Tijaria Polypipes Limited (TIJARIA)
₹5.88 +2.80% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Tijaria Polypipes' revenue was ₹0.0 Cr, and net profit ₹-0.3 Cr (a smaller loss than a year earlier).
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹0.0 | — | — |
| Operating profit | ₹-0.0 | loss narrowed | loss widened |
| Net profit | ₹-0.3 | loss narrowed | loss narrowed |
| EPS (₹) | -0.10 | loss narrowed | loss narrowed |
TIJARIA exchange data
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📢 Recent Corporate Announcements
Tijaria Polypipes Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India Pvt. Ltd. confirms that share certificates received for dematerialisation during the quarter were duly processed, verified, and cancelled. The details of registered owners have been substituted in the company's register of members within mandated timelines. This is a standard quarterly administrative filing.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Pvt. Ltd. (formerly Link Intime India Pvt. Ltd.) dated October 3, 2026
- Confirms securities received for dematerialisation were mutilated, cancelled, and listed on stock exchanges
- Filing executed under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Tijaria Polypipes has announced the reconstitution of its key board committees, including Audit, Nomination & Remuneration, and CSR, effective August 14, 2026. This is a procedural administrative update following a board meeting. The company remains in a severe financial crisis with zero revenue reported for the last four quarters and a negative net worth of ₹34 Cr. Most committee memberships remain consistent, with Vishakha Saini replacing Bhairu Singh in the Independent Directors Committee.
- Reconstitution of 5 board committees effective August 14, 2026
- Vishakha Saini replaces Bhairu Singh as a member of the Independent Directors Committee
- Company continues to operate with ₹0 revenue as of the latest quarterly filings
- Total debt stands at ₹73 Cr against a negative net worth of ₹34 Cr
- Sonu Surana remains the Chairperson for the Audit, Nomination, and Stakeholders committees
Tijaria Polypipes Limited has announced the resignation of Mr. Bhairu Singh from his position as a Non-executive Independent Director, effective August 8, 2026. The Board of Directors formally approved the resignation during a meeting on August 14, 2026. The director cited other professional engagements as the reason for his departure. This management change occurs while the company is in severe financial distress, reporting zero revenue for the past several quarters and maintaining a negative net worth of ₹-34 Cr.
- Resignation of Mr. Bhairu Singh as Non-executive Independent Director effective August 8, 2026
- Board meeting to approve the resignation concluded at 04:00 P.M. on August 14, 2026
- Company reported ₹0.0 Cr revenue for the trailing twelve months (TTM)
- Net worth remains deeply negative at ₹-34 Cr with total debt of ₹73 Cr
- Company has been under NPA status since July 1, 2022, with seized bank accounts
Tijaria Polypipes continues to report zero revenue from operations for the quarter ended June 30, 2026, as its manufacturing activities remain halted. The company posted a net loss of Rs 36.11 Lacs, which has widened from a loss of Rs 26.62 Lacs in the corresponding quarter of the previous year. With total liabilities of Rs 82.12 Cr far exceeding total assets of Rs 47.97 Cr, the company remains in a state of technical insolvency. The operational standstill is primarily due to the company's NPA status and the seizure of bank accounts by lenders.
- Revenue from operations remained at Rs 0.00 for the quarter ended June 30, 2026.
- Net loss for the quarter widened to Rs 36.11 Lacs from Rs 26.62 Lacs in Q1 FY26.
- Total liabilities stood at Rs 82.12 Cr against total assets of Rs 47.97 Cr as of June 30, 2026.
- Finance costs increased significantly to Rs 14.40 Lacs from Rs 0.44 Lacs in the year-ago quarter.
- Other income of Rs 5.29 Lacs was the only source of inflow, down from Rs 6.60 Lacs in the previous quarter.
