Stovec Industries Limited

BSE: 504959
Stovec Industries Limited - machinery and equipment in Ahmedabad, Gujarat, India. FY 2026 financials & compliance.
CIN L45200GJ1973PLC050790 Incorporated 05 June 1973 ROC Ahmedabad HQ Ahmedabad, Gujarat, India
Active Listed - BSE: 504959 Public Limited Company machinery and equipment Fortune MNC 500 · #480 MSME · Medium
Data last updated
Market Cap
₹279 Cr
STOVACQ · BSE
Share Price
₹1,186.65
-11.17% today
Revenue
₹195 Cr
Dec 2018 · -8.4% YoY
EBITDA
₹40.69 Cr
Margin 20.9%
Net Profit
₹28.12 Cr
Dec 2018 · +3.5% YoY
P/E (TTM)
13.1x
P/B 2.6x
ROE
21.8%
ROCE 31.6%
Authorised capital
₹3 Cr
Registered with MCA

About Stovec Industries Limited

Data last updated:

Stovec Industries Limited is a public limited company based in Ahmedabad, Gujarat, India, a subsidiary of Spgprints B.V.. It operates in the process machinery and industrial equipment segment of the machinery and industrial equipment sector. It was incorporated on 05 June 1973 and has been in existence for over 53 years.

Stovec Industries is ranked #480 on the Fortune MNC 500 India (2026).

The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L45200GJ1973PLC050790. Its GSTIN is 24AABCS7223D1ZS (Gujarat). It is a listed company as per MCA records. Its shares are listed on BSE: 504959.

The company has an authorised share capital of ₹3 Cr and a paid-up capital of ₹2.09 Cr. It is led by directors including Shailesh Chandrakrishna Wani (Managing Director) and Kiran Dhingra.

Its last annual general meeting (AGM) was held on 07 May 2026, and its latest financial statements are for the year ended 31 December 2025. The registered office is at N.I.D.C. Near Lambha Village Post: Narol, Ahmedabad, Gujarat, India – 382405.

As per the latest standalone financials for FY 2024-25, the company reported a revenue of ₹198.11 Cr, a decline of 15.5% compared to the previous year. For the same year it recorded a net profit of ₹7.16 Cr (net margin 3.6%) and EBITDA of ₹9.75 Cr (EBITDA margin 4.9%). The net worth stands at ₹131.78 Cr (up 5.4% YoY). Total assets are valued at ₹133.96 Cr (up 6.5% YoY).

The company has about 245 employees on its provident fund (EPFO) records.

The company is associated with 2 brands: SPGPrints and SPGPrints. As per MCA filings, the company has open charges of ₹3.16 Cr and satisfied charges of ₹79.48 Cr on record. Court records list 99 cases involving the company, including 70 filed by the company and 29 filed against it; 12 cases are pending. The company has 4 deals on record (2 market trades, 1 funding round, 1 acquisition), with disclosed funding of ₹6 Lakh; the latest was in August 2021. Its 8 peer companies in the Media and Publishing industry (Commercial Printing), with the same principal business activity (other manufacturing including jewelry, musical instruments, medical instruments, sports goods, etc. activities) are compared by revenue, 4 larger and 4 smaller; the largest is Magic International Private Limited with revenue of ₹254.83 Cr. The company has 2 MSME Form 1 returns on record for the period ending Dec 2018, listing 23 overdue payments to 11 micro and small suppliers.

Stovec Industries Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-01-0013992). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website spgprints.com.

