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RESPONIND - Responsive Ind

📊 NSE: RESPONIND 🏢 Plastics Products 📅 Last Updated: 12/14/2025 11:50

📢 Recent Corporate Announcements

Responsive Industries to Appoint Ms. Jeny Gowadia as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 10 Mar 2026, 05:19 PM

Responsive Industries Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Ms. Jeny Vinod Kumar Gowadia as a Non-Executive Independent Director. The proposed appointment is for a five-year term effective from February 04, 2026, to February 03, 2031. Shareholders eligible as of the cut-off date of March 06, 2026, can participate in the remote e-voting process. The voting period is set to run from March 13, 2026, through April 11, 2026, with final results expected by April 14, 2026.

Proposed appointment of Ms. Jeny Vinod Kumar Gowadia as Non-Executive Independent Director for 5 consecutive years.
The term of office is specified from February 04, 2026, to February 03, 2031.
Remote e-voting period begins March 13, 2026 (09:00 AM) and ends April 11, 2026 (05:00 PM).
The cut-off date for determining shareholder voting eligibility is Friday, March 06, 2026.
Voting results will be declared on or before April 14, 2026, and communicated to BSE and NSE.

💡 Investors should monitor the board composition changes for corporate governance standards and ensure they participate in the e-voting process if they hold shares as of the cut-off date.

Responsive Industries Promoter Group Pledges 26.5 Lakh Shares for Personal Borrowing

🔵 WATCH ⭐ 6/10

REGULATORY 📅 09 Mar 2026, 11:41 AM

Fairpoint Tradecom LLP, a promoter group entity of Responsive Industries, has disclosed a revised pledge of shares totaling 26.5 lakh shares. The pledges were created on March 5, 2026, in favor of Virtue Financial Services Limited and Imperial Solutions Private Limited. The stated reason for these encumbrances is personal borrowing by the promoter entity. Following these transactions, the total encumbered shares for this promoter entity have increased to 64,49,971 shares, representing 2.42% of the company's total share capital.

Fairpoint Tradecom LLP pledged 3,00,000 shares to Virtue Financial Services Limited on March 5, 2026.
A further 23,50,000 shares were pledged to Imperial Solutions Private Limited on the same date.
Total promoter group encumbrance for this entity now stands at 64,49,971 shares (2.42% of total capital).
The purpose of the share pledge is cited as personal borrowing by the promoter group.
The disclosure was a revised filing to correct a previous typo in the March 7, 2026, report.

💡 Investors should monitor the total promoter pledge levels, as high pledging can create volatility if lenders sell shares during market downturns. Currently, the 2.42% pledge level is relatively low and not an immediate cause for alarm.

Responsive Industries Promoter Pledges 26.5 Lakh Shares for Personal Borrowing

🔵 WATCH ⭐ 6/10

OTHER 📅 07 Mar 2026, 02:29 PM

Fairpoint Tradecom LLP, a promoter group entity of Responsive Industries, has pledged 26.5 lakh equity shares, representing 0.99% of the total share capital. The pledge was created in favor of Virtue Financial Services and Imperial Solutions Private Limited for personal borrowing purposes. This transaction increases the total encumbered shares of the promoter group to 64.49 lakh shares, which is 26.16% of their total holding and 2.42% of the company's total equity. The value of the shares at the time of the agreement was approximately Rs. 45.21 crore.

Fairpoint Tradecom LLP pledged 26,50,000 shares (0.99% of total equity) on March 5, 2026.
Pledge created in favor of Virtue Financial Services (3 lakh shares) and Imperial Solutions (23.5 lakh shares).
Total promoter group encumbrance increased to 64,49,971 shares (2.42% of total company capital).
The purpose of the pledge is cited as personal borrowing by the promoters and PACs.
The value of the pledged shares on the date of the agreement was Rs. 45.21 crore.

💡 Investors should monitor the trend of promoter pledging; while the current 2.42% of total capital is low, a high percentage of promoter-specific holding (26.16%) being pledged warrants a cautious watch on stock volatility.

