Pulsar International Limited has accepted the resignation of Devendrasing Umath as an Independent Director, effective July 30, 2026, after the closing of business hours. The departure is attributed to personal health issues, which Umath stated prevent him from continuing to discharge his duties and responsibilities as a Director. This change in board composition was disclosed to the Bombay Stock Exchange (BSE) on July 29, 2026.

The company notified the exchange pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In its intimation, Pulsar International confirmed that Umath tendered his resignation due to health issues. The disclosure included specific details regarding the resignation, noting that there is no shareholding interest to be disclosed and that the relationship with management is not applicable for this particular transaction record.

Devendrasing Umath, holding DIN 06695377, submitted his resignation letter directly to the Board of Directors. In the letter, he expressed gratitude to the Board, management, and stakeholders for their support and cooperation during his tenure. He explicitly requested the Board to accept the resignation and complete all statutory compliances under the Companies Act, 2013, and other applicable laws.

A key aspect of the resignation filing is the confirmation regarding the nature of the departure. Umath confirmed that there are no material reasons for his resignation other than the personal health issues stated above. This clarification helps investors understand that the exit is not driven by any disagreement with the company’s strategy or governance practices.

Resignation Details

The Managing Director, Arvind Parmar (DIN: 09356562), signed the regulatory filing on behalf of the company. The resignation takes effect immediately following the close of business on July 30, 2026, marking the end of Umath’s service as an Independent Director.

Pulsar International reported a net profit of ₹10.45 lakh for the financial year ended March 31, 2026, a sharp decline from ₹176.46 lakh in the previous year, as revenue from operations surged to ₹12,879.35 lakh. The company's total income for FY26 stood at ₹12,910.15 lakh, compared to ₹3,117.04 lakh in the prior year, driven primarily by its trading segment. For the quarter ended March 31, 2026, the company recorded a net loss of ₹377.15 lakh on revenue of ₹7,367.91 lakh.

Financial Performance

The company's expenses rose in line with the increased business activity, with total expenditure for FY26 reaching ₹12,896.08 lakh, up from ₹2,940.58 lakh in FY25. The purchase of stock-in-trade was the largest expense component, totaling ₹14,558.33 lakh for the year. Earnings per share (EPS) for the year dropped to ₹0.00 from ₹0.25 in the previous year. The paid-up equity share capital increased significantly to ₹4,283.40 lakh as of March 31, 2026, from ₹713.90 lakh a year earlier.

Audit Qualifications

Statutory auditors M/S Shweta Jain & Co LLP issued a modified opinion on the financial results. The auditors highlighted that the company reported closing inventory amounting to ₹18.63 crore as of March 31, 2026, but management did not provide item-wise quantitative details, supporting valuation workings, or confirmation of existence and quantity required for audit verification. Consequently, the auditors stated they were unable to comment on the existence, quantity, and valuation of the inventory.

Additionally, the auditors flagged overdue trade receivables aggregating to ₹4.24 crore pertaining to previous financial years for which no recoveries had been received as of the report date. The auditors expressed an inability to comment on the recoverability of these receivables. The company also disclosed overdue trade payables of ₹1.09 crore from previous years, with auditors unable to comment on their completeness and appropriateness due to lack of payments.

Management Response

In the Statement on Impact of Audit Qualifications, management stated that the inventory represents stock held in the ordinary course of business and is accounted for based on books of account. They claimed that supporting records were provided to auditors subsequently and believe the inventory is fairly stated with no material adjustment expected. Regarding the overdue receivables, management asserted they are recoverable based on post-dated cheques received and ongoing recovery efforts, hence no impairment provision was considered necessary. For the overdue payables, management confirmed the liabilities continue to be payable and are duly recorded, with delays attributed to reconciliations and liquidity considerations.

Key Financial Metrics for FY26

The Board of Directors approved the audited standalone financial results at a meeting held on May 30, 2026. The company confirmed compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.