Sun Retail appointed Sanjay Patil as Managing Director and Bharatbhai Kanjibhai Patel as Additional Director on August 27, 2026. The board approved the changes during a meeting held that evening. Both appointments require shareholder approval at the upcoming Annual General Meeting.

Leadership Changes

The board designated Mr. Patil first as an Additional Director before appointing him to the role of Managing Director. His term lasts five years starting from August 27, 2026. Mr. Patel joins as an Additional Non-Executive Non-Independent Director with effect from the same date.

Appointee Profiles

Mr. Patil brings extensive experience in jewellery manufacturing. He has expertise in gold jewellery production, quality control, and manufacturing techniques including handmade and casting methods. He previously held senior roles in quality control and production at Culture Antique Jewellery Pvt. Ltd., Orna Jewels, Fame Jewels Pvt. Ltd., Abhishek Zaveri, and Forever Precious Jewellery & Diamond Ltd.

Mr. Patel is an experienced business owner specializing in grocery store operations. His expertise covers inventory management, procurement, and customer service. He focuses on managing suppliers, maintaining optimal stock levels, and ensuring efficient day-to-day operations.

Regulatory Disclosures

The company disclosed these appointments pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing references Schedule III of the Listing Regulations and SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015.

Neither appointee holds any inter-se relations with other members of the board. The company confirmed that neither director is debarred from holding office by virtue of any SEBI order or other authority.

Sun Retail Limited has announced its audited standalone financial results for the year ended March 31, 2026, reporting a shift from profitability to a net loss. The company recorded a net loss of ₹16.23 lakh for the fiscal year, compared to a net profit of ₹16.31 lakh in the corresponding period of the previous year.

Financial Performance

The company's revenue from operations contracted significantly during the year. For the year ended March 31, 2026, revenue stood at ₹713.60 lakh, a steep decrease from ₹4,001.77 lakh in the year ended March 31, 2025. Total income for FY26 was reported at ₹966.17 lakh, down from ₹4,377.08 lakh in the prior year.

Total expenses for the period amounted to ₹982.05 lakh, lower than the ₹4,366.04 lakh recorded in FY25. The company reported a loss before tax of ₹15.88 lakh for the current year, contrasting with a profit before tax of ₹16.31 lakh in the previous year.

The following table summarizes the key financial figures for the year ended March 31, 2026, compared to the prior year:

Audit Qualifications

The statutory auditors, DDS & Associates, issued a qualified opinion on the financial results. The qualifications include the company's failure to provide clear classification of creditors regarding registration under the MSMED Act, making it difficult to assess compliance and potential interest liabilities.

Additionally, the auditors noted an outstanding balance in the TDS account amounting to ₹24.33 lakh from FY 2022-23 and other unpaid TDS payables of ₹5.79 lakh from earlier years, citing a lack of adequate documentation. The company also granted unsecured advances and loans aggregating ₹1,526.97 lakh without formal agreements or interest charges, while unsecured loans received of ₹356.23 lakh also lacked formal agreements.

Other qualifications raised concerns regarding the recognition of grant income for skill development projects without internal audit reports, incomplete documentation for certain purchase and sales transactions, and the use of accounting software without an audit trail facility as required by law.