Hardwyn India reported a contraction in revenue and profitability for the first quarter of FY26, reflecting a challenging operating environment compared to the same period last year. The company’s total revenue fell to ₹346 million, down from ₹429 million in the corresponding prior-year quarter. This top-line decline was accompanied by a drop in bottom-line performance, with consolidated net profit decreasing to ₹28 million from ₹36 million year-on-year.

The Board of Directors approved the un-audited standalone and consolidated financial results for the quarter ended June 30, 2026, at a meeting held on August 14, 2026. The results were published on August 15, 2026, in the Financial Express and Jansatta newspapers, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance Overview

The decline in revenue translated into lower absolute earnings for the period. Hardwyn India’s EBITDA stood at ₹45 million in Q1, a decrease from ₹57 million recorded in the previous year’s first quarter. The compression in earnings is further highlighted by the movement in operating margins.

What the Numbers Show

The divergence between revenue decline and margin stability suggests that while volume or pricing pressures impacted the top line, cost structures remained relatively resilient. EBITDA margin contracted by only 27 basis points, from 13.25% to 12.98%, despite a significant drop in revenue scale. This indicates that operating leverage was maintained to some extent, although the absolute reduction in EBITDA (₹12 million) directly pressured the net profit figure, which fell by ₹8 million. The data points to a period where growth drivers were absent, leading to a straightforward contraction in both sales and earnings without severe operational inefficiency.

Hardwyn India Limited has notified stock exchanges of the resignation of its Secretarial Auditor, Mr. Amit Saxena, effective August 05, 2026. The departure requires the Board to appoint a successor to ensure continued compliance with statutory audit requirements for the financial years 2025-2026 through 2029-2030.

The intimation was filed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Part A of Schedule III. The disclosure also references SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026. Mr. Saxena, Proprietor of M/s Amit Saxena & Associates (COP No. 11519), tendered his resignation via a letter dated August 05, 2026.

Resignation Details

Mr. Saxena was originally appointed as Secretarial Auditor under Section 204 of the Companies Act 2013. His resignation is attributed to personal reasons and unavoidable circumstances. In his resignation letter, he confirmed that no other material reasons exist for his departure and that no circumstances exist which materially affect the interest of stakeholders.

The outgoing auditor affirmed that all information and records accessed during his engagement will remain confidential, adhering to professional ethics under the Company Secretaries Act 1980 and the Institute of Company Secretaries of India (ICSI) code of conduct. He has requested the Board to appoint a new Secretarial Auditor in accordance with applicable law.

Compliance Implications

The Board of Directors must now initiate the process to appoint a new Secretarial Auditor to cover the remaining tenure. This ensures uninterrupted statutory compliance for the company’s listed obligations. Rubaljeet Singh Sayal, Managing Director & CFO of Hardwyn India Limited, signed the disclosure letter submitted to the National Stock Exchange of India Ltd. and Bombay Stock Exchange Ltd.