Resignation of Mr. Harbir Singh Banga (DIN: 00011584) as the Director (Non-Executive & Non-Independent) of the Company with effect from today, i.e., November 11, 2025
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Precision Electronics' board approved its unaudited results for Q2 FY26 (quarter ended Sept 30, 2025), reporting income from operations of Rs. 15.55 crore (up ~48% YoY from Rs. 10.48 crore) but a net loss of Rs. 1.40 crore, narrowing from a Rs. 1.17 crore loss a year ago. H1 FY26 loss narrowed sharply to Rs. 1.79 crore versus Rs. 3.67 crore in H1 FY25. Non-Executive Director Mr. Harbir Singh Banga resigned citing personal reasons and was replaced the same day by his brother, Mr. Amitbir Singh Banga, as Additional Non-Executive, Non-Independent Director. Their father, Mr. Hardeep Singh Banga, holds a 24.88% stake in the company, making this a clear family-board succession. Separately, the company disclosed fresh orders worth about Rs. 50 crore in the Aerospace & Defence segment from domestic and global customers (names withheld due to confidentiality), with Rs. 47 crore to be executed in FY25-26 and Rs. 3 crore in FY26-27.
The director change is a routine promoter-family succession with no governance red flags, so it should not spook shareholders. The order win of ~Rs. 50 crore in Aerospace & Defence is a meaningful positive, giving revenue visibility for the year, though continued quarterly losses show the business is still working toward profitability.