CEO transition: Jayesh Ashar resigns; Mangesh Sarfare appointed for two years

CEO resignedKey managerial personnel resignedDirector resignedManagement Changes View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

+3.3%Reaction day

₹66.03

prior close

₹68.01

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used+1.1%+2.2% vs market

Packaging peers, median of 64sector+1.2%+2.1% vs sector

On the reaction day the stock moved 2.2 pts more than Nifty Microcap 250 and 2.1 pts more than its Packaging peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+1.7

10m

+1.7

15m

+1.7

30m

+2.2

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+3.3+1.1+2.2+1.2+2.1

Next day

+1.8pendingpending-0.4+2.2

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15d

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UpDownMarket · Nifty Microcap 250Sector · Packaging peers, median of 64Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Jayesh Ashar resigned as CEO effective November 30, 2026, citing family commitments. Mangesh Sarfare, previously a non-executive director, was appointed CEO and KMP for two years from December 1, 2026, and left the board. Q2 FY27 consolidated revenue was Rs 149.50 crore and profit after tax Rs 8.38 crore. The new Bhuj plant, with capacity of 150,000 IBCs a year, is expected to add about Rs 100 crore of annual revenue.

Likely market impact

Planned handover to an existing board member supports continuity. Higher quarterly profit and the new Bhuj plant add growth prospects.