Veronica Production Limited turned profitable in Q2FY27, posting a net profit of ₹1.15 lacs for the quarter ended September 30, 2026, compared to a net loss of ₹8.17 lacs in the same quarter of the previous year.

The Board of Directors approved the standalone unaudited financial results at its meeting held on October 12, 2026. The results were reviewed by the Audit Committee before board approval and have been subjected to a limited review by S K Bhavsar & Co., Chartered Accountants, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Quarterly financial performance

The table below presents the key financial metrics for Q2FY27 alongside comparable periods.

Revenue from operations for Q2FY27 stood at ₹120.30 lacs, down from ₹193.00 lacs in Q2FY26 but significantly higher than ₹30.19 lacs in Q1FY27. Total expenses for the quarter were ₹119.16 lacs, compared to ₹202.96 lacs in Q2FY26 and ₹35.26 lacs in Q1FY27. The primary expense component was purchases of stock-in-trade at ₹112.38 lacs, followed by employee benefit expenses of ₹3.75 lacs and other expenses of ₹2.91 lacs.

Half-year performance

For the half year ended September 30, 2026, Veronica Production reported a net loss of ₹3.91 lacs on revenue from operations of ₹150.49 lacs, compared to a net loss of ₹3.10 lacs on revenue of ₹360.34 lacs in the corresponding half year ended September 30, 2025. Total expenses for H1FY27 were ₹154.42 lacs against ₹363.45 lacs in H1FY26.

Balance sheet and cash flow highlights

As at September 30, 2026, total assets stood at ₹127.30 lacs, compared to ₹134.91 lacs as at March 31, 2026. Current assets were ₹126.80 lacs, driven by trade receivables of ₹110.76 lacs and cash and cash equivalents of ₹15.84 lacs. Non-current assets totalled ₹0.51 lacs.

On the liabilities side, total equity was (₹151.12 lacs) as at September 30, 2026, reflecting equity share capital of ₹7,128.79 lacs and other equity of (₹7,279.91 lacs). Non-current borrowings stood at ₹190.59 lacs, while current liabilities included trade payables of ₹86.58 lacs (dues to creditors other than micro and small enterprises) and other financial liabilities of ₹109.70 lacs.

For the six months ended September 30, 2026, net cash used in operating activities was (₹12.35 lacs), compared to (₹19.94 lacs) in the six months ended September 30, 2025. Net cash from financing activities was ₹18.75 lacs, resulting in a net increase in cash and cash equivalents of ₹6.40 lacs. Cash and cash equivalents closed at ₹15.84 lacs against an opening balance of ₹9.44 lacs.

Auditor's emphasis of matter

The limited review report issued by S K Bhavsar & Co. includes an emphasis of matter noting that management did not furnish balance confirmation letters, party-wise reconciliation statements, and age-wise analysis for certain trade receivable and trade payable balances outstanding as at September 30, 2026. The auditors stated that in the absence of such confirmations and supporting reconciliations, they were unable to satisfy themselves as to the existence, completeness, accuracy, and recoverability of the said balances, and consequently were unable to determine whether any adjustments are required. The auditors noted that their conclusion on the financial results is not modified in respect of this matter. The issue was brought to the attention of the Board of Directors and the Audit Committee.

Veronica Production Limited shareholders approved the adoption of audited financial statements for FY26 and key board appointments at its annual general meeting held on August 26, 2026. The scrutinizer’s report confirms all resolutions passed with 83.25% support.

The meeting, chaired by Director Rajeshbhai Rupareliya, concluded at 2:40 pm at the company’s registered office in Rajkot, Gujarat. Shareholders voted on ordinary and special resolutions via e-voting from August 23 to August 25, 2026, and through ballot voting during the event. Purva Sharegistry (India) Private Limited served as the service provider for remote e-voting.

Key Resolutions Passed

The following resolutions were approved by the members:

Mr. Ruparelia retires by rotation but was eligible and offered himself for re-appointment. The company also inducted two new non-executive independent directors to strengthen its board composition.

Voting Breakdown

Dharti Patel & Associates, appointed as scrutinizer, consolidated votes cast via remote e-voting and ballot papers. The cut-off date for determining voting entitlements was August 19, 2026.

All four resolutions received identical voting patterns, with no invalid votes recorded across promoter, public institution, or public non-institution categories.

Governance and Disclosure

The company filed the proceedings summary with the BSE Limited in compliance with Regulation 30 read with Part A of Schedule III of the Listing Regulations. Managing Director Nirbhaybhai Dhruvbhai Dave signed the filing on August 26, 2026. The final voting results, combining e-voting and ballot votes, are scheduled to be published on the BSE website within two working days of the meeting's conclusion.