Tijaria Polypipes Limited has concluded its 20th Annual General Meeting (AGM) held on August 7, 2026, with all five proposed resolutions passed by the requisite majority. Key approvals include the adoption of FY26 audited financial statements and the appointment of M/s Pramod & Associates as statutory auditors. Despite the company reporting zero revenue for FY26 and maintaining a negative net worth of Rs -34 Cr, shareholders also approved the re-appointment of director Praveen Jain Tijaria and the induction of a new independent director. The company continues to operate under severe financial distress with a debt of Rs 73 Cr and bank accounts seized due to NPA status.
- All 5 resolutions passed with 100% of votes cast in favor, including the adoption of FY26 financial statements.
- Shareholders approved the appointment of M/s Pramod & Associates as Statutory Auditors.
- Ms. Vishakha Saini was appointed as a Non-Executive Independent Director via special resolution.
- Related Party Transactions were approved with 3,235,740 votes cast in favor by non-promoter shareholders.
- The company reported zero revenue for FY26, consistent with its operational halt since July 2022 due to NPA status.
Tijaria Polypipes held its 20th Annual General Meeting on August 7, 2026, where shareholders approved the appointment of Ms. Vishakha Saini as a Non-Executive Independent Director for a five-year term. The company also appointed M/s Pramod & Associates as Statutory Auditors for one year to fill a casual vacancy. These administrative updates come as the company remains in a severe financial crisis, reporting zero revenue for FY26 and carrying a negative net worth of Rs -34 Cr. Operations have been halted since July 2022 due to NPA status and the seizure of bank accounts by the Bank of India.
- Ms. Vishakha Saini appointed as Non-Executive Independent Director for a 5-year term effective August 7, 2026.
- M/s Pramod & Associates appointed as Statutory Auditors for a 1-year term until the 21st AGM in 2027.
- Company reported Rs 0 revenue and a net loss of Rs 1.3 Cr for FY26.
- Total debt stands at Rs 73 Cr against a negative net worth of Rs -34 Cr as per latest context.
- Operations remain suspended due to bank accounts being declared NPA since July 1, 2022.
Tijaria Polypipes held its 20th Annual General Meeting on August 7, 2026, to approve FY26 financial statements and key management changes. The company appointed M/s Pramod & Associates as statutory auditors for a one-year term to fill a casual vacancy. Additionally, Ms. Vishakha Saini was appointed as an Independent Director for five years. These administrative updates occur against a backdrop of zero operational revenue and a negative net worth of Rs -34 Cr.
- Appointment of M/s Pramod & Associates as Statutory Auditors for a 1-year term until the 2027 AGM
- Appointment of Ms. Vishakha Saini as Non-Executive Independent Director for a 5-year term starting August 7, 2026
- Company reported Rs 0.0 Cr revenue for FY26 with a net loss of Rs 1.3 Cr
- Debt remains high at Rs 73 Cr against a negative net worth of Rs -34 Cr
- Approval of Related Party Transactions as part of the special business agenda
Tijaria Polypipes has issued a corrigendum to its 20th AGM notice to include a special resolution for approving material Related Party Transactions (RPTs) for FY 2026-27. The company seeks authorization for transactions totaling approximately Rs 55.20 crore with promoter-group entities, including Tijaria Industries and Oliria Foods. This is a critical development as the company reported zero operational revenue in FY26 and has had its bank accounts seized since July 2022 due to NPA status. The proposed transactions include unsecured loans, sales, and rentals intended to facilitate operations despite a negative net worth of Rs 34 crore.
- Proposed Related Party Transactions with Tijaria Industries Limited valued at Rs 25.00 crore.
- Proposed Related Party Transactions with Oliria Foods and Beverages Limited valued at Rs 25.00 crore.
- Total estimated RPT authorization for FY 2026-27 reaches approximately Rs 55.20 crore.
- Company reported zero revenue from operations for FY 2025-26 due to ongoing NPA status.
- AGM is scheduled for August 7, 2026, to vote on these special resolutions.
