Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹25.20, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 17x in the Packaging industry in India. Total loss to shareholders of 45% over the past three years. Reported Earnings • May 29
Full year 2026 earnings released: EPS: ₹0.72 (vs ₹1.04 in FY 2025) Full year 2026 results: EPS: ₹0.72 (down from ₹1.04 in FY 2025). Revenue: ₹5.57b (up 133% from FY 2025). Net income: ₹83.7m (down 30% from FY 2025). Profit margin: 1.5% (down from 5.0% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • May 23
Cool Caps Industries Limited to Report Fiscal Year 2026 Results on May 27, 2026 Cool Caps Industries Limited announced that they will report fiscal year 2026 results on May 27, 2026 Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹27.10, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 15x in the Packaging industry in India. Total loss to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹23.70, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 16x in the Packaging industry in India. Total loss to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹34.50, the stock trades at a trailing P/E ratio of 33.1x. Average trailing P/E is 17x in the Packaging industry in India. Total loss to shareholders of 16% over the past three years. New Risk • Jan 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Share price has been highly volatile over the past 3 months (8.8% average weekly change). Minor Risk Market cap is less than US$100m (₹4.84b market cap, or US$52.7m). Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₹52.35, the stock trades at a trailing P/E ratio of 50.2x. Average trailing P/E is 15x in the Packaging industry in India. Total returns to shareholders of 15% over the past three years. Announcement • Nov 11
Cool Caps Industries Limited to Report First Half, 2026 Results on Nov 11, 2025 Cool Caps Industries Limited announced that they will report first half, 2026 results on Nov 11, 2025 New Risk • Nov 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.75b (US$98.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (₹8.75b market cap, or US$98.6m). New Risk • Aug 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (₹978.6m market cap, or US$11.2m). New Risk • Aug 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹946.2m (US$10.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Market cap is less than US$100m (₹946.2m market cap, or US$10.8m). Reported Earnings • Aug 24
Full year 2025 earnings released: EPS: ₹10.36 (vs ₹3.40 in FY 2024) Full year 2025 results: EPS: ₹10.36 (up from ₹3.40 in FY 2024). Revenue: ₹2.39b (up 56% from FY 2024). Net income: ₹119.7m (up 205% from FY 2024). Profit margin: 5.0% (up from 2.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Announcement • Aug 22
Cool Caps Industries Limited, Annual General Meeting, Sep 15, 2025 Cool Caps Industries Limited, Annual General Meeting, Sep 15, 2025, at 11:00 Indian Standard Time. Location: 23, sarat bose rd., 1st floor, 1c, kolkata- 700020, west bengal, kolkata India New Risk • Jul 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹960.6m (US$11.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). High level of non-cash earnings (23% accrual ratio). Minor Risk Market cap is less than US$100m (₹960.6m market cap, or US$11.3m). New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.40b (US$97.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). High level of non-cash earnings (42% accrual ratio). Minor Risks Significant insider selling over the past 3 months (₹296m sold). Market cap is less than US$100m (₹8.40b market cap, or US$97.9m). Recent Insider Transactions • Feb 10
Non-Executive Director recently sold ₹72m worth of stock On the 6th of February, Vanshay Goenka sold around 96k shares on-market at roughly ₹750 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹80m. Insiders have been net sellers, collectively disposing of ₹348m more than they bought in the last 12 months. New Risk • Jan 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.43b (US$97.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). High level of non-cash earnings (42% accrual ratio). Minor Risks Significant insider selling over the past 3 months (₹130m sold). Market cap is less than US$100m (₹8.43b market cap, or US$97.3m). Recent Insider Transactions • Jan 18
Whole -Time Director recently sold ₹80m worth of stock On the 15th of January, Arun Gourisaria sold around 100k shares on-market at roughly ₹800 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹274m more than they bought in the last 12 months. Recent Insider Transactions • Nov 25
Chairman & MD recently sold ₹7.5m worth of stock On the 22nd of November, Rajeev Goenka sold around 10k shares on-market at roughly ₹751 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹46m. Rajeev has been a net seller over the last 12 months, reducing personal holdings by ₹99m. Board Change • Nov 19
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Mohit Dujari was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Recent Insider Transactions • Sep 28
