency commencement date officially set as July 30, 2026, by the NCLT Ahmedabad Bench
- Estimated date for the closure of the insolvency resolution process is January 26, 2027
- Last date for creditors to submit claims with proof is August 19, 2026
- Company reports a massive negative net worth of ₹176 Cr against TTM revenue of only ₹36 Cr
Shrenik Limited reported a total revenue of ‡6.69 Cr for the quarter ended June 30, 2026, representing a 43% sequential decline from ‡11.72 Cr in the March 2026 quarter. The company posted a net loss of ‡0.20 Cr, an improvement from the ‡1.03 Cr loss in the previous quarter but higher than the ‡0.07 Cr loss in the same period last year. The financial position remains critical with negative reserves of ‡237.37 Cr against a share capital of ‡61.20 Cr. Operations remain confined to paper trading with total expenses of ‡6.89 Cr exceeding total income.
- Revenue from operations fell 46.2% sequentially to ‡6.26 Cr from ‡11.65 Cr in the previous quarter.
- Net loss narrowed to ‡19.76 Lakhs from a loss of ‡102.65 Lakhs in the March 2026 quarter.
- Accumulated losses (Reserves) worsened to ‡-237.37 Cr, indicating deep insolvency.
- Total expenses for the quarter stood at ‡6.89 Cr, primarily driven by purchase of stock-in-trade (‡6.64 Cr).
- Finance costs remained negligible at ‡1.12 Lakhs for the quarter, despite a reported debt of ‡125 Cr in historical context.
Shrenik Limited has announced the closure of its trading window for all designated persons and insiders starting July 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, preceding the declaration of unaudited financial results for the quarter ending June 30, 2026. The company currently operates in a stressed financial state with a TTM revenue of ₹36 Cr and a negative net worth of ₹176 Cr. The specific date for the board meeting to approve these results will be notified separately.
- Trading window closure begins on July 1, 2026, for all designated persons and their relatives.
- The closure is in anticipation of the unaudited financial results for the quarter ending June 30, 2026.
- The window will remain closed until 48 hours after the official declaration of the financial results.
- Company reported a TTM revenue of ₹36 Cr against a significant debt of ₹125 Cr.
- Promoter holding remains relatively low at 24.53% as of March 2026.
Shrenik Limited has announced the completion of the tenure of Independent Director Mrs. Jalpika Dhruvkumar Joshi, effective May 30, 2026. The board meeting to formalize this was held on June 30, 2026, resulting in a one-month administrative delay in reporting to the exchange. This change occurs while the company faces severe financial distress, including a negative net worth of -176 Cr and a high debt of 125 Cr relative to its TTM revenue of 36 Cr.
- Mrs. Jalpika Dhruvkumar Joshi (DIN: 09173340) ceased to be an Independent Director effective May 30, 2026.
- The board meeting to record the cessation was held on June 30, 2026, between 03:00 P.M. and 03:30 P.M.
- A 31-day administrative delay occurred between the cessation date and the exchange notification.
- The company is currently operating with a negative net worth of -176 Cr and TTM revenue of 36 Cr.
Shrenik Limited's 13th Annual General Meeting (AGM) results confirm that shareholders have approved all four proposed resolutions with a significant majority. Key approvals include the adoption of audited financial statements for the year ended March 31, 2025, and the appointment of Mr. Viren Shantikam Shah as a Non-Executive Independent Director. The total voter turnout was approximately 24.67%, with 150,960,512 votes cast out of 612,000,000 total shares. All resolutions received over 99.91% support from the votes polled, indicating strong shareholder alignment with management.
- All four resolutions were passed with a majority exceeding 99.91% of the votes cast.
- Shareholders approved the adoption of Audited Financial Statements for the financial year ended March 31, 2025.
- Mr. Viren Shantikam Shah was appointed as a Non-Executive Independent Director via a special resolution.
- Total voting turnout stood at 24.67%, representing 150.96 million votes out of a total share capital of 612 million shares.
- Mr. Rishit Shrenik Vimawala was re-appointed as a Director, with the promoter group abstaining from voting on this specific resolution due to interest.
Shrenik Limited held its 13th Annual General Meeting on June 20, 2026, to review the company's performance for the financial year ended March 31, 2025. Shareholders considered four key resolutions, including the adoption of audited financial statements and the appointment of a new Independent Director. Management confirmed that the Statutory and Secretarial Audit reports for the period contained no qualifications or adverse remarks. The meeting concluded with a briefing on the company's operational and financial highlights for the year under review.
- Adoption of Audited Financial Statements for the financial year ended March 31, 2025.
- Proposed regularization and appointment of Mr. Viren Shantikam Shah as a Non-Executive Independent Director.
- Statutory and Secretarial Audit reports for FY25 were confirmed to have zero qualifications or adverse remarks.
