Appointment of Mr. Amitbir Singh Banga (DIN: 07163599) as an Additional Director (Non-Executive, Non-Independent) of the Company, effective today, .i.e. November 11, 2025
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Precision Electronics' board approved unaudited Q2 and H1 FY26 results, reporting a Q2 loss of Rs. 140.94 lakhs and H1 loss of Rs. 179.53 lakhs, widening from Rs. 117.05 lakhs and Rs. 297.25 lakhs losses in the prior-year periods. Mr. Harbir Singh Banga resigned as Non-Executive & Non-Independent Director citing personal reasons, effective November 11, 2025. In his place, Mr. Amitbir Singh Banga was appointed as Additional Director (Non-Executive, Non-Independent) on the same day; he is the brother of the resigning director, and their father, Mr. Hardeep Singh Banga, holds a 24.88% promoter stake in the company. The company also disclosed fresh orders worth about Rs. 50 crore in the Aerospace & Defence segment, with Rs. 47 crore to be executed in FY25-26.
Continuing losses raise concerns about operational profitability, but the Rs. 50 crore order win in Aerospace & Defence is a positive for future revenue. The director change is a like-for-like promoter family swap with no governance disruption, though it reflects continued promoter family control of the board.