Laxmi Cotspin Limited has informed the Exchange regarding Resignation of Mr Ketan Shankarlal Shah as Non- Executive Independent Director of the company w.e.f. August 07, 2025.
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At a board meeting on August 7, 2025, Laxmi Cotspin approved its Q1 FY26 unaudited results, with standalone revenue from operations rising sharply to ₹5,059.34 lakhs from ₹3,040.53 lakhs a year ago, though net profit fell to ₹130.48 lakhs from ₹746.83 lakhs. Two independent directors — Mr. Ketan Shankarlal Shah and Mr. Vijaykumar Jainarayan Zanwer — resigned citing pre-occupation. In their place, the board appointed Mr. Gaurav Ramnivas Karwa and Mr. Vivek Mohanlal Maniyar as additional non-executive independent directors for five-year terms, subject to shareholder approval. The board also approved diversifying into garments and bleached cotton and replacing old spinning machinery with new technology to improve efficiency and cut costs.
Strong revenue growth in Q1 FY26 is a positive sign, but a sharp drop in net profit despite higher sales may pressure the stock in the short term. The simultaneous exit of two independent directors and quick replacement is governance-neutral for shareholders, and the diversification and modernization plans could support long-term growth.