🔍

SCPL - Sheetal Cool

📊 NSE: SCPL 🏢 Food - Processing - Indian 📅 Last Updated: 12/14/2025 13:11

📢 Recent Corporate Announcements

SCPL Proposes Appointment of Secretarial Auditor for 5-Year Term via Postal Ballot

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Mar 2026, 07:10 PM

Sheetal Cool Products Limited (SCPL) has issued a postal ballot notice to seek shareholder approval for the appointment of M/s. Pitroda Nayan & Co. as the company's Secretarial Auditor. The proposed appointment is for a five-year term spanning from FY 2025-26 to FY 2029-30. The e-voting process is scheduled to commence on March 4, 2026, and will conclude on April 2, 2026. Shareholders appearing in the register as of the cut-off date, February 20, 2026, are eligible to participate in the electronic voting process.

Proposal to appoint M/s. Pitroda Nayan & Co. as Secretarial Auditor for a 5-year term from FY 2025-26 to FY 2029-30
Cut-off date for determining shareholder eligibility for e-voting was February 20, 2026
Remote e-voting period is scheduled from March 4, 2026 (09:00 AM) to April 2, 2026 (05:00 PM)
The resolution is being proposed as an Ordinary Resolution through a strictly electronic postal ballot process

💡 This is a routine administrative resolution for corporate governance compliance. Shareholders should review the notice and cast their votes through the NSDL e-voting platform before the April 2, 2026 deadline.

SCPL Allots 8.40 Lakh Warrants to Raise Capital; Shifts Office to Ahmedabad

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 26 Feb 2026, 05:33 PM

Sheetal Cool Products Limited (SCPL) has approved the allotment of 8,40,000 convertible warrants to non-promoters at an issue price of Rs. 317.65 per warrant. The company has received Rs. 6.67 crore, representing 25% of the total subscription amount, with the remaining 75% payable upon conversion within 18 months. Additionally, the board has approved shifting the registered office from Amreli to Ahmedabad and appointed a new Secretarial Auditor for a five-year term. These moves indicate a strategic push for capital infusion and a relocation to a major commercial hub.

Allotment of 8,40,000 convertible warrants at an issue price of Rs. 317.65 per warrant.
Upfront receipt of Rs. 6,67,06,500, representing 25% of the total subscription value.
Warrants are convertible into equity shares within 18 months, resulting in a 7.40% post-issue stake for allottees.
Strategic relocation of the registered office from Amreli to Ahmedabad, subject to shareholder approval.
Appointment of M/s. Pitroda Nayan & Co. as Secretarial Auditor for a five-year term (FY 2025-26 to 2029-30).

💡 Investors should monitor the utilization of the raised capital and the potential operational benefits of moving the headquarters to Ahmedabad. Be mindful of the 7.40% equity dilution that will occur upon full conversion of the warrants.

SCPL Allots 8.40 Lakh Convertible Warrants at Rs 317.65 to Raise Rs 26.68 Crore

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 26 Feb 2026, 05:00 PM

Sheetal Cool Products Limited (SCPL) has approved the allotment of 840,000 convertible warrants to four non-promoter investors on a preferential basis. The warrants are priced at Rs 317.65 each, with the company already receiving the 25% upfront payment of Rs 6.67 crore. Upon full conversion within 18 months, the company will raise a total of approximately Rs 26.68 crore, resulting in a 7.40% equity dilution. Additionally, the board has approved shifting the registered office to Ahmedabad and appointing a new secretarial auditor for five years.

Allotment of 8,40,000 convertible warrants at an issue price of Rs 317.65 per warrant.
Total potential fundraise of Rs 26.68 crore with Rs 6.67 crore (25%) already received.
Warrants are convertible into equity shares on a 1:1 basis within 18 months.
Post-conversion equity stake for the four non-promoter allottees will be 7.40%.
Registered office to be shifted from Amreli to Ahmedabad, subject to shareholder approval.