Company details

CIN L45200GJ1973PLC050790
Registration Number 050790
Incorporation Date 05 June 1973
ROC Ahmedabad
Listing Status Listed - Listed on BSE (504959)
Company Status Active
Date of Last AGM 07 May 2026
Date of Balance Sheet 31 December 2025
Parent Company Spgprints B.V.
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-GJ-01-0013992

CIN history

Stovec Industries has one previous CIN (Corporate Identification Number): U45200GJ1973PLC050790. The current CIN is L45200GJ1973PLC050790, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L45200GJ1973PLC050790Current
U45200GJ1973PLC050790Previous
Key People
Shailesh Chandrakrishna Wani Managing Director Gaurav Amrutiya Cfo Kiran Dhingra Director

Recognitions & Rankings of Stovec Industries

Fortune MNC 500 India 2026 edition
Rank#480
Total income
₹228 Cr
Profit
₹13 Cr
Last year #473
MSME (Udyam registered) Ministry of MSME
Category
Medium (2024-25)
Udyam number
UDYAM-GJ-01-0013992

Contact details

Stovec Industries Limited's registered office is in Ahmedabad, Gujarat. Its website is spgprints.com. Its e-mail address is in the company report.

  • Email
  • Website
    spgprints.com
  • Social Media
  • Registered Address
    N.I.D.C. Near Lambha Village Post: Narol, Ahmedabad, Gujarat, India – 382405
  • Industry
    Machinery and Equipment, Process Machinery & Industrial Equipment

To see the full contact details of Stovec Industries Limited, buy the company report.

Comprehensive company report
Stovec Industries Limited - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included

Brands

Stovec Industries operates two associated brands: SPGPrints and SPGPrints. Each brand links to its own profile.

BrandDescriptionWebsite
SPGPrints
Rotary and digital textile printing solutions are provided worldwide.spgprints.com
SPGPrints
Rotary screen printing machines and digital textile printers are manufactured.stovec.com

Business activity

Stovec Industries operates primarily in the manufacturing sector. One business activity is registered with the MCA.

Main activity groupBusiness activityShare of turnover
ManufacturingOther manufacturing including jewelry, musical instruments, medical instruments, sports goods, etc. activities

To see the full business activity and turnover split of Stovec Industries Limited, buy the company report.

Financials of Stovec Industries Limited

FY 2024-25 filings available

Stovec Industries Limited reported revenue of ₹198.11 Cr (down 15.5% YoY) for FY 2024-25.

Financial Highlights

Dec 2018 · Consolidated
Revenue
₹195 Cr
-8.4% YoY
EBITDA
₹40.69 Cr
-6.9% YoY
Profit After Tax
₹28.12 Cr
+3.5% YoY
Net Worth
-
Total Assets
-
Total Debt
-

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsDec 2018Dec 2017Dec 2016Dec 2015Dec 2014Dec 2013
Income statement
Revenue19521319516210277.28
Revenue growth-8.4%+9.3%+20.0%+58.5%+32.4%-
EBITDA40.6943.7039.3435.3016.8513.23
EBITDA margin+20.9%+20.5%+20.2%+21.8%+16.5%+17.1%
Profit before tax49.4841.5537.8033.1817.2415.12
Net profit28.1227.1624.9721.7511.6210.61
Net profit margin+14.4%+12.8%+12.8%+13.4%+11.4%+13.7%
EPS (₹)160.93130.05113.1698.8952.4048.13
Balance sheet
Cash flow
MetricsDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019
Income statement
Revenue198235207236233150194
Revenue growth-15.5%+13.2%-12.1%+1.1%+55.5%-22.7%-
EBITDA9.7520.6913.4426.1036.9316.5836.22
EBITDA margin+4.9%+8.8%+6.5%+11.1%+15.8%+11.0%+18.7%
Profit before tax9.1317.4311.4232.4439.0417.1837.23
Net profit7.1613.059.0619.1928.4213.5627.98
Net profit margin+3.6%+5.6%+4.4%+8.1%+12.2%+9.0%+14.4%
EPS (₹)33.0462.0743.28118.62141.9664.48133.80
Balance sheet
Cash flow
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue52.7746.6951.4240.8856.7549.0656.0257.39
Revenue growth (YoY)-7.0%-4.8%-8.2%-28.8%-7.3%---
Other income0.660.721.001.141.751.270.671.12
Total expenses48.8544.0350.8839.0353.1145.3352.6752.87
EBITDA3.922.660.541.853.643.733.354.52
EBITDA margin+7.4%+5.7%+1.1%+4.5%+6.4%+7.6%+6.0%+7.9%
Depreciation1.311.321.351.391.471.551.641.58
Interest0.000.000.020.000.000.000.020.06
Profit before tax3.272.060.171.603.923.452.364.00
Tax0.810.39(0.01)0.420.970.870.840.91

