Artemis ADR Marketplace Limited filed a revised outcome of its board meeting held on May 13, 2026, to correct errors in the previously submitted standalone financial results for the year ended March 31, 2026. The revision specifically addressed the Statement of Assets and Liabilities, which was not presented in the required Ind AS format in the earlier filing.

The audited standalone financial results for FY26 show a net loss of ₹75.25 lakh, compared to a loss of ₹74.49 lakh in FY25. Revenue from operations for the year stood at ₹20.00 lakh, a significant decline from ₹73.55 lakh in the previous fiscal year. The company, formerly known as Jetmall Spices and Masala Limited, reported other income of ₹5.32 lakh for FY26.

Financial Performance Overview

The shift in business focus is evident in the income statement. While the legacy spice segment contributed no revenue in the current year's half-year figures, the new ADR services segment generated ₹20.00 lakh in revenue from operations for the full year. Total expenses for FY26 were ₹98.32 lakh, down from ₹158.14 lakh in FY25, driven largely by lower employee benefit expenses and depreciation.

Balance Sheet and Cash Flow Signals

The balance sheet reflects a substantial increase in cash reserves, rising to ₹2,000.00 lakh as at March 31, 2026, from ₹41.35 lakh in the previous year. This surge is primarily attributed to financing activities, specifically the receipt of ₹2,661.60 lakh from share warrants and securities premium proceeds during the period.

Despite the strong cash position, operating cash flows remained negative at ₹(123.83) lakh for the year ended March 31, 2026. The company also recorded a significant increase in capital work in progress, which stood at ₹584.71 lakh as at March 31, 2026, indicating ongoing investment in technology or infrastructure assets.

What the Numbers Show

A key observation from the financial data is the divergence between revenue contraction and expense management. While total income fell by nearly 68%, the net loss remained relatively flat, increasing only marginally by 1%. This stability in losses despite a sharp drop in top-line revenue suggests that the reduction in operational costs, particularly in employee benefits and inventory-related expenses, effectively offset the decline in sales. Furthermore, the complete absence of revenue from the legacy 'Spices' segment in the current year's comparative data highlights a full transition to the ADR marketplace model.

Artemis ADR Marketplace appointed M/s K Singh & Associates, Chartered Accountants, as its statutory auditor for a four-year term during its 14th Annual General Meeting held on September 21, 2026.

The appointment, approved by shareholders via video conferencing, runs from the conclusion of this AGM until the conclusion of the 18th AGM. The firm, based in Chandigarh with Firm Registration No. 012458N, was recommended by the Board and Audit Committee. It was established in 1993 and is an ICAI peer-reviewed firm offering audit, tax, and management consultancy services.

Key resolutions passed

The Board proposed four resolutions for shareholder approval — three classified as ordinary business and one as special business. The following table summarises the outcome:

Ms. Arti Chadda (DIN: 08350392), who retires by rotation under Section 152(6) of the Companies Act, 2013, offered herself for re-appointment and was duly elected. Remuneration for the new auditor will be mutually agreed upon between the Board and the firm.

Voting results

E-voting was facilitated through the Central Depository Services (India) Limited (CDSL) platform. Remote e-voting commenced on September 18, 2026, at 9:00 am and ended on September 20, 2026, at 5:00 pm. Additional e-voting was facilitated at the AGM. The consolidated voting results were identical across all four resolutions, as detailed below:

For the public others category, 2,052,000 votes were cast via remote e-voting and 18,000 via e-voting at the AGM. There were no invalid votes across any category.

Governance and compliance

Nishant Jain (Membership No. A75032, C.P. No. 27747), Proprietor of M/s Nishant Jain and Associates, Practising Company Secretaries, was appointed as scrutinizer at the Board meeting held on August 27, 2026. The scrutinizer's consolidated report was issued on September 23, 2026. The company published AGM notices in The Pioneer (English) and Dainik Savera (Hindi) on August 29, 2026, and dispatched the AGM notice along with the explanatory statement on August 27, 2026. The Chairman noted that while the statutory auditors' report had no qualifications, the secretarial auditor's report contained an observation addressed in the Board Report.