Appointment of Interim CFO of the Company
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Awaiting price reaction for this filing.
Stovec Industries' board approved unaudited financial results for Q1 FY26 (quarter ended June 30, 2025). Revenue from operations stood at ₹567.54 million, down about 7% from ₹612.03 million in Q1 FY25. Profit after tax fell to ₹29.58 million (vs ₹35.91 million), translating to an EPS of ₹14.17 (vs ₹17.20). For H1 FY26, revenue declined to ₹1,058.10 million and PAT dropped to ₹55.37 million from ₹83.41 million. The board also appointed Mr. Vipul Bhavsar, Senior Manager-Finance, as Interim CFO effective May 26, 2025, until a permanent CFO is hired. Mr. Bhavsar is a Chartered Accountant and Cost Accountant with over 18 years of experience, having been with Stovec since 2010. Additionally, the insider trading code was revised to align with SEBI's 2025 amendments. The trading window remains closed and reopens on August 15, 2025.
Weak Q1 results with declining revenues and profits, along with significant cash burn from operations (-₹122.67 million in H1 FY26), may weigh on short-term sentiment. The interim CFO appointment suggests a leadership vacuum, though an internal candidate was chosen to ensure continuity. The full-year FY25 PAT of ₹129.61 million indicates a profitable base, but the H1 decline of ~34% warrants close monitoring.