Non-Executive Director recently sold ₹22m worth of stock On the 25th of September, Vanshay Goenka sold around 55k shares on-market at roughly ₹400 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹46m. Insiders have been net sellers, collectively disposing of ₹138m more than they bought in the last 12 months. New Risk • Sep 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). High level of non-cash earnings (36% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Significant insider selling over the past 3 months (₹108m sold). Market cap is less than US$100m (₹6.07b market cap, or US$72.6m). Recent Insider Transactions • Sep 18
Chairman & MD recently sold ₹46m worth of stock On the 13th of September, Rajeev Goenka sold around 120k shares on-market at roughly ₹379 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Rajeev has been a net seller over the last 12 months, reducing personal holdings by ₹46m. Recent Insider Transactions • Sep 06
Chairman & MD recently sold ₹4.9m worth of stock On the 3rd of September, Rajeev Goenka sold around 13k shares on-market at roughly ₹394 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Rajeev has been a net buyer over the last 12 months, purchasing a net total of ₹1.2m worth of shares. New Risk • Sep 05
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₹5.7m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). High level of non-cash earnings (36% accrual ratio). Minor Risks Significant insider selling over the past 3 months (₹5.7m sold). Market cap is less than US$100m (₹4.45b market cap, or US$53.0m). Announcement • Aug 30
Cool Caps Industries Limited, Annual General Meeting, Sep 27, 2024 Cool Caps Industries Limited, Annual General Meeting, Sep 27, 2024, at 11:00 Indian Standard Time. Location: 23, sarat bose rd., 1st floor, 1c, kolkata- 700020, west bengal, kolkata India Recent Insider Transactions • Aug 30
Chairman & MD recently bought ₹1.7m worth of stock On the 27th of August, Rajeev Goenka bought around 5k shares on-market at roughly ₹365 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rajeev has been a buyer over the last 12 months, purchasing a net total of ₹9.7m worth in shares. Recent Insider Transactions • Jun 22
Chairman & MD recently bought ₹940k worth of stock On the 19th of June, Rajeev Goenka bought around 3k shares on-market at roughly ₹342 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rajeev has been a buyer over the last 12 months, purchasing a net total of ₹10m worth in shares. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹3.40 (vs ₹4.94 in FY 2023) Full year 2024 results: EPS: ₹3.40 (down from ₹4.94 in FY 2023). Revenue: ₹1.61b (down 11% from FY 2023). Net income: ₹39.3m (down 31% from FY 2023). Profit margin: 2.4% (down from 3.1% in FY 2023). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹349, the stock trades at a trailing P/E ratio of 75.1x. Average trailing P/E is 23x in the Packaging industry in India. Total loss to shareholders of 41% over the past year. New Risk • May 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). High level of non-cash earnings (31% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (₹4.86b market cap, or US$58.3m). Recent Insider Transactions • Apr 02
Chairman & MD recently bought ₹332k worth of stock On the 27th of March, Rajeev Goenka bought around 750 shares on-market at roughly ₹443 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹1.1m. Rajeev has been a buyer over the last 12 months, purchasing a net total of ₹9.7m worth in shares. Recent Insider Transactions • Mar 26
Chairman & MD recently bought ₹450k worth of stock On the 21st of March, Rajeev Goenka bought around 1k shares on-market at roughly ₹450 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹1.1m. Rajeev has been a buyer over the last 12 months, purchasing a net total of ₹9.4m worth in shares. Recent Insider Transactions • Feb 24
Chairman & MD recently bought ₹114k worth of stock On the 20th of February, Rajeev Goenka bought around 250 shares on-market at roughly ₹455 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹786k. Rajeev has been a buyer over the last 12 months, purchasing a net total of ₹5.0m worth in shares. Recent Insider Transactions • Feb 20
Chairman & MD recently bought ₹112k worth of stock On the 13th of February, Rajeev Goenka bought around 250 shares on-market at roughly ₹448 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹786k. Rajeev has been a buyer over the last 12 months, purchasing a net total of ₹4.9m worth in shares. Recent Insider Transactions • Feb 14
Chairman & MD recently bought ₹786k worth of stock On the 7th of February, Rajeev Goenka bought around 2k shares on-market at roughly ₹449 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rajeev has been a buyer over the last 12 months, purchasing a net total of ₹4.4m worth in shares. Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: ₹1.79 (vs ₹2.30 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.79 (down from ₹2.30 in 2Q 2023). Revenue: ₹473.0m (up 31% from 2Q 2023). Net income: ₹20.7m (down 22% from 2Q 2023). Profit margin: 4.4% (down from 7.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Recent Insider Transactions • Sep 05
