Veronica Production Limited reported a net loss of ₹21.76 crore for the financial year ended March 31, 2026 (FY26), marking a substantial reduction from the net loss of ₹66.44 crore incurred in FY25. The company’s gross income declined to ₹424.97 crore from ₹692.90 crore in the previous year, reflecting a contraction in top-line revenue. However, expenditure also fell sharply to ₹447.06 crore from ₹736.09 crore, contributing to the narrower loss position. This improvement in the bottom line occurred despite the lower income base, indicating effective cost management during a period of reduced business activity.

The filing was submitted to the BSE Limited under Regulation 34 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, on July 31, 2026. Nirbhaybhai Dhruvbhai Dave, Managing Director of Veronica Production Limited, signed the annual report submission. The company’s registered office is located in Rajkot, Gujarat, with its corporate office in Ahmedabad.

Financial Performance Overview

The financial results for FY26 highlight a significant decrease in both income and expenditure compared to FY25. The profit before depreciation stood at a loss of ₹21.49 crore, improving from a loss of ₹43.19 crore in the prior year. Depreciation charges increased slightly to ₹0.60 crore from ₹0.21 crore. There were no exceptional or extraordinary items reported in either year. The tax provision included a deferred tax credit of ₹0.05 crore and an income tax credit of ₹0.29 crore, further reducing the net loss.

Board Appointments and Changes

During FY26, Veronica Production Limited saw changes in its board composition. Mr. Jayesh Laxmanbhai Bhavsar resigned as an Independent Director on January 22, 2026. On the same date, Mr. Ajay Akhilesh Narayan was appointed as a Non-Executive Independent Director. Additionally, Mrs. Sangitaben Sanjaybhai Sanghani was appointed as a Non-Executive Independent Director on June 2, 2026. Both new appointees hold five-year terms and are not liable to retire by rotation. Mr. Rajeshbhai Haribhai Ruparelia retires by rotation and offers himself for re-appointment at the upcoming general meeting.

What the Numbers Show

The most notable aspect of Veronica Production’s FY26 performance is the disproportionate decline in expenditure relative to gross income. While gross income dropped by approximately 38.6% year-on-year, expenditure fell by roughly 39.1%. This alignment suggests that the company successfully scaled down its operational costs in tandem with reduced revenue generation. The absence of exceptional items indicates that the improved loss figure is driven by core operational adjustments rather than one-off gains or accounting maneuvers.

Veronica Production Limited has scheduled its Annual General Meeting (AGM) for Wednesday, August 26, 2026, to seek shareholder approval for the appointment of two Non-Executive Independent Directors and the reappointment of a retiring director. The meeting, held at its registered office in Rajkot, Gujarat, marks a key governance update for the company as it finalizes its board composition for the coming term. Shareholders must note that the register of members will remain closed from August 20 to August 26, 2026, to facilitate the voting process.

The Board of Directors, in sessions held on January 22 and June 2, 2026, based on recommendations from the Nomination and Remuneration Committee (NRC), appointed Mr. Ajay Akhilesh Narayan and Mrs. Sangitaben Sanjaybhai Sanghani as Additional Non-Executive Independent Directors. Their appointments are subject to shareholder ratification via special resolution. Additionally, Mr. Rajeshbhai Haribhai Ruparelia retires by rotation and offers himself for reappointment.

Key Board Appointments

The proposed appointments bring distinct expertise to the board. Mr. Narayan holds a Bachelor of Arts degree and possesses over five years of experience in human resources, administration, and accounts. His term is set for five consecutive years, from January 22, 2026, to January 21, 2031. Mrs. Sanghani brings more than five years of experience in agro trading and marketing. Her five-year tenure runs from June 2, 2026, to June 1, 2031. Neither director holds shares in the company or has relationships with other key managerial personnel.

Voting Schedule and Compliance

Shareholders holding shares as of the cut-off date, Wednesday, August 19, 2026, are eligible to vote. Remote e-voting opens on Sunday, August 23, 2026, at 09:00 AM and closes on Tuesday, August 25, 2026, at 05:00 PM. The company has engaged Purva Sharegistry (India) Private Limited to facilitate electronic voting. Physical assent/dissent forms are also available for shareholders who prefer not to vote electronically.

The disclosures comply with Regulation 42 and Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. M/s Kishan Patel and Associates, Chartered Accountants, have been appointed as Internal Auditor for FY27 under Section 138 of the Companies Act, 2013, while M/s Dharti Patel & Associates serves as the Scrutinizer for the AGM.