Responsive Industries Q3 PAT Drops 52% to ₹22.5 Cr Amid US Tariff Pressures

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 07:31 PM

Responsive Industries reported a challenging Q3 FY26 with revenue declining 15% YoY to ₹311.3 crore and Net Profit plunging 52% to ₹22.5 crore. The sharp decline in profitability was primarily driven by higher import tariffs in the US market, which compressed EBITDA margins from 19.7% to 15.4%. For the nine-month period, the company maintained a relatively stable PAT margin of 13.03% despite a 7% dip in revenue. Management expects a recovery in the coming quarters as tariff rationalization restores competitiveness in export markets.

Q3 FY26 Revenue fell 15% YoY to ₹311.3 crore compared to ₹367.8 crore in Q3 FY25
Net Profit for the quarter saw a sharp decline of 52% YoY, landing at ₹22.5 crore
EBITDA margins contracted significantly to 15.4% from 19.7% in the previous year's quarter
9M FY26 performance remained more resilient with a Net Profit of ₹125.6 crore and a 13.03% PAT margin
Management attributes the dip to temporary US tariff-led margin pressure and expects normalization ahead

💡 Investors should monitor the recovery in export margins and order inflows in Q4 to verify if the tariff impact is indeed transitory as claimed by management. The stock may face short-term pressure due to the significant earnings miss.

Responsive Industries Q3 FY26 Consolidated Net Profit Drops 52% YoY to ₹22.48 Crore

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 06:55 PM

Responsive Industries Limited reported a weak performance for the quarter ended December 31, 2025. Consolidated revenue from operations declined by 15.4% YoY to ₹311.32 crore, while net profit saw a sharp contraction of 52.1% YoY, falling to ₹22.48 crore from ₹46.95 crore. On a sequential basis, while revenue remained relatively stable, net profit plummeted by over 57% from ₹53.26 crore in Q2 FY26, indicating significant margin pressure during the quarter.

Consolidated Revenue from Operations fell 15.4% YoY to ₹31,131.75 lakhs from ₹36,782.30 lakhs.
Consolidated Net Profit after tax declined 52.1% YoY to ₹2,247.87 lakhs.
Earnings Per Share (EPS) for the quarter dropped to ₹0.84 from ₹1.76 in the corresponding quarter last year.
Nine-month consolidated revenue stands at ₹96,377.83 lakhs, down from ₹1,03,725.14 lakhs in the previous year.
Total Expenses for the quarter stood at ₹28,868.41 lakhs, with a notable exceptional item of ₹54.13 lakhs related to new Labour Codes.

💡 Investors should exercise caution as the sharp decline in profitability both YoY and QoQ suggests rising operational costs or pricing pressure. It is advisable to wait for management commentary regarding the recovery of margins in the flooring and synthetic leather segments before making new entries.

Responsive Industries Q3 FY26 Consolidated Net Profit Drops 52% YoY to ₹22.48 Crore

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 06:49 PM

Responsive Industries reported a weak performance for the quarter ended December 31, 2025, with consolidated revenue declining 15.4% YoY to ₹311.32 crore. Net profit for the quarter saw a sharp decline of 52.1% YoY, falling to ₹22.48 crore from ₹46.95 crore in the same period last year. On a sequential basis, profits more than halved from ₹53.26 crore in Q2 FY26, despite relatively stable revenue. The company also recorded a small exceptional charge of ₹54.13 lakhs related to the statutory impact of new Labour Codes.

Consolidated Revenue from Operations fell to ₹31,131.75 lakhs in Q3 FY26 from ₹36,782.30 lakhs in Q3 FY25.
Consolidated Net Profit after tax declined sharply to ₹2,247.87 lakhs compared to ₹4,695.27 lakhs YoY.
Earnings Per Share (EPS) for the quarter dropped to ₹0.84 from ₹1.76 in the previous year's corresponding quarter.
Foreign subsidiaries in Hong Kong and USA contributed ₹17,914.20 lakhs to total income and ₹1,922.60 lakhs to net profit for the quarter.
Nine-month consolidated net profit stands at ₹12,560.41 lakhs, down from ₹14,461.28 lakhs in the previous year.

