Afloat Enterprises Limited (formerly Adishakti Loha and Ispat Limited) has announced the reconstitution of its Audit Committee and Stakeholders' Relationship Committee following a board meeting held on March 07, 2026. The restructuring aims to strengthen corporate governance practices and ensure continued regulatory compliance.

Committee Leadership Changes

The reconstitution was initiated after Ms. Swati Jain (DIN: 09436199) formally requested the Board of Directors to relieve her from her positions as Chairman and Member of both the Audit Committee and Stakeholders' Relationship Committee. She cited her existing engagements in committees of other companies, which would prevent her from devoting sufficient time to the meetings and responsibilities of these committees.

Despite stepping down from these committee roles, Ms. Swati Jain will continue to serve as a Director on the Board of the Company and will maintain her position as a Member of the Nomination and Remuneration Committee.

New Committee Structure

The Board of Directors has appointed Mr. Kanwar Nitin Singh (DIN: 10204543), an Independent Director, as the new Chairman of both committees. This appointment ensures continued compliance with regulatory requirements under SEBI (LODR) Regulations, 2015.

Audit Committee Reconstitution

The Audit Committee has been restructured to enhance oversight and compliance in line with regulatory requirements and best practices in corporate governance.

Stakeholders' Relationship Committee Reconstitution

The Stakeholders' Relationship Committee has been reconstituted to ensure prompt and effective resolution of shareholder and investor grievances.

Implementation Timeline

The committee reconstitution changes became effective immediately from March 07, 2026. The board meeting commenced at 03:30 P.M. and concluded at 04:00 P.M. on the same day. The company has informed BSE Limited about these changes in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Adishakti Loha & Ispat (formerly Adishakti Loha and Ispat Limited) has released its financial results for the half-year ended September 30, 2025, showing a reduction in net loss and a significant increase in share capital.

Financial Performance

The company reported a net loss of Rs 16.97 lakhs for the half-year, an improvement from the Rs 32.07 lakhs loss reported in the same period last year. This represents a 47.1% reduction in net loss year-over-year.

Share Capital and Warrant Conversion

A notable development in the company's financial structure was the substantial increase in share capital. As of September 30, 2025, the share capital stood at Rs 1,255.80 lakhs, up from Rs 455.80 lakhs on March 31, 2025. This increase was primarily due to the conversion of 8 crore warrants into equity shares on May 16, 2025.

The warrant conversion raised Rs 10.24 crores, which the company plans to allocate for working capital requirements and general corporate purposes. This move has significantly bolstered the company's equity base.

Balance Sheet Highlights

All figures in Rs lakhs

The company's total assets decreased to Rs 1,688.70 lakhs from Rs 1,976.48 lakhs. However, its cash position saw a slight improvement, increasing to Rs 19.54 lakhs from Rs 18.12 lakhs.

Trade receivables decreased significantly to Rs 427.31 lakhs from Rs 627.59 lakhs, potentially indicating improved collection efficiency. Inventories also declined to Rs 1,149.29 lakhs from Rs 1,239.66 lakhs, which may suggest better inventory management or a response to changing market conditions.

Corporate Actions

The company held a board meeting on November 12, 2025, where it approved the unaudited standalone financial results for the half-year ended September 30, 2025. The meeting also addressed compliance matters, including disclosures related to the utilization of funds raised through the warrant conversion.

Adishakti Loha & Ispat confirmed that there was no deviation in the use of proceeds raised through the issue of warrants on a preferential basis, adhering to the objectives stated in the explanatory statement to the Notice of Extraordinary General Meeting held on February 08, 2025.

While the company has shown improvement in its financial performance with a reduced net loss, investors and stakeholders will likely be watching closely to see how Adishakti Loha & Ispat utilizes its increased share capital to drive growth and potentially achieve profitability in the coming periods.