💡 Investors should view the capital infusion as a positive for growth, though they must account for the 7.40% equity dilution upon warrant conversion. Monitor the company's upcoming postal ballot for details on fund utilization and the strategic move to Ahmedabad.

SCPL Q3 FY26 Net Profit Surges 86.7% YoY to ₹4.00 Cr; Revenue Up 25%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 06:27 PM

Sheetal Cool Products Limited (SCPL) reported a robust performance for Q3 FY26, with revenue from operations growing 25.3% YoY to ₹63.91 crore. Net profit for the quarter jumped significantly by 86.7% YoY to ₹4.00 crore, compared to ₹2.14 crore in the same period last year. On a sequential basis, the profit showed a massive recovery, rising from ₹1.59 crore in Q2 FY26. However, the cumulative nine-month (9M FY26) profit of ₹10.94 crore remains slightly lower than the ₹11.82 crore recorded in 9M FY25.

Revenue from operations increased 25.3% YoY to ₹63.91 crore from ₹51.01 crore.
Net Profit surged 86.7% YoY to ₹4.00 crore, with EPS rising to ₹3.82 from ₹2.04.
Quarter-on-quarter (QoQ) net profit grew by approximately 150% from ₹1.59 crore.
9M FY26 revenue stands at ₹232.80 crore compared to ₹222.00 crore in 9M FY25.
Statutory auditors issued a note stating they did not perform independent physical verification of cash and inventory, relying on management records.

💡 The strong quarterly growth and margin recovery are positive signals, though investors should monitor the slight lag in 9M cumulative profits. The auditor's remark regarding inventory verification is a minor red flag that warrants monitoring in future filings.

SCPL Shareholders Approve Issuance of 8.40 Lakh Convertible Warrants to Non-Promoters

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 06 Feb 2026, 07:35 PM

Sheetal Cool Products Limited (SCPL) has received unanimous shareholder approval for the issuance of up to 8,40,000 fully convertible warrants on a preferential basis. The resolution was passed during the Extra-Ordinary General Meeting held on February 05, 2026, with 100% of the votes cast in favor. This fundraise is targeted at non-promoter investors, which typically indicates an infusion of capital for expansion or debt reduction. The total votes polled represented 71.06% of the company's total equity base.

Approved issuance of up to 8,40,000 fully convertible warrants to non-promoter entities.
Resolution passed with 100% majority, involving 74,61,730 votes in favor and zero against.
Total voter turnout recorded at 71.06% of the 1,05,00,000 total equity shares.
The EGM was conducted via video conferencing with 9,914 shareholders on record as of the cut-off date.

💡 Investors should monitor the specific allotment price and the company's subsequent disclosure regarding the intended use of these funds. The unanimous shareholder support reflects strong confidence in the management's capital allocation strategy.

SCPL Shareholders Deliberate on Issuance of 8.40 Lakh Convertible Warrants

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 05 Feb 2026, 07:42 PM

Sheetal Cool Products Limited (SCPL) held an Extraordinary General Meeting on February 5, 2026, to seek shareholder approval for a fresh capital raise. The company proposed the issuance of up to 8,40,000 fully convertible warrants to non-promoter investors on a preferential allotment basis. This move is aimed at raising funds through private placement, which typically supports expansion or strengthens the balance sheet. The final voting results are expected to be disclosed within two working days.

Proposed issuance of up to 8,40,000 fully convertible warrants.
Allotment to be made to non-promoter entities via private placement.
EGM conducted successfully via Video Conferencing with 30 shareholders present.
Voting results to be officially disseminated within 2 working days of the meeting.
Mr. Nayan Prafulbhai Pitroda appointed as the scrutinizer for the e-voting process.

💡 Investors should watch for the final voting results and the specific allotment price of the warrants to assess potential equity dilution versus growth benefits. The entry of new non-promoter investors could provide the necessary capital for the company's next growth phase.

