The board of Kenvi Jewels has approved the reappointment of Chiragkumar Valani as managing director for a further term of five years. The resolution requires shareholder approval at the upcoming annual general meeting.

The board also fixed September 29, 2026, as the date for the company's 13th annual general meeting (AGM). The event will be conducted through video conferencing or other audio-visual means, in accordance with Ministry of Corporate Affairs and SEBI circulars.

Corporate Governance Changes

The company announced changes to its secretarial audit function. M/s Neelam Somani & Associates resigned as secretarial auditor with immediate effect on September 4, 2026.

The board appointed M/s SS Lunkad and Associates as the new secretarial auditor for a continuous period of five financial years, from FY27 to FY31. This appointment is subject to member approval at the AGM. The firm also holds over five years of post-qualification experience in secretarial and legal matters.

Leadership Profile

Chiragkumar Valani oversees procurement and supply chain management for the jewellery firm. With over a decade of industry experience, he manages sourcing, supplier negotiations, quality control, and inventory optimization. His role focuses on ensuring a steady, cost-effective supply of materials while maintaining product quality.

The board also appointed M/s SS Lunkad & Associates as the scrutinizer for the upcoming AGM to oversee the remote e-voting process and voting conducted at the meeting.

Annual Report Approval

The directors approved the notice for the AGM, the directors' report along with all annexures, and the annual report for the financial year 2025-26. The board meeting commenced at 6:00 pm and concluded at 8:00 pm at the company's registered office in Ahmedabad.

Kenvi Jewels reported a net profit of ₹31.81 lakh for the quarter ended June 30, 2026, reversing a loss of ₹16.99 lakh recorded in the preceding quarter. The Ahmedabad-based jewellery manufacturer returned to profitability as operating expenses and cost of materials consumed declined significantly, offsetting a 38% year-on-year drop in revenue from operations to ₹1,906.21 lakh. This turnaround indicates improved cost efficiency during a period of lower sales volume.

The Board of Directors approved the unaudited standalone financial results on August 12, 2026, following review by the Audit Committee. The results were submitted to BSE Limited pursuant to Regulation 33 and Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. Trading window restrictions, closed since July 1, 2026, will remain in place for 48 hours post-declaration as per SEBI (Prohibition of Insider Trading) Regulations, 2018.

Financial Performance

Revenue from operations stood at ₹1,906.21 lakh in Q1FY27, down from ₹3,089.18 lakh in the same quarter last year. Total expenses decreased to ₹1,868.79 lakh from ₹3,064.50 lakh year-on-year. Cost of materials consumed dropped sharply to ₹1,607.41 lakh from ₹3,151.18 lakh in Q1FY26. Changes in inventories contributed positively to the bottom line with an expense of ₹176.75 lakh, compared to a negative impact of ₹140.12 lakh in the prior year period. Employee benefit expenses rose to ₹32.82 lakh from ₹22.56 lakh, while financial costs increased to ₹25.02 lakh from ₹7.66 lakh.

Figures in ₹ Lakhs

What the Numbers Show

The company’s ability to turn profitable despite a significant revenue contraction highlights a structural shift in cost management. While revenue fell by over ₹1,100 lakh year-on-year, total expenses declined by more than ₹1,195 lakh. The reduction in material costs was the primary driver, falling by approximately ₹1,543 lakh compared to the same quarter last year. This suggests that the company scaled down procurement in line with lower demand, preserving margins. However, the rise in financial costs from ₹7.66 lakh to ₹25.02 lakh warrants monitoring, as it could pressure margins if revenue does not recover in subsequent quarters.

Shah Karia & Associates, the independent auditors, issued a review report stating that nothing came to their attention to suggest the statement contains material misstatement. The results comply with Ind AS 34 and other generally accepted accounting principles in India.