Cessation of Director
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Stovec Industries' board, at its November 14, 2025 meeting, approved the unaudited financial results for Q2 FY26 and nine months ended September 30, 2025. Revenue from operations fell sharply to Rs 406.62 million in Q2 from Rs 567.54 million in Q1 and Rs 573.69 million in Q2 of the previous year; nine-month revenue dropped to Rs 1,466.92 million from Rs 1,765.49 million a year earlier. Net profit for Q2 was Rs 11.97 million (vs Rs 30.89 million YoY) and for nine months was Rs 67.34 million (vs Rs 114.30 million YoY), reflecting significant top-line and earnings decline. The board appointed Mr. Gaurav Amrutiya, a Chartered Accountant with 19 years of finance experience across manufacturing, automotive and EV battery sectors, as the new permanent CFO and Key Managerial Personnel. Mr. Vipul Bhavsar, who had been serving as Interim CFO, was relieved of that role and continues as Senior Manager-Finance.
The sharp year-on-year decline in revenue and profit is negative for short-term sentiment, though the appointment of a permanent experienced CFO brings stability to financial leadership. The exit of one non-executive non-independent director (a foreign parent representative) is largely cosmetic and unlikely to impact operations.