Tijaria Polypipes Limited has announced the closure of its Register of Members and Share Transfer Books from July 31, 2026, to August 7, 2026. This closure is for the purpose of the company's 20th Annual General Meeting (AGM) scheduled for August 7, 2026. The record date for determining shareholder eligibility is July 31, 2026. This is a routine administrative filing, though it occurs against a backdrop of severe financial distress, including zero revenue and a negative net worth of ₹-34 Cr.
- 20th Annual General Meeting (AGM) to be held on August 7, 2026
- Book closure period set from July 31, 2026, to August 7, 2026 (8 days)
- Record date/Cut-off date for the AGM is July 31, 2026
- Company currently reports ₹0 Cr TTM revenue and ₹73 Cr debt
Tijaria Polypipes Limited has scheduled its 20th Annual General Meeting (AGM) for August 07, 2026. To facilitate this, the company will close its Register of Members and Share Transfer Books from July 31, 2026, to August 07, 2026. The record date for determining shareholder eligibility for the AGM is July 31, 2026. This is a standard regulatory filing and does not impact the company's current operational status, which remains halted due to NPA classification.
- 20th Annual General Meeting (AGM) to be held on August 07, 2026
- Book closure period set from July 31, 2026, to August 07, 2026 (8 days)
- Record date/Cut-off date for the AGM is fixed as July 31, 2026
- Company continues to report zero revenue and remains in NPA status since July 2022
Tijaria Polypipes has issued a notice for its 20th Annual General Meeting (AGM) to be held on August 7, 2026. The company continues to report zero revenue for the financial year ended March 31, 2026, as operations remain halted due to its NPA status and bank account seizures since July 2022. The net loss for FY26 narrowed to Rs 1.28 crore from Rs 5.43 crore in the previous year, but the company remains in a precarious financial position with a negative net worth of Rs -34 crore and debt of Rs 73 crore. Key agenda items include the appointment of M/s Pramod & Associates as new statutory auditors.
- Revenue from operations for FY26 stood at Rs 0, reflecting total operational shutdown.
- Net loss for FY26 reported at Rs 1.28 crore compared to a loss of Rs 5.43 crore in FY25.
- Total segment liabilities reached Rs 82.56 crore as of March 31, 2026.
- AGM scheduled for August 7, 2026, at the company's factory premises in Jaipur.
- Appointment of M/s Pramod & Associates as statutory auditors to fill the vacancy from the resignation of the previous auditor.
Tijaria Polypipes Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Pvt. Ltd. (formerly Link Intime), confirms that all dematerialization requests for the quarter ended June 30, 2026, were processed within prescribed timelines. The filing verifies that security certificates were mutilated and cancelled after due verification and the names of depositories were substituted in the register of members. This is a routine administrative filing required for all listed entities in India.
- Compliance certificate covers the quarter ended 30th June 2026
- Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Pvt. Ltd. on 01st July 2026
- Confirms that securities comprised in demat certificates are listed on the stock exchanges
- Confirms mutilation and cancellation of physical security certificates after dematerialization
Tijaria Polypipes has appointed M/s. Pramod & Associates as Statutory Auditors to fill a casual vacancy following the resignation of M/s. Amit Ramakant & Company. The board also appointed Ms. Vishakha Saini as an Independent Director for a five-year term and approved the notice for the 20th Annual General Meeting. These administrative changes occur against a backdrop of severe financial distress, with the company reporting zero revenue for the last four quarters and a negative net worth of ₹34 Cr.
- Appointment of M/s. Pramod & Associates as Statutory Auditors effective July 9, 2026, to fill a casual vacancy.
- Ms. Vishakha Saini appointed as Non-Executive Independent Director for a period of 5 years.
- Company reported ₹0 revenue and a net loss of ₹0.3 Cr for the quarter ended March 2026.
- Total debt stands at ₹73 Cr against a negative net worth of ₹34 Cr as per latest financial context.
- Board approved the notice and reports for the 20th Annual General Meeting.