- Re-appointment of a Director retiring by rotation and appointment of Secretarial Auditors were proposed as ordinary resolutions.
- The meeting was conducted in 35 minutes with voting results to be declared within statutory timelines.
Shrenik Limited has announced its 13th Annual General Meeting (AGM) to be held on June 20, 2026, to adopt the audited financial statements for the fiscal year ended March 31, 2025. The Board of Directors has notably decided not to recommend any dividend for FY 2024-25. Key agenda items include the re-appointment of Mr. Rishit Shrenik Vimawala as a director and the appointment of a new Secretarial Auditor for a five-year term. Additionally, the company is seeking shareholder approval for the appointment of Mr. Viren Shantikam Shah as an Independent Director.
- 13th Annual General Meeting scheduled for June 20, 2026, via Video Conferencing.
- The Board of Directors has not recommended any dividend for the financial year ended March 31, 2025.
- Proposed appointment of Mr. Samsad Alam Khan as Secretarial Auditor for a 5-year term starting FY 2025-26.
- Seeking approval for the appointment of Mr. Viren Shantikam Shah as an Independent Director for a 5-year term.
- Register of Members and Share Transfer Books will remain closed from June 12, 2026, to June 20, 2026.
Shrenik Limited has scheduled its 13th Annual General Meeting (AGM) for June 20, 2026, to adopt the audited financial statements for the fiscal year 2024-25. The Board of Directors has confirmed that no dividend will be recommended for the financial year ended March 31, 2025. Key agenda items include the re-appointment of Mr. Rishit Shrenik Vimawala and the appointment of Mr. Samsad Alam Khan as Secretarial Auditor for a five-year term. The company is also seeking shareholder approval for the appointment of Mr. Viren Shantikam Shah as an Independent Director.
- 13th Annual General Meeting scheduled for June 20, 2026, via Video Conferencing.
- Board of Directors has recommended no dividend for the financial year 2024-25.
- Proposed appointment of Mr. Samsad Alam Khan as Secretarial Auditor for a 5-year term from FY 2025-26 to 2029-30.
- Register of Members and Share Transfer Books will remain closed from June 12, 2026, to June 20, 2026.
- Seeking regularization of Mr. Viren Shantikam Shah as a Non-Executive Independent Director for a 5-year term.
Shrenik Limited's Board of Directors has approved the appointment of Mr. Samsad Alam Khan as the Secretarial Auditor of the company. The appointment is set for a five-year tenure, covering the financial years from 2025-26 to 2029-30. This decision, made during the board meeting on May 23, 2026, is subject to final approval by shareholders at the upcoming Annual General Meeting. The appointment aligns with mandatory compliance under the Companies Act, 2013, and SEBI Listing Regulations.
- Appointment of Mr. Samsad Alam Khan, a Practising Company Secretary, as Secretarial Auditor.
- The tenure is fixed for 5 consecutive financial years from FY 2025-26 to FY 2029-30.
- The Board meeting was held on May 23, 2026, and concluded within 45 minutes.
- Appointment is subject to shareholder ratification at the next Annual General Meeting.
Shrenik Limited's Board of Directors met on May 13, 2026, to approve the audited standalone financial results for the quarter and fiscal year ended March 31, 2026. The company confirmed that the statutory auditors issued an unmodified opinion on these results, suggesting no significant accounting concerns. Additionally, the board approved shifting the registered office within Ahmedabad to Titanium Business Park. The meeting was conducted efficiently, lasting exactly one hour from 3:00 p.m. to 4:00 p.m.
- Adopted audited standalone financial results for the quarter and FY ended March 31, 2026.
- Statutory auditors provided an unmodified opinion on the financial statements as per SEBI regulations.
- Approved shifting the registered office from West Gate to B-108, Titanium Business Park, Ahmedabad.
- The board meeting concluded within 60 minutes on May 13, 2026.
Shrenik Limited reported a significant 98% increase in annual revenue for FY26, reaching ₹36.19 crore compared to ₹18.26 crore in FY25. The company achieved a marginal full-year net profit of ₹16.42 lakhs, recovering from a loss of ₹8.94 lakhs in the previous fiscal year. However, the fourth quarter (Q4 FY26) saw a net loss of ₹1.03 crore, despite strong revenue growth of 145% YoY for the quarter. A critical concern remains the company's balance sheet, which shows deeply negative reserves of ₹237.18 crore, indicating severe historical financial erosion.
- Annual Revenue from Operations grew 99% YoY to ₹36.07 crore in FY26 from ₹18.10 crore in FY25.
- Turned profitable on an annual basis with a Net Profit of ₹16.42 lakhs vs a loss of ₹8.94 lakhs in FY25.
- Q4 FY26 Net Loss of ₹102.65 lakhs compared to a profit of ₹7.76 lakhs in Q4 FY25.
