A meeting of the Board of Directors of Eureka Industries Limited was held on Thursday, 28th May, 2026, commencing at 3:00 PM and concluding at 3:30 PM at the company's registered office in Ahmedabad.

The Board approved the following outcomes:

1. Approval of Financial Statements: The Board approved the Standalone Audited Financial Statements for the year ended March 31, 2026, and the Standalone Financial Results for the quarter and year ended March 31, 2026, as recommended by the Audit Committee. This was done pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

2. Re-appointment of Internal Auditor: The Board approved the re-appointment of Mr. Raghav Thakkar, Proprietor of M/s. R. R. Thakkar & Co., Chartered Accountants, as the Internal Auditor of the Company for the Financial Year 2026-27. The re-appointment was made to comply with the Companies Act, 2013 and SEBI LODR Regulations. The term of appointment is for FY 2026-27, effective from 28th May 2026. Mr. Thakkar's firm has experience in audit, direct and indirect taxes for industries including real estate, petroleum, IT, textiles, and agriculture.

Standalone Financial Results (Rs. in lacs)

Quarter Ended March 31, 2026 (Q4 FY26):

  • Revenue from Operations: ₹2,429.88
  • Other Income: ₹140.69
  • Total Revenue: ₹2,570.56
  • Total Expenses: ₹2,618.43
  • Loss Before Tax: (₹47.87)
  • Total Tax Expense: ₹1.33
  • Loss After Tax: (₹49.20)
  • Basic & Diluted EPS: (₹0.56)

Year Ended March 31, 2026 (FY26):

  • Revenue from Operations: ₹12,514.42
  • Other Income: ₹143.12
  • Total Revenue: ₹12,657.54
  • Total Expenses: ₹12,636.68
  • Profit Before Tax: ₹20.86
  • Total Tax Expense: ₹1.33
  • Profit After Tax: ₹19.53
  • Basic & Diluted EPS: ₹0.22

Comparative Figures (Year Ended March 31, 2025 - FY25):

  • Profit After Tax: ₹214.27
  • Basic & Diluted EPS: ₹2.45

Balance Sheet Highlights (as of March 31, 2026):

  • Paid-up Equity Share Capital: ₹875.00 lacs
  • Other Equity: (₹1,002.30) lacs
  • Total Equity: (₹127.30) lacs
  • Trade Receivables: ₹516.20 lacs
  • Cash and Cash Equivalents: ₹25.12 lacs
  • Inventories: ₹563.48 lacs
  • Total Assets: ₹553.72 lacs

Cash Flow (FY26):

  • Net Cash from Operating Activities: ₹4.89 lacs
  • Net Cash from Financing Activities: (₹4.86) lacs
  • Net Increase in Cash: ₹0.03 lacs
  • Closing Cash Balance: ₹25.12 lacs

Notes to the Financial Results

1. The financial results were reviewed by the Audit Committee and approved by the Board on 28th May 2026.

2. The statutory auditors, M/S. VSSB & Associates, have issued an unmodified audit report on these results as per Regulation 33.

3. The statements are prepared in accordance with Ind AS.

4. The company earned a profit in FY26 but has substantial brought forward losses and unabsorbed depreciation. Management believes no current tax liability exists due to the availability of these losses to set off against taxable income.

5. A proposed right issue from FY25 was withdrawn due to non-receipt of BSE approval, and its effect on diluted EPS has been reversed.

6. The management decided to write off closing inventory amounting to ₹189.48 Lakhs as it had become unusable and non-saleable.

7. The company decided to write off a long-outstanding liability balance of ₹287.74 Lakhs and an asset balance of ₹152.56 Lakhs.

8. An Extraordinary General Meeting (EGM) was held on 18th May 2026. The scheme of a Pre-Packaged Insolvency Resolution Process (PPIRP) under Section 54A of the IBC, 2016, was proposed for approval. A Base Resolution Plan, including a Scheme of Arrangement for the amalgamation of Onix Renewable Limited with and into the company, was also proposed, subject to NCLT approval. A consequential change of name to "ONIX RENEWABLE LIMITED" was proposed.

9. The company operates only in the Agricultural Product Trading segment.

Auditor's Report Highlights

The statutory auditors, VSSB & Associates, issued an unmodified opinion on the financial results. Their report included several "Other Matters":

  • The company has positive profits in FY26 but is not liable to pay income tax due to set-off of prior years' losses.
  • The effect of the withdrawn right issue on diluted EPS has been reversed.
  • An amount of ₹1.85 lakhs was received through a previously undisclosed Punjab National Bank (PNB) account. The auditors could not verify transactions related to this account and therefore do not certify its accuracy.
  • The board's decisions to write off liabilities (₹287.74 Lakhs), assets (₹152.56 Lakhs), and inventory (₹189.48 Lakhs) were noted.
  • The EGM and proposed PPIRP/amalgamation with Onix Renewable Limited were noted.

The company also submitted a separate declaration confirming the statutory auditors' unmodified opinion on the audited financial results, as required by Regulation 33(3)(d).