Shree Tirupati Balajee FIBC Limited (TIRUPATI)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Shree Tirupati's revenue was ₹107 Cr (+2.9% year on year, +13.8% on the previous half-year), and net profit ₹1.0 Cr (-85.7% year on year); the operating margin was 6.5%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹107 | +2.9% | +13.8% |
| Operating profit | ₹7.0 | -74.3% | +16.7% |
| Net profit | ₹1.0 | -85.7% | -50.0% |
| EPS (₹) | 1.05 | -85.4% | -43.2% |
| Operating margin | 6.5% | — | — |
📢 Recent Corporate Announcements
Shree Tirupati Balajee FIBC Limited announced the voting results of its 17th Annual General Meeting held on September 25, 2026. All 9 resolutions, which included the adoption of FY26 financial statements, reappointment of CMD Binod Kumar Agarwal, and approvals for related party transactions, were passed. Resolutions 7, 8, and 9 regarding related party transactions received 99.83% approval from public non-institutional votes polled, with interested promoter votes excluded.
- All 9 resolutions passed at the 17th AGM held on September 25, 2026
- Overall turnout for general resolutions stood at 83.87% of outstanding shares (8,496,165 votes polled)
- Related party transaction approvals (Resolutions 7, 8, and 9) passed with 99.83% of polled non-promoter votes in favor
- Re-appointment of Chairman & Managing Director Binod Kumar Agarwal approved
Shree Tirupati Balajee FIBC Limited has scheduled its 17th Annual General Meeting (AGM) for Friday, September 25, 2026, at 11:30 AM via Video Conferencing. The cut-off date to determine shareholder eligibility for remote e-voting has been fixed as Friday, September 18, 2026. The remote e-voting facility will be hosted through Central Depository Services (India) Limited (CDSL).
- 17th Annual General Meeting scheduled for Friday, September 25, 2026, at 11:30 AM IST
- Cut-off date for remote e-voting entitlement set as Friday, September 18, 2026
- Remote e-voting platform provided by CDSL
Shree Tirupati Balajee FIBC Limited has issued the notice for its 17th Annual General Meeting (AGM) scheduled for September 25, 2026. Key agenda items include the re-appointment of Managing Director Binod Kumar Agarwal for a 5-year term from July 2027 at Nil salary, and the extension of Independent Director Yash Khemchandani for a second 5-year term from June 2027. Additionally, shareholder approval is sought for material related party transactions for FY27 with parent entity Shree Tirupati Balajee Agro Trading Company Limited and Jagannath Plastics Private Limited.
- 17th AGM scheduled to be held on September 25, 2026 at 11:30 A.M. via Video Conferencing
- Re-appointment of Managing Director Binod Kumar Agarwal for 5 years (July 17, 2027 to July 16, 2032) at Nil salary
- Re-appointment of Independent Director Yash Khemchandani for a second 5-year term from June 10, 2027 to June 09, 2032
- Approval sought for material Related Party Transactions for FY 2026-27 with Shree Tirupati Balajee Agro Trading Co. Ltd. and Jagannath Plastics Pvt. Ltd.
Shree Tirupati Balajee FIBC Limited has approved the re-appointment of Mr. Yash Khemchandani as a Non-Executive Independent Director for a second term of 5 years. This term will commence on June 10, 2027, and run through June 9, 2032, following the completion of his initial five-year tenure. The re-appointment is subject to shareholder approval at the upcoming Annual General Meeting. Mr. Khemchandani is a qualified Company Secretary with expertise in SEBI regulations and corporate law, contributing to the board's governance oversight.
- Re-appointment for a second term of 5 consecutive years approved by the Board.
- New term effective from June 10, 2027, up to June 9, 2032.
- Mr. Khemchandani's first term spans from June 10, 2022, to June 9, 2027.
- The director is a qualified Company Secretary and member of ICSI.
- Approval was granted in the Board Meeting held on August 4, 2026.
The Board of Shree Tirupati Balajee FIBC has approved the re-appointment of Mr. Yash Khemchandani as a Non-Executive Independent Director for a second 5-year term. This term will run from June 10, 2027, to June 9, 2032, following his initial term which started in 2022. The decision is subject to shareholder approval at the next Annual General Meeting. Mr. Khemchandani provides legal and governance expertise as a qualified Company Secretary.
- Second term of 5 consecutive years approved by the Board
- Effective date of re-appointment is June 10, 2027
- Director's expertise includes Company Law and SEBI Regulations
- Subject to shareholder approval at the ensuing Annual General Meeting
Shree Tirupati Balajee FIBC Limited has scheduled its 17th Annual General Meeting (AGM) for September 25, 2026. The company has fixed September 18, 2026, as the record date to determine shareholder eligibility for the meeting. The register of members and share transfer books will remain closed for 8 days, from September 18 to September 25, 2026. This is a standard administrative filing required under SEBI (LODR) Regulations.
- 17th Annual General Meeting (AGM) scheduled for September 25, 2026, at 11:30 A.M.
- Record date for determining member eligibility is fixed as September 18, 2026.
- Book closure period will run from September 18, 2026, to September 25, 2026 (both days inclusive).
- The meeting will be conducted via Video Conferencing (VC) or Other Audio Visual Means (OAVM).
