AVI Products India Limited reported a narrowed net loss of ₹17.86 lakh for the first quarter of FY26, a substantial improvement over the ₹39.62 lakh loss recorded in the same period of the previous year. The Mumbai-based company’s Board of Directors approved the standalone unaudited financial results on August 05, 2026, alongside significant leadership transitions following a change in control. The reduced loss reflects lower operational expenses and a decline in finance costs, although the company recorded no income from operations during the quarter.

The Board also approved the appointment of Parthh Kaushik Mehta as Managing Director for a term of five years, effective August 05, 2026, subject to shareholder approval. Concurrently, Avinash Dhirajlal Vora resigned from the position of Managing Director and was re-designated as an Executive Non-Independent Director for a similar five-year term. These changes follow the acquisition of 37.88% of the company’s equity shares by PPMS Real Estates LLP, which completed its open offer process to public shareholders at ₹33 per share.

Financial Performance Overview

The company’s total income stood at ₹7.80 lakh in Q1FY26, derived entirely from other income, as income from operations remained at zero. This compares to total income of ₹62.56 lakh in Q1FY25, which included ₹58.21 lakh from operations. Total expenses decreased significantly to ₹27.67 lakh from ₹102.18 lakh in the prior year quarter. Key expense reductions included employee benefits, which fell to ₹3.22 lakh from ₹10.69 lakh, and other expenses, which dropped to ₹20.87 lakh from ₹23.59 lakh. Finance costs were minimal at ₹0.13 lakh compared to ₹2.02 lakh previously.

Leadership Transition Details

Parthh Kaushik Mehta brings over 18 years of experience in real estate strategy, valuation, and business development. An alumnus of S.P. Jain Centre of Management, he previously served as Chief Executive Officer of a Mumbai-based real estate firm and has extensive expertise in Slum Rehabilitation Authority projects and joint ventures. He is a business partner with Ameya Tandulkar in PPMS Real Estates LLP, the company’s new promoter group. Avinash Vora, an existing promoter and father of director Vikaram Vora, continues in an executive capacity but steps down from the managing director role.

Related Party Transaction

The Board approved the sale of cars owned by the company to Avinash Vora for ₹5,23,660. The transaction, classified as a related party transaction conducted at arm’s length, is subject to shareholder approval and is expected to be completed by October 31, 2026. The sales invoice was generated on June 30, 2026. SARA & Associates, the statutory auditors, issued a limited review report on the financial results, confirming compliance with Ind AS 34 and SEBI Listing Regulations.

PPMS Real Estates LLP has acquired a 62.83% stake in AVI Products India Limited following the completion of an open offer aimed at purchasing up to 26% of the target company's voting share capital. The acquirer accepted 5,014 equity shares at a price of ₹33.00 per share, significantly increasing its holding from the pre-offer level of 24.79%. The offer was managed by Mark Corporate Advisors Private Limited and conducted in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The open offer, which sought to acquire up to 8,59,769 fully paid-up equity shares, opened on May 13, 2026, and closed on May 26, 2026. A total of 5,714 equity shares were tendered by public shareholders, with 5,014 shares accepted after technical rejections. The payment of consideration and communication of acceptance or rejection were completed on June 05, 2026. The post-offer advertisement was published in Business Standard (English and Hindi) and Navshakti (Marathi) on June 10, 2026.

Acquisition Details

The acquisition involved multiple transaction methods, including a Share Purchase Agreement (SPA) and a Share Sale/Purchase Confirmation (SSPC), prior to the open offer. The following table summarizes the acquisition activity:

Public Shareholding Impact

The open offer resulted in a significant reduction of public shareholding in AVI Products India Limited. Prior to the offer, the public held 12,34,133 equity shares, representing 37.33% of the voting share capital. Following the completion of the offer, public shareholding decreased to 3,74,364 equity shares, or 11.32% of the voting share capital. The detailed public statement regarding the offer was initially published on February 23, 2026.

Offer Timeline and Key Dates

The transaction adhered to a strict timeline mandated by regulatory requirements. The offer opened on Wednesday, May 13, 2026, and closed on Tuesday, May 26, 2026. The finalization of payments and the communication of acceptance or rejection to shareholders occurred on Friday, June 05, 2026. The post-offer advertisement, confirming the completion of the acquisition process, was submitted to the stock exchange on June 10, 2026.