Shellz India Limited director loans reached Rs 15.0082 crore

Shellz India Limited reported Rs 15.0082 crore of unsecured loans payable to Chairman and Managing Director Kapil Garg and non-executive director Shalini Garg at June 30, 2026. The balance rose by Rs 5.0775 crore from March 31, 2026 and equalled 13.83% of consolidated borrowings of Rs 108.5631 crore.

How much did Shellz India owe its two directors?

Shellz India owed Kapil Garg Rs 10.8071 crore and Shalini Garg Rs 4.2011 crore in unsecured loans at June 30, 2026. An unsecured loan is borrowing for which the supplied related-party disclosure does not identify collateral. The Rs 15.0082 crore combined amount is the sum of the two balances under unsecured loans payable in the restated consolidated related-party statement.

Kapil Garg is listed as Chairman and Managing Director, while Shalini Garg is listed as a non-executive director. The outstanding-balance table uses the spelling “Shailii Garg” for the Rs 4.2011 crore balance, but the related-party list and the transaction table use Shalini Garg. The disclosure places that balance in the unsecured-loans-payable category alongside Kapil Garg’s balance.

How did Shellz India’s director loans increase by June 2026?

Shellz India’s combined director-loan balance increased to Rs 15.0082 crore from Rs 9.9307 crore between March 31, 2026 and June 30, 2026. Kapil Garg’s payable balance increased by Rs 4.4175 crore, while Shalini Garg’s increased by Rs 66 lakh. The period ended June 30, 2026 covers three months, whereas the March 2026 comparison is a financial year-end balance.

The company recorded unsecured loans received of Rs 10.8071 crore from Kapil Garg and Rs 4.1811 crore from Shalini Garg during the three-month period ended June 30, 2026. It also recorded Rs 2 lakh from Shalini Garg as a loan to the subsidiary. The movement in outstanding balances is smaller than the loan-received figures, and the supplied pages do not specify repayments, offsets or other movements that reconcile the difference for each director.

Shellz India had already increased these liabilities during the preceding financial year. Kapil Garg’s unsecured loan payable rose from Rs 4.2658 crore at March 31, 2025 to Rs 6.3896 crore at March 31, 2026, while Shalini Garg’s rose from Rs 2.3550 crore to Rs 3.5411 crore. Accordingly, the company entered the June 2026 period with Rs 9.9307 crore already outstanding to the two directors.

How concentrated was Shellz India’s unsecured director funding?

Shellz India’s Rs 15.0082 crore balance was concentrated in Kapil Garg, whose Rs 10.8071 crore payable represented 72.01% of the combined loans from the two directors. Shalini Garg’s Rs 4.2011 crore represented the remaining 27.99%. These percentages measure only the two disclosed director balances, not total related-party obligations or total company funding.

The related-party balance table reports no unsecured loans payable at June 30, 2026 to Prem Lata Garg, Shellz Overseas Private Limited or Skyway Polymers Private Limited. That differs from March 31, 2025, when Shellz India reported Rs 2.3549 crore payable to Shellz Overseas. The June 2026 unsecured related-party loan balances presented in the table were therefore entirely attributable to Kapil Garg and Shalini Garg.

A Rs 1.97 crore balance from Skyway Polymers Private Limited was reported separately as a loan receivable for the subsidiary at June 30, 2026. That is an asset rather than an unsecured loan payable, so it is not offset against the Rs 15.0082 crore owed to the directors. The same table also reported Rs 18.66 lakh payable to Euroville Private Limited and Rs 5.88 lakh receivable from Shellz Overseas under the separate payable or receivable category.

What share of Shellz India’s debt were the director loans?

Shellz India’s Rs 15.0082 crore of unsecured loans payable to Kapil Garg and Shalini Garg equalled 13.83% of Rs 108.5631 crore in consolidated borrowings at June 30, 2026. This comparison uses the total borrowings figure reported in the reconciliation of total borrowing to net debt. It shows the directors’ loans as a defined portion of total reported debt at that date.

The reconciliation reported Rs 49.8062 crore of long-term borrowings and Rs 58.7569 crore of short-term borrowings at June 30, 2026. Its total borrowings increased from Rs 100.8257 crore at March 31, 2026 to Rs 108.5631 crore at June 30, 2026. Over the same dates, total equity increased from Rs 58.9524 crore to Rs 63.0312 crore, and the reported debt-to-equity ratio changed to 1.72 times from 1.93 times.

The separate capitalization statement also reported total debt of Rs 108.5631 crore at June 30, 2026, but classified it as Rs 63.0173 crore of long-term debt and Rs 45.5458 crore of short-term debt. The supplied disclosures thus report the same total debt while showing different long-term and short-term classifications. The 13.83% comparison relies on the common total rather than combining category figures from the two statements.

What other related-party dealings did Shellz India report?

Shellz India reported related-party sales, purchases, remuneration and sitting fees in addition to director loans for the period ended June 30, 2026. Sales were Rs 50.56 lakh to Vinola India Private Limited and Rs 2.21 lakh to Euroville Private Limited, while purchases from Euroville were Rs 9.60 lakh. These operating transactions are distinct from the period-end unsecured loan balances.

The three-month June 2026 figures are not directly comparable with the full-year figures for March 2026 and March 2025. For the year ended March 31, 2026, Shellz India reported Rs 78.63 lakh of sales to Vinola India, Rs 55.35 lakh of sales to Skyway Polymers Private Limited and Rs 26.10 lakh of purchases from Skyway. For the year ended March 31, 2025, sales to Skyway were Rs 5.0184 crore and purchases were Rs 4.6468 crore.

Kapil Garg received Rs 3.75 lakh of director remuneration in the period ended June 30, 2026, after Rs 15 lakh for the year ended March 31, 2026. Shalini Garg received Rs 20,000 of sitting fees in the June 2026 period and Rs 1.30 lakh in the year ended March 31, 2026. The supplied transaction table does not report interest paid to either Kapil Garg or Shalini Garg for the June 2026 period.

Conclusion

Shellz India’s disclosures show that unsecured loans payable to Kapil Garg and Shalini Garg reached Rs 15.0082 crore at June 30, 2026, following a Rs 5.0775 crore increase from March 31, 2026. The balance was concentrated in Kapil Garg and represented 13.83% of consolidated borrowings of Rs 108.5631 crore, making director funding a measurable component of the company’s reported debt structure.

The next disclosure to watch is the movement in the Rs 10.8071 crore payable to Kapil Garg and the Rs 4.2011 crore payable to Shalini Garg after June 30, 2026. The supplied information identifies loans received and closing balances but does not disclose interest rates, repayment dates or a plan to reduce these unsecured director loans; those undisclosed terms will determine whether the June 2026 reliance continues.