Outcome of the Meeting of Board of Directors held on Friday, November 14, 2025
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EMA India Ltd's Board approved unaudited standalone results for Q2 and H1 FY26 (ended September 30, 2025). The company reported zero revenue from operations, with a pre-exceptional loss of Rs 13.53 lakh for the quarter. However, a one-time gain of Rs 793.27 lakh from the sale of its land and building at Udyog Nagar, Kanpur for Rs 8 crore (carrying value Rs 6.73 lakh) turned the quarter into a pre-tax profit of Rs 779.74 lakh and H1 comprehensive income of Rs 689.74 lakh. The auditor flagged that the company has ceased to be a going concern since December 31, 2023 and has impaired assets. Separately, Mr. Akshay Adhalrao was appointed as Managing Director (subject to shareholder approval), while Whole-Time Director & CFO Ranjana Bhargava and Non-Executive Director Rakshita Bhargava resigned citing personal reasons. A postal ballot was also cleared to seek shareholder approval for an independent director appointment, related party transactions, and changes to the main object and domicile clause of the Memorandum of Association.
Shareholders see a paper profit driven entirely by a one-off asset sale rather than operations, while the core business remains shut and a going-concern qualification persists. The exit of two promoters/whole-time directors and entry of a new MD linked to Dynalog India signals a possible shift in direction pending the postal ballot outcomes.