New Risk • Feb 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 159% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (159% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (8.9% average weekly change). Announcement • Feb 18
Banganga Paper Industries Limited (BSE:512025) completed the acquisition of 78.90% stake in Cmj Breweries Private Limited from Ronak Jain, Sarita Jain, Priyanka Jain, Jimson Kharkongor, K K Impex & Trading Private Limited and others. Banganga Paper Industries Limited (BSE:512025) agreed to acquire 78.90% stake in Cmj Breweries Private Limited from Ronak Jain, Sarita Jain, Priyanka Jain, Jimson Kharkongor, K K Impex & Trading Private Limited and others for INR 8.7 billion on December 17, 2025. The acquisition will be executed through a Share Purchase and Share Subscription Agreement between BPIL, CMJBPL, and its shareholders. Banganga Paper Industries discharged the total Purchase Consideration payable for the acquisition of the Cmj Breweries Private Limited by acquiring 109.5 million Equity Shares each representing 78.9% shareholding of the CMJ Breweries Private Limited by the issue of 151.06 million fully paid-up Equity Shares. The utilization of the Issue Proceeds for CMJ Breweries Private Limited shall be subject to completion of the proposed acquisition, pursuant to which CMJ Breweries Private Limited shall become a subsidiary of the Company.
The transaction is subject to approval of offer by Banganga Paper Industries board. The deal has been approved by the board. Completion is subject to regulatory approvals and conditions outlined and is expected to be completed within two months.
Banganga Paper Industries Limited (BSE:512025) completed the acquisition of 78.90% stake in Cmj Breweries Private Limited from Ronak Jain, Sarita Jain, Priyanka Jain, Jimson Kharkongor, K K Impex & Trading Private Limited and others on February 17, 2026. Reported Earnings • Feb 18
Third quarter 2026 earnings released: EPS: ₹0.01 (vs ₹0.064 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.01 (down from ₹0.064 in 3Q 2025). Revenue: ₹197.5m (down 5.0% from 3Q 2025). Net income: ₹706.0k (down 91% from 3Q 2025). Profit margin: 0.4% (down from 3.7% in 3Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 48% per year, which means it is well ahead of earnings. 
