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.

Pulsar International has accepted the resignation of Ms. Sakshi Bhutada from the position of Company Secretary and Compliance Officer, effective from the close of business hours on June 30, 2026. The resignation was intimated to the stock exchanges pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Bhutada stated she is leaving to pursue professional aspirations by obtaining a Certificate of Practice from the Institute of Company Secretaries of India and commencing independent consultancy.

The Managing Director, Arvind Gulabji Parmar, signed the regulatory filing submitted to BSE Limited on June 25, 2026. The company confirmed that Bhutada held no shareholding in the firm. The disclosure noted that the specific reason for the change was resignation, and no relationship with the management was disclosed.

Resignation Details

The following table outlines the key particulars regarding the departure of the Company Secretary:

In her resignation letter addressed to the Board of Directors, Bhutada expressed gratitude for the support and opportunities provided during her tenure. She assured the Board of her full cooperation to ensure a smooth transition of responsibilities before her departure.