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Latest filing: 2026-08-14 22:51
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Statutory Auditor KPSJ & Associates Resigns w.e.f. August 14, 2026
Gujarat Raffia Industries Limited announced that its statutory auditor, M/s. KPSJ & Associates LLP, has resigned effective August 14, 2026. The auditor cited increased professional commitments and new assignments requiring substantial time and resources as the reason for resignation, stepping down just one year into a five-year term ending in 2030. The outgoing auditor confirmed that the Limited Review Report for the quarter ended June 30, 2026, was completed and issued on August 13, 2026. The company will initiate the process to appoint a new statutory auditor in accordance with the Companies Act, 2013, and SEBI regulations.
Confidence: HIGH
What changedM/s. KPSJ & Associates LLP stepped down as the Statutory Auditor of the company on August 14, 2026.
Why it mattersA premature resignation of an independent statutory auditor is an important corporate governance event, requiring the board to promptly appoint a qualified successor to maintain financial reporting continuity.
Effective Date of Resignation: 14 August, 2026Initial Appointment Date: 12 August, 2025Original Term Expiry: AGM 2030Q1 FY27 Review Issued Date: 13 August, 2026
📅 Short termThe company's Audit Committee and Board of Directors will meet to propose and approve a replacement auditor.
📈 Long termLimited long-term operational impact provided a reputable replacement is appointed smoothly without reporting disruptions.
⚠ Risk flags
- Premature resignation of statutory auditor just 1 year into a 5-year term
Key Highlights
M/s. KPSJ & Associates LLP resigned as Statutory Auditor effective August 14, 2026
Resignation occurs one year into a 5-year term originally approved on August 12, 2025 (tenure up to 2030 AGM)
Limited Review Report for the quarter ended June 30, 2026, was signed off on August 13, 2026, prior to resignation
Auditor stated no material reasons other than increased professional commitments and new assignments
👀 What to Watch
Track the board announcement for the appointment of a casual vacancy auditor and monitor the regulatory filing of Form ADT-3 with the Registrar of Companies.
Rs 0.47 Cr PAT in Q1 FY27; Revenue drops 18.5% YoY to Rs 9.39 Cr
Gujarat Raffia Industries reported a 38.2% YoY increase in Net Profit to Rs 0.47 Cr for the quarter ended June 30, 2026, despite a significant 18.5% decline in revenue from operations to Rs 9.39 Cr. The revenue contraction is even more pronounced on a sequential basis, falling 65.2% from Rs 26.99 Cr in the preceding March 2026 quarter. Profitability was supported by a 20% YoY reduction in total expenses to Rs 8.90 Cr. The company's EPS improved to Rs 0.87 from Rs 0.62 in the year-ago period.
Confidence: HIGH
What changedThe company reported its Q1 FY27 financial results, showing improved bottom-line efficiency despite a substantial contraction in top-line revenue compared to both the previous year and the previous quarter.
Why it mattersFor a micro-cap company with a Rs 23 Cr market cap, maintaining profitability during extreme revenue volatility is critical for financial stability. The improved margins suggest better cost control or a shift in product mix toward higher-margin tarpaulin or fabric products.
Revenue (Q1 FY27): Rs 9.39 CrNet Profit (Q1 FY27): Rs 0.47 CrQ1 Revenue vs TTM Revenue: 10.55%YoY Revenue Growth: -18.5%QoQ Revenue Growth: -65.2%EPS (Q1 FY27): Rs 0.87
📅 Short termThe stock may see mixed sentiment as the market weighs the 38% profit growth against the sharp 65% sequential revenue drop.
📈 Long termStructural growth depends on the company's ability to utilize its expanded capacity to capture domestic demand in the fertilizer and agriculture sectors while managing raw material price volatility.
⚠ Risk flags
- Significant sequential revenue volatility
- High dependency on large petrochemical manufacturers for raw materials
- Small scale of operations (TTM PAT only Rs 1 Cr)
Key Highlights
Net Profit grew 38.2% YoY to Rs 0.47 Cr from Rs 0.34 Cr in June 2025.
