ISF Limited reported a net profit of ₹33.7 lakh for the first quarter of FY27 (Q1FY27), marking a sharp turnaround from the ₹187.49 lakh loss recorded in the fourth quarter of FY26. The company’s revenue from operations declined 20.4% year-on-year to ₹34.04 lakh, down from ₹42.74 lakh in Q1FY26. Despite the revenue contraction, the bottom line improved significantly as total expenses fell to ₹30.28 lakh from ₹300.62 lakh in the previous quarter, driven primarily by a reduction in other expenses.

The Board of Directors approved the unaudited financial results during a meeting held on August 8, 2026. The results were reviewed by the Audit Committee and subjected to a limited review by the company’s statutory auditors, VSSA & Associates. The auditors issued an unmodified opinion, stating that nothing came to their attention to suggest the financial statements contained material misstatements. Bhupendra Kaushik, Independent Director, was authorized to sign the results on behalf of the Board.

Financial Performance

Revenue from operations stood at ₹34.04 lakh in Q1FY27, compared to ₹42.74 lakh in the same period last year. Other income increased to ₹0.79 lakh from negligible levels in Q1FY26. Total income for the quarter was ₹34.83 lakh.

Expenses showed a substantial decrease quarter-on-quarter. Employee benefit expenses rose to ₹10.12 lakh from ₹5.75 lakh in Q4FY26 but remained higher than the ₹8.04 lakh recorded in Q1FY26. Finance costs increased to ₹7.61 lakh from ₹6.31 lakh year-ago. However, other expenses dropped dramatically to ₹12.55 lakh from ₹289.15 lakh in the immediate prior quarter, which was the primary driver behind the improved profitability.

The company posted a profit before tax of ₹4.55 lakh, up from a loss of ₹258.43 lakh in Q4FY26. After accounting for tax expenses, including deferred tax provisions, the net profit for the period was ₹33.7 lakh. Earnings per share (EPS) were ₹0.0035, compared to a loss per share of ₹0.1974 in the previous quarter.

What the Numbers Show

The most notable aspect of ISF Limited’s Q1FY27 results is the drastic reduction in "other expenses," which fell from ₹289.15 lakh in Q4FY26 to ₹12.55 lakh in Q1FY27. This singular factor transformed the company’s financial position from a significant quarterly loss to profitability, despite a decline in operational revenue. The absence of material costs, stock-in-trade purchases, and depreciation expenses further contributed to the lean cost structure in the current quarter. Investors should note that while the bottom line has turned positive, top-line growth remains under pressure, with revenue declining over 20% compared to the same period last year.

ISF Limited held its Board of Directors meeting on Friday, May 15, 2026, and approved several key agenda items pursuant to Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting commenced at 4:05 PM and concluded at 4:35 PM, conducted via video conferencing. Subsequently, on May 17, 2026, the company submitted copies of newspaper advertisements — published in English (Financial Express) and regional (Haribhoomi) newspapers — to the Listing Department of BSE Limited, pursuant to Regulation 47 read with Part A of Schedule III of the SEBI (LODR) Regulations, 2015. The outcome of the board meeting was communicated by Director Bhupendra Kaushik (DIN: 07016552).

Board Meeting Outcomes

The board considered and approved the following key matters during the meeting:

The Audited Financial Results for the quarter and year ended March 31, 2026, as reviewed by the Audit Committee, were approved along with the Audit Report issued by the company's Statutory Auditors.

FY26 Audited Financial Results

The following table presents ISF Limited's Statement of Audited Financial Results for the fourth quarter and year ended March 31, 2026, as published in the newspaper advertisement (amounts in Rs. Lakhs):

The financial results have been prepared in accordance with Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015, as amended. Segment reporting as defined in Ind AS 108 is not applicable, as the entire operations of the company relate to only one segment. There are no Other Comprehensive Income items for the periods presented.

Change in Company Secretary and Compliance Officer

A significant personnel development emerged from the board meeting, with the resignation of Ms. Anjali Raj and the appointment of Ms. Puja Arora Mehrotra as the new Company Secretary and Compliance Officer. The key details of this transition are as follows:

Ms. Anjali Raj will also cease to be a Key Managerial Personnel under Section 203 and other applicable provisions of the Companies Act, 2013, and Regulation 30(5) of the SEBI LODR Regulations, effective close of business hours on Wednesday, June 10, 2026.

Profile of Incoming Company Secretary

Ms. Puja Arora Mehrotra is a qualified Company Secretary and an Associate Member of the Institute of Company Secretaries of India (ICSI). She brings experience in handling secretarial and compliance matters under the Companies Act, 2013, SEBI Regulations, and other applicable laws. Her responsibilities will include duties as prescribed under the Companies Act, 2013, SEBI (LODR) Regulations 2015, other SEBI compliances, RBI-related compliances, and any other duties assigned by the Board and senior management.

Trading Window Closure

In continuation of the company's earlier communication dated March 26, 2026, ISF Limited confirmed that the trading window for transactions in its equity shares by Designated Persons and their Immediate Relatives remained closed from April 1, 2026, and will continue until 48 hours after the declaration of the Audited Financial Results for the quarter and year ended March 31, 2026 (both days inclusive). This measure is in accordance with the company's Code of Conduct for trading by Designated Persons.

Secretarial Auditor Change

The board also approved the termination of the existing Secretarial Auditor and the appointment of M/S Parul Agrawal and Associates (FRN: S2019DE698200) as the Secretarial Auditor of the company for the Financial Year 2025-26.