Shree Tirupati Balajee FIBC Limited has scheduled its 17th Annual General Meeting (AGM) for September 25, 2026. The Board has approved the re-appointment of Mr. Binod Kumar Agarwal as Managing Director for a five-year term effective July 17, 2027. Additionally, Mr. Yash Khemchandani has been proposed for a second five-year term as an Independent Director starting June 10, 2027. The company has fixed September 18, 2026, as the cut-off date for determining shareholder eligibility for e-voting.
- 17th Annual General Meeting scheduled for September 25, 2026, at 11:30 A.M.
- Re-appointment of Managing Director Binod Kumar Agarwal for a 5-year term (2027-2032)
- Book closure period set from September 18, 2026, to September 25, 2026
- E-voting period to run from September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM)
- Re-appointment of Independent Director Yash Khemchandani for a second 5-year term
Financial Performance
Revenue Growth by Segment
Standalone revenue grew 29.29% YoY to INR 208.30 Cr in FY25, primarily driven by the HDPE/PP Woven Sacks Fabric segment. Consolidated revenue for the parent group grew 13.8% to INR 541.49 Cr in FY24.
Geographic Revenue Split
The company is export-oriented, targeting developed markets including Europe, North America, and Australia. Specific regional percentage splits are not disclosed in available documents.
Profitability Margins
Standalone Net Profit Margin declined from 8.62% in FY24 to 6.77% in FY25. Consolidated PAT margin for the parent group improved from 4.33% in FY23 to 6.53% in FY24.
EBITDA Margin
Standalone EBITDA margin was 11.84% in FY25, a decrease from 14.24% in FY24. Consolidated group EBITDA margin was 11.77% in FY24, up from 10.17% in FY23.
Capital Expenditure
Historical and planned CAPEX figures in INR Cr are not explicitly disclosed, though the company is actively investing in semi-automation and process technology to maintain competitiveness.
Credit Rating & Borrowing
Credit rating revised to IVR A-; Negative in November 2025 (from Stable) due to parent margin moderation. Standalone interest coverage ratio was 3.09x in FY25, down from 3.84x in FY24.
Operational Drivers
Raw Materials
Key raw materials include Polypropylene (PP) granules and HDPE. PP granules are the primary cost driver for FIBC bag manufacturing.
Capacity Expansion
The group has a combined manufacturing capacity of 52,152 MTPA of FIBC bags. One specific unit has an installed capacity of 12,000 MTPA.
Raw Material Costs
Raw material costs are susceptible to price fluctuations of Polypropylene. The company uses bulk buying strategies to mitigate price volatility, leading to high inventory levels.
Manufacturing Efficiency
Efficiency is driven by semi-automation and stringent quality control protocols to meet international standards like BRCGS.
Strategic Growth
Growth Strategy
Growth is targeted through the IPO of the parent company (STBATCL) to strengthen the financial profile, investing in semi-automation to improve margins, and expanding market reach in Europe and North America using global certifications (BRCGS, SEDEX).
Products & Services
FIBC (Flexible Intermediate Bulk Container) bags and HDPE/PP Woven Sacks Fabric.
Brand Portfolio
Shree Tirupati Balajee.
New Products/Services
Diverse range of high-quality, certified bulk packaging solutions tailored for agriculture, chemicals, food, and pharmaceuticals.
Market Expansion
Strategic focus on expanding presence in developed markets including Europe, North America, and Australia.
External Factors
Industry Trends
The global FIBC industry is growing, driven by demand for bulk packaging in food and pharma, but remains highly competitive with a shift toward stringent safety certifications.
Competitive Landscape
Highly competitive market with numerous players, leading to persistent pressure on pricing and operating margins.
Competitive Moat
Moat is built on a 20+ year operational track record and robust certifications (ISO, BRCGS, SEDEX), which act as entry barriers for high-margin developed markets.
Macro Economic Sensitivity
Sensitive to global trade dynamics and volatility in petroleum-linked raw material prices.
Consumer Behavior
Shift toward specialized, certified, and sustainable bulk packaging solutions in the chemical and pharmaceutical sectors.
Geopolitical Risks
Exposed to global trade barriers and changes in jurisdictional regulations in export markets.
Regulatory & Governance
Industry Regulations
Operations are governed by BRCGS (British Retail Consortium Global Standard), SEDEX, and ISO 22000:2018 food safety and manufacturing standards.
Environmental Compliance
Compliant with ISO and BRCGS standards; specific ESG costs are not disclosed.
Taxation Policy Impact
Effective standalone tax rate of approximately 18.3% based on FY25 current tax of INR 3.43 Cr on PBT of INR 18.72 Cr.
Legal Contingencies
No proceedings are pending against the company under the Benami Transactions (Prohibition) Act. Other specific legal case values are not disclosed.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (PP/HDPE) and foreign exchange fluctuations are the primary business uncertainties.
Geographic Concentration Risk
Manufacturing units are geographically concentrated in Pithampur (Dhar) and Indore, Madhya Pradesh.
Technology Obsolescence Risk
Risk of falling behind in automation; currently mitigated by ongoing investments in semi-automated processes.
Credit & Counterparty Risk
Debtors turnover ratio was 5.22x in FY25, reflecting a moderate credit risk profile for receivables.
