Heera Ispat Limited has submitted its unaudited financial results for the third quarter ended December 31, 2025, revealing concerning operational challenges. The company reported zero revenue from operations during the quarter, highlighting significant business difficulties that have prompted auditor concerns about its future viability.

Financial Performance Overview

The company's Q3 FY26 results show a stark operational picture with no revenue generation during the quarter. This performance represents a continuation of previous challenges, as the company also reported nil revenue in the corresponding previous year quarter.

Auditor Concerns and Going Concern Issues

The company's auditors, Dhrumil A. Shah & Co, have raised significant concerns in their limited review report. The auditors specifically highlighted that Heera Ispat has been unable to conclude negotiations for new business orders, creating material uncertainty about the company's ability to continue operations.

Key auditor observations include:

• Material uncertainty exists regarding the company's going concern status
• The company has failed to secure business orders despite ongoing negotiations
• Financial statements may not adequately disclose the severity of operational challenges
• Significant doubt cast on the company's operational continuity

Management Position and Future Outlook

Despite the challenging operational environment, company management maintains an optimistic stance regarding future prospects. The management has expressed expectations of successfully concluding business agreements in the near future, which has influenced their decision to prepare financial statements on a going concern basis.

Regulatory Compliance and Corporate Details

The financial results were submitted to BSE Limited under Regulation 33 of the SEBI (LODR) 2015 requirements. The company operates as a single-segment business, eliminating the need for separate segment-wise reporting.

The board meeting to approve these results was conducted on February 14, 2026, lasting from 17:30 PM to 19:30 PM. The financial statements were prepared in accordance with Indian Accounting Standards 34 for interim financial reporting, ensuring compliance with prescribed accounting principles and regulatory requirements.

Heera Ispat Limited has announced significant changes to its board composition. The company disclosed that two of its Independent Directors have tendered their resignations, effective December 1, 2025.

Key Details

Reasons for Resignation

Both directors cited personal business pre-occupations as the primary reason for their departure. They expressed their inability to devote sufficient time and attention to their duties as Independent Directors of Heera Ispat Limited.

Additional Information

• The company confirmed that no other material reasons were disclosed by the resigning directors beyond those stated in their resignation letters.
• The resignations were submitted on November 21, 2025, with an effective date of December 1, 2025.
• Heera Ispat Limited has informed the Bombay Stock Exchange (BSE) about these changes in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Impact and Next Steps

The departure of two Independent Directors simultaneously may have implications for the company's corporate governance structure. Shareholders and investors will likely be watching closely to see how Heera Ispat Limited plans to fill these positions and maintain the required balance of independent oversight on its board.

The company is expected to initiate the process of identifying and appointing new Independent Directors to ensure compliance with regulatory requirements and to maintain the effectiveness of its board.

Investors and stakeholders are advised to monitor further announcements from Heera Ispat Limited regarding potential new appointments to its board of directors.