Konndor Industries Limited reported zero revenue from operations for the first quarter of FY27 (ended June 30, 2026), marking a sharp contraction from the ₹188.62 lakh recorded in the same period last year. The company posted a net loss of ₹2.30 lakh for the quarter, widening from a loss of ₹1.43 lakh in Q1FY26. Total expenses stood at ₹2.30 lakh, driven primarily by ₹327.78 lakh in purchases of stock-in-trade, partially offset by a ₹453.79 lakh decrease in inventories.

The Board of Directors approved the unaudited financial results on August 14, 2026. However, the company’s statutory auditors, Chandabhoy & Jassooobhoy Chartered Accountants, issued a qualified review report due to material limitations in obtaining sufficient appropriate audit evidence for key balance sheet items.

Auditor Qualifications

The audit firm highlighted three specific areas where verification was not possible:

• Outstanding Loans: An outstanding loan balance of ₹195.00 lakh showed no transactions during the year, and balance confirmation was unavailable.
• Supplier Advances: The company reported advances to suppliers amounting to ₹1,044.34 lakh. Management did not provide relevant agreements or cross-confirmations, preventing verification of genuineness and recoverability.
• Calls in Arrears: The financial statements disclosed a balance under calls in arrears, but management could not provide supporting records or details of shareholders, leaving the accuracy of this figure unverified.

What the Numbers Show

The complete absence of revenue from operations in Q1FY27, contrasted with significant inventory movements (₹327.78 lakh purchase vs. ₹453.79 lakh inventory reduction), suggests a potential halt in core business activity or a shift in operational strategy during the quarter. This operational pause is further underscored by the lack of other income, which stood at ₹0.00 lakh compared to ₹0.61 lakh in the prior year.

Konndor industries Limited has announced a significant board change with the resignation of Director Mr. Vimal Mafatlal Patel, effective March 6, 2026. The company formally communicated this development to BSE Limited through an official board meeting outcome notification under Regulation 30.

Board Meeting Details

The board meeting to address Mr. Patel's resignation was conducted on March 6, 2026, with specific timing and procedural details outlined in the company's regulatory filing.

Resignation Details

Mr. Vimal Mafatlal Patel formally submitted his resignation letter to the Board of Directors, citing personal reasons for his departure. In his resignation communication, he stated his inability to continue in the director position due to pre-occupations elsewhere.

Regulatory Compliance

The company has assured stakeholders that all necessary regulatory procedures will be followed in connection with the director's resignation. Mr. Patel specifically requested the company to complete required compliances, including filing necessary E-forms with the Registrar of Companies. The resignation notification was submitted to BSE Limited's Compliance Department at Phiroze Jeejeebhoy Tower, Mumbai.

Company Information

Konndor Industries Limited, incorporated with CIN L51100GJ1983PLC006041, is headquartered in Ahmedabad, Gujarat. The company's shares are listed on BSE Limited under the code 532397. Following the resignation, the remaining board members, including Director Anis Nizam Khan (DIN: 11205647), will continue to oversee the company's operations and governance. The formal communication was signed by Director Anis Khan on behalf of the company.