Board Meeting Details
The Board of Directors meeting was held on Thursday, 12th November 2026. It commenced at 05:30 P.M. and concluded at 7:25 P.M.
Key Decisions and Quantitative Figures
1. Approval of Financial Results
The Board considered and approved the Unaudited Financial Results (Standalone & Consolidated) of the Company for the Quarter & Half Year ended 30th September, 2026.
Mr. Deepak Gupta (Executive Director & CFO) and Mr. Siddharth Gogia (Executive Director) were authorized to sign the financial results.
2. Appointment of Key Managerial Personnel
The Board approved the appointment of Ms. Preeti Yadav (ICSI Membership No. A82337) as the Company Secretary & Compliance Officer (Key Managerial Personnel) with effect from 12th November 2026.
Her profile states she is an associate member of ICSI with sound knowledge of corporate laws, secretarial practices, and compliance requirements under the Companies Act, 2013 and SEBI Regulations. She is not related to any directors of the company.
Detailed Financial Results (Standalone)
Income Statement (₹ in lakhs)
| Period | Revenue from Operations | Other Income | Total Income | Net Profit/(Loss) after tax | EPS (Basic) (₹) |
| Q2 Sep-26 | 1,885.84 | 137.06 | 2,022.90 | 146.26 Profit | 0.24 |
| Q1 Jun-26 | 80.70 | 131.81 | 212.51 | (418.34) Loss | (0.69) |
| H1 Sep-26 | 1,966.54 | 268.87 | 2,235.41 | (272.09) Loss | (0.45) |
| H1 Sep-25 | 460.32 | 288.27 | 748.59 | 180.31 Profit | 0.30 |
| FY Mar-26 | 1,160.02 | 568.44 | 1,728.46 | 259.24 Profit | 0.43 |
Key Standalone Expenses (H1 Sep-26): Purchase of traded goods (₹12,992.58 lakh), Change in inventories (₹-11,154.35 lakh credit), Other expenses (₹741.33 lakh).
A significant deferred tax credit of ₹102.16 lakh was recorded for H1 Sep-26.
Standalone Balance Sheet (₹ in lakhs)
| Particulars | 30-Sep-26 (Unaudited) | 31-Mar-26 (Audited) |
| Total Assets | 25,815.26 | 13,175.08 |
| Non-Current Assets | 12,627.3 | 12,446.64 |
| - Property, Plant & Equipment | 3,044.7 | 2,086.4 |
| - Investments | 576,100 | 574,300 |
| - Loans | 643,634 | 640,471 |
| Current Assets | 13,192.53 | 728.44 |
| - Inventories | 11,154.35 | 0 |
| - Cash & Cash Equivalents | 135.5 | 93.53 |
| Total Equity | 12,858.42 | 13,130.51 |
| - Equity Share Capital | 604.84 | 604.84 |
| - Other Equity | 12,253.58 | 12,525.67 |
| Current Liabilities | 12,955.35 | 64.57 |
| - Borrowings | 10,970.65 | 0.9 |
| - Trade Payables | 197,378 | 0 |
Standalone Cash Flow (H1 Sep-26, ₹ in lakhs)
Net cash used in operating activities: (₹11,711.38)
Net cash generated from investing activities: ₹74.57
Net cash generated from financing activities: ₹10,956.83 (primarily from proceeds of borrowings: ₹10,969.85)
Detailed Financial Results (Consolidated)
The group includes subsidiaries (Kundan Congentrates Pvt Ltd, Kundan Exploration Pvt Ltd, Kundan Ventures FZCO, West Africa Exploration & Mining) and associates (Kundan Gold Mines Pvt Ltd, Kundan Minerals Care Pvt Ltd).
The statutory auditors, Ashwani & Associates, noted they did not review the interim financial results of two subsidiaries and one associate, relying on reports from other auditors. These entities contributed significantly to the consolidated figures.
Consolidated Income Statement (₹ in lakhs)
| Period | Revenue from Operations | Other Income | Total Income | Net Profit after tax | EPS (Basic) (₹) |
| Q2 Sep-26 | 26,610.57 | 805.59 | 27,416.16 | 519.80 | 0.90 |
| Q1 Jun-26 | 95,238.16 | 625.70 | 95,863.86 | 2,689.14 | 4.46 |
| H1 Sep-26 | 121,848.73 | 1,431.29 | 123,280.02 | 3,208.94 | 5.36 |
| H1 Sep-25 | 18,416.83 | 351.02 | 18,767.85 | (611.05) Loss | (0.99) |
| FY Mar-26 | 475,738.99 | 557.67 | 476,296.66 | 10,814.76 | 17.91 |
Key Consolidated Expenses (H1 Sep-26): Cost of materials consumed (₹113,285.07 lakh), Change in inventories (₹-9,024.17 lakh credit), Employee benefits (₹332.76 lakh).
Consolidated Balance Sheet (₹ in lakhs)
| Particulars | 30-Sep-26 (Unaudited) | 31-Mar-26 (Audited) |
| Total Assets | 48,054.68 | 83,185.28 |
| Non-Current Assets | 8,355.91 | 7,710.87 |
| Current Assets | 39,698.77 | 75,474.41 |
| - Inventories | 33,527.21 | 67,952.18 |
| - Cash & Cash Equivalents | 321.10 | 216.22 |
| Total Equity | 26,927.98 | 23,762.38 |
| - Equity Share Capital | 604.84 | 604.84 |
| - Other Equity | 26,385.91 | 23,175.19 |
| Current Liabilities | 20,820.01 | 59,332.20 |
| - Borrowings | 11,995.66 | 29,756.19 |
| - Trade Payables | 8,101.17 | 28,965.22 |
Consolidated Cash Flow (H1 Sep-26, ₹ in lakhs)
Net cash generated from operating activities: ₹18,782.35
Net cash used in investing activities: (₹734.26)
Net cash used in financing activities: (₹17,943.21) (primarily from repayment of borrowings: ₹17,709.98)
Notes to Financial Results
- Business Segment: The Company has only one reportable business segment: "Precious metals and related products".
- Review & Approval: The results were reviewed by the Audit Committee and approved by the Board on 12th November 2026. They were also reviewed by the statutory auditors, Ashwani & Associates.
- Accounting Standards: Prepared in accordance with Indian Accounting Standards (Ind AS) and SEBI LODR Regulations.
- Availability: Results are available on stock exchange websites (BSE, NSE) and the company's website.
- IBC Background: The company, formerly Eastern Sugar & Industries Limited, underwent Corporate Insolvency Resolution Process (CIRP) under NCLT Kolkata, concluded with a resolution plan approved on 4th October 2023. Listing approval has been obtained but trading approval for equity shares is still awaited as of the reporting date.
- Interest Income from Associate: For the consolidated results, interest income from an associate (Kundan Gold Mines Pvt Ltd) was not eliminated as the associate capitalized the cost. The share of loss of the associate is recognized separately.