Minal Industries Limited has filed its revised unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, with the BSE. The submission addresses discrepancies highlighted in the previous filing and includes the limited review report from the statutory auditors.

Standalone Financial Performance

For the half year ended September 30, 2025, the company reported a total income of ₹685.56 lakh, a significant increase from ₹83.85 lakh in the corresponding period of the previous year. Total expenses for the period stood at ₹659.38 lakh. Consequently, the company reported a profit of ₹26.18 lakh for the half year, a turnaround from the loss of ₹38.71 lakh recorded in the same period last year.

For the quarter ended September 30, 2025, the standalone total income was ₹111.16 lakh against total expenses of ₹122.90 lakh, resulting in a net loss of ₹11.74 lakh.

Consolidated Financial Performance

On a consolidated basis, the group reported a total income of ₹1,970.49 lakh for the half year ended September 30, 2025, compared to ₹2,346.28 lakh in the previous year. Total expenses decreased to ₹1,966.66 lakh from ₹2,252.87 lakh. The group reported a net loss of ₹3.09 lakh for the half year, compared to a profit of ₹68.59 lakh in the prior year.

Auditor's Observations

The statutory auditors, R H Modi & Co., provided a limited review report with a qualified conclusion. The auditors noted that interest income amounting to ₹62.68 lakh for the half year ended September 30, 2025, had not been accrued for a loan given to the subsidiary Minal Infojewels Limited due to uncertainty regarding its realization.

Additionally, the auditors highlighted a material uncertainty related to the going concern assumption. The standalone financial statements noted accumulated losses of ₹2,121.27 lakh, while the consolidated net accumulated losses under retained earnings were ₹581.86 lakh as of September 30, 2025. The management stated that the financial results were prepared on a going concern basis based on the continued financial support from promoters and strategies to expand the market.

The company also continued with the creation of a provision of ₹600 lakh for impairment in the value of its investments in equity shares of its subsidiary, Minal Infojewels Limited, for the half year ended September 30, 2025.

Minal Industries Limited , a company specializing in jewellery, gems, and precious stones, has announced the appointment of Mrs. Disha Hiteshkumar Rathod as a Non-Executive Independent Director. The appointment, approved by shareholders through a postal ballot process, is for a five-year term commencing from May 30, 2025, to May 29, 2030.

Shareholder Approval and Voting Results

The company conducted a postal ballot through remote e-voting to seek shareholder approval for the appointment. The voting results, as reported by scrutinizer Mr. Kunal Sakpal of HSPN & Associates LLP, showed overwhelming support for the resolution:

The special resolution passed with a significant majority, receiving 99.99% votes in favor of Mrs. Rathod's appointment.

Director's Expertise

Mrs. Disha Hiteshkumar Rathod brings valuable experience to Minal Industries Limited. Her expertise spans across jewellery, gems, diamonds, and semi-precious stones. The company highlighted her strong marketing skills and extensive contacts in overseas markets as key assets that will contribute to the firm's growth and expansion strategies.

Regulatory Compliance

Minal Industries Limited confirmed that Mrs. Rathod meets all regulatory requirements for the director position. The company stated that she is not debarred from holding a directorship by the Securities and Exchange Board of India (SEBI) or any other authority. Additionally, Mrs. Rathod is not disqualified from holding the office of director under Section 164 of the Companies Act, 2013.

Corporate Governance

The appointment of Mrs. Rathod as an Independent Director aligns with Minal Industries' commitment to strong corporate governance practices. Her role will involve providing independent oversight and contributing to the company's strategic decisions, leveraging her industry knowledge and market insights.

The addition of Mrs. Disha Hiteshkumar Rathod to the board is expected to bring fresh perspectives and strengthen Minal Industries Limited's position in the jewellery and precious stones sector.