Tijaria Polypipes has appointed M/s. Pramod & Associates as Statutory Auditors to fill a casual vacancy following the resignation of M/s. Amit Ramakant & Company. The board also approved the appointment of Ms. Vishakha Saini as a Non-Executive Independent Director for a five-year term, subject to shareholder approval at the 20th AGM. These administrative changes occur while the company reports zero revenue and a negative net worth of ₹-34 Cr. Operations remain halted due to the company's NPA status and seizure of bank accounts since July 2022.
- Appointment of M/s. Pramod & Associates as Statutory Auditors effective July 09, 2026, to fill a casual vacancy.
- Ms. Vishakha Saini appointed as Independent Director for a 5-year term starting from the 20th AGM.
- Company reported ₹0 revenue for the TTM period ending March 2026, reflecting a total operational shutdown.
- Total debt stands at ₹73 Cr against a negative net worth of ₹-34 Cr as per latest financial context.
- Board approved the notice and reports for the 20th Annual General Meeting (AGM).
Tijaria Polypipes Limited reported a dismal financial performance for FY26 with a total income of only ₹22.29 lakhs and a net loss of ₹1.29 crores. The company's financial health is critical, with a negative net worth of ₹33.79 crores and total outstanding defaults on bank loans amounting to ₹54.56 crores. Auditors have issued a 'Disclaimer of Opinion' due to significant uncertainties, including non-provision of interest on NPA accounts and lack of confirmation for ₹25.17 crores in receivables. The company is currently facing NCLT proceedings initiated by the Bank of India.
- Total income for FY26 was a mere ₹22.29 lakhs, resulting in a net loss of ₹1.28 crores.
- Total financial indebtedness stands at ₹54.56 crores, all of which is currently in default.
- Net worth has completely eroded to negative ₹33.79 crores as of March 31, 2026.
- Auditors issued a Disclaimer of Opinion citing lack of evidence for ₹25.17 crores in receivables and advances.
- Operations have effectively ceased with no production during the quarter and the textile division remaining closed.
Financial Performance
Revenue Growth by Segment
Revenue from operations for both the Pipe and Textile segments was INR 0.00 for the half-year ended September 30, 2025, representing a 0% growth rate as operations have effectively ceased. This follows a 98.9% decline in total operating income from INR 13.85 Cr in FY2023 to INR 0.15 Cr in FY2024.
Geographic Revenue Split
100% of the company's historical revenue and manufacturing footprint is concentrated in Jaipur, Rajasthan, India, making it entirely dependent on the domestic market and local industrial conditions.
Profitability Margins
The company reported a Net Loss of INR 66.22 Lacs for the half-year ended September 30, 2025, compared to a loss of INR 154.68 Lacs in the previous year. The PAT margin in FY2024 was a staggering -1963.9% due to the near-total absence of revenue against fixed costs.
EBITDA Margin
The Operating Profit (OPBDITA/OI) margin was -206.2% in FY2024, worsening from -30.9% in FY2023. This negative margin reflects the company's inability to cover even basic operating expenses without revenue.
Capital Expenditure
Property, Plant, and Equipment (PPE) decreased to INR 16.73 Cr as of September 30, 2025, from INR 17.11 Cr in March 2025. No new capital expenditure is planned as the company is in default; the decrease is primarily due to depreciation charges of INR 38.19 Lacs.
Credit Rating & Borrowing
The company is rated [ICRA]D (Default) as of October 2024. Total borrowings stood at INR 72.40 Cr (INR 53.46 Cr non-current and INR 18.94 Cr current) as of September 30, 2025. Interest on borrowings for HY FY26 was INR 20.06 Lacs, though the company has stopped making interest provisions on NPA accounts since July 1, 2022.
Operational Drivers
Raw Materials
The primary raw materials required for production are HDPE (High-Density Polyethylene), PVC (Polyvinyl Chloride), MDPE, and LDPE resins, which typically constitute the bulk of manufacturing costs for plastic pipes.