💡 The significant decline in profitability both on a year-on-year and sequential basis is a major concern and may lead to downward pressure on the stock price. Investors should closely examine the margin contraction and the performance of international subsidiaries before making further commitments.

Infomerics Reaffirms 'IVR A/Stable' Rating for Responsive Industries' Rs 430.27 Cr Facilities

🟡 NEUTRAL ⭐ 6/10

ROUTINE 📅 06 Feb 2026, 12:31 PM

Infomerics has reaffirmed the credit ratings for Responsive Industries Limited at 'IVR A/Stable' for long-term and 'IVR A1' for short-term bank facilities totaling Rs 430.27 crore. The company reported a robust 30% growth in operating income to Rs 1,417.91 crore in FY25, with PAT rising to Rs 198.86 crore. The financial risk profile remains strong with a very low gearing of 0.19x and improved interest coverage of 12.31x. However, the operating cycle remains elongated at 157 days, primarily due to high receivable days of 147.

Total Operating Income grew ~30% YoY to Rs 1,417.91 crore in FY25, driven by strong export performance.
PAT increased to Rs 198.86 crore in FY25 from Rs 161.27 crore in FY24, despite a slight moderation in margins to 13.94%.
Overall gearing remains stable and comfortable at 0.19x as of March 31, 2025.
Interest coverage ratio improved to 12.31x in FY25 from 10.60x in FY24.
Operating cycle improved to 157 days in FY25 from 174 days in FY24, though receivables remain high at 147 days.

💡 The reaffirmation of a stable rating confirms the company's solid financial health and low leverage. Investors should continue to monitor the company's ability to improve its working capital cycle and manage high receivable days.

Responsive Industries Board Meeting on Feb 13, 2026, to Approve Q3 FY26 Results

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 05 Feb 2026, 03:52 PM

Responsive Industries Limited has scheduled a board meeting for February 13, 2026, to consider and approve the unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. This is a routine regulatory filing in compliance with SEBI Listing Obligations. The company also clarified that the trading window for insiders, which has been closed since January 1, 2026, will reopen on February 16, 2026. Investors should look for the actual earnings release on the meeting date to assess the company's financial health.

Board meeting scheduled for February 13, 2026, to review Q3 and nine-month results.
Financials to be considered for the period ending December 31, 2025.
Trading window for designated persons remains closed from January 1, 2026, to February 15, 2026.
Trading window is set to reopen on Monday, February 16, 2026.

💡 No immediate action is required as this is a routine announcement; investors should monitor the results on February 13 for performance trends.

Responsive Industries Reconstitutes Five Key Board Committees Effective Feb 4, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 04 Feb 2026, 07:16 PM

Responsive Industries Limited has announced a comprehensive reconstitution of its primary board committees as of February 4, 2026. The reorganization affects five key areas: Audit, Nomination and Remuneration, Stakeholders Relationship, Risk Management, and Corporate Social Responsibility. Independent Director Mr. Sanjiv Virendra Swarup will now chair the Audit and Nomination committees, while Mr. Rishabh Agarwal will lead the remaining three. This move is a standard governance procedure to align committee compositions with regulatory requirements and internal oversight needs.

Reconstitution of 5 major board committees including Audit and Risk Management.
Mr. Sanjiv Virendra Swarup appointed as Chairperson of the Audit and NRC committees.
Mr. Rishabh Agarwal to chair Stakeholders Relationship, Risk Management, and CSR committees.
CEO Mehul Vala and CS Mohini Sharma included in the Risk Management Committee for operational oversight.

💡 This is a routine corporate governance update and does not impact the company's financial performance or business strategy. No immediate action is required from investors.

