Re-appointment of Mr. Kirit Doshi as chairman and managing director of the company for further 3(three) years subject to the approval of members in general meeting.
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Waaree Technologies' board approved the re-appointment of promoter Mr. Kirit Chimanlal Doshi as Chairman and Managing Director for a further three years starting May 14, 2025, subject to shareholder approval. He is not debarred by SEBI from holding the director position. The board also approved audited financial results for the half year and full year ended March 31, 2025, which received an unmodified opinion from the auditors. Revenue from operations fell sharply to Rs 463.95 lakhs in H2 FY25 from Rs 1,504.94 lakhs in H2 FY24, while full-year FY25 revenue dropped to Rs 1,023.57 lakhs from Rs 2,854.52 lakhs in FY24. Net loss for FY25 narrowed to Rs 565.00 lakhs from Rs 750.02 lakhs, but the company continues to carry negative reserves of Rs 1,267.77 lakhs, leaving shareholder funds in deficit at Rs 190.96 lakhs.
Continuity at the top with the promoter CMD staying in place, which may provide some stability, but the persistent revenue decline and negative shareholder equity raise concerns about the company's financial health and going-concern status for retail investors.