Outcome for Unaudited Financial Results for the Quarter ended 30.06.2025
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Garg Furnace Ltd's board, meeting on August 14, 2025, approved unaudited financial results for Q1 FY26 (quarter ended June 30, 2025). Revenue from operations came in at Rs 6,015.31 lakhs, down about 3.5% from Rs 6,232.84 lakhs in Q1 FY25. Profit before and after tax stood at Rs 124.88 lakhs versus Rs 156.37 lakhs a year ago, a roughly 20% drop, with basic EPS at Rs 2.49 vs Rs 3.39. Total expenses declined modestly to Rs 5,912.98 lakhs, and the auditor (Ashwani & Associates) issued an unmodified limited review opinion. The board also approved material related party transactions with promoter group entity Vaneera Industries and three directors (Devinder Garg, Vaneera Garg, Toshak Garg) for FY26, subject to shareholder approval. Additionally, Mrs. Mehak Jain was appointed as an Independent Director for five years, while Ms. Purti Katyal resigned as Independent Director citing personal reasons. The 52nd AGM was fixed for September 15, 2025.
Q1 numbers are weak — both top line and bottom line shrank year-on-year, suggesting margin pressure and softer demand in the company's iron and steel products business. The material related party transactions with the promoter group will require shareholder approval at the upcoming AGM, which shareholders should review closely. A change in the independent director, with a new appointee coming in just before the AGM, is worth monitoring for governance implications.