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Latest filing: 2026-08-14 20:25
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Statutory Auditor P R S V & Co. LLP Resigns Citing Manpower Constraints
Statutory Auditor M/s. P R S V & Co. LLP has resigned from Arka Defence & Locomotives Limited (formerly Source Industries (India) Limited) effective August 14, 2026. The auditor was appointed on September 27, 2025, for a 5-year term scheduled to conclude at the 2029-30 AGM. The firm cited increased professional pre-occupation and manpower constraints for the premature exit, having completed the Q1 FY27 limited review on August 13, 2026. The auditor confirmed that the resignation does not stem from an inability to obtain audit evidence.
Confidence: HIGH
What changedM/s. P R S V & Co. LLP stepped down as the statutory auditor less than a year into their five-year mandate.
Why it mattersMid-tenure statutory auditor resignations represent an important corporate governance event that demands investor monitoring, despite the auditor stating no audit evidence disputes.
Effective Date of Resignation: August 14, 2026Original Appointment Date: September 27, 2025Scheduled Term Expiry: AGM 2029-30Date of Last Limited Review Report: August 13, 2026
📅 Short termShort-term sentiment may be cautious following the mid-term auditor exit until a replacement auditor is officially approved by the board.
📈 Long termLimited if a qualified and reputable audit firm is promptly appointed to fill the casual vacancy.
⚠ Risk flags
- Premature auditor resignation before completion of term
- Microcap governance and reporting transition risk
Key Highlights
Effective resignation date: August 14, 2026.
Original appointment date was September 27, 2025, with tenure valid until the 2029-30 AGM.
Stated reason: Professional pre-occupation in other assignments and manpower constraints.
Last submitted report was the limited review for the quarter ended June 30, 2026, on August 13, 2026.
👀 What to Watch
Track the upcoming board meeting announcements regarding the appointment of a new statutory auditor to fill the casual vacancy and the subsequent filing of Form ADT-3.
Arka Defence Reports Q1 Revenue of ‡50.27 Lacs, Up 2216% YoY; Shifts Office to Gachibowli
Arka Defence & Locomotives (formerly Source Industries) reported a sharp increase in Q1 FY27 revenue to ‡50.27 Lacs, compared to ‡2.17 Lacs in the same quarter last year. Net profit for the quarter rose to ‡6.14 Lacs from ‡0.11 Lacs YoY. The company also announced shifting its registered office to Meenakshi Tech Park in Gachibowli, Hyderabad, and scheduled its 42nd AGM for September 29, 2026. While the percentage growth is high, the absolute scale of operations remains very small for a listed entity.
Confidence: HIGH
What changedThe company reported a significant YoY jump in quarterly financials and relocated its registered office to a major business hub in Hyderabad.
Why it mattersThe sharp revenue growth from a very low base suggests the company's pivot (indicated by its name change) may be starting to generate operational activity, though it remains a micro-cap with high valuation risks.
Q1 Revenue: ‡50.27 LacsQ1 PAT: ‡6.14 LacsQ1 Revenue vs TTM Revenue: ~50%YoY Revenue Growth: 2216%AGM Date: 29-Sep-2026
📅 Short termThe strong YoY growth figures may support the recent positive momentum in the stock price, though the absolute profit remains negligible.
📈 Long termThe company is in a transition phase; long-term viability depends on securing meaningful contracts in the defence or locomotive sectors to justify its current P/E of 320.
⚠ Risk flags
- Extremely small scale of operations
- High valuation (P/E 320.7)
- Recent stock price volatility (744% 12m return)
Key Highlights
Revenue from operations grew to ‡50.27 Lacs in Q1 FY27 from ‡2.17 Lacs in Q1 FY26.
Net profit increased to ‡6.14 Lacs for the quarter ended June 30, 2026, vs ‡0.11 Lacs YoY.
Total expenses for the quarter stood at ‡44.12 Lacs, including ‡15.87 Lacs in employee benefits.
Registered office shifted from Patancheru to Gachibowli, Hyderabad, effective immediately.
The 42nd Annual General Meeting (AGM) is set for September 29, 2026.
👀 What to Watch
Investors should monitor if the company can sustain this revenue growth, as the Q1 revenue alone is nearly 50% of the entire TTM revenue. Watch for any specific order announcements related to the 'Defence & Locomotives' sector following the recent name change.
