Polytex India Limited convened its Board of Directors meeting on Saturday, May 16, 2026, at Wellness Villa, Juhu, Mumbai, approving the audited standalone financial results for the quarter and full year ended March 31, 2026. The meeting, held pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, commenced at 3:00 PM and concluded at 7:00 PM. The statutory audit was conducted by Agrawal Jain & Gupta, Chartered Accountants, who issued an unmodified opinion on the financial statements.

Financial Performance: Zero Revenue, Widening Losses

The company reported nil revenue from operations for both the full year and the quarter ended March 31, 2026. Total expenditure for the full year stood at ₹14.51 lakhs, driven primarily by other expenses of ₹12.16 lakhs, employee benefit expenses of ₹1.80 lakhs, and finance costs of ₹0.56 lakhs. This resulted in a net loss of ₹14.51 lakhs for FY26, compared to a net loss of ₹10.65 lakhs in the previous year, reflecting a deterioration in financial performance.

The table below summarises the key financial results across periods (Amount in ₹ Lacs):

Balance Sheet and Cash Flow Position

As at March 31, 2026, the company's total assets stood at ₹292.28 lakhs, marginally lower than ₹292.81 lakhs in the prior year. Financial assets comprised cash and cash equivalents of ₹4.88 lakhs and investments of ₹285.12 lakhs. Total liabilities increased to ₹58.89 lakhs from ₹44.91 lakhs, with borrowings rising to ₹29.12 lakhs from ₹22.38 lakhs and trade payables increasing to ₹16.92 lakhs from ₹12.48 lakhs. Equity attributable to owners stood at ₹233.39 lakhs, down from ₹247.90 lakhs in the previous year, reflecting the accumulated losses.

The standalone balance sheet highlights are presented below (Amount in ₹ Lacs):

On the cash flow front, net cash used in operating activities was ₹6.73 lakhs for FY26, compared to ₹7.10 lakhs in FY25. Cash flow from financing activities amounted to ₹6.74 lakhs, primarily from loans raised from third parties, resulting in a negligible net change in cash and cash equivalents. The closing cash balance remained at ₹4.88 lakhs, unchanged from the opening balance.

Going Concern and Auditor Observations

The auditors, Agrawal Jain & Gupta, flagged a material uncertainty related to going concern, noting that the company incurred a loss of ₹14.51 lakhs during the year ended March 31, 2026, and that current liabilities exceeded current assets by ₹47.50 lakhs as of that date. The auditors observed that these conditions cast significant doubt on the company's ability to continue as a going concern. However, the financial statements were prepared on a going concern basis, supported by a financial undertaking from the company's promoter to continue extending financial assistance as required. The auditors also highlighted that the valuation of unquoted investments, as per Ind AS 109, is pending an independent valuation report, and they were unable to comment on the same. The audit opinion was not modified in respect of either matter.

Board Decisions: Director Resignation and Internal Auditor Appointment

In addition to approving the financial results, the board took note of the resignation of Mr. Anandkumar Labhshankar Trivedi (DIN: 10956744), Additional Executive Director, effective April 24, 2026. The board also appointed Mr. CA Sunil Sureka as Internal Auditor to conduct the internal audit for the financial year 2025-26. Key details of the internal auditor appointment are as follows:

The intimation was signed by Arvind Mulji Kariya, Director and CFO (DIN: 00216112). The paid-up equity share capital of the company remains at ₹1,350.00 lakhs, comprising shares of face value ₹10 each, fully paid.

Polytex India Limited has formally announced the resignation of Mr. Anandkumar Labhshankar Trivedi from his position as Additional Executive Director, effective from April 24, 2026. The Mumbai-based company communicated this development to BSE Limited in strict compliance with regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance and Disclosure

The resignation was reported under Regulation 30 of the SEBI Listing Regulations, with the company providing comprehensive details as mandated by regulatory frameworks. Director and CFO Arvind Mulji Kariya signed the official communication to the stock exchange, ensuring all procedural requirements were met.

Reason for Resignation

Mr. Trivedi submitted his resignation citing personal and unavoidable circumstances as the primary reason for his departure from the Board of Directors. In his formal resignation letter, he explicitly confirmed that there are no other material reasons for his resignation beyond those mentioned, ensuring compliance with SEBI (LODR) Regulations, 2015 requirements.

Director Profile and Disclosures

As part of the mandatory regulatory disclosures, Polytex India Limited confirmed that Mr. Trivedi holds no directorship positions in any other listed entities. The company provided complete transparency regarding the resignation through proper documentation and regulatory filings.

The resignation letter, dated April 24, 2026, expressed gratitude to the Board and management for their support and cooperation during his tenure. Mr. Trivedi also requested the company to file necessary forms with the Registrar of Companies, including DIR-12, and complete required stock exchange intimations.

Company Information

Polytex India Limited, incorporated in 1987 with CIN L51900MH1987PLC042092, operates from its registered office at Technopolis Knowledge Park, Mahakali Caves Road, Andheri East, Mumbai. The company trades on BSE under scrip code 512481 with the symbol POLYTEX.