Electrotherm (India) Limited , a prominent player in the Indian manufacturing sector, has announced several significant corporate changes following a board meeting held on October 24, 2025. These changes encompass the appointment of a new internal auditor, relocation of the company's registered office, and an update on regulatory compliance.

New Internal Auditor Appointment

The board has approved the appointment of N R P S & Associates LLP as the company's new internal auditor. This change comes into effect from November 15, 2025, and will continue until March 31, 2026. The incoming firm, based in Pune, Maharashtra, brings a wealth of experience in management consultancy, financial services, and assurance services.

N R P S & Associates LLP is managed by two designated partners:

1. CA Prabhash Anand Shah (B. Com, F.C.A.) - Specializes in management consultancy and advisory services.
2. CA Nilesh S Raut (B. Com, F.C.A., DISA) - Experienced in statutory audits, taxation, and various financial services.

The outgoing internal auditor, RSM Astute Consultech Private Limited, will cease its services on October 31, 2025.

Registered Office Relocation

Electrotherm India has decided to shift its registered office within Ahmedabad, effective November 1, 2025.

Notably, the new office location is a property owned by Mr. Shailesh Bhandari, the Executive Vice Chairman of the company.

Regulatory Compliance Update

The board acknowledged the imposition of fines by the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on August 29, 2025. These fines were related to non-compliance with Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically concerning the board composition for the quarter ended June 30, 2025.

The company reported that it has since addressed this issue by appointing an additional director in April 2025, thereby bringing the company into compliance with the regulatory requirements.

These corporate actions reflect Electrotherm India's commitment to maintaining robust internal controls, optimizing operational efficiency, and ensuring regulatory compliance. Stakeholders and investors are advised to take note of these changes as they may impact the company's governance structure and operational dynamics.

Electrotherm (India) Limited , a leading player in the engineering and technologies sector, has announced its financial results for the first quarter ended June 30, along with several key management decisions.

Financial Performance

The company reported a significant decline in its revenue from operations for Q1. Revenue stood at Rs 834.05 crores, down from Rs 1,059.38 crores in the same quarter of the previous year, marking a 21.27% year-on-year decrease.

Despite the revenue drop, Electrotherm managed to remain profitable, albeit with reduced margins. The net profit after tax for the quarter was Rs 27.67 crores, compared to Rs 108.81 crores in Q1 of the previous year, representing a 74.57% decrease.

Segment-wise Performance

The Special Steel Division remained the largest contributor to the company's revenue, while the Electric Vehicle Division reported a loss.

Management Reappointments

The Board of Directors has approved the reappointment of two key executives:

1. Mr. Shailesh Bhandari has been reappointed as Managing Director, designated as Executive Vice Chairman, for a five-year term from February 1, 2026, to January 31, 2031.

2. Mr. Suraj Bhandari has been reappointed as Managing Director for a five-year term from November 13, 2025, to November 12, 2030.

Both reappointments are subject to shareholder approval.

Corporate Actions

Electrotherm has announced several other significant corporate actions:

1. The company proposes to reclassify its authorized share capital, subject to shareholder approval. The new structure would comprise Rs 53.59 crores in equity shares and Rs 25 crores in preference shares.

2. A technical consultancy agreement worth Rs 75 crore has been approved with Prandev Tech Limited and Mr. Mukesh Bhandari for a two-year period.

3. The company has addressed previous non-compliance issues related to board composition requirements set by NSE and BSE, reporting that it is now compliant following the appointment of an additional director.

Regulatory Matters

Electrotherm noted that it has paid fines imposed by NSE and BSE for non-compliance with board composition requirements. The company stated that it has since rectified this issue with the appointment of an additional director effective April 10, 2025.

The company continues to navigate various regulatory challenges, including proceedings by the Directorate of Enforcement and an order from the Commissioner of Customs, Mundra, which the company plans to challenge.

As Electrotherm adapts to challenging market conditions, the reappointment of key executives and strategic corporate actions signal the company's commitment to long-term stability and growth. Shareholders and market observers will be watching closely to see how these moves impact the company's performance in the coming quarters.