Sheetal Cool Products to Raise ₹26.68 Crore via Preferential Issue of 8.4 Lakh Warrants

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 30 Jan 2026, 09:52 PM

Sheetal Cool Products Limited (SCPL) is proceeding with a preferential issue of 8,40,000 convertible warrants to non-promoter investors at a price of ₹317.65 per warrant. The total fundraise of ₹26.68 crore is intended to fuel business expansion and brand building. Specifically, ₹15 crore will be used to deploy deep freezers to increase retail reach, while ₹11.68 crore is designated for marketing and promotional efforts. The corrigendum clarifies these objectives and pricing details following observations from stock exchanges.

Issue of 8,40,000 convertible warrants at ₹317.65 each, totaling ₹26.68 crore
Allocation of ₹15 crore for deep freezer deployment to expand retail footprint
Allocation of ₹11.68 crore for advertising and marketing activities
Warrants to be issued to non-promoter entities including Orbit Financial Capital
EGM scheduled for February 5, 2026, to seek shareholder approval

💡 The fundraise is a positive sign for growth; however, investors should note the potential equity dilution upon warrant conversion and monitor the EGM outcome on February 5, 2026.

SCPL Issues Corrigendum for Preferential Issue; Allotment to Exceed 5% Post-Diluted Capital

🔵 WATCH ⭐ 7/10

FUNDRAISE 📅 23 Jan 2026, 07:58 PM

Sheetal Cool Products Limited (SCPL) has issued a corrigendum to its EGM notice regarding a proposed preferential issue of convertible warrants. The company clarified that promoters and senior management will not participate in this subscription. A key update reveals that the allotment to Orbit Financial Capital and associated individuals will exceed 5% of the post-issue fully diluted share capital, necessitating an independent valuation report under SEBI ICDR regulations. The valuation was conducted by M/s. Procurve Valux Private Limited to determine the issue price.

Extraordinary General Meeting (EGM) scheduled for February 05, 2026, to approve the preferential issue of convertible warrants.
Promoters, Promoter Group, and Senior Management confirmed they will not subscribe to the offer.
Allotment to Orbit Financial Capital and associated partners exceeds 5% of post-issue fully diluted share capital.
Independent valuation report obtained from M/s. Procurve Valux Private Limited as per SEBI Regulation 166A.
The proposed preferential issue is not expected to result in a change of control of the company.

💡 Investors should review the valuation report and assess the dilution impact of the warrant issuance to non-promoter entities. Monitor the EGM outcome on February 5, 2026, for final approval of the fundraise.

Sheetal Cool Products Submits SEBI Reg 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Jan 2026, 06:07 PM

Sheetal Cool Products Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that the details of securities dematerialized or rematerialized during the quarter ended December 31, 2025, have been correctly reported to the stock exchanges. This is a standard procedural filing required by all listed companies to ensure the integrity of electronic shareholding records. There are no material financial developments or operational changes disclosed in this announcement.

Compliance certificate submitted for the quarter ended December 31, 2025.
The certificate was issued by the company's Registrar and Share Transfer Agent, KFin Technologies Limited.
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.
Verification provided for both NSDL and CDSL depository systems.
The filing was submitted to BSE and NSE on January 12, 2026.

💡 This is a routine regulatory filing with no impact on the company's valuation or business operations. Investors should focus on upcoming quarterly financial results for a better assessment of the company's performance.

SCPL to Issue 8.40 Lakh Convertible Warrants via Preferential Allotment

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 12 Jan 2026, 06:00 PM

Sheetal Cool Products Limited (SCPL) has called for an Extraordinary General Meeting (EGM) on February 05, 2026, to seek approval for a preferential allotment. The company plans to issue up to 8,40,000 fully convertible warrants to non-promoter investors. These warrants are convertible into equity shares within 18 months, requiring an upfront payment of 25% of the issue price. This move is aimed at raising capital for the company's growth and operational requirements.

