Garnet International Ltd (512493)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Garnet International's revenue was ₹0.5 Cr (-74.8% year on year, +27.6% on the previous quarter), and net profit ₹-0.3 Cr (against a profit a year earlier); the operating margin was 3.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹0.5 | -74.8% | +27.6% |
| Operating profit | ₹0.0 | -98.7% | -87.8% |
| Net profit | ₹-0.3 | to loss | to loss |
| EPS (₹) | -0.16 | to loss | to loss |
| Operating margin | 3.2% | — | — |
📢 Recent Corporate Announcements
Garnet International Limited has announced the appointment of Mr. Sunil G. Nair as Company Secretary and Compliance Officer (Key Managerial Personnel), effective September 24, 2026. Mr. Nair brings over 20 years of post-qualification experience as an ICSI-qualified professional. The board meeting approving this appointment commenced at 03:30 PM and concluded at 04:00 PM on September 24, 2026. This is a routine secretarial compliance appointment under SEBI LODR Regulations and Section 203 of the Companies Act, 2013.
- Appointment of Mr. Sunil G. Nair as Company Secretary & Compliance Officer effective September 24, 2026
- Appointee brings over 20 years of post-qualification experience
- Board meeting approving the appointment held between 03:30 PM and 04:00 PM on September 24, 2026
Garnet International Limited has announced the appointment of Mr. Sunil G. Nair as Company Secretary and Compliance Officer (Key Managerial Personnel), effective September 24, 2026. Mr. Nair brings over 20 years of post-qualification experience as an ICSI-qualified professional. The board meeting approving this appointment commenced at 03:30 PM and concluded at 04:00 PM on September 24, 2026. This is a routine secretarial compliance appointment under SEBI LODR Regulations and Section 203 of the Companies Act, 2013.
- Appointment of Mr. Sunil G. Nair as Company Secretary & Compliance Officer effective September 24, 2026
- Appointee brings over 20 years of post-qualification experience
- Board meeting approving the appointment held between 03:30 PM and 04:00 PM on September 24, 2026
Garnet International Ltd has announced the schedule for its 44th Annual General Meeting (AGM) to be held on September 30, 2026. The cut-off date for determining shareholder eligibility for e-voting has been fixed as Wednesday, September 23, 2026. The Register of Members and Share Transfer Books will remain closed from September 24, 2026, to September 30, 2026 (both days inclusive). This is a standard annual statutory procedure without any direct financial impact.
- 44th Annual General Meeting scheduled for September 30, 2026
- Cut-off date for e-voting eligibility set for September 23, 2026
- Book closure period runs from September 24, 2026 to September 30, 2026
Garnet International has submitted its Statement of Deviation and Variation for the quarter ended June 30, 2026, reporting nil deviation in fund utilization. The Board approved the forfeiture of 27,00,000 unexercised convertible equity warrants following the expiry of the 18-month conversion window on August 10, 2026. The 25% upfront subscription money amounting to ₹8.84 crore has been forfeited and transferred to the Capital Reserve Account. The total original preferential issue size was ₹35.37 crore, and with the non-exercise, the remaining 75% will not be received as the issue stands officially closed.
- Forfeited 27,00,000 unexercised convertible warrants following tenure expiry on August 10, 2026
- Transferred ₹8.84 crore (25% upfront subscription) to the Capital Reserve Account
- Total original issue size was ₹35.37 crore; balance 75% will not be received and the issue is closed
- Reported nil deviation or variation in the utilization of funds raised
Garnet International reported consolidated revenue from operations of ₹53.59 Lakhs for Q1 FY27 (quarter ended June 30, 2026), down 74.8% YoY from ₹212.81 Lakhs in Q1 FY26. The company slipped into a consolidated net loss of ₹31.59 Lakhs compared to a net profit of ₹129.16 Lakhs in the previous year, impacted by lower revenue and a ₹33.30 Lakh loss contribution from associates. Additionally, the board approved the forfeiture of 27,00,000 unexercised convertible warrants, transferring ₹8.84 Cr in upfront application money directly to the Capital Reserve.
- Consolidated revenue from operations fell 74.8% YoY to ₹53.59 Lakhs vs ₹212.81 Lakhs in Q1 FY26.
- Swung to a consolidated net loss of ₹31.59 Lakhs (EPS of -₹0.16) compared to a net profit of ₹129.16 Lakhs in Q1 FY26.
- Approved forfeiture of 27,00,000 warrants and transfer of ₹8,84,25,000 (upfront ₹32.75/warrant) to Capital Reserve.
- Share of loss from associate company stood at ₹33.30 Lakhs for the quarter.
Garnet International reported a consolidated net loss of ₹31.59 Lakhs for Q1 ended June 30, 2026, compared to a net profit of ₹129.16 Lakhs in Q1 FY26. Consolidated revenue from operations fell 74.8% YoY to ₹53.59 Lakhs from ₹212.81 Lakhs. Separately, the Board approved the forfeiture and cancellation of all 27,00,000 convertible warrants as investors did not exercise conversion options within 18 months, transferring ₹8.84 Cr of upfront money to the Capital Reserve.
- Q1 FY27 consolidated revenue dropped 74.8% YoY to ₹53.59 Lakhs compared to ₹212.81 Lakhs in Q1 FY26
- Net loss stood at ₹31.59 Lakhs for Q1 FY27 versus a net profit of ₹129.16 Lakhs in the prior-year period
- Forfeited ₹8.84 Cr (₹32.75 per warrant) received upfront across 27,00,000 unexercised convertible warrants
- Transferred the entire forfeited amount of ₹8.84 Cr to the company's Capital Reserve Account
- Zero out of 27,00,000 warrants were converted into equity shares from the original ₹35.37 Cr warrant issuance
Garnet International has announced the lapse of 27,00,000 convertible warrants after subscribers failed to pay the 75% balance consideration within the 18-month window. The warrants were issued in February 2025 at ₹131 per share, which is significantly higher than the current market price of ₹61.4, likely leading to the default. As a result, the company will forfeit the 25% upfront payment totaling ₹8.84 crore and transfer it to the Capital Reserve. This forfeiture amount is material, representing approximately 21% of the company's current net worth of ₹42 crore.
- 27,00,000 convertible warrants lapsed due to non-payment of the remaining ₹98.25 per warrant balance.
- ₹8,84,25,000 in upfront application money will be forfeited and moved to the Capital Reserve Account.
- Promoter group entities defaulted on 5,30,000 warrants, while non-promoters defaulted on 21,70,000 warrants.
- Defaulting allottees are now ineligible for any preferential issue by the company for a period of one year.
- The issue price of ₹131 per warrant stands at a ~113% premium to the current market price of ₹61.4.
Garnet International has scheduled a board meeting on August 14, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. The board will also finalize the notice for the 44th Annual General Meeting (AGM) and set the book closure dates. A key agenda item is the appointment of Rahul Vora & Associates as Internal Auditors for a five-year term spanning FY 2026-27 to 2030-31. This is a routine administrative filing required under SEBI regulations.
- Board meeting scheduled for August 14, 2026, to consider Q1 FY27 financial results.
- Proposed appointment of Rahul Vora & Associates as Internal Auditors for a 5-year period (FY 2026-27 to 2030-31).
- Trading window for designated persons has been closed since July 01, 2026.
- Board to finalize the 44th Annual General Meeting (AGM) notice and book closure dates.
- Appointment of Link Intime India Private Limited for e-voting services for the upcoming AGM.
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