Avance Technologies Limited ( avance technologies ) has secured shareholder approval for key governance appointments through a postal ballot process conducted in August 2026. The company disclosed the voting results on August 18, 2026, confirming that all three proposed resolutions—covering statutory audit, management leadership, and board composition—were passed with requisite majorities.

The postal ballot, initiated with a notice dated July 10, 2026, sought approval for ordinary and special resolutions under Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and applicable provisions of the Companies Act, 2013. The record date for voting eligibility was June 26, 2026.

Voting Results Overview

The voting process was scrutinized by M/s. Siddhi Maheshwari & Associates, Practicing Company Secretaries. Votes were cast exclusively through remote e-voting facilitated by National Securities Depository Limited (NSDL), with no physical ballot forms received during the period between July 16 and August 14, 2026.

Out of 392,910 shareholders on the record date, approximately 448 members participated in the voting process across the resolutions. The promoter group and public institutional investors did not cast votes in this exercise; participation was driven entirely by public non-institutional shareholders.

Resolution Details

The three resolutions were approved as follows:

All resolutions were supported by over 97% of the votes polled, indicating strong shareholder consensus on the proposed governance changes.

What the Numbers Show

A notable pattern in the voting data is the complete absence of participation from the promoter group, which holds 13,500,000 shares, and public institutions holding 45,000 shares. Despite their significant shareholding, these groups cast zero votes. Consequently, the entire voting weight came from public non-institutional shareholders, who hold 1,968,372,430 shares but had a low participation rate of approximately 0.58% of outstanding shares. This suggests that while the active retail/institutional base strongly supports the board’s proposals, broader engagement among eligible shareholders remains limited.

Governance Implications

The appointment of M/s. A. Raghavendra Rao & Associates (FRN: 003324S) as statutory auditors ensures continuity in financial oversight. Meanwhile, the confirmation of Santosh Hambare as Managing Director and Dipak Gaikwad as Non-Executive Independent Director strengthens the company’s executive and independent oversight structures, respectively. Both directors were appointed without conflict of interest disclosures from the promoter group.

The results are available on the company’s website, fulfilling disclosure requirements under the Listing Regulations.

Avance Technologies reported a consolidated net profit of ₹246.59 lakh for the quarter ended June 30, 2026, an increase from ₹162.06 lakh in the same period of the previous year. The company’s consolidated revenue from operations rose significantly to ₹6,064.73 lakh, up from ₹3,741.90 lakh in Q1FY26. Standalone net profit was recorded at ₹27.96 lakh, down from ₹54.13 lakh year-on-year, as standalone revenue declined to ₹1,788.70 lakh from ₹2,520.81 lakh.

The Board of Directors, chaired by Managing Director Santosh Hambare, approved the unaudited financial results on August 11, 2026. The results were reviewed by the Audit Committee and subsequently approved by the Board. Statutory Auditors A. Raghavendra Rao & Associates (FRN: 003224S) issued a limited review report on the standalone and consolidated financial statements, confirming compliance with Ind AS 34 and SEBI Listing Regulations.

Financial Performance Overview

Consolidated other income remained stable at ₹94.17 lakh, matching the standalone figure. Total consolidated income reached ₹6,158.90 lakh, against total expenses of ₹5,912.31 lakh. In contrast, standalone total income was ₹1,882.87 lakh with total expenses of ₹1,854.92 lakh.

Expense Breakdown and Operational Insights

Purchases of stock-in-trade were the primary expense driver for the consolidated group, totaling ₹5,297.01 lakh, a substantial increase from ₹2,605.63 lakh in Q1FY26. Changes in inventories added ₹543.00 lakh to consolidated expenses, whereas it was ₹1,027.99 lakh in the prior year. Standalone purchases of stock-in-trade decreased to ₹1,788.57 lakh from ₹2,533.45 lakh.

Employee benefits expenses remained minimal at ₹2.74 lakh for both standalone and consolidated entities. Finance costs were negligible at ₹0.21 lakh on a consolidated basis and zero for the standalone entity. No exceptional items or discontinued operations were reported for either the standalone or consolidated results.

What the Numbers Show

The divergence between standalone and consolidated performance highlights the group's operational scale. While the standalone entity saw a decline in revenue and profit, the consolidated figures reflect significant growth, primarily driven by higher inventory purchases and revenue generation across subsidiaries including Avance Ventures Private Limited, Verticore Technologies Private Limited, and Avance Platforms Private Limited. The consistent other income of ₹94.17 lakh across both structures suggests centralized non-operating revenue streams.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE758A01072/628d7e0e-6414-4345-8ed9-e81533ee71fa.pdf