Apollo Ingredients Limited has formally recorded the resignation of Mr. James Mody from its Board of Directors. Mr. Mody stepped down from the position of Non-Executive Director effective immediately following the conclusion of the Board Meeting held on May 15, 2026. The resignation was submitted due to personal reasons, as stated in the official communication addressed to the Board.

Regulatory Compliance and Disclosure

The company clarified that the resignation letter containing the reason for the departure was already submitted to the exchange through an XBRL filing under the category “Change in Management”. This filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company emphasized that the omission of the attachment during the initial upload of the Board Meeting outcome was inadvertent and procedural in nature, with no intention to withhold material information.

Resignation Details

The following table outlines the key details regarding the director's resignation:

In his resignation letter, Mr. Mody expressed his sincere gratitude to the Board of Directors and the management for their support and cooperation during his tenure. The company has requested that the necessary forms and disclosures be filed with the Registrar of Companies and other regulatory authorities to acknowledge the change in management.

Apollo Ingredients Limited (formerly known as Indsoya Limited) has released its audited standalone financial results for the quarter and year ended 31st March, 2026, approved at a Board of Directors meeting held on 15th May, 2026. The company also issued a revised outcome of the Board meeting to correct a clerical error, wherein the face value of equity shares was incorrectly stated as ₹10 per share; the correct face value is ₹5 per share. The company clarified that this correction is purely clerical in nature and does not impact the financial performance or other disclosures. In compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Apollo Ingredients published newspaper advertisements of its standalone audited financial results in Active Times and Mumbai Lakshdeep on 17th May, 2026. The filing was submitted to BSE Limited by CS Ayushi Agrawal, Company Secretary and Compliance Officer (Membership No.: A54489).

Financial Performance

Apollo Ingredients reported total revenue of ₹503.20 lacs for the year ended 31st March, 2026, compared to ₹308.20 lacs in the previous year. Net profit after tax stood at ₹70.85 lacs for the full year, a significant improvement from ₹9.76 lacs in the prior year. For the quarter ended 31st March, 2026, total revenue was ₹107.22 lacs and net profit after tax was ₹6.52 lacs.

The following table presents the key financial highlights for the quarter and year ended 31st March, 2026 (₹ in Lacs):

Balance Sheet Highlights

As at 31st March, 2026, total assets stood at ₹722.02 lacs compared to ₹167.51 lacs in the previous year. Total equity increased to ₹698.71 lacs from ₹127.85 lacs, driven by an increase in paid-up equity share capital to ₹520.00 lacs from ₹20.00 lacs. Cash and cash equivalents rose to ₹364.59 lacs from ₹155.73 lacs. The key balance sheet figures are summarised below (₹ in Lacs):

Cash Flow Summary

For the year ended 31st March, 2026, net cash inflow from operating activities was ₹8.88 lacs, compared to a net outflow of ₹12.13 lacs in the prior year. Cash used in investing activities was ₹300.03 lacs, primarily on account of purchase/sale of investments. Financing activities generated ₹500.00 lacs, reflecting an increase in share capital. The net increase in cash and cash equivalents for the year was ₹208.85 lacs, with the closing balance at ₹364.58 lacs.

Board Changes and Governance

At the same Board meeting, several governance changes were approved. Mr. James Mody (DIN: 08072328) resigned as Non-Executive Director effective 15th May, 2026, citing personal reasons. He had joined the Board on 9th August, 2024, and is the husband of Ms. Lovely Ghanshyam Mutreja. Mr. Amol Dinkar Nigudkar (DIN: 11720265) was appointed as an Additional Director in the category of Independent Director. He holds a Bachelor of Commerce degree and brings experience in business administration and commercial operations.

In a strategic realignment, Ms. Lovely Ghanshyam Mutreja (DIN: 03307922) was redesignated from Managing Director to Executive Director (Marketing Director), with commission not exceeding 2% of sales in lieu of salary. Mr. Kirit Ghanshyam Mutreja (DIN: 07514391) was elevated from Executive Director to Managing Director, with approved remuneration of ₹1,82,325/- per month. The Board also approved the re-appointment of Mr. Vivek Bharat Variya as Internal Auditor for the financial year 2026-27, and the shifting of the registered office within the local limits of the city under the same Registrar of Companies jurisdiction. BSE Limited's approval for the change in the company's name was also noted.

Auditor's Report

Statutory auditors M/s DMKH & Co (FRN 116886W), Chartered Accountants, issued an unmodified (unqualified) audit opinion on the standalone financial statements for the year ended 31st March, 2026. The auditors highlighted two emphasis of matter points: first, the company did not maintain an audit trail (edit log) in its accounting software for the year ended 31st March, 2026, as required under Rule 3(1) of the Companies (Accounts) Rules, 2014; second, the updation of the company's revised name on the BSE Limited portal remained pending as at 31st March, 2026, though management has represented the matter is procedural and does not expect any material financial impact. The auditors also confirmed that the company's internal financial controls over financial reporting were adequate and operating effectively as at 31st March, 2026. The financial results were prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.