Gujarat Raffia Industries disclosed that its statutory auditor, M/s. KPSJ & Associates LLP, has tendered its resignation with effect from August 14, 2026. The audit firm attributed the decision to increased professional commitments and engagement in new assignments that require substantial time and resources, leaving it unable to continue dedicating the necessary attention to the company’s audit responsibilities.

The resignation was communicated via a letter dated August 14, 2026, received by the company on the same day. KPSJ & Associates LLP confirmed that it had completed the Limited Review Report for the quarter ended June 30, 2026, which was issued on August 13, 2026. The firm also stated that Form ADT-3 would be filed with the Registrar of Companies in due course, as required under the Companies Act, 2013.

Regulatory Compliance and Next Steps

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Gujarat Raffia Industries informed the BSE, NSE, and CSE of the development. The company’s Audit Committee and Board of Directors are set to consider the resignation and initiate the appointment of a new statutory auditor.

The disclosure included specific details regarding the change:

The audit firm noted that there were no material reasons other than those stated for the resignation. It expressed gratitude to the board, audit committee, and management for their cooperation during its tenure, which began after a shareholder resolution on August 12, 2025, for a five-year term until the 2030 AGM.

Gujarat Raffia Industries reported a 171% year-on-year increase in net profit for the quarter ended September 30, 2025, reaching ₹19.05 lakh. This growth was primarily driven by a 377% surge in revenue from operations, which stood at ₹2610.84 lakh compared to ₹547.02 lakh in the corresponding period of the previous year. The strong performance reflects a significant expansion in the company's operational scale during the quarter.

The Board of Directors approved the unaudited financial results for the quarter and half year ended September 30, 2025, at a meeting held on November 13, 2025. The results were reviewed by the Audit Committee and subjected to a limited review by the statutory auditors, KPSJ & Associates LLP. The independent auditor's review confirmed that the financial results are in compliance with the recognition and measurement principles laid down in Indian Accounting Standard 34 and the relevant SEBI regulations.

For the half year ended September 30, 2025, the company recorded a net profit of ₹52.75 lakh, a 52% increase from ₹34.74 lakh in the same period last year. Revenue from operations for the half year rose to ₹3766.94 lakh from ₹1598.99 lakh. Total income for the half year stood at ₹3775.07 lakh, up from ₹1612.17 lakh in the previous year. The company reported that it has a single reportable segment as defined in Indian Accounting Standard-108.

The company's total assets as of September 30, 2025, stood at ₹2968.27 lakh, an increase from ₹2460.20 lakh in the same period last year. Equity share capital remained constant at ₹540.45 lakh. Earnings per equity share (basic and diluted) for the quarter ended September 30, 2025, were reported at ₹0.35, compared to ₹0.13 in the corresponding quarter of the previous year.

Financial Results for Q2FY26

Half Yearly Performance