Aqylon Nexus Limited has informed the Exchange regarding Cessation of Mr Mr. Sripal Reddy Molugu [DIN: 03642466] as Independent Director of the company w.e.f. April 10, 2026.
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Aqylon Nexus Limited reported audited financial results for FY26 with net profit of Rs. 5.76 crore, a significant turnaround from Rs. 22.37 crore loss in FY25, driven by exceptional gains of Rs. 9.62 crore from property sale. Revenue from operations more than doubled to Rs. 13.20 crore. The company also announced incorporation of a wholly-owned subsidiary in UAE (Ras Al Khaimah) to expand its AI/IT services business. Independent Director Mr. Sripal Reddy Molugu resigned effective April 10, 2026, citing pre-occupancy with no material reasons. Additionally, Energon Petroproducts Private Limited expressed intent to sell its entire 100% shareholding of 33.73 lakh equity shares. The auditors flagged material uncertainty regarding going concern due to accumulated losses and negative net worth of Rs. 5.68 crore.
The resignation of the Independent Director and potential change in promoter holding may create near-term uncertainty for investors. However, the turnaround to profitability and international expansion plans are positive developments. The negative net worth and going concern flag remain key risks for shareholders.