Galaxy Agrico Exports Ltd has withdrawn its proposal to appoint Mr. Aayush Shah and Mr. Ankitkumar Surendrakumar Agrawal as Non-executive Independent Directors. The company disclosed in a filing to BSE Limited on June 29, 2026, that the earlier intimation regarding these appointments stands withdrawn. This decision impacts the company's governance framework as the Board will not proceed with the inductions of the proposed candidates.

The withdrawal follows the company's failure to receive the requisite consent to act as Directors, declarations of independence, disclosures of interest, and other necessary documents from the nominees. These documents are mandatory under the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Consequently, the proposed appointments were not considered or approved by the Board.

The initial proposal had aimed to strengthen the board with professionals possessing expertise in corporate law and compliance. Mr. Aayush Shah was noted for his nine years of experience as a Company Secretary, while Mr. Ankitkumar Surendrakumar Agrawal brought over seven years of experience in regulatory liaison. The company confirmed that the intimation submitted earlier on June 29, 2026, is now rescinded.

Status of Proposed Appointments

Galaxy Agrico Exports Ltd reported a net loss of ₹117.24 lakh for the quarter ended March 31, 2026, a sharp reversal from the net profit of ₹2.43 lakh recorded in the corresponding period of the previous year. The company's total income from operations fell to ₹14.48 lakh in Q4FY26, down from ₹108.03 lakh in Q4FY25. For the full financial year ended March 31, 2026, the company posted a net profit of ₹381.42 lakh on a total income of ₹265.66 lakh.

The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, at its meeting held on May 30, 2026. The financial results have been extracted from the audited financial statements and prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (IndAS) and Regulation 33 of SEBI (LODR) Regulations, 2015.

Financial Performance

The company's financial performance for the quarter and year reflects significant volatility. The net profit for the period before exceptional items stood at -₹70.46 lakh for the quarter, compared to ₹0.12 lakh in the prior year. For the full year, the net profit before exceptional items was ₹416.18 lakh.

The following table summarizes the key financial figures for the quarter and year ended March 31, 2026:

Capital and Reserves

The company's equity share capital increased to ₹370.50 lakh as of March 31, 2026, from ₹273.16 lakh in the previous year. This increase follows the approval of a rights issue by the Right Issue Committee. The company issued 1,36,58,100 Right Equity Shares at a price of ₹35.87 per share, which opened for subscription on February 2, 2026, and closed on March 2, 2026. The issue was subscribed to by 96.35%, and the allotment of shares was approved on March 5, 2026.

The proceeds from the rights issue have been maintained in a separate Share Issue Allotment Account to ensure proper utilization and accounting. Reserves, excluding revaluation reserve, remained at nil for the current and previous reporting periods.

Earnings Per Share

The Basic and Diluted Earnings Per Share (EPS) for the quarter ended March 31, 2026, stood at -₹3.16, compared to ₹0.09 in the same quarter of the previous year. For the full year FY26, the EPS was ₹10.29, up from ₹0.30 in FY25.