Heera Ispat Limited has announced the resignation of its Company Secretary & Compliance Officer, marking a key management change at the Gujarat-based company. The resignation was communicated to the Bombay Stock Exchange in accordance with regulatory requirements under SEBI listing regulations.

Key Management Personnel Change

Mr. Vinay Surendrasingh Rajput has tendered his resignation from the position of Company Secretary & Compliance Officer (Key Managerial Personnel) of the company. The resignation became effective from the close of business hours on February 20, 2026.

Regulatory Compliance

The announcement was made pursuant to Regulation 30, read with Para A, Part A of Schedule III of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015. The company has provided all required details as per SEBI Listing Regulations, 2015 and SEBI Circular No SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Company Statement

Heera Ispat Limited has confirmed that Mr. Rajput informed the company that there are no other material reasons for his resignation beyond those mentioned in his resignation letter. The resignation was submitted due to personal and professional reasons, with no additional material circumstances requiring disclosure to the company or stock exchanges.

Corporate Details

The announcement was signed by Himanshi Jayrajsinh Jadeja, Director (DIN: 10972928), on behalf of Heera Ispat Limited. The company, incorporated in 1992, is registered in Ahmedabad, Gujarat, and trades on the Bombay Stock Exchange under scrip code 526967.

The departing Company Secretary has committed to extending full cooperation to ensure a smooth transition and handover of duties and responsibilities during the transition period.

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.