Girnar Spintex Industries Limited narrowed its net loss to ₹0.34 crore for the quarter ended June 30, 2025, compared to a net loss of ₹0.76 crore in the corresponding quarter of the previous year. The company reported revenue from operations of ₹24.66 crore for Q1FY25, a 23.26% increase from ₹20.01 crore in Q1FY24. The financial results were reviewed and approved by the Board of Directors at its meeting held on August 15, 2025.

The improvement in revenue was attributed to the forward integration strategy, which included the acquisition of a fabric manufacturing unit on a slump sale basis effective March 1, 2025. This unit contributed approximately ₹6.87 crore in revenue during its first month of operation. Despite this addition, the company continues to operate as a single reportable operating segment under Ind AS 108, classified as textile and allied activities.

Total expenses for the quarter rose to ₹26.09 crore from ₹20.77 crore in the prior year, primarily due to increased costs of materials consumed and employee benefits. The cost of materials consumed stood at ₹17.35 crore, while employee benefit expenses increased to ₹1.06 crore. Finance costs for the period were recorded at ₹1.09 crore.

Key Financial Metrics

The Board of Directors appointed M/s. Shrenik Nagaonkar & Associates as the Secretarial Auditor for a term of five consecutive years, subject to shareholder approval at the ensuing Annual General Meeting. The firm will conduct the secretarial audit for FY 2025-26 to 2029-30. The appointment follows Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Nenawati & Associates, Chartered Accountants, performed the limited review of the unaudited standalone financial results. The auditors confirmed that the results are prepared in accordance with the applicable Indian Accounting Standards (Ind AS) and that nothing came to their attention that would indicate a material misstatement. The company confirmed it has not made any defaults in the payment of outstanding loans and debt securities during the quarter.

Promoters of Girnar Spintex Industries Limited have confirmed that no equity shares held by them were pledged or encumbered during the financial year ended March 31, 2026. Deepak Choudhari and Jitendrakumar Chopra submitted the declaration to BSE Limited and National Stock Exchange of India Limited on April 3, 2026, in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure provides clarity on the holding status of the promoters, who acquired the company under the Insolvency Resolution Process pursuant to a National Company Law Tribunal (NCLT) order dated July 31, 2018.

The filing outlines the shareholding details of the promoters and persons acting in concert. The total promoter holding stands at 29,04,969 equity shares. The declaration follows the extinguishment of the shareholding of erstwhile promoters and the allotment of shares to the new promoters as envisaged in the approved Resolution Plan.

Shareholding Details

The breakdown of the shareholding declared by the promoters is as follows:

Procedural Status

Girnar Spintex Industries Limited, formerly known as Amit Spinning Industries Limited, has filed the necessary forms with the Registrar of Companies, Pune. However, the company noted that corresponding compliances and corporate actions with CDSL, NSDL, and the stock exchanges are currently in process due to procedural issues at the respective authorities. Consequently, while the depository records do not yet reflect the names of Choudhari and Chopra as promoters, they are recognized as such by the Registrar of Companies, necessitating this disclosure.