Garnet International Ltd has accepted the resignation of Shipra Rathi as its Company Secretary and Compliance Officer, effective from the closing of business hours on June 30, 2026. Rathi cited personal reasons and the pursuit of other professional opportunities as the grounds for her departure, confirming there are no other material reasons for the decision.

The Board of Directors approved the resignation at its meeting held on June 30, 2026. The meeting commenced at 5.00 PM and concluded at 5.30 PM. Ramakant Gaggar, Managing Director, signed the regulatory disclosure submitted to the exchange.

Key Details of the Cessation

The following table outlines the specific details regarding the cessation of the role:

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the SEBI Master Circular issued on January 30, 2026.

Garnet International reported a consolidated net profit of ₹474.75 lakh for the financial year ended March 31, 2026, a significant increase from ₹153.46 lakh in the previous year. The standalone net profit for the year stood at ₹340.64 lakh, compared to ₹9.99 lakh in FY25. The Board of Directors approved the audited financial results at a meeting held on May 30, 2026.

Sarda Soni Associates LLP, the statutory auditor, issued a qualified opinion on the standalone and consolidated financial results. The audit report highlighted that the company did not make interest provisions or receive interest on an unsecured inter-corporate loan of ₹996.80 lakh, with a year-end balance of ₹1,112.80 lakh, violating Section 186(7) of the Companies Act, 2013. Furthermore, the company neither paid nor provided interest on borrowings amounting to ₹100 lakh. The auditors stated that recognizing this interest would have increased finance costs and reduced the reported profit.

The audit report also noted that the company granted an interest-free unsecured loan to its subsidiary without making interest provisions, which is non-compliant with Section 186(7) of the Act. Additionally, the company carries outstanding inter-corporate borrowings and advances that present a regulatory classification matter for its Type I NBFC category. The auditors expressed an inability to determine the extent of the impact of these matters on the profit for the year and net assets as of March 31, 2026.

Trade receivables include ₹228.71 lakh from two parties currently under the National Company Law Tribunal (NCLT). The company has not made any provision for this amount, citing that it is awaiting a final order. Furthermore, certain balances related to trade receivables, deposits, loans, advances, and trade payables are subject to confirmation from respective parties, making the consequential impact on the accounts unascertainable.

Financial Performance

The company's total consolidated income for FY26 rose to ₹487.47 lakh from ₹873.46 lakh in the previous year. Total expenses decreased to ₹149.31 lakh from ₹854.52 lakh in FY25. The basic earnings per share (EPS) for the year increased to ₹2.42 from ₹0.78 in the prior year.

Asset and Liability Position

The total consolidated assets as of March 31, 2026, stood at ₹4,526.71 lakh, compared to ₹4,260.39 lakh in the previous year. Equity attributable to the equity holders of the holding company increased to ₹4,248.03 lakh from ₹3,772.30 lakh. The company's borrowings decreased to ₹100.95 lakh from ₹300.95 lakh over the same period.