Gujarat Hy-Spin Limited reported a net profit after tax (PAT) of ₹4.70 lakh for the financial year ended March 31, 2026, down from ₹9.72 lakh in FY25. Revenue from operations declined 10.6% to ₹8,272.30 lakh, compared to ₹9,255.63 lakh in the previous year.

The company has scheduled its 16th annual general meeting (AGM) for September 30, 2026, at 11:00 am at its registered office in Gondal, Rajkot. The meeting will transact business including the adoption of financial statements and approval of key leadership appointments.

Financial Performance

The company’s total income stood at ₹8,386.34 lakh in FY26, down from ₹9,496.38 lakh in FY25. Other income dropped significantly to ₹114.54 lakh from ₹240.75 lakh in the prior year. Total expenses were ₹8,380.44 lakh, compared to ₹9,483.02 lakh in FY25. Profit before tax was ₹6.40 lakh, down from ₹13.36 lakh.

Cost of materials consumed decreased to ₹6,436.60 lakh from ₹7,282.50 lakh. Employee benefits expense fell to ₹334.88 lakh from ₹382.06 lakh. Finance costs rose to ₹136.84 lakh from ₹103.36 lakh. Depreciation and amortization expense remained stable at ₹161.62 lakh.

What the Numbers Show

The decline in net profit is primarily driven by a sharp drop in other income, which fell by more than half compared to FY25. While operating expenses also contracted, reflecting lower revenue volumes, the reduction in non-operating gains outweighed the savings in operational costs. Finance costs increased by over 32%, adding pressure on margins despite the lower absolute scale of operations.

Key Appointments

The Nomination and Remuneration Committee recommended the following leadership changes, subject to shareholder approval at the AGM:

• Maganlal Shambhubhai Parvadiya appointed as Managing Director for a five-year term effective August 31, 2026.
• Chandubhai Shambhubhai Parvadiya appointed as Whole-time Director for a five-year term effective August 31, 2026.
• Bindiya Ketankumar Parvadiya recommended for re-appointment as Non-Executive Non-Independent Director, liable to retire by rotation.

Auditor Change

The board appointed M/s. Finava & Associates as Statutory Auditors to fill the casual vacancy caused by the resignation of M/s. RPC & Co. Finava & Associates will hold office until the conclusion of the ensuing AGM. The board also recommended their appointment for a five-year term commencing from the conclusion of the 16th AGM until the 21st AGM in 2031.

Governance Details

NDSL has been appointed to facilitate e-voting for the AGM. M/s. Monika V Tyagi & Associates, Practicing Company Secretary, serves as the scrutinizer. Share transfer books will remain closed from September 23, 2026, to September 30, 2026. The cut-off date for determining voting eligibility is set for September 25, 2026.

Gujarat Hy-Spin Limited’s statutory auditor, M/s. RPC & Co., has resigned effective August 22, 2026. The firm cited pre-occupancy in other assignments as the reason for stepping down from its role.

The company scheduled a Board of Directors meeting for August 31, 2026, to address the resulting casual vacancy. The board will consider the appointment of a new statutory auditor during this session.

Auditor Resignation Details

M/s. RPC & Co., Chartered Accountants (FRN: 121723W), submitted its resignation letter dated August 22, 2026. The firm had been appointed as statutory auditor for the financial year 2023-24 on May 13, 2024, to fill a casual vacancy. It was subsequently appointed for a five-year term (financial years 2024-25 to 2028-29) at the 14th Annual General Meeting held on September 30, 2024.

Prior to resigning, the auditor issued audit reports for the year ended March 31, 2024, and limited review reports for half-years ended September 30, 2024, March 31, 2025, September 30, 2025, and March 31, 2026. The latest report covered the year-to-date results for the period April 1, 2025, to March 31, 2026, submitted on May 29, 2026.

Board Meeting Agenda

In addition to filling the auditor vacancy, the board meeting on August 31 will focus on approving the draft notice for the company’s 16th Annual General Meeting. The directors will finalize logistics for the AGM, including the date, time, and venue.

The session will also see approval of the draft director’s report along with its annexures. Furthermore, the board will determine the cut-off date for shareholder eligibility for e-voting.

Regulatory Compliance

The intimation regarding the resignation was issued pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by Maganlal Shambhubhai Parvadiya, Chairman and Whole-time Director, on August 22, 2026.

The company stated that necessary steps are being taken to appoint another auditor in the resultant casual vacancy, which will be intimated accordingly along with the date of the board meeting where it is considered.