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.

Gujarat Hy-Spin Limited reported a net profit of ₹4.70 lakh for the year ended March 31, 2026, a decline from ₹9.72 lakh in the previous fiscal year, as revenue from operations fell to ₹8272.30 lakh from ₹9255.63 lakh in FY25. The company’s board approved the standalone audited financial results for the half year and year ended March 31, 2026, during a meeting held on May 29, 2026.

The statutory auditor, RPC & Co., issued an unmodified opinion on the financial results. However, the auditor’s report included an emphasis of matter noting that the management is responsible for inventory inspections and balance confirmations with debtors and creditors, which were not independently verified. Any adjustments to these values could impact the profit and net assets for the period.

Financial Performance

Total income for the year stood at ₹8386.84 lakh, compared to ₹9496.38 lakh in the previous year. Total expenses for FY26 were ₹8380.44 lakh, slightly lower than the ₹9483.02 lakh recorded in FY25. The company reported a basic and diluted earnings per share (EPS) of ₹0.03 for the year, down from ₹0.06 in the prior year.

For the half year ended March 31, 2026, the company reported a net profit of ₹34.68 lakh, compared to ₹39.32 lakh in the corresponding period of the previous year. Revenue from operations for the half year was ₹4718.89 lakh.

Key Financial Metrics

The following table summarizes the financial results for the year ended March 31, 2026:

Board Decisions

In addition to the financial results, the board appointed Monika V. Tyagi & Associates, Practicing Company Secretaries, as the Secretarial Auditor for the financial year 2025-26. The trading window for dealing in the company's securities will open 48 hours after the announcement of the financial results, in compliance with SEBI regulations.