This is to inform that at the meeting of the Board of Directors of the Company held today, the following items were considered and approved. 1] We enclose the copy of Un-audited Financial ....
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Awaiting price reaction for this filing.
The Board approved unaudited financial results for Q2 FY26 (quarter ended September 30, 2025). Consolidated revenue rose to Rs. 674.42 lakhs from Rs. 425.38 lakhs in the previous quarter, and the company swung to a net profit of Rs. 18.31 lakhs (from a loss of Rs. 189.64 lakhs in Q1 FY26). However, the half-year (H1 FY26) still showed a net loss of Rs. 171.33 lakhs, though narrower than Rs. 408.57 lakhs in H1 FY25. The Board appointed Mr. Aditya A. Garware (DIN: 00019816), a promoter and existing director since 1993, as Chairman and Managing Director effective November 1, 2025, subject to shareholder and government approvals. Separately, the auditor flagged a going concern doubt for the Singapore subsidiary Garware Offshore International Services Pte. Ltd., whose net worth is negative at Rs. 396.88 lakhs. Also, 35,000 convertible warrants were converted into equity, raising paid-up capital marginally from Rs. 30.71 crores to Rs. 30.74 crores.
The sequential return to profit and revenue growth are positive signs, but persistent half-year losses and a going concern flag on the Singapore subsidiary remain concerns. Elevation of a long-standing promoter family member to CMD provides leadership continuity rather than a fresh external direction, and the stock may see limited immediate reaction.