GLEAM , a company engaged in trading precious and non-precious stones and metals including rough diamonds, has reported its standalone unaudited financial results for the half year ended September 30, 2025. The company's performance reflects a mix of operational improvements and ongoing challenges.

Financial Highlights

• Revenue from operations stood at Rs 785.85 lakhs for the half year.
• The company reported a net profit after tax of Rs 3.86 lakhs, showing a positive turnaround from the previous period's loss of Rs 1.75 lakhs.
• Earnings per share (EPS) improved to Rs 0.04, compared to a negative Rs 0.02 in the previous period.

Operational Challenges and Banking Dispute

Gleam continues to face significant operational and financial hurdles:

1. Outstanding Debt: The company has an outstanding debt of Rs 2.06 crore with Axis Bank Limited, dating back to December 2019. Axis Bank has applied to the Debt Recovery Tribunal (DRT) for recovery of these dues.

2. Asset Restrictions: As per a DRT-III, Delhi order dated December 21, 2020, the company is restrained from selling, transferring, or creating third-party interests in a mortgaged commercial property owned by director Mrs. Pushpa Gupta.

3. GST Registration Issues: The company's GST registration in Delhi was cancelled in August 2021. Subsequently, Gleam established operations in Gujarat, obtaining new GST registration effective January 20, 2023.

4. Inventory Challenges: Stock worth Rs 304.44 lakhs remains sealed by Axis Bank at premises in Delhi due to loan non-payment, preventing physical verification.

Balance Sheet Overview

Cash Flow and Liquidity

The company's cash and bank balances increased from Rs 5.47 lakhs as of March 31, 2025, to Rs 9.29 lakhs as of September 30, 2025, indicating a slight improvement in liquidity.

Management Commentary

The financial statements were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 11, 2025.

Auditor's Observations

The independent auditors, Kapish Jain & Associates, have highlighted several concerns in their review report:

1. The company has not made provisions for interest payable on the outstanding amount owed to Axis Bank.
2. The auditors were unable to physically verify the sealed inventory in Delhi.
3. The shift in operations from Delhi to Gujarat following GST registration cancellation may have potential effects on the company's financial statements.

While Gleam has shown some improvement in its financial performance, the ongoing banking dispute, operational challenges, and auditor concerns underscore the complex situation the company faces. Investors and stakeholders may want to closely monitor how the management addresses these issues in the coming months.

Gleam Fabmat Limited has announced the appointment of M/s Kapish Jain & Associates, Chartered Accountants, as its new statutory auditors. This decision, made during a board meeting on November 5, 2025, is subject to shareholder approval at the upcoming Annual General Meeting.

Key Details of the Appointment

Regulatory Compliance and Transparency

The company initially submitted an announcement regarding this appointment but later revised it following a query from the Bombay Stock Exchange (BSE). The revised announcement aims to provide additional details as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Gleam Fabmat Limited acknowledged an inadvertent error in their earlier filing and has assured strict compliance with SEBI regulations in future submissions. This move underscores the company's commitment to transparency and adherence to regulatory standards.

About M/s Kapish Jain & Associates

The newly appointed auditors, M/s Kapish Jain & Associates, bring expertise in various financial services. Their focus on business excellence aligns with Gleam Fabmat Limited's corporate governance objectives.

Company Information

Gleam Fabmat Limited, with its registered office in New Delhi and corporate office in Ahmedabad, operates under the CIN: L46909DL2018PLC335610. The company's management, including Managing Director & CFO Amit Gupta, has overseen this transition in statutory auditors.

This appointment marks a significant corporate action for Gleam Fabmat Limited, potentially influencing its financial reporting and auditing processes in the coming years.