Avenique Limited returned to profitability in the first quarter of FY27, reporting a standalone 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 remained steady at ₹73 lakh, unchanged from the ₹73 lakh reported in the same quarter last year.

The company’s board approved the standalone and consolidated unaudited financial results for the quarter ended June 30, 2026, following a review by the Audit Committee. M/s. J M Patel & Bros., Chartered Accountants, performed a limited review of the results. The statutory auditors expressed a modified report, specifically a disclaimer of opinion, on the limited review.

Financial Performance

The total income for the quarter stood at ₹73 lakh, matching the previous year's figure. Total expenses for the quarter were ₹64.81 lakh, a decrease from ₹71.78 lakh in the same period of the prior year. This reduction in expenses contributed to the profit before tax of ₹8.19 lakh, compared to a loss before tax of ₹16.59 lakh in the previous year.

On a consolidated basis, the company reported a net profit of ₹1.22 lakh for Q1FY27, improving from a net loss of ₹16.59 lakh in the year-ago period. Consolidated revenue from operations was flat at ₹73 lakh. Earnings per share (EPS) for the quarter stood at ₹1.64 on a standalone basis, compared to a loss per share of ₹1.84 in the previous year.

Auditor Appointments and Compliance

The board appointed M/s. J M Patel & Bros., Chartered Accountants, as Tax Auditors 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.

The board also noted a certificate from the Practicing Company Secretary (PCS) regarding compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The company acknowledged a communication from the stock exchange dated July 1, 2026, concerning non-compliance with regulations related to the maintenance of a Structured Digital Database (SDD). The company stated that this non-compliance occurred during the Corporate Insolvency Resolution Process (CIRP) when the Resolution Professional controlled the company's affairs. New management took over on April 18, 2025, and SDD software was installed on June 23, 2025, to address the issue.

Avenique Limited has appointed M/s. J M Patel & Bros. as its Statutory Auditors to fill a casual vacancy caused by the resignation of M/s. DD Shah Patel & Co., effective July 14, 2026. The Board of Directors, at its meeting on July 15, 2026, also recommended the firm for a five-year term from FY27 to FY31, subject to shareholder approval at the 33rd Annual General Meeting (AGM) scheduled for August 10, 2026. Additionally, the company approved alterations to its Memorandum of Association to enter the renewable energy sector and Articles of Association to remove provisions regarding the Common Seal.

Management Changes

The Board accepted the resignations of Mr. Hemantbhai Khodidasbhai Raval as Managing Director and Mr. Akash Parmar as Director and Chief Financial Officer, both effective July 15, 2026. Consequently, Mr. Ravikumar Patel was appointed as Managing Director for a period of three years, and Mr. Purvikkumar Bhagvanbhai Patel was appointed as Executive Director and Chief Financial Officer, effective immediately. These appointments are subject to shareholder approval.

Statutory Auditor Appointment

M/s. DD Shah Patel & Co. resigned citing increased professional commitments and capacity constraints. M/s. J M Patel & Bros. has been appointed in the casual vacancy until the ensuing AGM. The firm's profile indicates extensive experience in statutory audit and taxation since 1976.

Key Board Decisions

The Board also reconstituted the Stakeholders Relationship Committee and appointed M/s. Kamlesh M. Shah & Co. as the Scrutinizer for the e-voting process. The company seeks shareholder approval for the new auditor appointment, alteration of objects, and management changes at the upcoming AGM.