Hem Holdings and Trading Limited has re-appointed Mr. Akash Somaram Prajapati as its Internal Auditor for the financial year 2026-27. The company’s Board of Directors approved the appointment during a meeting held via video conferencing on August 17, 2026.

The decision was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The re-appointment is effective from August 17, 2026, covering the entire FY26-27 period.

Auditor Profile

Mr. Prajapati is a Chartered Accountant with over five years of experience in auditing. His expertise includes financial statement audits, implementing internal risk controls, and ensuring regulatory adherence. The company noted his skill in analyzing complex financial data to enhance operational efficiencies.

The disclosure was filed with the Bombay Stock Exchange following the board meeting, which commenced at 2:00 pm and concluded at 2:30 pm. Taruna Gupta, Company Secretary and Compliance Officer, signed the filing.

Pushpsons Industries reported a substantial improvement in profitability for the first quarter of FY27, with standalone net profit rising to ₹2.61 lakh compared to ₹0.60 lakh in the same quarter of the previous fiscal year. The carpet and made-ups exporter also saw its revenue from operations more than double, reaching ₹137.30 lakh against ₹72.44 lakh in Q1FY26.

The results were approved by the Board of Directors at a meeting held on August 13, 2026, in New Delhi. The unaudited financial statements were reviewed by the Audit Committee and subsequently taken on record by the Board. Statutory auditors Ritu Gupta & Co. issued an unmodified opinion on the quarterly results before tendering their resignation effective immediately from the close of business hours on August 13, 2026.

Financial Performance

The company’s top-line growth was supported by a sharp increase in operational revenue. Total income for the quarter stood at ₹141.61 lakh, up from ₹75.25 lakh in Q1FY25. Other income contributed ₹4.31 lakh, an increase from ₹2.81 lakh in the prior year period.

Expenses rose in tandem with revenue, totaling ₹139.00 lakh compared to ₹74.65 lakh in Q1FY26. Cost of materials consumed increased to ₹61.16 lakh from ₹48.44 lakh. Employee benefit expenses remained relatively stable at ₹15.32 lakh, slightly lower than the ₹15.82 lakh recorded in the previous year. Finance costs were minimal at ₹0.24 lakh.

What the Numbers Show

A key observation from the filing is the divergence between revenue growth and profit expansion. While revenue grew by approximately 89%, net profit surged by over 335%. This disproportionate rise suggests improved operational efficiency or margin expansion during the quarter, as total expenses grew at a similar rate to revenue (86%) but left a larger residual profit due to the higher base effect of the previous year’s low profitability.

Balance Sheet and Capital Structure

The company maintains a debt-free structure for the current period, with a debt-equity ratio reported as 0.00. This is consistent with the low finance costs disclosed in the income statement. Paid-up equity share capital remains unchanged at ₹527.05 lakh. The basic earnings per share (EPS) for the quarter was ₹0.04, up from ₹0.02 in Q1FY26.

Pushpsons Industries operates in a single reportable segment: 'Export of Carpet & Made-ups'. There were no exceptional items or discontinued operations reported during the quarter. The company also confirmed that there were no outstanding investor complaints received during the period.

Corporate Actions: Auditor Change and AGM Dates

During the same Board meeting, the company announced significant changes to its statutory audit arrangements. M/s. Ritu Gupta & Co., Chartered Accountants (Registration No. 119890W), tendered their resignation as Statutory Auditors effective immediately from the close of business hours on August 13, 2026. In their resignation letter, the firm cited preoccupation with other assignments, personal commitments, and non-availability of audit staff as reasons for stepping down. They confirmed that there were no concerns raised with respect to the management of the Company nor any material reasons for the resignation other than those stated.

To fill this casual vacancy, the Board appointed M/s. R. Verma & Associates, Chartered Accountants (Firm Registration No. 08026N), as Statutory Auditors. This appointment is effective from August 13, 2026, until the conclusion of the ensuing Annual General Meeting (AGM). Additionally, the Board recommended the appointment of M/s. R. Verma & Associates for a term of five consecutive years, commencing from the conclusion of the AGM until the conclusion of the 37th AGM in 2031, subject to shareholder approval. M/s. R. Verma & Associates was set up in 1987 and has expertise in audit, due diligence, taxation, and management consultancy.

The Board also scheduled the company’s 32nd Annual General Meeting for Tuesday, September 29, 2026. The book closure dates for the AGM will be from Wednesday, September 23, 2026, to Tuesday, September 29, 2026 (both days inclusive).

Furthermore, the Board approved an application for the rectification and updation of issued and paid-up share capital in exchange records. This action addresses a historical discrepancy stemming from the forfeiture of equity shares effected in the financial year 2003. The application seeks to update exchange records to reflect the post-forfeiture capital of 46,50,100 equity shares, replacing the previously reflected figure of 58,90,900 equity shares.