Eureka Industries Limited reported a 91% year-on-year decline in net profit to ₹19.53 lakh for the financial year ended March 31, 2026, despite a 48% increase in total revenue. The board approved the audited standalone financial results for the quarter and year ended March 31, 2026, during a meeting held on May 28, 2026. The company’s statutory auditor, M/s. VSSB & Associates, issued an unmodified opinion on the results.

Total revenue for FY26 rose to ₹12,657.54 lakh from ₹8,534.70 lakh in the previous year. However, total expenses increased to ₹12,636.68 lakh, narrowing the profit margin. For the quarter ended March 31, 2026, the company reported a net loss of ₹49.20 lakh, compared to a profit of ₹47.89 lakh in the corresponding quarter of the previous year. The board attributed the absence of current tax provisions to the set-off of brought forward business losses and unabsorbed depreciation from prior years.

Auditor Observations and Write-offs

The auditor noted that the management wrote off closing inventory amounting to ₹189.48 lakh due to expiry, deterioration, and obsolescence. Additionally, the board wrote off long-outstanding liability balances of ₹287.74 lakh and asset balances of ₹152.56 lakh. The audit report also highlighted that an undisclosed Punjab National Bank account was identified during the audit, containing a balance of ₹1.85 lakh, which could not be verified.

Corporate Governance and Insolvency Proposal

The board approved the re-appointment of Mr. Raghav Thakkar, Proprietor of M/s. R. R. Thakkar & Co., as Internal Auditor for FY27. The company also disclosed that an Extraordinary General Meeting held on May 18, 2026, proposed a Pre-Packaged Insolvency Resolution Process (PPIRP) under Section 54A of the Insolvency and Bankruptcy Code, 2016. This includes a base resolution plan for the amalgamation of Onix Renewable Limited with Eureka Industries, subject to approval by the NCLT, Ahmedabad Bench.

Financial Summary

Eureka Industries Limited announced changes to its board composition following a meeting held on May 21, 2026. The board approved the appointment of two new directors and accepted the resignations of three existing members, effective immediately.

Appointments

The board appointed Mrs. Archana Chaitanya Pandya as an Additional Non-Executive Non-Independent Director. Additionally, Ms. Juhi Sawajani was appointed as an Additional Non-Executive Independent Director for an initial term of five years. The company confirmed that Ms. Sawajani meets the independence criteria specified under Section 149(6) of the Companies Act, 2013, and SEBI (LODR) Regulations, 2015. Both appointments are subject to the approval of the company's members.

Resignations

Three directors resigned from their positions effective May 21, 2026, due to preoccupation and other professional commitments. Mr. Rakesh Kumar resigned as Independent Director, Mr. Amitkumar Pradipbhai Sur resigned as Non-Executive Director, and Mr. Darshak Shah resigned as Executive Director. All directors confirmed there were no material reasons for their resignations beyond those stated.

Board Composition

Following the changes, the board of directors comprises the following members:

Committee Reconstitution

Consequent to the resignations and appointments, the board reconstituted its key committees effective May 21, 2026. The Audit Committee is chaired by Ms. Juhi Sawajani, while the Nomination and Remuneration Committee is chaired by Ms. Avani Ashwinkumar Shah. The Stakeholder Relationship Committee is chaired by Mrs. Archana Chaitanya Pandya. The company stated that the composition of the board remains in compliance with the requirements of the Companies Act, 2013, and SEBI LODR regulations.