Ace Men Engg Works Ltd has accepted the resignation of Sourabh Gopichand Gaikwad as an Independent Director, effective from the close of working hours on June 01, 2026. The company disclosed that the resignation was due to preoccupation. This change impacts the board composition as the director steps down from his position.

The resignation was submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that there are no material reasons for the resignation other than those stated in the resignation letter. The disclosure was made to BSE Limited on June 25, 2026.

Sourabh Gopichand Gaikwad, holding DIN 10692920, is not currently holding any directorships in other listed entities. The company provided the necessary details regarding the cessation of directorship in accordance with SEBI circulars dated July 13, 2023, and November 11, 2024.

The following table summarizes the key details of the resignation:

The filing was signed by Ruchir Patel, Managing Director of Ace Men Engg Works Ltd. The company has requested the exchange to take the resignation on record.

Ace Men Engg Works Limited reported a consolidated net profit of ₹16.40 lakh for the financial year ended March 31, 2026. The company's Board of Directors approved the audited standalone and consolidated financial results for the year at a meeting held on June 01, 2026. M/s. S P A K & Associates, Statutory Auditors, issued a qualified opinion on the consolidated results due to non-compliances reported at its subsidiary, Manibhadra Industries Private Limited, while the standalone results received an unqualified opinion.

The consolidated financial statements include the results of the subsidiary from November 26, 2025, following its acquisition. The subsidiary reported non-compliance with provisions of the Companies Act, 2013, relating to the acceptance of unsecured loans and the granting of loans and advances. Specifically, the subsidiary accepted unsecured loans amounting to ₹1.87 crore with an outstanding balance of ₹1.47 crore, contravening Section 73 of the Act. Additionally, total borrowings of ₹12.63 crore exceeded limits under Section 180(1)(c) without requisite shareholder approval. The subsidiary also granted loans and advances of ₹5.73 crore, including to directors and relatives, without sufficient evidence of recoverability or compliance with Section 185. The auditors stated they could not determine the consequential impact on the financial statements.

Financial Performance

The company recorded a total consolidated revenue of ₹1,097.68 lakh for FY26, compared to nil in the previous year. Total expenses stood at ₹1,058.55 lakh. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) were reported at ₹39.13 lakh. For the quarter ended March 31, 2026, the company posted a net profit of ₹11.55 lakh on a total revenue of ₹854.64 lakh.

On a standalone basis, the company reported a total revenue of ₹7.73 lakh and a net profit of ₹0.13 lakh for the financial year ended March 31, 2026. For the quarter ended March 31, 2026, the standalone net loss was ₹1.35 lakh. The Board also took note of the resignation of Mr. Sourabh Gopichand Gaikwad as an Independent Director effective June 01, 2026, due to preoccupation.