The Board at their meeting held on 15.05.2025 re-appointed Shri Harsh Kilachand as Whole Time Director designated as Chairman & Managing Director. The relevant disclosure is enclosed.
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Kesar Enterprises' board on May 15, 2025 approved audited results for FY25 showing a sharp reversal — net loss of Rs 72.6 crore versus a profit of Rs 83.6 crore last year, with revenue from operations falling to Rs 334 crore from Rs 531 crore. The auditor flagged a 'material uncertainty related to going concern' as the company's net worth has been fully eroded, mainly due to high sugarcane costs and weak sugar prices. Management plans to monetise non-operating immovable assets and is banking on government intervention on sugarcane MSP and power tariffs. On governance, the board re-appointed Harsh R Kilachand as Chairman & Managing Director for 3 years from August 14, 2025, recommended re-appointment of Devendra J Shah and Dr. Narendra Mairpady (independent director, second term), and proposed new statutory and secretarial auditors for 5-year terms.
Shareholders face a deeply negative year with full erosion of net worth and a going-concern warning, though asset monetisation and policy relief could provide a turnaround path. The re-appointments signal leadership continuity rather than change, and the auditor rotation is routine; stock reaction will likely hinge on FY25 losses and the going-concern note more than governance changes.