Uravi Defence and Technology Limited has announced the resignation of its statutory auditor, GBCA Associates LLP, due to a disagreement over audit remuneration.

Key Details of the Resignation

Company's Response and Next Steps

The company has stated that there were no concerns raised by the resigning auditor regarding the management of Uravi Defence and Technology Limited. The resignation appears to be solely due to the remuneration dispute, with no other material reasons cited.

In response to this development, Uravi Defence and Technology Limited has announced that its Audit Committee and Board of Directors will consider appointing new statutory auditors to fill the casual vacancy created by GBCA Associates LLP's resignation. The company has committed to informing stakeholders once a decision is made regarding the new appointment.

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Uravi Defence and Technology Limited has promptly disclosed this information to both the National Stock Exchange of India Limited and BSE Limited. The company has provided the necessary details as required under the SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

This development highlights the importance of maintaining transparent communication between companies and their auditors, particularly regarding terms of engagement such as remuneration. It also underscores the regulatory requirements for prompt disclosure of such material changes to ensure that investors and stakeholders are kept informed of significant corporate actions.

Uravi Defence and Technology Limited , a player in the automotive and defence sectors, has reported a narrowed loss for the quarter ended September 30, 2025, showcasing improvements in its financial performance.

Financial Highlights

The company's unaudited financial results for Q2 FY2026 reveal:

All figures in lakhs

Improved Performance

Uravi Defence and Technology has shown progress in reducing its losses compared to the same period last year. The net loss for Q2 FY2026 stood at ₹51.76 lakh, down from ₹78.05 lakh in Q2 FY2025, marking a 33.7% improvement.

Segment-wise Revenue

The company's revenue breakdown for Q2 FY2026 highlights a strong performance in the defence segment:

• Defence Segment: ₹200.85 lakh
• Automotive Segment: ₹0.54 lakh

This indicates that the defence sector is currently the primary revenue driver for the company.

Half-Year Results

For the half-year ended September 30, 2025:

• Standalone net loss: ₹74.56 lakh (vs ₹78.05 lakh in H1 FY2025)
• Consolidated net loss: ₹108.08 lakh

Corporate Actions

The Board of Directors approved these results in a meeting held on November 10, 2025. The company has also disclosed that during FY 2024-25, it issued 15,00,000 partly paid share warrants on a preferential basis, convertible into equity shares. As of the latest report, 2,60,000 warrants were converted into equity shares at an average price of ₹165 per share.

Looking Ahead

While Uravi Defence and Technology continues to face challenges, the reduction in losses and the strong performance of its defence segment suggest potential for future growth. The company's focus on the defence sector, which contributed significantly to its revenue this quarter, may indicate a strategic shift or emphasis on this higher-performing segment. However, it remains to be seen how the automotive segment will develop and contribute to the overall business in future periods.