Revenue from operations declined 18.5% YoY to Rs 9.39 Cr and 65.2% sequentially from Rs 26.99 Cr.
Total expenses were curtailed by 20% YoY to Rs 8.90 Cr, down from Rs 11.12 Cr.
Earnings Per Share (EPS) rose to Rs 0.87 for the quarter compared to Rs 0.62 YoY.
Other income contributed Rs 0.14 Cr to the total income of Rs 9.53 Cr.
👀 What to Watch
Investors should monitor if the sharp sequential revenue decline (65%) is due to seasonal agricultural cycles or competitive pressure from large petrochemical suppliers. Watch for the impact of recently completed capacity expansions on volume growth in upcoming quarters.
Gujarat Raffia Clarifies Financial Results; Q2 Revenue Jumps 377% YoY to ₹26.11 Cr
Gujarat Raffia Industries Limited has responded to NSE's clarification request regarding its September 2025 financial results, confirming that comparative balance sheet data was indeed submitted. The company reported a massive surge in revenue from operations for Q2 FY26, reaching ₹26.11 crore compared to ₹5.47 crore in the same quarter last year. While the top-line growth is significant, net profit margins remain very thin, with a quarterly profit of ₹19.05 lacs. The company's total assets grew to ₹29.68 crore as of September 30, 2025.
Key Highlights
Revenue from operations grew by 377% YoY to ₹2610.64 lacs in the quarter ended September 30, 2025.
Net profit for the half-year ended September 2025 increased to ₹52.75 lacs from ₹33.78 lacs in the previous year.
The company addressed regulatory observations from NSE, confirming compliance with SEBI Listing Regulations regarding financial formats.
Total assets increased to ₹29.68 crore as of September 30, 2025, up from ₹25.37 crore in March 2025.
The company maintains a single reportable segment as per Ind AS-108.
👀 What to Watch
Investors should note the exceptional revenue growth but remain cautious regarding the low net profit margins of less than 1%. Monitor if the company can translate this increased scale into better bottom-line efficiency in future quarters.
Gujarat Raffia FY26 Revenue Surges 195% to ₹88.56 Cr; Net Profit Doubles to ₹1.05 Cr
Gujarat Raffia Industries reported a massive jump in its top-line performance for the financial year ended March 31, 2026, with revenue from operations reaching ₹8,855.99 lakhs compared to ₹3,004.14 lakhs in the previous year. Net profit for the full year doubled to ₹104.68 lakhs from ₹52.22 lakhs in FY25. The fourth quarter alone saw revenue of ₹2,699.18 lakhs, a nearly 240% increase year-on-year. Despite the revenue surge, operating margins remain relatively thin, though EPS improved significantly from ₹0.97 to ₹1.94.
Key Highlights
Annual Revenue from Operations grew by 194.8% YoY to ₹8,855.99 lakhs.
Net Profit for FY26 increased by 100.5% to ₹104.68 lakhs compared to ₹52.22 lakhs in FY25.
Q4 FY26 Revenue stood at ₹2,699.18 lakhs, up from ₹795.51 lakhs in the corresponding quarter last year.
Earnings Per Share (EPS) for the full year rose to ₹1.94 from ₹0.97.
Statutory auditors issued an unmodified opinion on the financial results.
👀 What to Watch
The stock shows strong growth momentum in revenue, suggesting market share gains or capacity expansion. Investors should monitor if the company can improve its net profit margins, which remain low despite the high revenue growth.
Gujarat Raffia FY25 Net Profit Stable at ₹52.24 Lakhs; Responds to Exchange Clarification
Gujarat Raffia Industries Limited has submitted a clarification to the stock exchanges regarding its financial results for the year ended March 31, 2025, confirming an unmodified audit opinion. The company reported a marginal revenue decline to ₹3,004.14 lakhs for FY25 compared to ₹3,091.21 lakhs in FY24. Despite lower revenue, net profit remained stable at ₹52.24 lakhs. Additionally, the company announced the resignation of its Company Secretary and Compliance Officer, Neha Shyamsingh Tomar.
