Advance Multitech has accepted the resignations of its Managing Director and four other board members, effective September 1, 2026. The departures include Arvind Vishwanath Goenka, who held the top executive role, alongside two additional independent directors and two additional directors.

The company disclosed the changes to the BSE on August 25, 2026, citing mutual exits and other project handling as the reasons for the resignations. The move significantly reshapes the company's leadership structure in a single filing.

Key Resignations

The following directors have tendered their resignations:

• Arvind Vishwanath Goenka: Managing Director. He holds 22,65,00 equity shares in the company.
• Hiral Rajeshkumar Shah: Additional Independent Director. He currently serves as Managing Director of Hallmark Textiles Limited.
• Ravindrakumar Laljibhai Mehta: Additional Independent Director. He serves as an Additional Director at Hallmark Textiles Limited.
• Govind Ganpatlal Shah: Additional Director.
• Minaxi Govind Shah: Additional Director.

All five directors confirmed that there are no material reasons for their resignation other than those stated in their respective letters. The resignations take effect at the close of business hours on September 1, 2026.

Regulatory Compliance

The disclosures were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also referenced SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Goenka, whose DIN is 00093200, signed the intimation letter as Managing Director. The remaining directors provided their DINs in their individual resignation letters: Hiral Rajeshkumar Shah (10656368), Ravindrakumar Laljibhai Mehta (10881551), Govind Ganpatlal Shah (10017709), and Minaxi Govind Shah (11348531).

Advance Multitech Limited reported a standalone net profit of ₹427.89 lakh for the quarter ended June 30, 2026 (Q1FY27), marking a sharp turnaround from the net loss of ₹42.05 lakh in the same period last year. The profitability was entirely driven by non-operating revenues, with other income contributing ₹486.72 lakh to the bottom line, while revenue from operations remained at zero. This divergence highlights that the financial recovery is not reflective of core trading activity but rather stems from significant non-recurring or other income components, alongside a reduction in total expenses to ₹20.53 lakh from ₹47.56 lakh year-on-year.

The Board of Directors approved the unaudited standalone financial results on August 11, 2026, during a meeting held at the company’s registered office in Ahmedabad. The results were reviewed in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statement of results has been prepared in accordance with Indian Accounting Standard 34 (Ind AS 34) and reviewed by the Audit Committee before board approval.

Financial Performance Overview

The company’s total income for Q1FY27 amounted to ₹486.72 lakh, compared to ₹5.52 lakh in Q1FY26. This increase was attributable to other income, which rose from zero to ₹486.72 lakh year-on-year. Revenue from operations remained flat at zero for both periods. Total expenses decreased significantly, driven by lower other expenses and cost of materials consumed.

Tax expense for the quarter was ₹38.30 lakh, comprising current tax provision. In the prior year quarter, there was no current tax provision, but earlier year short provisions and deferred tax adjustments resulted in a net tax benefit. Earnings per share (basic and diluted) improved to ₹10.62 from a loss of ₹1.04 per share in Q1FY26.

Statutory Auditor Resignation

In a separate disclosure pursuant to Regulation 30 of the SEBI LODR Regulations, M/s Suresh R Shah & Associates, Chartered Accountants, tendered their resignation as Statutory Auditors effective August 11, 2026. The firm cited that the remuneration payable was not commercially viable relative to the scope of work, effort, and professional resources required for the audit engagement.

M/s Suresh R Shah & Associates had been appointed as statutory auditors on May 22, 2018, with their term scheduled to expire on March 31, 2027. Partner Mrugen K Shah confirmed that there were no other material reasons for the resignation and no concerns regarding management-imposed limitations or lack of information. The resignation was disclosed in accordance with SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

What the Numbers Show

The most striking aspect of Advance Multitech’s Q1FY27 results is the complete decoupling of profitability from operational revenue. With zero revenue from operations, the entire profit margin is derived from other income, suggesting that the reported net profit is not reflective of core business trading activities. While the reduction in total expenses contributed positively, the primary driver of the turnaround is the substantial one-time or non-recurring nature of the other income component. Investors should note that this profit surge does not indicate a recovery in operational sales, which remain dormant compared to the ₹5.52 lakh recorded in the prior year quarter.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE875S01019/6c07a4d5-4f46-46ac-a646-56972b59db61.pdf