Arka Defence Q1 Revenue Jumps to ₹50.27 Lacs; Net Profit Rises to ₹6.14 Lacs
Arka Defence & Locomotives (formerly Source Industries) reported a sharp increase in Q1 FY27 revenue to ₹50.27 Lacs, up from just ₹2.17 Lacs in the same quarter last year. Net profit for the quarter rose to ₹6.14 Lacs compared to ₹0.11 Lacs YoY. While the percentage growth is high, the absolute scale remains small, with this single quarter representing approximately 50% of the total TTM revenue of ₹1 Cr. The company also scheduled its 42nd AGM for September 29, 2026, and announced a shift in its registered office within Hyderabad.
Confidence: HIGH
What changedThe company reported its Q1 FY27 financial results and finalized the date for its 42nd Annual General Meeting.
Why it mattersThe results show a significant scale-up in operational activity compared to the previous year, which is critical for a micro-cap company trading at a high P/E multiple of 320.7.
Q1 Revenue from Operations: ₹50.27 LacsQ1 Net Profit: ₹6.14 LacsQ1 Revenue vs TTM Revenue: 50.27%YoY Revenue Growth: 2216.5%AGM Date: 29-09-2026
📅 Short termThe sharp YoY growth in revenue and profit may support the recent positive momentum in the stock price over the coming weeks.
📈 Long termThe company is in a transitional phase following its name change; long-term value depends on its ability to secure meaningful contracts in the defence and locomotive sectors beyond its current small revenue base.
⚠ Risk flags
- Extremely small scale of operations
- High valuation with a P/E of 320.7
- Recent business pivot/name change risk
Key Highlights
Revenue from operations surged to ₹50.27 Lacs in Q1 FY27 from ₹2.17 Lacs in Q1 FY26.
Net profit increased to ₹6.14 Lacs for the quarter ended June 30, 2026, vs ₹0.11 Lacs YoY.
Total expenses for the quarter were ₹44.12 Lacs, driven largely by other expenses of ₹28.25 Lacs.
The 42nd Annual General Meeting (AGM) is scheduled for September 29, 2026.
Registered office shifted to Meenakshi Tech Park, Gachibowli, Hyderabad.
👀 What to Watch
Investors should monitor the upcoming AGM on September 29, 2026, for management commentary on the business pivot toward the 'Defence & Locomotives' sector and the sustainability of the current revenue growth.
Rs 50.27 Lacs Q1 Revenue: Arka Defence Reports 22x YoY Growth off Low Base
Arka Defence & Locomotives (formerly Source Industries) reported a significant jump in revenue to Rs 50.27 Lacs for Q1 FY27, up from just Rs 2.17 Lacs in the same quarter last year. Net profit followed suit, rising to Rs 6.14 Lacs compared to Rs 0.11 Lacs YoY. While the growth percentages are high, the absolute scale of operations remains extremely small with a TTM revenue of approximately Rs 1.5 Cr against a market capitalization of Rs 38 Cr. The company also announced a strategic shift of its registered office to a prominent tech park in Gachibowli, Hyderabad.
Confidence: HIGH
What changedThe company has shown a sharp sequential and year-on-year increase in revenue and is moving its corporate base to a major business hub in Hyderabad.
Why it mattersFor a micro-cap company with a high P/E of 320, consistent revenue growth is critical to justify its valuation; however, the current scale remains very low for the industry it aims to operate in.
Q1 FY27 Revenue: Rs 50.27 LacsQ1 FY27 Net Profit: Rs 6.14 LacsYoY Revenue Growth: 2216%Q1 Revenue vs TTM Revenue: ~50%Other Expenses: Rs 28.25 Lacs
📅 Short termThe stock may see positive sentiment due to the high percentage growth in revenue and profit, though the absolute numbers are small.
📈 Long termThe structural shift toward 'Defence & Locomotives' is in early stages; long-term value depends on securing large-scale industrial orders rather than small-scale trading or services.
⚠ Risk flags
- Extremely small scale of operations
- High valuation (P/E > 300)
- High concentration of 'Other Expenses' relative to revenue
Key Highlights
Revenue from operations surged to Rs 50.27 Lacs in Q1 FY27 from Rs 2.17 Lacs in Q1 FY26.
Net profit increased to Rs 6.14 Lacs for the quarter, representing a 55x growth over the previous year's Rs 0.11 Lacs.
Other expenses rose significantly to Rs 28.25 Lacs, accounting for over 64% of total quarterly expenses.
The company is relocating its registered office to Meenakshi Tech Park, Gachibowli, effective immediately.
The 42nd Annual General Meeting (AGM) is scheduled for September 29, 2026.
👀 What to Watch
Investors should monitor if the company can scale these small revenue bases into meaningful contracts, especially given its recent name change suggesting a pivot toward the defence and locomotive sectors.