Responsive Industries Appoints Ms. Jeny Gowadia as Independent Director for 5 Years

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 04 Feb 2026, 07:09 PM

Responsive Industries Limited has appointed Ms. Jeny Vinod Kumar Gowadia as an Additional Non-Executive Independent Director effective February 04, 2026. Ms. Gowadia is a practicing Company Secretary with over 11 years of experience in corporate law, governance, and regulatory compliance. The appointment is for a fixed term of five years, subject to shareholder approval, and is intended to strengthen the board's oversight capabilities. She is not related to any existing directors and meets all independence criteria under SEBI regulations.

Appointment of Ms. Jeny Vinod Kumar Gowadia as Additional Non-Executive Independent Director effective Feb 04, 2026.
The appointment is for a tenure of 5 years, pending shareholder approval.
The appointee brings over 11 years of professional experience in secretarial practice and corporate law.
Ms. Gowadia is not related to any other directors on the company's board.
The board meeting for this decision concluded at 06:40 P.M. on February 04, 2026.

💡 This is a routine governance-related update and requires no immediate action from investors. The addition of a compliance expert to the board is a positive step for long-term regulatory adherence.

Responsive Industries Reports Demise of Independent Director Ms. Mita Jha

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 13 Jan 2026, 06:07 PM

Responsive Industries Limited has announced the passing of Ms. Mita Jha, who served as a Non-Executive Independent Director. The demise occurred on December 21, 2025, though the company received official intimation from her family on January 13, 2026. This disclosure is a mandatory filing under Regulation 30 of the SEBI (LODR) Regulations, 2015. The company acknowledged her significant contributions during her tenure as a board member.

Ms. Mita Jha (DIN: 07258314) passed away on December 21, 2025.
The company was officially notified of the demise on January 13, 2026.
The filing was made in compliance with SEBI Master Circular dated November 11, 2024.
The vacancy on the board will likely be filled in accordance with SEBI and Companies Act timelines.

💡 This is a routine regulatory update regarding board composition and does not affect the company's operational or financial performance. No immediate action is required from investors.

Responsive Industries CFO Bhavneet Singh Chadha Resigns Effective Jan 12, 2026

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 13 Jan 2026, 03:58 PM

Responsive Industries Limited has announced the resignation of Mr. Bhavneet Singh Chadha from the position of Chief Financial Officer (CFO) and Key Managerial Personnel (KMP). The resignation was effective as of the close of business hours on January 12, 2026, with the executive citing personal reasons for his departure. The company has formally stated that there are no other material reasons for the resignation and is currently in the process of identifying a suitable successor. Investors will be watching for the appointment of a new finance head to ensure continuity in the company's financial management.

Mr. Bhavneet Singh Chadha resigned as CFO and KMP effective January 12, 2026.
The resignation is attributed to personal reasons with no other material factors reported.
The company is actively seeking a replacement for the CFO position.
The disclosure was made in compliance with Regulation 30 of SEBI LODR Regulations.

💡 Investors should monitor the company's next steps regarding the appointment of a new CFO to ensure a smooth leadership transition. While the resignation is for personal reasons, the quality and experience of the successor will be key to maintaining financial stability.

Responsive Industries Files Routine SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 12:31 PM

Responsive Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, covers the quarter ended December 31, 2025. The filing confirms that the company has adhered to the necessary procedures for the dematerialization of securities. Notably, the RTA reported that no dematerialization requests were received from shareholders during this specific quarter.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar and Share Transfer Agent (RTA) confirmed zero dematerialization requests were received during the period.
Verification and cancellation of security certificates were confirmed as per SEBI timelines where applicable.
The filing ensures the maintenance of an updated and accurate register of members.

💡 This is a standard regulatory filing with no impact on the company's fundamentals. No action is required from investors based on this announcement.

