INTEGRATED FILING — Other than Banks



General information about company

Scrip code 000000
NSE Symbol BALCO
MSEI Symbol NOTLISTED
ISIN INE0U0201016
Name of Company SOLVE PLASTIC PRODUCTS LIMITED
Type of company SME
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 14-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Half Yearly
Reporting Quarter Half yearly
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended
Segment Reporting Single segment
Description of single segment Manufacture of uPVC & Electric Conduits
Start date and time of board meeting 14-11-2025   12:00:00
End date and time of board meeting 14-11-2025   15:30:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Whether the company has any related party? Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. NA
(III) Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? Yes
Latest Date on which RPT policy is updated 14-02-2025
Indicate Company website link for updated RPT policy of the Company https://balcopipes.com/investors/policies
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? Yes
No. of times funds raised during the quarter 1
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
Not Applicable


Financial Results — Other than Bank

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
1 Revenue From Operations
Revenue from operations 2,182.59 2,182.59
Other income 42.12 42.12
Total Income 2,224.71 2,224.71
2 Expenses
(a) Cost of materials consumed 1,311.67 1,311.67
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (16.84) (16.84)
(d) Employee benefit expense 297.72 297.72
(e) Finance costs 53.25 53.25
(f) Depreciation and amortisation expense 46.81 46.81
(g) Other Expenses
1 Power and fuel 103.01 103.01
2 Carriage outwards 20.73 20.73
3 Discount allowed 66.10 66.10
4 Contract Labour Charges 38.69 38.69
5 Travelling and conveyance 42.42 42.42
6 Market development expenses 36.06 36.06
7 Vehicle running expenses 31.11 31.11
8 Lease Rent 36.00 36.00
9 Repairs to machinery 14.16 14.16
10 Other Expenses 78.27 78.27
Total other expenses 466.55 466.55
Total expenses 2,159.16 2,159.16
3 Profit before exceptional and extraordinary items and tax 65.55 65.55
4 Exceptional items 0.00 0.00
5 Profit before extraordinary items and tax 65.55 65.55
6 Extraordinary items 0.00 0.00
7 Profit before tax 65.55 65.55
8 Tax Expense
Current tax 0.00 0.00
Deferred tax 23.73 23.73
Total tax expenses 23.73 23.73
9 Net Profit Loss for the period from continuing operations 41.82 41.82
10 Profit (loss) from discontinuing operations before tax 0.00 0.00
11 Tax expense of discontinuing operations 0.00 0.00
12 Net profit (loss) from discontinuing operation after tax 0.00 0.00
13 Profit (loss) for period before minority interest 41.82 41.82
14 Share of profit (loss) of associates
15 Profit (loss) of minority interest
16 Net profit (Loss) for the period 41.82 41.82
17 Details of equity share capital
Paid-up equity share capital 436.83 436.83
Face value of equity share capital 10 10
18 Reserves excluding revaluation reserve
19 Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 0.96 0.96
Diluted earnings (loss) per share from continuing and discontinued operations 0.96 0.96
20 Debt equity ratio 1.04 1.04
21 Debt service coverage ratio 0.98 0.98
22 Interest service coverage ratio 3.11 3.11
23 Disclosure of notes on financial results Textual Information(1)


Text Block

Textual Information(1) 1. Corporate Information: Solve Plastic Products Limited (also known as Balco Pipes) has listed its shares on the Emerge Platform of National Stock Exchange (NSE) on August 21, 2024, wherein the company issued 13,02,000 equity shares of Rs.10 each at a premium of 81 each by way of initial public offer (IPO). The company is engaged in the business of manufacturing PVC Pipes and Electrical Conduits, particularly used in real-estate sector. 2. Listing Information: The equity shares of the company were listed on August 21, 2024 during the current financial year and hence, these financial results represent the first set of financial results as a listed entity. 3. Date of Approval: The above financial results of the Company for the half year ended September 30, 2025 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their respective meetings held on the November 14, 2025. 4. Limited Review: The financial results for the half year ended September 30, 2025 have been subjected to limited review by the Statutory Auditors of the company, in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time. 5. Basis of Preparation: As per Rule 4 of Companies (Indian Accounting Standards) Rules, 2015, the companies whose securities are listed on the SME exchange as referred to in Chapter XB of SEBI (Issue of Capital and Disclosure Requirements) Regulation, 2009, are exempted from the compulsory requirement of adoption of IND-AS. Accordingly, these financial results for the half-year ended September 30, 2025 have been prepared in accordance with the Accounting Standards (AS) prescribed under section 133 of the Companies Act, 2013, read with relevant rules issued thereunder, and other generally accepted accounting principles. 6. The figures for the half year ended 31st March 2025 represent the balancing figures between audited figures in respect of the full financial year ended 31st March 2025 and the unaudited figure for the half year ended up to 30th September 2024. 7. Segment Reporting: The provisions of AS 17 Segment Reporting do not apply to the company, since it operates in only a single segment, ie., manufacture of PVC Pipes and electric conduits and do not have any other reportable business or geographical segment as on the reporting date. 8. There were no investor complaints received / pending as on September 30, 2025. 9. Other Disclosures: a) Earning per Equity Share (EPS) have been calculated on the weighted average of share capital received by the company for the half year ended September 30, 2025. b) The Company does not have any Holding / subsidiary / Joint Venture / Associate concern, as on any of the reporting dates. c) Deferred Tax assets and provision for gratuity have been recognized in this Interim Period on the estimates made by management. d) The figures for the previous periods/year have been regrouped / reclassified, wherever necessary, to conform to current period’s grouping.


