Antarctica Ltd has appointed Mitkumar Dashrathbhai Chandel as an Additional Director, effective May 25, 2026. The appointment, subject to approval by the shareholders, was made by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee. The company confirmed that Chandel is not debarred from holding the office of Director by SEBI or any other authority.

Chandel brings experience in agriculture operations and farm management, currently overseeing crop planning, irrigation management, and sustainable farming practices. His professional background includes corporate documentation, operational planning, and regulatory coordination. He is expected to support the company in strategic planning, business operations, and organizational development.

The disclosure confirms that Chandel does not hold any shares in Antarctica Ltd and has no relations with the company's existing directors. The intimation was filed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment Details

Antarctica Limited returned to profitability in the financial year ended March 31, 2026, reporting a net profit of ₹127.58 lakh compared to a net loss of ₹32.33 lakh in the previous year. The company's revenue from operations surged to ₹6290.50 lakh, a significant increase from ₹2504.72 lakh in FY25, primarily driven by purchases of stock-in-trade which totaled ₹6020.58 lakh. For the quarter ended March 31, 2026, the company reported a net loss of ₹8.24 lakh on revenue of ₹3047.45 lakh.

The Board of Directors approved the standalone audited financial results on June 26, 2026. The results were reviewed by the Audit Committee prior to approval. The company stated that it does not have any subsidiary, joint venture, or associate companies and therefore does not prepare consolidated financial results.

Financial Performance

The turnaround in annual profitability was supported by a total income of ₹6371.53 lakh for the year. Total expenses for FY26 stood at ₹6216.39 lakh, up from ₹2537.67 lakh in the preceding year. The company’s paid-up equity share capital remained constant at ₹1550.10 lakh during the period. Earnings per share (EPS) for the year improved to ₹0.08 from a loss of ₹0.02 in FY25.

Audit Qualifications

Chandabhoy & Jassoobhoy Chartered Accountants, the statutory auditors, issued a disclaimer of opinion on the standalone financial results. The auditors cited four primary reasons for the disclaimer: the company obtained unsecured loans without charging interest and failed to provide loan agreements for verification; physical verification of inventory was not carried out; the company did not recognize deferred tax assets or liabilities; and a fixed assets register was not maintained.

Additionally, the auditors noted that certain trade receivables have remained outstanding for a considerable period without balance confirmations, creating uncertainty regarding their recoverability. The management, however, represented that these amounts are fully recoverable and did not recognize any impairment provision. The company also disclosed that it has not identified any vendors qualifying as Micro, Small and Medium Enterprises (MSMEs), and consequently, no disclosures relating to MSME dues were made.