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 04 Nov 2026
ParticularsDec 2018Dec 2017Dec 2016Dec 2015Dec 2014Dec 2013
Revenue19521319516210277.28
Revenue growth-8.4%+9.3%+20.0%+58.5%+32.4%-
Other income14.284.064.023.333.123.47
Total expenses15416915512785.4964.05
Employee cost20.9720.2216.9613.8811.738.72
EBITDA40.6943.7039.3435.3016.8513.23
EBITDA margin+20.9%+20.5%+20.2%+21.8%+16.5%+17.1%
Depreciation5.266.055.205.232.651.50
Interest0.230.160.360.220.080.08
Profit before tax49.4841.5537.8033.1817.2415.12
Tax15.8914.3912.8411.305.654.53
Net profit28.1227.1624.9721.7511.6210.61
Net profit margin+14.4%+12.8%+12.8%+13.4%+11.4%+13.7%
EPS (₹)160.93130.05113.1698.8952.4048.13
ParticularsDec 2018Dec 2017Dec 2016Dec 2015Dec 2014Dec 2013
Growth
Sales growth-8.4%+9.3%+20.0%+58.5%+32.4%-
EBITDA growth-6.9%+11.1%+11.4%+109.5%+27.4%-
PBT growth+19.1%+9.9%+13.9%+92.5%+14.0%+9997.0%
Net income growth+3.5%+8.8%+14.8%+87.2%+9.5%-
Revenue CAGR (3Y)+6.3%+27.6%+36.1%---
EBITDA CAGR (3Y)+4.9%+37.4%+43.8%---
Profitability & leverage
Net income margin+17.2%+12.8%+12.8%+13.5%+11.3%+13.7%
Return on capital employed+31.6%+39.5%+45.8%+49.5%+30.6%+28.7%
Return on net worth+21.8%+26.3%+30.7%+33.4%+21.4%+21.0%
Debt / equity0.000.000.000.000.000.00
Long-term debt / equity0.000.000.000.000.000.00
Interest cover0.650.421.050.730.560.68
Efficiency & per share
Fixed asset turnover4.854.714.323.633.202.85
Inventory turnover6.696.136.176.196.667.10
Debtors turnover6.597.807.956.386.145.81
EPS (₹)160.93130.05113.1698.8952.4048.13
Dividend per share (₹)55.0036.0031.0029.0015.5015.00
Book value per share (₹)676.26560.12430.62348.47278.55241.44
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue52.7746.6951.4240.8856.7549.0656.0257.39
Revenue growth (YoY)-7.0%-4.8%-8.2%-28.8%-7.3%---
Other income0.660.721.001.141.751.270.671.12
Total expenses48.8544.0350.8839.0353.1145.3352.6752.87
EBITDA3.922.660.541.853.643.733.354.52
EBITDA margin+7.4%+5.7%+1.1%+4.5%+6.4%+7.6%+6.0%+7.9%
Depreciation1.311.321.351.391.471.551.641.58
Interest0.000.000.020.000.000.000.020.06
Profit before tax3.272.060.171.603.923.452.364.00
Tax0.810.39(0.01)0.420.970.870.840.91
ParticularsDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019
Revenue198235207236233150194
Revenue growth-15.5%+13.2%-12.1%+1.1%+55.5%-22.7%-
Other income5.163.414.4312.327.215.175.49
Total expenses188214194210196134158
Employee cost34.9229.9224.7425.5423.9320.2219.94
EBITDA9.7520.6913.4426.1036.9316.5836.22
EBITDA margin+4.9%+8.8%+6.5%+11.1%+15.8%+11.0%+18.7%
Depreciation5.766.586.365.985.104.534.41
Interest0.020.090.090.000.000.040.07
Profit before tax9.1317.4311.4232.4439.0417.1837.23
Tax2.264.482.387.689.413.709.27
Net profit7.1613.059.0619.1928.4213.5627.98
Net profit margin+3.6%+5.6%+4.4%+8.1%+12.2%+9.0%+14.4%
EPS (₹)33.0462.0743.28118.62141.9664.48133.80
ParticularsDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019
Growth
Sales growth-15.5%+13.2%-12.1%+1.1%+55.5%-22.7%-
EBITDA growth-52.9%+53.9%-48.5%-29.3%+122.7%-54.2%-
PBT growth-47.6%+52.6%-64.8%-16.9%+127.2%-53.9%-31.5%
Net income growth-45.1%+44.0%-52.8%-32.5%+109.6%-51.5%-
Revenue CAGR (3Y)-5.7%+0.2%+11.4%+6.7%+6.5%-10.6%+1.0%
EBITDA CAGR (3Y)-28.0%-17.6%-6.8%-10.4%-2.4%-26.4%+0.7%
Profitability & leverage
Net income margin+3.5%+5.5%+4.4%+10.5%+12.7%+9.0%+14.4%
Return on capital employed+7.1%+13.2%+7.3%+14.7%+26.0%+12.6%+28.6%
Return on net worth+5.4%+9.8%+5.8%+11.5%+20.0%+10.0%+21.8%
Debt / equity0.000.000.000.000.000.000.00
Long-term debt / equity0.000.000.000.000.000.000.00
Interest cover0.500.641.270.000.000.330.22
Efficiency & per share
Fixed asset turnover2.813.403.224.014.553.605.20
Inventory turnover4.184.663.574.866.624.676.73
Debtors turnover5.597.067.598.618.355.366.60
EPS (₹)33.0462.0743.28118.62141.9664.48133.80
Dividend per share (₹)12.00115.00174.0047.0057.0022.0060.00
Book value per share (₹)631.13598.48670.81831.98769.68648.73645.32