Key Highlights
Annual Revenue from operations for FY25 stood at ₹3,004.14 lakhs, down 2.8% from ₹3,091.21 lakhs in FY24.
Net Profit for the full year FY25 was ₹52.24 lakhs, slightly higher than the ₹51.92 lakhs reported in the previous year.
Q4 FY25 revenue showed growth at ₹795.51 lakhs compared to ₹711.02 lakhs in Q4 FY24.
The statutory auditor, A.N. Ruparel & Co., issued an unmodified opinion on the financial statements.
Company Secretary and Compliance Officer Neha Shyamsingh Tomar resigned effective May 29, 2025.
👀 What to Watch
The company exhibits stagnant growth and very thin net profit margins of approximately 1.7%. Investors should exercise caution and monitor the company's ability to scale operations and improve profitability before making further commitments.
Gujarat Raffia Q3 FY26 Revenue Surges 292% YoY to ₹23.90 Cr; Net Profit Up 38%
Gujarat Raffia Industries reported a massive jump in revenue from operations, reaching ₹23.90 crore in Q3 FY26 compared to ₹6.10 crore in the same quarter last year. Despite the nearly four-fold increase in revenue, net profit grew more modestly by 38% to ₹10.51 lakhs, primarily due to a sharp rise in raw material costs. For the nine-month period, the company has already surpassed its full-year FY25 revenue, posting ₹61.57 crore. The operating margins remain thin as the surge in top-line growth is heavily offset by input costs.
Key Highlights
Revenue from operations skyrocketed by 292% YoY to ₹23.90 crore in Q3 FY26.
Net Profit for the quarter increased by 37.7% YoY to ₹10.51 lakhs from ₹7.63 lakhs.
9M FY26 revenue stands at ₹61.57 crore, nearly triple the ₹22.09 crore reported in 9M FY25.
Cost of materials consumed rose significantly to ₹21.12 crore, representing 88% of total revenue.
Earnings Per Share (EPS) improved to ₹0.19 for the quarter compared to ₹0.14 in the previous year.
👀 What to Watch
Investors should monitor if the company can translate this massive revenue scaling into better bottom-line margins in future quarters. The stock remains a small-cap play with high sensitivity to raw material price fluctuations.
Gujarat Raffia Q3 FY26 Revenue Surges 292% YoY to ₹23.90 Cr; PAT at ₹10.51 Lakhs
Gujarat Raffia Industries reported a massive year-on-year surge in revenue for Q3 FY26, with operations generating ₹23.90 crore compared to just ₹6.10 crore in the same quarter last year. Despite the top-line growth, net profit saw a more modest increase to ₹10.51 lakhs from ₹7.63 lakhs due to a significant rise in raw material costs. Sequentially, the company faced a decline in both revenue and profitability compared to the September 2025 quarter. The 9-month performance remains strong with total income reaching ₹61.88 crore, nearly tripling from the previous year's ₹22.22 crore.
Key Highlights
Revenue from operations grew by 292% YoY to ₹2389.79 lacs from ₹609.65 lacs.
Net Profit after Tax increased by 37.7% YoY to ₹10.51 lacs from ₹7.63 lacs.
Total expenses rose sharply to ₹2404.35 lacs, with raw material costs accounting for ₹2111.99 lacs.
9-month Net Profit stands at ₹63.27 lacs, up from ₹42.37 lacs in the previous year period.
Earnings Per Share (EPS) for the quarter improved to ₹0.19 from ₹0.14 YoY, though down from ₹0.35 in Q2.
👀 What to Watch
Investors should exercise caution as the company's net profit margins remain extremely thin despite the high revenue growth. Monitor the company's ability to manage raw material costs and improve operational efficiency to translate higher sales into meaningful bottom-line growth.
