Eureka Industries Ltd accepted the resignation of CS Priyal Patel as Company Secretary and Compliance Officer effective September 7, 2026. The departure follows her citing personal reasons and better professional opportunities.

The company disclosed the change under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resignation became effective at the closure of business hours on September 7, 2026.

Resignation Details

CS Priyal Patel tendered her resignation from the post of Company Secretary and Compliance Officer due to personal reasons and better professional opportunities. She confirmed there are no material reasons for her resignation other than those mentioned in her letter.

Managing Director and CFO Chaitanya Jayantilal Pandya signed the intimation to the Bombay Stock Exchange Limited. The company enclosed the resignation letter and relevant disclosures as required by SEBI circulars.

Eureka Industries reported a standalone net loss of ₹21.17 lakh for the quarter ended June 30, 2026, reversing a net profit of ₹8.32 lakh recorded in the corresponding period of FY26. The financial decline coincided with a significant contraction in operational activity and the commencement of insolvency resolution proceedings.

Revenue from operations dropped precipitously to ₹4.00 lakh, down from ₹3,751.06 lakh in Q1FY26. This near-total cessation of revenue generation drove the bottom-line loss, despite expenses also falling significantly. Total expenses stood at ₹25.17 lakh, compared to ₹3,742.74 lakh in the prior year quarter.

What the Numbers Show

The divergence between revenue collapse and persistent fixed costs highlights the operational standstill during the quarter. While purchases of stock-in-trade fell to ₹14.25 lakh from ₹3,580.68 lakh YoY, operating and other expenses remained at ₹8.80 lakh, indicating that core overheads continued to accrue despite minimal business activity. Employee benefit expenses also decreased to ₹2.13 lakh from ₹2.97 lakh, reflecting reduced workforce costs or headcount adjustments.

Key Financial Metrics

Insolvency Process Initiated

The financial results were announced alongside major corporate developments regarding the company’s debt resolution. The Board approved the unaudited financial results on August 18, 2026.

Crucially, the company received an order on August 14, 2026, admitting its petition under Section 54C of the Insolvency and Bankruptcy Code, 2016. This order commenced the Pre-Packaged Insolvency Resolution Process (PPIRP) with effect from that date. An Insolvency Professional has been appointed as the Resolution Professional to conduct the process.

Earlier, on May 18, 2026, the company held an Extraordinary General Meeting (EGM) to propose the PPIRP scheme. Shareholders also considered a Base Resolution Plan, which includes the amalgamation of Onix Renewable Limited with and into Eureka Industries, subject to regulatory approvals. The plan proposes a consequential change of name to “Onix Renewable Limited.”

The statutory auditors, V S S B & Associates, issued a limited review report on the results, confirming they have not come across any material misstatement in the unaudited financial statements prepared in accordance with Ind AS 34.