To see the full year-wise statements and ratios of Stovec Industries Limited, buy the company report.

Board of directors and KMP of Stovec Industries Limited

Stovec Industries Limited currently reports 5 directors and 1 key managerial person. 25 former directors have served the organization.

Current Directors and KMP
NameDesignationAppointment DateTenureStatus
Shailesh Chandrakrishna Wani
Also directs: Tinctura Colour Private Limited
Managing Director01 Oct 201313 Years 1 MonthsCurrent
Kiran Dhingra
Also directs: Mangalore Chemicals and Fertilisers Limited, Indian Metals and Ferro Alloys Ltd., Indian Register of Shipping
Director01 Apr 20206 Years 7 MonthsCurrent
Garrett FordeDirector26 Feb 20215 Years 8 MonthsCurrent
Gaurav AmrutiyaCfo03 Dec 20250 Years 11 MonthsCurrent
Bhanubhai Ramjibhai Patel
Also directs: Oerlikon Textile India Private Limited, Gaslite Advisory Private Limited, Gaslite Exim Trade Private Limited and 5 more
Director05 May 20251 Years 5 MonthsCurrent
Abhay Rohit Jadeja
Also directs: Mafatlal Industries Limited, Nilkamal Limited, Amal Speciality Chemicals Limited
Director05 May 20251 Years 5 MonthsCurrent
View all directors and KMP

Peer comparison

Stovec Industries Limited is compared with the 8 companies closest to it by revenue in the Media and Publishing industry (Commercial Printing), with the same principal business activity (other manufacturing including jewelry, musical instruments, medical instruments, sports goods, etc. activities), from the latest filed financials of each company.

