Ajel Limited reported a consolidated net loss of ₹43.98 lakh for the financial year ended March 31, 2026, narrowing from a loss of ₹165.95 lakh in the previous year. The company's total income for the year stood at ₹1,399.43 lakh, while total expenses were ₹1,445.51 lakh. For the quarter ended March 31, 2026, the company posted a net loss of ₹18.48 lakh on a total income of ₹401.39 lakh.

The Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on May 30, 2026. The results were reviewed by the Audit Committee and subjected to a limited review by the company's statutory auditors.

Statutory auditors M/s. GMK & CO LLP issued a disclaimer of opinion on the consolidated financial statements. The auditors stated they could not obtain sufficient appropriate audit evidence due to several material issues. These included a ₹5 crore loan from Bank of Maharashtra declared as a Non-Performing Asset (NPA) on October 8, 2024, for which no interest provision was made. Additionally, the auditors lacked details to confirm trade payables, loans, and advances, and were unable to verify the physical share certificates or dematerialized shares for investments worth ₹91.21 lakh.

The auditors also highlighted concerns regarding the accuracy of goodwill amounting to ₹206.70 lakh arising from the acquisition of Ajel Technologies Private Limited, citing the absence of proper workings and documents. Furthermore, the company financed ₹85.96 lakh disclosed under "Other Long Term Loans & Advances" which are yet to be recovered, and the auditors were unable to opine on their recoverability.

In the standalone financial results, Ajel Limited reported a net loss of ₹82.79 lakh for FY26, compared to a loss of ₹136.52 lakh in the previous year. Revenue from operations for the year was ₹396.83 lakh. The auditors issued a similar disclaimer of opinion for the standalone financial statements, citing the NPA, unverified trade payables and receivables, and unrecovered loans and advances.

The company noted that its US branch and step-down subsidiary, Ajel Technologies Inc, have not been independently audited, and the auditors relied solely on unaudited numbers provided by management. Ajel Limited also disclosed statutory payables of ₹85.36 lakh outstanding from prior periods, for which management confirmation on payment status was unavailable.

Ajel Limited has accepted the resignation of Mr. Mariya Sharivn Jeffrey Loorthuraj from the position of Additional Director, effective July 3, 2026. The Board of Directors approved the resignation based on the recommendation of the Nomination and Remuneration Committee. Mr. Loorthuraj cited personal preoccupations as the reason for stepping down from the role.

The Board met on July 2, 2026, to consider the resignation. The company confirmed that there are no other material reasons for the resignation beyond those stated in the resignation letter. The cessation of the directorship is effective from the conclusion of the Board Meeting held on July 3, 2026.

Board Composition Update

Following the resignation, the Board of Ajel Limited comprises six members. The updated list of directors includes the Chairman & Managing Director, a Wholetime Director & CFO, and four Independent Directors.

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.