Considered and approved Unaudited Quarterly results for the quarter ended as on 30th September, 2025 and Approved the Resignation tendered by independent Director Mr Gheverchand Boathara ....
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Apt Packaging Ltd reported a strong Q2 FY26 with total income at Rs. 588.54 lakhs, more than doubling from Rs. 290.02 lakhs in Q2 FY25. Net profit jumped to Rs. 45.43 lakhs from Rs. 5.50 lakhs YoY, with EPS of Rs. 0.37. For H1 FY26, total income rose to Rs. 1,064.63 lakhs (vs Rs. 593.60 lakhs last year) and net profit stood at Rs. 46.42 lakhs (vs Rs. 21.90 lakhs). The board approved the resignations of two Independent Directors - Mr. Gheverchand Bothara (effective 1 October 2025) and Mrs. Rupali Bothara (effective 21 September 2025), both on completing two consecutive five-year terms. The auditor issued a qualified review citing pending GST liability of Rs. 20.70 lakhs under appeal, unprovided doubtful debts of Rs. 11.45 lakhs, manual inventory valuation method, and non-provisioning of interest on unsecured loans. No loan defaults were disclosed. Promoter group entities (Race Course Capital, Machhar Packaging Services, Machhar Industries) had inter-corporate deposit movements during the period.
Strong revenue and profit growth signals improving operational momentum, but the qualified auditor report flags lingering compliance and accounting hygiene concerns that investors should track. The simultaneous exit of two Independent Directors could impact board composition and independence going forward, though reasons cited are routine tenure completion rather than governance disputes.