CompanyRevenueNet profitMarginGrowth (1 yr)EmployeesLocation
Magic International Private Limited₹254.83 Cr (FY 2025)11.0%New Delhi, Delhi, India
Repro Books Limited₹253.47 Cr (FY 2025)34.0%Mumbai, Maharashtra, India
Sri Lakshmi and Brothers Media Events Private Limited₹247.47 Cr (FY 2025)494.0%Madurai, Tamil Nadu, India
CDC Printers Private Limited₹239.88 Cr (FY 2025)12.0%Kolkata, West Bengal, India
True Colors Limited₹234.05 Cr (FY 2025)45.0%Surat, Gujarat, India
Imaginarium ( India ) Private Limited₹224.02 Cr (FY 2025)2.0%Mumbai, Maharashtra, India
KL Hi-Tech Secure Print Limited.₹212.81 Cr (FY 2025)-19.0%Sangareddy, Telangana, India
New Print India Private Limited₹210.5 Cr (FY 2025)126.0%New Delhi, Delhi, India
Stovec Industries Limitedthis company₹198.11 Cr (FY 2025)₹7.16 Cr3.6%-15.5%245Ahmedabad, Gujarat, India

To see the full peer comparison of Stovec Industries Limited, buy the company report.

Auditor

Stovec Industries Limited is audited by SRBC & Co. LLP for the financial year 2022.

Auditor firmFinancial yearFirm registration number
SRBC & Co. LLPFY 2022324982E/E300003

Shareholding

Shareholding for the quarter ended Mar 2026: promoters hold 71.10%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 28.90%.

Promoters: 71.10%Retail & Others: 28.90%
Mar 2026
QUARTER
71.10% Promoters
28.90% Retail & Others
Promoter holding - history
Now 71.10% · Mar 2026High 71.10% · Jun 2025Low 71.10% · Jun 2025
70%70.8%71.5%72.3%73%Jun 2025Sep 2025Dec 2025Mar 2026Jun 2025: 71.10%Sep 2025: 71.10%Dec 2025: 71.10%Mar 2026: 71.10%71.10%71.10%
Shareholding trend - last 6 quarters
Mar 2026Dec 2025Sep 2025Jun 2025
Promoters71.10%71.10%71.10%71.10%
Public28.90%28.90%28.90%28.90%

Charges & borrowings

Open charges
₹3.16 Cr
Satisfied charges
₹79.48 Cr
Breakdown by lending institutions
Giic Ltd₹1.00 Cr
Icici Ltd₹0.93 Cr
Bank of Mahrashtra₹0.50 Cr
The Icici Ltd₹0.27 Cr
Icici₹0.27 Cr
Others₹0.19 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
09 May 199590228917Giic Ltd₹50 LakhOpen
28 Jun 199190228427Bank of Mahrashtra₹49.91 LakhOpen
30 May 199090228296Ifci₹19 LakhOpen
02 May 199090228290The Icici Ltd₹2.11 LakhOpen
27 Sep 198790228007Icici Ltd₹25 LakhOpen

To see the full charge records of Stovec Industries Limited, buy the company report.

Total charge records: 40 View all charges

Deals & funding

Stovec Industries Limited has 4 deals on record (2 market trades, 1 funding round, 1 acquisition), with disclosed funding of ₹6 Lakh; the latest was in August 2021.

Total deals
4
Market trades
2
Funding round
1
Acquisition
1
Disclosed funding
₹6 Lakh

Deals on record (4 of 4)

WhenDealAmountParties
Aug 2021Market trade₹4.22 CrSeller: Plutus Wealth Management LLP
Jun 2014Funding round₹6 LakhInvestors: Investcorp
Jan 2008Acquisition₹9.43 CrBuyer: Stork Prints Group B.V.
Feb 2007Market trade₹1.52 CrBuyer: Pramol Traders Holdings P
Seller: Ate Enterprise Pvt. Ltd

Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

MSME payment delays

Stovec Industries Limited has 2 MSME Form 1 returns on record for the period ending Dec 2018, listing 23 overdue payments to 11 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.

Suppliers with reported dues (5 of 11)

SupplierAmount dueDue sinceReported on
Kantilal Chunilal and Sons Appliances Private Limited
an individual supplier
an individual supplier
Sure Safety India Pvt Ltd
Safex Industries Limited

To see the full MSME payment records of Stovec Industries Limited, buy the company report.

