Shri Bajrang exits distillery JV, appoints new chairman
Board clears full withdrawal from chemical distillery LLP, freeing capital and eliminating contingent liabilities. Anand Goel named chairman as the nano-cap refocuses on steel and food.
— 4 earlier stories on Shri Bajrang Alliance Ltd. →What's new
- Board approved complete exit from Shri Bajrang Chemical Distillery LLP.
- Anand Goel appointed chairman and managing director, replacing Narendra Goel.
- Independent director Rakesh Mehra to step down; Anshul Dave re-appointed for second term.
Why this matters
For a ₹173-crore nano-cap with a debt/equity of just 0.29, a full exit from a non-core chemical venture removes contingent liabilities and frees up capital. The move signals a clean pivot to steel and food operations after a 41% revenue drop in the trailing year.
What we're watching
- Whether the disinvestment proceeds are deployed into core operations or used for debt reduction.
- Any follow-on exits or asset sales that continue the portfolio pruning.
- Impact on credit rating after the recent downgrade to BBB-.
The full read
Shri Bajrang Alliance is winding down a chapter it no longer needs. The board has approved a full withdrawal from Shri Bajrang Chemical Distillery LLP, going beyond an earlier partial reduction. For a ₹173-crore nano-cap with ₹47-crore in quarterly sales and a trailing revenue drop of 41%, every rupee of contingent liability shed matters. The move frees capital for the core steel and food businesses and eliminates a distraction. Leadership clarity came the same day: Anand Goel, already MD, was named chairman, replacing the recently resigned Narendra Goel. The independent director changes are procedural. What isn't procedural is a clean exit that de-risks the balance sheet—especially after the credit rating slipped to BBB- two weeks ago. The focus now shifts to deployment.
Questions answered
- Why is Shri Bajrang exiting the chemical distillery JV?
- The board cited a strategic shift to focus on core steel and food operations. The complete withdrawal eliminates contingent liabilities and releases capital tied up in the venture.
- Who is the new chairman and what changed?
- Managing director Anand Goel has been appointed chairman and managing director, taking over from Narendra Goel who resigned earlier this month. This fills the leadership gap quickly.
- Is the independent director change significant?
- Rakesh Mehra's departure is routine—end of tenure on 28 June. Anshul Dave's re-appointment for a second term is subject to shareholder approval and provides continuity.
- How does this affect the balance sheet?
- With a debt/equity of 0.29 and market cap of ₹173 cr, exiting the venture reduces off-balance-sheet exposure and could improve return ratios if capital is redeployed effectively.
Shri Bajrang Alliance Ltd.
Latest quarter · Mar 2026
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All notes on SHBAJRG →- 24 Jun 2026 · 11:56 AM IST Shri Bajrang exits distillery JV, appoints new chairman
- today Shri Bajrang's credit rating slips one notch to BBB-
- 15d ago Shri Bajrang Alliance chairman resigns days after NSE listing
- 25d ago Shri Bajrang's profit jumped 214% on a 32% smaller revenue base
- 34d ago Shri Bajrang gets NSE listing — markets already knew