Veerkrupa Jewellers Limited has appointed M/s Madhav Upadhyay and Associates as its new Secretarial Auditor for a five-year term spanning FY27 to FY31. The appointment was approved by shareholders during the company's seventh Annual General Meeting held on September 29, 2026.

The engagement covers five consecutive financial years, commencing from April 1, 2026, through March 31, 2031. This move aligns with the applicable provisions of the Companies Act, 2013, and follows a recommendation by the Board of Directors.

Appointment details

The appointment was formalized pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The firm, identified by Certificate of Practice number 25760, will handle secretarial audit functions for the specified period.

Firm profile and compliance

M/s Madhav Upadhyay and Associates is a practicing company secretary firm with post-qualification experience in secretarial and legal matters. The firm's profile highlights exposure to statutory compliances under SEBI regulations, stock exchange listing agreements, FEMA, and company law.

The disclosure was submitted to BSE Limited on September 30, 2026, by Chirag Arvind Shah, Managing Director of Veerkrupa Jewellers. The filing confirms that the appointment adheres to SEBI Circular No. SEBI/HO/CFD/CFDPoD-1/P/CIR/2023/123 dated July 13, 2023, as updated on January 30, 2026.

Veerkrupa Jewellers reported a 103% increase in total income for FY26, reaching ₹5,938.81 lakh from ₹2,925.70 lakh in the previous year. Despite the significant top-line growth, net profit declined to ₹16.65 lakh from ₹19.92 lakh in FY25.

The company disclosed these figures during its 7th Annual General Meeting held on September 29, 2026, via video conferencing. The meeting was attended by 33 members through the virtual platform, out of 2,276 shareholders on the cut-off date of September 23, 2026.

Financial performance and auditor changes

Managing Director Chirag Arvind Shah informed shareholders that the company received in-principle approval for a rights issue from the stock exchange on January 20, 2026. However, the issue has not yet been opened for subscription.

Significant governance changes were also ratified during the AGM. M/s. Shah Karia & Associates and M/s. Neelam Somani & Associates resigned as Statutory and Secretarial Auditors, respectively, after the financial year-end. In their place, members approved the appointment of:

• M/s. P H Shah and Co. as Statutory Auditors for five years, until the 12th AGM in 2031.
• M/s. Madhav Upadhyay and Associates as Secretarial Auditors for FY27 to FY31.

What the numbers show

The divergence between revenue growth and profit movement highlights margin compression. While total income more than doubled (up 103%), net profit fell by approximately 16% YoY. This indicates that the cost of goods sold or operating expenses grew at a faster pace than revenue, eroding profitability despite the strong top-line expansion. The absolute profit figure remains marginal relative to the scale of operations.

Other resolutions passed included the adoption of audited standalone financial statements for the year ended March 31, 2026, and the re-appointment of Nehaben Chiragbhai Shah, who retired by rotation. Remote e-voting results will be declared within two working days.