Responsive Industries Shareholders Approve Ajay Shanghavi as Independent Director with 99.99% Votes

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Jan 2026, 03:13 PM

Shareholders of Responsive Industries Limited have officially approved the appointment of Mr. Ajay Pratapray Shanghavi as a Non-Executive Independent Director for a five-year term ending November 2030. The resolution was passed via a postal ballot process that concluded on January 4, 2026, with an overwhelming majority of 99.99% of valid votes cast in favor. A total of 16.32 crore votes were polled, representing approximately 61.21% of the company's total equity share capital. This move ensures board stability and compliance with corporate governance regulations.

Appointment of Mr. Ajay Pratapray Shanghavi as Independent Director for a 5-year term effective until November 10, 2030.
The resolution received 16,31,95,304 votes in favor (99.9999%) and only 192 votes against.
Total voter turnout stood at 61.21% of the 26.66 crore total equity shares.
Promoter group participation was significant, with 97.70% of their 15.76 crore shares polled.
Public institutional participation was relatively low at 9.22% of their total holdings.

💡 This is a routine management update confirming the appointment of an independent director. No immediate action is required as this does not fundamentally change the company's financial outlook.

Responsive Industries Appoints Ajay Pratapray Shanghavi as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Jan 2026, 05:31 PM

Responsive Industries Limited has successfully passed a special resolution via postal ballot to appoint Mr. Ajay Pratapray Shanghavi as an Independent Director. The appointment is for a five-year tenure starting from November 11, 2025, and concluding on November 10, 2030. The voting process for shareholders was conducted between December 05, 2025, and January 04, 2026. This appointment aims to strengthen the company's corporate governance and board oversight in compliance with SEBI regulations.

Appointment of Mr. Ajay Pratapray Shanghavi as an Independent Director for a 5-year term.
The tenure is effective from November 11, 2025, to November 10, 2030.
Special Resolution passed with requisite majority via postal ballot concluding on January 04, 2026.
The director is appointed as a Non-Executive Independent Director and is not liable to retire by rotation.

💡 Investors should view this as a routine governance update that ensures board compliance and independent oversight. No immediate portfolio action is required based on this announcement.

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💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations decreased by 15.15% YoY, falling from INR 654.95 Cr in FY24 to INR 555.74 Cr in FY25. Local sales grew by 15.09% to INR 309.06 Cr, while Export sales saw a significant decline of 36.16% to INR 246.68 Cr.

Geographic Revenue Split

Domestic (India) revenue contribution increased to 55.6% (INR 309.06 Cr) in FY25 from 41% in FY24. Export revenue contribution decreased to 44.4% (INR 246.68 Cr) in FY25 from 59% in FY24, primarily due to global demand shifts and logistics costs.

Profitability Margins

Operating Profit Margin for FY25 stood at 16.48%, a decrease of 8.12% from 17.94% in FY24. Net Profit Margin was 14.02% in FY25 compared to 14.84% in FY24. Return on Net Worth improved slightly to 14.78% in FY25 from 14.18% in FY24.

EBITDA Margin

Consolidated EBITDA margin showed a massive improvement YoY, rising from 11.30% in FY23 to 22.34% in FY24. This was driven by a shift toward high-value products like SPC and LVP, which command higher margins.

Capital Expenditure

The company moved towards positive Free Cash Flow of INR 35 Cr in FY24, compared to zero in FY23, after accounting for acquisition of fixed assets and capital work-in-progress. Historical net worth grew from INR 972 Cr in FY23 to INR 1,137 Cr in FY24.

Credit Rating & Borrowing

The company holds a credit rating of IVR A- (Stable) for long-term facilities and IVR A2+ for short-term facilities. Interest coverage ratio was 9.76x in FY25, slightly down from 10.1x in FY24, indicating strong debt-servicing capability despite a 3.43% performance decline.

⚙️ Operational Drivers

Raw Materials

The primary raw material is PVC (Poly Vinyl Chloride) resin. Other critical inputs include additives for SPC (Stone Plastic Composite) and LVP (Luxury Vinyl Plank) production, as well as materials for the shipping ropes division (Axiom Cordages).

