Gala Global Products Limited filed revised unaudited standalone financial results for the quarter and nine months ended December 31, 2025, with BSE on April 29, 2026. The revised submission was made in response to a discrepancy communication received from the exchange dated March 5, 2026, under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Rectification Details

The company addressed two key points raised by BSE in its discrepancy notice. First, the results were revised to strictly adhere to the Schedule III format of the Companies Act, 2013, which included the addition of the Other Comprehensive Income (OCI) section. Since OCI for the reported period is Nil, the figures in this section are reported as zero. Second, the company clarified that the number of columns and their presentation were already in accordance with SEBI Regulations and Schedule III requirements, and these have been maintained in the revised filing for consistency.

Quarterly Financial Performance

The revised results reflect a deterioration in profitability compared to the year-ago quarter. The company reported a net loss from continuing operations for the quarter ended December 31, 2025, compared to a net profit in the same period of the prior year. The following table presents the key financial metrics across reported periods (Amount in Rs Lakhs):

Nine-Month Performance

For the nine months ended December 31, 2025 (Year Till Date), the company reported a net loss of Rs 274.61 lakhs on revenue from operations of Rs 1,835.41 lakhs. This compares to a net profit of Rs 144.91 lakhs on revenue from operations of Rs 2,234.22 lakhs for the corresponding nine-month period ended December 31, 2024. The following table provides a comparative overview of the year-till-date and full-year figures (Amount in Rs Lakhs):

Key Expense and Capital Details

Among the major expense line items for Q3 FY26, the cost of materials consumed stood at Rs 843.48 lakhs, while finance costs were Rs 23.87 lakhs and depreciation and amortization expenses were Rs 6.37 lakhs. The paid-up equity share capital remained unchanged at Rs 2,729.40 lakhs across all reported periods, with a face value of Rs 5.00 per share. Other Comprehensive Income was Nil across all periods, resulting in total comprehensive income being equal to the net profit/(loss) for each respective period.

Auditor's Review

The revised financial results were reviewed by R. B. Gohil & Co., Chartered Accountants (ICAI Firm Registration Number: 119360W), with the review report dated February 13, 2026, signed by CA Raghubha B. Gohil (Membership No. 104997) at Jamnagar. The auditors conducted their review in accordance with Standard on Review Engagements (SRE) 2410 and stated that nothing came to their attention that causes them to believe the accompanying statement contains any material misstatement or has not disclosed the information required under the Listing Regulations. The revised results were signed by Prahlad Kumar Agarwal, Managing Director (DIN: 09851691), and filed from Ahmedabad on April 29, 2026.

Gala Global Products Limited has scheduled an Extraordinary General Meeting for May 7, 2026, at 11:30 AM through Video Conferencing to seek shareholder approval for initiating insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. This follows the board's earlier decision on April 14, 2026, to pursue formal resolution processes due to deteriorating financial conditions.

EGM Schedule and Voting Arrangements

The company has announced comprehensive arrangements for the upcoming EGM, including remote e-voting facilities and virtual meeting participation. Director Vishal Mulchandbhai Gala communicated the EGM notice to BSE Limited on April 15, 2026, under Regulation 30 compliance requirements.

Board Meeting Outcomes and Financial Position

The board meeting held on April 14, 2026, from 6:00 PM to 7:00 PM, addressed the company's critical financial situation. The board identified that total liabilities significantly exceed the realizable value of assets, creating an insolvency scenario that requires immediate protective measures for stakeholder interests.

Special Resolution for Insolvency Process

The EGM will consider a Special Resolution to authorize the board to initiate either Corporate Insolvency Resolution Process (CIRP) under Section 10 or Pre-packaged Insolvency Resolution Process (PPIRP) under Section 54C of the IBC. The resolution requires 75% majority approval from shareholders for implementation.

E-voting and Meeting Participation

Shareholders can participate in remote e-voting from May 4, 2026 (9:00 AM) to May 6, 2026 (5:00 PM) through NSDL's e-voting platform. The company has made arrangements for up to 1,000 members to join the virtual meeting on a first-come, first-served basis, with priority access for large shareholders, promoters, and institutional investors.

The explanatory statement reveals that the company has been under severe financial distress, with creditor actions potentially leading to asset liquidation detrimental to shareholder interests. The board considers the formal IBC process essential to safeguard the company's going concern status and enable structured resolution under professional supervision.