Remarks

20 Debt equity ratio
21 Debt service coverage ratio
22 Interest service coverage ratio


Cash flow statement — indirect

Amount in (Lakhs)

A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited
D Nature of report standalone or consolidated Standalone
1 Statement of cash flows
Cash flows from used in operating activities
Profit before extraordinary items and tax 65.55
2 Adjustments for reconcile profit (loss)
Adjustments to profit (loss)
Adjustments for finance costs 52.64
Adjustments for depreciation and amortisation expense 46.81
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for share-based payments 0.00
Other adjustments for which cash effects are investing or financing cash flow (1.72)
Other adjustments to reconcile profit (loss) 9.60
Other adjustments for non-cash items 0.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments to profit (loss) 107.33
3 Adjustments for working capital
Adjustments for decrease (increase) in inventories (172.19)
Adjustments for decrease (increase) in trade receivables (38.28)
Adjustments for decrease (increase) in other current assets (61.70)
Adjustments for increase (decrease) in trade payables 364.52
Adjustments for increase (decrease) in other current liabilities (72.53)
Adjustments for provisions 0.69
Total adjustments for working capital 20.51
Total adjustments for reconcile profit (loss) 127.84
Net cash flows from (used in) operations 193.39
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities before extraordinary items 193.39
Proceeds from extraordinary items 0.00
Payment for extraordinary items 0.00
Net cash flows from (used in) operating activities 193.39
4 Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property plant and equipment 0.00
Purchase of property plant and equipment 240.23
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 1.72
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Proceeds from government grants 0.00
Net cash flows from (used in) investing activities before extraordinary items (238.51)
Proceeds from extraordinary items 0.00
Payment for extraordinary items 0.00
Net cash flows from (used in) investing activities (238.51)
Cash flows from used in financing activities
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings (99.32)
Dividends paid 0.00
Interest paid 52.64
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities before extraordinary items 46.68
Proceeds from extraordinary items 0.00
Payment for extraordinary items 0.00
Net cash flows from (used in) financing activities 46.68
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 1.56
6 Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 1.56
Cash and cash equivalents cash flow statement at beginning of period 296.86
Cash and cash equivalents cash flow statement at end of period 298.42


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Standalone
Equity and liabilities
1 Shareholders' funds
Share capital 436.83
Reserves and surplus 602.80
Money received against share warrants
Total shareholders' funds 1,039.63
2 Share application money pending allotment 0.00
3 Deferred government grants
4 Minority interest
5 Non-current liabilities
Long-term borrowings 235.19
Deferred tax liabilities (net)
Foreign currency monetary item translation difference liability account
Other long-term liabilities
Long-term provisions 95.72
Total non-current liabilities 330.91
6 Current liabilities
Short-term borrowings 850.07
Trade Payables
(A) Total outstanding dues of micro enterprises and small enterprises 50.64
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 465.33
Total Trade payable 515.97
Other current liabilities 77.89
Short-term provisions 61.34
Total current liabilities 1,505.27
Total equity and liabilities 2,875.81
Assets
1 Non-current assets
i Property, Plant and Equipment and Intangible assets
Property, Plant and Equipment 576.34
Producing properties
Intangible assets 18.04
Preproducing properties
Property, Plant and Equipment capital work-in-progress 205.86
Intangible assets under development or work-in-progress
Total Property, Plant and Equipment and Intangible assets 800.24
ii Non-current investments 0.00
v Deferred tax assets (net) 180.14
vi Foreign currency monetary item translation difference asset account
vii Long-term loans and advances 0.00
viii Other non-current assets 39.99
Total non-current assets 1,020.37
Current assets
Current investments 0.00
Inventories 775.05
Trade receivables 480.72
Cash and cash equivalents 0.59
Bank balance other than cash and cash equivalents 297.82
Short-term loans and advances 238.34
Other current assets 62.92
Total current assets 1,855.44
Total assets 2,875.81
Disclosure of notes on assets and liabilities


Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets
Net Segment Asset
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities
Net Segment Liabilities
Disclosure of notes on segments




Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Unaudited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 RANJIT KARTHIKEYAN ASSOCIATES LLP Yes 30-09-2027


Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc. (1)

Amount in (Lakhs)