Import Sources
Not disclosed in available documents, though typically sourced from domestic petrochemical majors or imported from the Middle East.
Capacity Expansion
Current monthly installed capacity is 13,000 MT for HDPE pipes, 6,500 MT for PVC pipes, 1,000 tonnes for yarn, and 3,000 MT for blankets. No expansion is planned given the current NPA status and zero utilization.
Raw Material Costs
Raw material costs are currently negligible as production has halted. In FY2024, the company was unable to procure materials due to seized bank accounts.
Manufacturing Efficiency
Capacity utilization is effectively 0% as of September 30, 2025, as the company reported zero revenue from operations.
Logistics & Distribution
Distribution costs are currently 0% of revenue as no products are being shipped to customers.
Strategic Growth
Expected Growth Rate
0%
Growth Strategy
The company has no viable growth strategy in its current state. Management mentions 'cost cutting and capacity rationalization' in the MDA, but the primary focus is on addressing the NPA status and the seizure of bank accounts by Bank of India.
Products & Services
High-grade HDPE pipes, PVC pipes, MDPE pipes, LDPE plastic pipes, sprinkler systems, and mink blankets.
Brand Portfolio
Tijaria, Vikas.
New Products/Services
No new product launches are planned; the company is currently unable to sustain existing product lines.
Market Expansion
Market expansion is currently impossible due to the lack of working capital and default status.
Market Share & Ranking
Not disclosed; however, the company claims a leadership position for its 'Vikas' and 'Tijaria' brands in the HDPE/PVC pipe industry despite current operational halts.
Strategic Alliances
None disclosed.
External Factors
Industry Trends
The pipe and textile industries are expected to grow due to government initiatives like GST and 'ease of doing business,' but Tijaria is currently unable to capitalize on these trends due to its NPA status.
Competitive Landscape
Key competitors include other domestic HDPE/PVC pipe manufacturers and overseas suppliers, though the company is currently not competing due to zero production.
Competitive Moat
The company's moat consists of its established brand names 'Tijaria' and 'Vikas' and its national award-winner status. However, this moat is rapidly eroding as the company remains out of the market.
Macro Economic Sensitivity
The company is highly sensitive to interest rates and credit availability. The 100% lack of access to credit has resulted in a total operational shutdown.
Consumer Behavior
Demand in the irrigation and infrastructure sectors remains a driver for the industry, but the company cannot fulfill this demand.
Geopolitical Risks
The company notes that competition from overseas suppliers may affect growth prospects, though domestic operational issues are currently the primary threat.
Regulatory & Governance
Industry Regulations
The company is in violation of Section 269SS of the Income Tax Act, 1961, as directors have been making payments and receipts from their personal bank accounts because the company's accounts are seized.
Taxation Policy Impact
The company is dealing with complex deferred tax asset valuations resulting from net operating losses. It is also facing scrutiny for potential violations of Section 269SS of the Income Tax Act.
Legal Contingencies
The company's bank accounts were declared NPA on July 1, 2022. Bank of India has been recovering dues by selling forfeited shares, including 71,69,116 shares in FY2023-24 for INR 4.65 Cr and 14,17,858 shares in FY2022-23 for INR 0.76 Cr.
Risk Analysis
Key Uncertainties
The primary uncertainty is the company's ability to continue as a 'Going Concern.' The auditors have highlighted material uncertainty regarding this due to the NPA status and seized accounts.
Geographic Concentration Risk
100% of manufacturing is located in Jaipur, Rajasthan, creating high regional risk.
Third Party Dependencies
The company is 100% dependent on its lenders (primarily Bank of India) for any potential restart of operations.
Technology Obsolescence Risk
There is a high risk of technology and machinery obsolescence as the plant remains idle and R&D spend is zero.
Credit & Counterparty Risk
The company has outstanding receivables and advances to suppliers totaling INR 3.33 Lacs, which may be difficult to recover given the operational halt.