Issuance of up to 8,40,000 fully convertible warrants to non-promoter entities on a private placement basis.
Warrants are convertible into equity shares of face value ₹10 each within a maximum period of 18 months.
Allottees must pay 25% of the total consideration upfront, with the remaining 75% due at the time of conversion.
The 'Relevant Date' for determining the issue price is set as January 06, 2026.
EGM is scheduled for February 05, 2026, to be conducted via Video Conferencing.

💡 Investors should monitor the announcement of the final issue price and the specific names of the non-promoter allottees to assess the quality of the new capital. While the fundraise is positive for growth, existing shareholders should account for the eventual equity dilution upon warrant conversion.

SCPL to raise ₹26.63 Cr via preferential issue of 8.4 lakh warrants at ₹317

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 07 Jan 2026, 06:01 PM

Sheetal Cool Products Limited (SCPL) has approved a preferential issue of 8,40,000 convertible warrants to four non-promoter investors at a price of ₹317 per warrant. This move aims to raise approximately ₹26.63 crore, with 25% of the amount payable upfront and the balance within 18 months upon conversion. The primary allottee is Orbit Financial Capital, which will hold a 4.76% stake post-conversion. An Extra-Ordinary General Meeting is scheduled for February 05, 2026, to obtain shareholder approval for this capital infusion.

Issuance of 8,40,000 warrants convertible into equity shares at ₹317 per unit
Total capital infusion of approximately ₹26.628 Crores from non-promoter investors
Orbit Financial Capital to become a significant shareholder with a 4.76% post-issue stake
Payment structure involves 25% upfront (approx ₹6.66 Cr) and 75% on conversion within 18 months
Extra-Ordinary General Meeting (EGM) scheduled for February 05, 2026, for shareholder approval

💡 Investors should monitor the specific end-use of these funds for expansion and the resulting impact on EPS due to equity dilution. The entry of new non-promoter investors at ₹317 per share serves as a positive valuation benchmark.

Sheetal Cool Products to Raise ₹26.63 Crore via Preferential Issue of Warrants at ₹317/Share

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 07 Jan 2026, 05:49 PM

The Board of Sheetal Cool Products Limited (SCPL) has approved the issuance of 8.40 lakh convertible warrants to non-promoter investors on a preferential basis. The issue price is fixed at ₹317 per warrant, aggregating to approximately ₹26.63 crore. Allottees include Orbit Financial Capital and three individual investors, who will pay 25% upfront and the remaining 75% within 18 months upon conversion into equity. An Extra-Ordinary General Meeting (EGM) is scheduled for February 5, 2026, to obtain shareholder approval for this fundraise.

Approved issuance of 8,40,000 convertible warrants at a price of ₹317 each.
Total fundraise amount is approximately ₹26.63 crore from four non-promoter allottees.
Orbit Financial Capital to become a significant non-promoter shareholder with a 4.76% post-issue stake.
Warrant holders must pay 25% of the issue price at allotment and 75% at the time of exercise within 18 months.
Extra-Ordinary General Meeting (EGM) for shareholder approval set for February 5, 2026.

💡 Investors should view this as a positive signal of external confidence in the company's valuation and growth prospects. Monitor the EGM outcome and future disclosures regarding the specific utilization of these funds for business expansion.

SCPL Appoints Rajshri M. Indoria as Company Secretary and Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 05 Jan 2026, 06:43 PM

Sheetal Cool Products Limited (SCPL) has appointed Ms. Rajshri M. Indoria as the Company Secretary and Compliance Officer, effective January 05, 2026. Ms. Indoria is a qualified professional with 6 years of experience and will serve as a Key Managerial Personnel (KMP). This appointment ensures the company's adherence to SEBI Listing Regulations and the Companies Act, 2013. The decision was finalized following a recommendation from the Nomination and Remuneration Committee.