Mode of Fund Raising Public Issues
Description of mode of fund raising (Applicable in case of others is selected)
Date of Raising Funds 21-08-2024
Amount Raised 1,184.82
Report filed for Quarter ended 30-09-2025
Monitoring Agency Not Applicable
Monitoring Agency Name, if applicable
Is there a Deviation / Variation in use of funds raised No
If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders
If Yes, Date of shareholder Approval
Explanation for the Deviation / Variation
Comments of the Audit Committee after review
Comments of the auditors, if any
Sr. Original Object Modified Object, if any Original Allocation Modified allocation, if any Funds Utilised Amount of Deviation/Variation for the quarter according to applicable object Remarks if any
1 Funding Capital Expenditure towards purchase of additional plant and machinery NIL 552.64 0.00 230.15 0.00 The unutilized portion of the issue proceeds has been temporarily deployed in interest-bearing instruments, including fixed deposits, and has also been parked in the Companys cash credit facility with State Bank of India.
2 Working capital Requirements NIL 382.55 0.00 382.55 0.00 N/A
3 General Corporate Expenses NIL 88.00 0.00 88.00 0.00 N/A
4 Issue Related Expenses NIL 161.63 0.00 161.63 0.00 The shortfall in net funds required for meeting issue-related expenses has been, met through internal accruals of the Company.


Signatory Details

Name of signatory SUDHEER KUMAR B
Designation of person Managing Director
Place KOLLAM
Date 13-11-2025


Amount in (Lakhs)

Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)
Sr No. Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
Details of the party (listed entity /subsidiary) entering into the transaction Details of the counterparty Type of related party transaction Details of other related party transaction Value of the related party transaction as approved by the audit committee Remarks on approval by audit committee Value of the related party transaction ratified by the audit committee Date of Audit Committee Meeting where the ratification was approved Value of transaction during the reporting period In case monies are due to either party as a result of the transaction In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments Details of the loans, inter-corporate deposits, advances or investments Notes
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
1 Solve Plastic Products Ltd SUDHEER KUMAR BALAKRISHNAN NAIR Managing Director Remuneration 18.08 Favourable 8.68 1.04 1.09
2 Solve Plastic Products Ltd SUSIL KUMAR B Whole-Time Director Remuneration 6.23 Favourable 2.77 0.44 0.88
3 Solve Plastic Products Ltd ARAVIND S KUMAR Executive Director Remuneration 9.86 Favourable 5.22 0.78 0.82
4 Solve Plastic Products Ltd SHANKAR S KUMAR Executive Director Remuneration 9.86 Favourable 5.22 0.78 0.82
5 Solve Plastic Products Ltd GOVIND VINOD Executive Director Remuneration 9.86 Favourable 5.22 0.79 0.82
6 Solve Plastic Products Ltd PRASAD K P Key Managerial Personnel Remuneration 1.68 Favourable 1.68 0.82 0.00
7 Solve Plastic Products Ltd DIVYA A Key Managerial Personnel Remuneration 8.99 Favourable 4.25 0.69 0.70
8 Solve Plastic Products Ltd MERLIN ROY Key Managerial Personnel Remuneration 3.05 Favourable 0.33 0.00 0.33
9 Solve Plastic Products Ltd N ASOKAN Independent Director Any other transaction Sitting Fees 0.80 Favourable 0.20 0.00 0.01
10 Solve Plastic Products Ltd KESAV MOHAN Director Any other transaction Sitting Fees 0.80 Favourable 0.10 0.00 0.01
11 Solve Plastic Products Ltd BIJU Independent Director Any other transaction Sitting Fees 0.80 Favourable 0.10 0.00 0.00
12 Solve Plastic Products Ltd SUDHEER KUMAR BALAKRISHNAN NAIR Managing Director Any other transaction Lease Rent Paid 60.00 Favourable 30.00 0.00 0.00
13 Solve Plastic Products Ltd SUDHEER KUMAR BALAKRISHNAN NAIR Managing Director Any other transaction Rent 12.00 Favourable 6.00 0.00 0.00
14 Solve Plastic Products Ltd GBN Asscoiates LLP Limited Liability partnership in which director is a partner Purchase of goods or services 90.00 Favourable 32.24 0.12 4.19
15 Solve Plastic Products Ltd Solve Plastic Products Proprietorship concern of managing director Purchase of goods or services 10.00 Favourable 5.45 0.00 0.00
16 Solve Plastic Products Ltd ASK Agencies Proprietorship concern of director - Susil Kumar's Spouse Purchase of goods or services 120.00 Favourable 68.35 10.48 16.89
17 Solve Plastic Products Ltd Solve Plastic Products Proprietorship concern of managing director Sale of goods or services 1.00 Favourable 0.02 60.55 52.35
18 Solve Plastic Products Ltd Souparnika Enterprises Proprietorship concern of director - Susil Kumar Sale of goods or services 15.00 Favourable 0.07 0.00 0.00
19 Solve Plastic Products Ltd Saraswathy Agencies Proprietorship concern of Director Sudheer Kumar's Brother Sale of goods or services 0.00 Favourable 0.00 26.48 26.48
20 Solve Plastic Products Ltd Shri Govinda Agri Business Pvt Ltd Company in which managing director is a director Any other transaction Security Deposits 0.00 Favourable 0.00 9.94 9.94
21 Solve Plastic Products Ltd ASK Agencies Proprietorship concern of director - Susil Kumar's Spouse Sale of goods or services 450.00 Favourable 209.86 19.37 30.14
Total value of transaction during the reporting period 385.76