Heera Ispat Limited reported a net loss of ₹28.16 lakh for FY26, a significant reduction from the ₹46.46 lakh loss in the previous year. The company, which recorded nil revenue from operations, filed its annual report with the Bombay Stock Exchange and scheduled its 34th Annual General Meeting (AGM) for September 30, 2026.

The financial results were approved by the Board of Directors on September 8, 2026. The board also finalized key appointments, including the regularization of Mr. Harshvardhan Katariya as Managing Director and Chairman, and Mr. Rajesh Sutaria as an Independent Director.

Financial Performance

Heera Ispat did not engage in any commercial business operations during FY26, resulting in nil revenue from operations. The total expenses for the year stood at ₹7.86 lakh, primarily comprising general administrative costs. This was a decrease from ₹46.46 lakh in FY25.

The net loss was driven by these operational expenses along with an exceptional item of ₹20.30 lakh, which relates to a penalty paid to the BSE for alleged violations of SEBI LODR regulations regarding late submission of listing compliance documents.

The company's cash and cash equivalents dropped significantly to ₹2.97 lakh as of March 31, 2026, from ₹58.34 lakh in the previous year. Borrowings decreased to ₹81.90 lakh from ₹99.00 lakh.

What the Numbers Show

The narrowing of the net loss from ₹46.46 lakh to ₹28.16 lakh is primarily due to a sharp decline in routine administrative expenses rather than operational revenue. However, the inclusion of a ₹20.30 lakh exceptional penalty indicates ongoing regulatory compliance challenges. With zero revenue and eroding cash reserves, the company remains in a non-operational status.

AGM Schedule and Details

The 34th AGM will be held in physical mode at the company's new registered office at Kamal Complex, Navrangpura, Ahmedabad. Shareholders holding shares as of September 23, 2026, are eligible to vote via e-voting.

Key Appointments

The AGM agenda includes several special resolutions for director regularizations:

• Mr. Harshvardhan Katariya: To be regularized as Managing Director and Chairman for five years. He will not receive remuneration due to the company's accumulated losses.
• Mr. Rajesh Sutaria: To be regularized as Non-Executive Independent Director for five years. He will also serve without sitting fees.
• Ms. Misha Niravkumar Soni: To be regularized as Non-Executive Non-Independent Woman Director. Her appointment is subject to shareholder approval.

Additionally, Mrs. Himanshi Jadeja retires by rotation and is not offering herself for re-appointment. M/s. J D Khatnani & Associates was appointed as Secretarial Auditor for FY27.

Registered Office Change

The company approved a change in its registered office address to 304/305, Kamal Complex, C.G. Road, Navrangpura, Ahmedabad – 380009.

Regulatory Compliance

The intimation was issued pursuant to Regulations 30, 33, and 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice was signed by Harshvardhan Katariya, Chairman cum Managing Director.

Heera Ispat Limited reported a net loss of ₹1.80 lakh for the quarter ended June 30, 2026, narrowing slightly from the ₹1.93 lakh loss in the previous quarter. The company recorded nil revenue from operations, marking a continuation of its operational hiatus. Statutory auditors Dhruvil A. Shah & Co issued a qualified opinion, highlighting that the absence of business orders and revenue casts significant doubt on the company’s ability to continue as a going concern, despite management’s assertion that steps are being taken to mitigate these risks.

The Board of Directors, meeting on August 03, 2026, approved the standalone unaudited financial results pursuant to Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The financial statements were prepared in accordance with Ind AS 34 and reviewed by the Audit Committee before board approval. Total expenses for the quarter stood at ₹1.80 lakh, primarily comprising listing fees of ₹0.78 lakh and other expenses of ₹1.02 lakh.

Leadership Restructuring

The meeting witnessed a comprehensive reshuffle of key managerial personnel and board composition. Omprakash Dhariwal resigned as Managing Director effective August 03, 2026, citing personal reasons. Chirag Dinesh Chandan had resigned as Whole-time Director on July 31, 2026, also due to personal reasons. Himanshi Jayrajsinh Jadeja stepped down as Chief Financial Officer on August 03, 2026, citing pre-occupation and personal commitments, though she retained her role as a Non-Executive Woman Director after her designation was changed from Executive Woman Director.

To fill these vacancies, the Board appointed Harshvardhan Katariya as Additional Director designated as Managing Director and Chairman, effective August 03, 2026. His appointment is subject to shareholder approval. Rajesh Sutaria was appointed as an Additional Independent Director for a five-year term, also pending shareholder approval. Jimit Sanghvi was appointed as the new Chief Financial Officer and Key Managerial Personnel effective August 03, 2026.

Committee Reconstitution

The Board reconstituted its statutory committees to reflect the new directorship structure. The Audit Committee now comprises Meet Thakkar (Chairperson), Rajesh Sutaria, and Himanshi Jadeja. The Nomination and Remuneration Committee is chaired by Rajesh Sutaria with Meet Thakkar and Himanshi Jadeja as members. Himanshi Jadeja chairs the Stakeholders' Relationship Committee, supported by Meet Thakkar and Rajesh Sutaria.

What the Numbers Show

The financial data reveals a company operating without commercial activity but incurring fixed compliance costs. With zero revenue from operations, the entire expense burden of ₹1.80 lakh directly translated into the net loss. The slight quarter-on-quarter improvement in loss (from ₹1.93 lakh to ₹1.80 lakh) was driven by a reduction in listing fees from ₹1.43 lakh to ₹0.78 lakh and lower other expenses. However, the fundamental challenge remains the lack of income generation, which the auditors explicitly flagged as a material uncertainty affecting the going concern status. The earnings per share stood at a loss of ₹0.03, compared to ₹0.03 in the prior quarter and ₹0.34 in the same quarter last year.