- Negative reserves and surplus stand at ₹237.18 crore as of March 31, 2026.
- Board approved the relocation of the registered office within Ahmedabad.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment, 'Paper-Trading'. Revenue from operations declined by 29.57% YoY, falling from INR 48.56 Cr in FY23 to INR 34.19 Cr in FY24. Total revenue saw a sharper decline of 64.92% YoY, dropping from INR 134.23 Cr to INR 47.09 Cr, primarily due to an 84.95% collapse in 'Other Income'.
Geographic Revenue Split
Not disclosed in available documents, though the company is headquartered and operates primarily out of Ahmedabad, Gujarat.
Profitability Margins
Profitability is severely compromised; the company reported a 'negative financial situation'. In FY24, total expenses of approximately INR 281.80 Cr far exceeded total revenue of INR 47.09 Cr, leading to deep net losses. This was driven by a massive surge in 'Other Expenses' to INR 139.44 Cr and an inventory-related charge of INR 109.30 Cr.
EBITDA Margin
EBITDA margin is deeply negative. Core operational profitability is non-existent as 'Other Expenses' (INR 139.44 Cr) and 'Changes in Inventories' (INR 109.30 Cr) represent 296% and 232% of total revenue respectively.
Capital Expenditure
Historical records for Property, Plant and Equipment are maintained, but specific planned CAPEX for FY25-26 is not disclosed in available documents.
Credit Rating & Borrowing
As of September 30, 2025, the company has significant debt with Non-current Borrowings of INR 118.06 Cr and Current Financial Borrowings of INR 51.43 Cr. Finance costs were INR 0.45 Cr in FY24, a decrease from INR 3.51 Cr in FY23, likely due to debt restructuring or reduced utilization.
Operational Drivers
Raw Materials
Trading goods primarily consisting of Paper and paper-related products, which accounted for INR 33.06 Cr in purchases during FY24 (96.7% of operational revenue).
Capacity Expansion
As a trading entity, the company does not have traditional manufacturing capacity; expansion would relate to warehouse throughput or trading volume, which is currently declining.
Raw Material Costs
Purchases of trading goods stood at INR 33.06 Cr in FY24. The cost of goods sold is heavily impacted by a massive 'Change in Inventories' of INR 109.30 Cr, suggesting a significant write-down or liquidation of stock.
Manufacturing Efficiency
Not applicable as the company identifies 'Paper-Trading' as its only business segment.
Strategic Growth
Expected Growth Rate
0%
Growth Strategy
The documents do not outline a clear growth strategy; instead, they highlight a 'negative financial situation' and a significant contraction in revenue and other income. Management's focus appears to be on maintaining internal controls and statutory compliance amidst financial distress.
Products & Services
Trading of various grades of Paper and paper products.
Brand Portfolio
Shrenik.
External Factors
Industry Trends
The paper industry is facing a shift toward digitalization, which may reduce demand for traditional printing paper, though packaging paper demand remains a potential growth area. The company's current positioning is weak due to its negative financial situation.
Competitive Landscape
The company operates in the fragmented paper trading market; competitors are not named but include other large-scale paper distributors and direct-to-market mill sales.
Competitive Moat
The company lacks a strong moat as a pure-play trader; it faces high competition and has shown a significant decline in revenue and massive operational losses, suggesting low sustainable competitive advantage.
Macro Economic Sensitivity
Highly sensitive to industrial output and education sector cycles which drive paper demand.
Consumer Behavior
Shift toward digital media and paperless offices is a long-term threat to the core trading business.
Regulatory & Governance
Industry Regulations
Subject to standard commercial trading regulations and GST compliance in India. The company transitioned to IND-AS reporting effective April 1, 2017.
Taxation Policy Impact
The company reported a net loss before tax of approximately INR 234.71 Cr in FY24, resulting in no current tax liability for that period.
Legal Contingencies
The company was noted for non-compliance with SEBI (LODR) Regulations 17, 18, and 19 (related to Board and Committee compositions) during the March Quarter of 2024.
Risk Analysis
Key Uncertainties
The primary uncertainty is the company's ability to continue as a 'going concern' given the massive losses (INR 234.71 Cr loss before tax in FY24) and the 'negative financial situation' explicitly mentioned by management.
Geographic Concentration Risk
High concentration in Gujarat, India, where the registered office and primary operations are located.
Third Party Dependencies
High dependency on paper mills for supply and credit terms, which may be at risk due to the company's financial health.
Technology Obsolescence Risk
The shift to digital documentation poses a significant technology-driven risk to the long-term demand for paper trading products.
Credit & Counterparty Risk
The company faces significant credit risk; trade receivables and the quality of the loan book (if any) are critical given the high debt levels of INR 169.49 Cr.
