Re-constitution of Various Committee.
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Shilp Gravures reported Q2 FY26 standalone revenue from operations of Rs. 2,324.67 lakhs, up 7.7% year-on-year, but profit after tax fell 34% to Rs. 192.23 lakhs versus Rs. 291.92 lakhs in Q2 FY25. H1 FY26 PAT declined 13.5% to Rs. 583.18 lakhs on a standalone basis. Consolidated results followed a similar trend with H1 PAT of Rs. 547.04 lakhs. The company's cash position dropped sharply from Rs. 431 lakhs to Rs. 57.79 lakhs as operating cash flow turned negative at Rs. 95 lakhs in H1. The board also reconstituted the Audit Committee and Stakeholders Relationship Committee, now composed entirely of independent directors including Mr. Jayantilal Jhalavadia (Chairman), Mr. Shailesh Patel, Mr. Shailesh Shah, and Ms. Jinal Rupani. Auditor Shah & Shah Associates issued an unmodified review report.
Mixed signals for shareholders—top-line growth is healthy, but margins and profits are under pressure, and cash levels have weakened significantly. The all-independent committee composition is a positive governance signal that may support investor confidence.