Appointment of Ms. Rajshri M. Indoria as CS and Compliance Officer effective January 05, 2026
The appointee holds Membership No. A56585 and brings 6 years of professional experience
Designated as Key Managerial Personnel (KMP) responsible for all secretarial and compliance functions
Appointment approved by the Board based on Nomination and Remuneration Committee recommendations

💡 This is a routine administrative update regarding corporate governance and compliance. No immediate action is required as it does not impact the company's financial performance or business strategy.

Sheetal Cool Products Secretarial Auditor M/s. Chetan Patel & Associates Resigns

🔵 WATCH ⭐ 4/10

MANAGEMENT 📅 03 Jan 2026, 07:04 PM

Sheetal Cool Products Limited (SCPL) has reported the resignation of M/s. Chetan Patel & Associates from the position of Secretarial Auditor. The resignation is effective immediately as of January 03, 2026, as per the company's filing under SEBI (LODR) Regulations. While the document does not specify the reason for the departure, changes in compliance-related roles are typically monitored for governance health. Investors should await the appointment of a successor to ensure ongoing regulatory adherence.

M/s. Chetan Patel & Associates resigned as Secretarial Auditor effective January 03, 2026.
The resignation was tendered with immediate effect via a letter dated January 03, 2026.
Disclosure made in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015.
The company is listed on both BSE (Scrip Code: 540757) and NSE (Symbol: SCPL).

💡 Investors should monitor the company's next filing for the appointment of a new Secretarial Auditor and any specific reasons provided for the resignation. No immediate portfolio changes are recommended based solely on this administrative update.

Sheetal Cool Products Reports Resignation of Secretarial Auditor Effective Jan 03, 2026

🔵 WATCH ⭐ 4/10

MANAGEMENT 📅 03 Jan 2026, 06:57 PM

Sheetal Cool Products Limited (SCPL) has announced the immediate resignation of its Secretarial Auditor, M/s. Chetan Patel & Associates, as of January 03, 2026. The resignation was communicated via a formal letter and disclosed to the exchanges under SEBI (LODR) Regulation 30. While the company has acknowledged the departure, no specific reason for the immediate resignation was detailed in the filing. Investors should monitor the company for the appointment of a successor to ensure ongoing regulatory compliance.

M/s. Chetan Patel & Associates resigned as Secretarial Auditor effective January 03, 2026.
The resignation was tendered with immediate effect via a letter dated January 03, 2026.
Disclosure was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements).
The filing was officially signed by the Managing Director, Bhupatbhai D. Bhuva.

💡 Investors should monitor upcoming filings for the appointment of a new Secretarial Auditor and check for any further disclosures regarding the reasons for the resignation. No immediate portfolio changes are suggested based on this compliance-related update.

View All SCPL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue for 9MFY25 was INR 228 Cr, representing a 14.9% decline compared to INR 268 Cr in 9MFY24. The company has delivered a poor 5-year compounded sales growth of 4.41%, while the 3-year growth is slightly negative at -1%.

Geographic Revenue Split

The company exhibits high geographic concentration with ~75% of revenue derived from Gujarat, followed by Maharashtra at ~15%, and the remaining 10% from Rajasthan, Madhya Pradesh, and other states.

Profitability Margins

PAT margins stood at 5.86% in FY24 (INR 20.84 Cr) compared to 5.98% in FY23 (INR 20.45 Cr). Operating margins have been volatile, ranging between 9.7% and 13.6% over the four fiscals through March 2024.

EBITDA Margin

EBITDA margin was 13.11% in FY23 (INR 44.83 Cr) and 12.28% in FY22. Operating margins are expected to moderate to approximately 11-11.5% for FY25 due to high raw material costs and competitive pricing pressures.

Capital Expenditure

The company has planned a debt-funded capital expenditure (capex) for fiscal 2026 to expand capacity and support its entry into new markets like Uttar Pradesh and West Bengal.

Credit Rating & Borrowing

Crisil reaffirmed a 'Crisil BBB/Stable' rating in May 2025. Conversely, Infomerics downgraded the company to 'IVR BB-/Negative' and classified it as 'ISSUER NOT COOPERATING' due to non-furnishing of information. Interest coverage is comfortable at over 6 times as of H1 FY24.