Chairman & MD recently bought ₹580k worth of stock On the 30th of August, Rajeev Goenka bought around 1k shares on-market at roughly ₹580 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth ₹924k. Rajeev has been a buyer over the last 12 months, purchasing a net total of ₹1.5m worth in shares. Announcement • Aug 31
Cool Caps Industries Limited, Annual General Meeting, Sep 27, 2023 Cool Caps Industries Limited, Annual General Meeting, Sep 27, 2023, at 11:00 Indian Standard Time. Location: Annapurna Apartment, 23 Sarat Bose Road, 1't Floor, Flat No. 1C Kolkata West Bengal India Agenda: To consider Audited Standalone Financial Statement of the Company for the financial year ended 31st March, 2023 together with the Report of the Board of Directors and the Auditors thereon; to consider Audited Consolidated Financial Statement of the Company for the financial year ended 31st March, 2023 together with the Report of the Auditors thereon; to consider to Increase in Borrowing power; to consider to approve material related party transaction limits with Purv Films Private Limited; to consider directorate reelections; to consider Authorization for Further Public Offering (FPO) of Shares; and to consider other matters. Recent Insider Transactions • Aug 22
Non-Executive Director recently bought ₹924k worth of stock On the 18th of August, Poonam Goenka bought around 2k shares on-market at roughly ₹528 per share. This transaction amounted to 6.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹2.8m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 15
First quarter 2024 earnings released First quarter 2024 results: EPS: ₹1.49. Revenue: ₹361.3m (up 32% from 1Q 2023). Net income: ₹17.2m (up 15% from 1Q 2023). Profit margin: 4.8% (down from 5.5% in 1Q 2023). The decrease in margin was driven by higher expenses. Recent Insider Transactions • Jun 28
Chairman & MD recently bought ₹363k worth of stock On the 23rd of June, Rajeev Goenka bought around 750 shares on-market at roughly ₹484 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth ₹694k. Rajeev has been a buyer over the last 12 months, purchasing a net total of ₹781k worth in shares. Recent Insider Transactions • Jun 14
Insider recently bought ₹144k worth of stock On the 6th of June, Ashok Nahata bought around 250 shares on-market at roughly ₹577 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth ₹694k. Insiders have collectively bought ₹1.4m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 29
Non-Executive Director recently bought ₹694k worth of stock On the 25th of May, Vanshay Goenka bought around 1k shares on-market at roughly ₹556 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹1.1m more in shares than they have sold in the last 12 months. Reported Earnings • May 05
Full year 2023 earnings released: EPS: ₹4.94 (vs ₹4.15 in FY 2022) Full year 2023 results: EPS: ₹4.94 (up from ₹4.15 in FY 2022). Revenue: ₹1.83b (up 246% from FY 2022). Net income: ₹57.1m (up 60% from FY 2022). Profit margin: 3.1% (down from 6.7% in FY 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Feb 17
Third quarter 2023 earnings released: ₹0.37 loss per share (vs ₹1.28 profit in 3Q 2022) Third quarter 2023 results: ₹0.37 loss per share (down from ₹1.28 profit in 3Q 2022). Revenue: ₹593.2m (up 248% from 3Q 2022). Net loss: ₹4.24m (down 138% from profit in 3Q 2022). Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 29% share price gain to ₹315, the stock trades at a trailing P/E ratio of 57.3x. Average trailing P/E is 14x in the Packaging industry in India. Reported Earnings • Nov 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₹367.1m (up 115% from 2Q 2022). Net income: ₹26.4m (up 137% from 2Q 2022). Profit margin: 7.2% (up from 6.5% in 2Q 2022). The increase in margin was driven by higher revenue. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Mohit Dujari was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 17
First quarter 2023 earnings released First quarter 2023 results: EPS: ₹1.29. Net income: ₹15.0m (up ₹15.0m from 1Q 2022). Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 20% share price gain to ₹131, the stock trades at a trailing P/E ratio of 42.5x. Average trailing P/E is 14x in the Packaging industry in India. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 20% share price gain to ₹101, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 13x in the Packaging industry in India. Reported Earnings • May 27
Full year 2022 earnings released Full year 2022 results: Revenue: ₹542.2m (up 74% from FY 2021). Net income: ₹35.7m (up 24% from FY 2021). Profit margin: 6.6% (down from 9.2% in FY 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 29% share price gain to ₹80.45, the stock trades at a trailing P/E ratio of 32.4x. Average trailing P/E is 14x in the Packaging industry in India. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Mohit Dujari was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improved over the past week After last week's 31% share price gain to ₹53.40, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 14x in the Packaging industry in India. Board Change • Mar 24
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Mohit Dujari was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.