Avenique Limited (formerly known as KDJ Holidayscapes And Resorts Limited) returned to profitability in the first quarter of FY27, reporting a net profit of ₹8.19 lakh for the period ended June 30, 2026. This marks a turnaround from the net loss of ₹9.19 lakh recorded in the corresponding quarter of the previous year. Revenue from operations stood at ₹73 lakh, unchanged from the ₹73 lakh reported in the quarter ended June 30, 2025.

The Board of Directors approved the standalone and consolidated unaudited financial results for the quarter ended June 30, 2026, based on the recommendations of the Audit Committee. The statutory auditors, M/s. J M Patel & Bros., Chartered Accountants, performed a limited review of the results and expressed a modified report with a disclaimer of opinion. The company operates in a single segment, and the financial statements were prepared in compliance with the Companies (Indian Accounting Standards) Rules, 2015.

Financial Performance

The company’s total expenses for the quarter amounted to ₹64.81 lakh, a decrease from ₹71.78 lakh in the same period last year. Employee benefit expenses rose to ₹4.57 lakh from ₹2.62 lakh, while other expenses decreased to ₹5.98 lakh from ₹6.57 lakh. Depreciation, depletion, and amortisation expenses were reported at ₹6.97 lakh. The basic and diluted earnings per share (EPS) for the quarter stood at ₹1.64, compared to a loss per share of ₹1.84 in the prior year.

Auditor Appointments

The board appointed M/s. J M Patel & Bros., Chartered Accountants, as the tax auditors of the company for a period from FY 2025-26 to FY 2029-30. Additionally, M/s. Hemal P. Doshi & Associates, Chartered Accountants, were appointed as internal auditors for a term from FY 2026-27 to FY 2030-31. These appointments were made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Compliance and Governance

The board noted a certificate from the Practicing Company Secretary (PCS) confirming compliance with provisions of Regulation 3(5) and 3(6) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The company had received a communication from the stock exchange on July 1, 2026, regarding non-compliance related to the maintenance of a Structured Digital Database (SDD). The non-compliance occurred during the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, when the Resolution Professional controlled the company's affairs. The new management, which took over on April 18, 2025, installed the SDD software on June 23, 2025, and has since implemented corrective measures.

Avenique Limited has appointed M/s. J M Patel & Bros as its statutory auditor to fill a casual vacancy, effective immediately, following the resignation of M/s. DD Shah Patel & Co. The Board of Directors also approved the alteration of the company's objects to include manufacturing and dealing in renewable energy products such as Compressed Bio-Gas, Bio-CNG, and green fuels. These decisions were taken during a board meeting held on July 15, 2026.

The outgoing auditor, M/s. DD Shah Patel & Co, resigned effective July 14, 2026, citing increased professional commitments and capacity constraints. The firm confirmed it had completed the audit of financial results up to March 31, 2026, and that there were no material reasons for the resignation other than those stated. M/s. J M Patel & Bros has been appointed for a term of five financial years from 2026-27 to 2030-31, subject to shareholder approval.

Management Changes

The Board approved several key management changes effective July 15, 2026. Mr. Hemantbhai Khodidasbhai Raval resigned as Managing Director to pursue other professional commitments. Mr. Akash Parmar also resigned as Director and Chief Financial Officer due to personal reasons. The Board recorded its appreciation for their contributions.

In a significant restructuring, Mr. Ravikumar Patel was appointed as Managing Director for a period of three years, changing his designation from Non-Executive Director to Executive Director. Additionally, Mr. Purvikkumar Bhagvanbhai Patel was appointed as Executive Director and Chief Financial Officer. Both appointments are subject to shareholder approval at the ensuing Annual General Meeting.

Governance Approvals

The Board approved the alteration of the Articles of Association to remove provisions regarding the Common Seal, aligning with the Companies Act, 2013. The Stakeholders Relationship Committee was reconstituted, comprising Ms. Heena Prajapati as Chairperson and Mr. Vinit Sinha and Ms. Neha Kanwar Bhati as members. The company also convened its 33rd Annual General Meeting for August 10, 2026, to seek shareholder approval on these resolutions.