⚙️ Operational Drivers

Raw Materials

Key raw materials include raw milk, Skimmed Milk Powder (SMP), and various packaging materials. Milk prices are highly volatile and directly impact the operating margin, which fluctuates based on the company's ability to pass on costs.

Import Sources

Primary procurement is domestic, centered in Gujarat and surrounding regions to support its manufacturing base in Amreli.

Key Suppliers

The company maintains relationships with a vast network of milk suppliers and over 400 distributors to manage its supply chain.

Capacity Expansion

Capacity expansion is scheduled for fiscal 2026 to increase volumetric sales and support the distribution network expansion into Northern and Eastern India.

Raw Material Costs

Raw material costs are a significant portion of the expense structure; high costs in Q2 FY25 impacted margins, though they recovered to 11.3% in Q3 FY25. Procurement is seasonal, peaking between October and March.

Manufacturing Efficiency

Efficiency is monitorable through the company's ability to ramp up planned capacity and maintain operating margins above 11% amidst input price volatility.

Logistics & Distribution

The company is increasing its distribution network by opening new outlets in Gujarat and commencing distribution to UP and West Bengal to reduce regional dependency.

📈 Strategic Growth

Expected Growth Rate

5-6%

Growth Strategy

Growth will be driven by a debt-funded capacity expansion in FY2026, increasing the distribution footprint in UP and West Bengal, and leveraging a diversified product mix including ice cream, frozen foods, and snacks.

Products & Services

Ice cream, milk, lassi, buttermilk, flavored milk, namkeen, wafers, fryums, frozen foods, bakery products, and sweets.

Brand Portfolio

Sheetal and J'adore.

New Products/Services

The company continues to diversify into frozen items and bakery products to complement its core dairy business.

Market Expansion

Targeting expansion beyond the core Gujarat market into Maharashtra (currently 15%), Rajasthan, Madhya Pradesh, Uttar Pradesh, and West Bengal.

Market Share & Ranking

Not disclosed in absolute percentage, but it holds an established market position in the Gujarat dairy and snacks segment.

🌍 External Factors

Industry Trends

The FMCG and dairy industry is seeing a shift toward organized players, but remains highly competitive. SCPL is positioning itself by diversifying into value-added products like frozen foods and snacks which offer different margin profiles than liquid milk.

Competitive Landscape

Faces intense competition from large organized dairy cooperatives and local unorganized snack manufacturers.

Competitive Moat

The moat is built on the 25-year experience of the Bhuva family and an established distribution network in Gujarat. However, this is challenged by low switching costs for consumers and intense competition.

Macro Economic Sensitivity

Highly sensitive to agricultural output and cattle health; cattle diseases can lead to milk shortages, impacting production volumes.

Consumer Behavior

Demand is seasonal, particularly for ice cream and cold dairy products, peaking during summer months.

Geopolitical Risks

Susceptible to government regulations such as intermittent bans on the export of Skimmed Milk Powder (SMP), which affects domestic availability and pricing.

⚖️ Regulatory & Governance

Industry Regulations

Subject to FSSAI standards for food safety, ISO 9001:2008, and ISO 22000:2005 certifications. Operations are also influenced by government milk procurement policies.

Taxation Policy Impact

The company follows standard Indian corporate tax laws; specific tax rate percentages were not detailed.

Legal Contingencies

The company was classified as 'Non-cooperative' by Infomerics Valuation and Rating Pvt Ltd in 2022 for failing to furnish information required for monitoring ratings. Auditors (H.B. Kalaria & Associates) noted in November 2025 that they did not perform physical verification of inventory or cash, relying solely on management records.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw milk prices and the ability to scale up volumetric sales from new capacity are primary uncertainties, with a potential margin impact of 2-3% based on historical fluctuations.