Individuals and sole proprietors among the suppliers are not named.

Employees & EPFO

Stovec Industries Limited has a workforce of 245 employees on its EPFO records as of Sep 25, 2025, across 1 active EPFO establishment.

Employee count
245
Active EPFO establishments
1
Employee growth
-3.92%

GST

Stovec Industries has 1 GST registration: 1 active.

Total GSTINs
1
Active
1
GSTINStateStatusRegistered on
24AABCS7223D1ZSGujaratActive01 Jul 2017

To see the full GST registrations and return filing status of Stovec Industries Limited, buy the company report.

Recent activity

Stovec Industries Limited has 49 board changes on record since 1973: 28 appointments and 21 cessations. The latest: Gaurav Amrutiya was appointed as CFO on 03 Dec 2025.

AGM
Stovec Industries Limited last Annual general meeting of members was held on 07 May 2026 as per latest MCA records.
Filing
Stovec Industries Limited has filed its annual Financial statements for the year ended 31 Dec 2025 with Roc Ahmedabad.
Appointed
Gaurav Amrutiya was appointed as CFO.
Ceased
Eiko Ris ceased to be Director.
Ceased
Paras Mehta ceased to be CFO.
Ceased
Khurshed Meherwanji Thanawalla ceased to be Director.
Ceased
Marco Philippus Ardeshir Wadia ceased to be Director.
Appointed
Abhay Rohit Jadeja was appointed as Director.
Appointed
Bhanubhai Ramjibhai Patel was appointed as Director.
Ceased
Dirk Wim Joustra ceased to be Director.
Appointed
Garrett Forde was appointed as Director.
Ceased
Sangeeta Puneet Singh Sachdev ceased to be Director.

130 earlier events are in the company report.

News

Stovec Industries to hold board meeting
02 Feb 2025 · India Infoline

Frequently asked questions

Stovec Industries is an active public limited company based in Ahmedabad, Gujarat, India. The company works in process machinery and industrial equipment, within the machinery and equipment industry. It was incorporated on 05 June 1973 (53+ years old) and is registered under CIN L45200GJ1973PLC050790. Listed on BSE: 504959.

Stovec Industries reported revenue of ₹198.11 Cr for FY 2024-25 (down 15.5% YoY) based on standalone financials.

Stovec Industries has 6 current directors and KMP:

The latest financial statements of Stovec Industries on record with the MCA are for the year ended 31 December 2025. Its last annual general meeting was held on 07 May 2026. Year-wise statements from 2015 are in the company report.

The GSTIN of Stovec Industries is 24AABCS7223D1ZS, registered in Gujarat.

The CIN (Corporate Identification Number) of Stovec Industries is L45200GJ1973PLC050790. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. Stovec Industries is a listed company as per MCA records. Its shares are listed on BSE (code: 504959).

Stovec Industries has 99 court cases on record: 70 filed by the company and 29 filed against it. 12 are pending. Most are in the district courts.

Stovec Industries was incorporated on 05 June 1973, making it 53+ years old. It is registered with the Registrar of Companies, Ahmedabad.

Stovec Industries has 4 deals on record (2 market trades, 1 funding round, 1 acquisition), with disclosed funding of ₹6 Lakh; the latest was in August 2021.

The peers of Stovec Industries by revenue are Magic International Private Limited, Repro Books Limited, Sri Lakshmi and Brothers Media Events Private Limited, CDC Printers Private Limited, True Colors Limited and 3 more, all in the Media and Publishing industry (Commercial Printing), with the same principal business activity (other manufacturing including jewelry, musical instruments, medical instruments, sports goods, etc. activities).

Gaurav Amrutiya was appointed as CFO on 03 Dec 2025. Eiko Ris ceased to be Director on 14 Nov 2025. Paras Mehta ceased to be CFO on 23 May 2025. Stovec Industries has 49 board changes on record in total.