Import Sources

Not explicitly detailed by country in the documents, though the company monitors global commodity prices and maintains a risk mitigation plan for price volatility in international markets.

Capacity Expansion

The company operates a 52-acre state-of-the-art factory in Boisar, Palghar, with 15 manufacturing lines. Current capacity utilization is approximately 50%, with plans to improve utilization levels in the coming years to enhance return ratios.

Raw Material Costs

Raw material and freight costs were cited as the primary reasons for EBITDA margin volatility, causing a drop from 16.87% in FY21 to 10.16% in FY22. The company manages this by establishing clear pricing terms with suppliers and tracking market price changes.

Manufacturing Efficiency

Manufacturing efficiency is being targeted through a shift toward high-value-added products (SPC/LVP) and increasing the utilization of the existing 15 production lines from the current 50% level.

Logistics & Distribution

The company is establishing a robust B2C distribution network in India to increase domestic market penetration. Export logistics are managed through strategic marketing networks globally.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth will be achieved by capturing 3% of the USD 7.2 Bn USA market for LVP and SPC by FY27, representing a USD 220 Mn opportunity. The strategy involves prioritizing high-margin products, expanding export efforts in the USA, and leveraging the 'China Plus 1' global sourcing shift.

Products & Services

The company sells PVC flooring, Stone Plastic Composite (SPC) flooring, Luxury Vinyl Plank (LVP) flooring, and synthetic shipping ropes.

Brand Portfolio

Responsive Industries (RIL) and Axiom Cordages.

New Products/Services

Focus is shifting heavily toward SPC and LVP flooring, which are expected to sustain EBITDA margins above 20% due to their high-value-added nature.

Market Expansion

Targeting the USA market for flooring products and expanding the domestic B2C brand presence in India through an enhanced distribution network.

Market Share & Ranking

The company aims to capture 3% of the projected USD 7.2 Bn USA market for LVP/SPC by FY27.

Strategic Alliances

The company operates through wholly-owned subsidiaries in Hong Kong, Singapore, and the USA (Responsive Industries Limited LLC) to facilitate global trade and operationalize overseas units.

🌍 External Factors

Industry Trends

The industry is shifting toward high-value-added flooring (SPC/LVP). The USA market is projected to reach USD 7.2 Bn by FY27, growing as consumers move away from traditional flooring to more durable, synthetic options.

Competitive Landscape

Competes in the global PVC flooring and shipping ropes market. Key advantages include lower debt-to-equity (0.18x) and a strong balance sheet compared to smaller peers.

Competitive Moat

Moat is built on a 52-acre integrated manufacturing setup, 40 years of promoter experience, and a well-diversified product portfolio that allows for flexible shifting between domestic and export markets.

Macro Economic Sensitivity

Highly sensitive to global demand-supply conditions and finished goods pricing. The company benefits from anti-dumping duties and export bans affecting competitors.

Consumer Behavior

Increasing consumer preference for value-added, durable flooring products like SPC and LVP in both residential and commercial sectors.

Geopolitical Risks

The 'China Plus 1' strategy and anti-dumping duties are viewed as favorable geopolitical tailwinds that drive demand toward Indian manufacturers like Responsive.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to global trade regulations, including anti-dumping duties and export-import policies that affect the PVC and shipping rope industries.

Taxation Policy Impact

The company follows standard Indian Accounting Standards. Tax as a percentage of profit was 24% in FY22 and 29% in FY21 on a standalone basis.

Legal Contingencies

The company responded to NSE queries regarding volume movement in November 2025, affirming compliance with SEBI LODR regulations and stating no undisclosed price-sensitive information exists.

⚠️ Risk Analysis

Key Uncertainties

Primary risks include volatility in raw material prices and freight costs, which can impact EBITDA margins by 5-8%. Global demand fluctuations also pose a risk to the export-heavy revenue mix.