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Kalpa Commercial Ltd (539014)

📊 BSE: 539014 🏢 Trading & Distributors 📢 Latest filing: 29 Sep 2026

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Kalpa Commercial's revenue was ₹9.7 Cr (+243.8% year on year, +9.9% on the previous quarter), and net profit ₹-0.1 Cr (a smaller loss than a year earlier); the operating margin was -1.2%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹9.7	+243.8%	+9.9%
Operating profit	₹-0.1	loss narrowed	to loss
Net profit	₹-0.1	loss narrowed	to loss
EPS (₹)	-0.12	loss narrowed	to loss
Operating margin	-1.2%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Kalpa Commercial Adopts New MOA and AOA in Alignment with Companies Act 2013

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Sep 2026, 05:53 PM

Kalpa Commercial Limited announced that shareholders approved the adoption of a new set of Memorandum of Association (MOA) and Articles of Association (AOA) at its 41st AGM held on September 28, 2026. The amendments align the company's charter documents with the Companies Act, 2013, replacing references to the erstwhile Companies Act, 1956. The main operational change is the omission of an obsolete financing object clause under Section 370 of the 1956 Act, while core trading operations remain unchanged.

Shareholders approved new MOA and AOA at the 41st AGM held on September 28, 2026
AGM commenced at 10:00 AM and concluded at 10:10 AM (IST)
Omitted obsolete financing object clause III(A)(2) referencing Section 370 of the Companies Act, 1956
Updated liability clause IV to specify liability limited to unpaid amounts on shares held

💡 Track subsequent quarterly financial earnings to monitor operational performance; this filing is purely compliance-driven with no commercial impact.

Kalpa Commercial Appoints ACA & Associates as Statutory Auditor to Fill Casual Vacancy

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 Aug 2026, 05:50 PM

Kalpa Commercial Ltd has approved the appointment of M/s. ACA & Associates, Chartered Accountants (FRN: 028414N), as the Statutory Auditor of the company effective August 29, 2026. The appointment fills the casual vacancy caused by the resignation of M/s SGR & Associates LLP. The tenure will last until the conclusion of the upcoming 41st Annual General Meeting (AGM), subject to shareholder approval.

Appointment of M/s. ACA & Associates (FRN: 028414N) as Statutory Auditor effective August 29, 2026
Casual vacancy caused by the resignation of previous auditor M/s SGR & Associates LLP
Auditor to hold office until the conclusion of the 41st Annual General Meeting
Board meeting commenced at 04:00 P.M. and concluded at 05:15 P.M. on August 29, 2026

💡 Track shareholder approval at the upcoming 41st AGM and monitor subsequent quarterly audit disclosures.

Kalpa Commercial Statutory Auditor M/s SGR & Associates Resigns Mid-Tenure

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 29 Aug 2026, 05:44 PM

Kalpa Commercial Ltd announced the immediate resignation of its statutory auditor, M/s SGR & Associates LLP, effective August 29, 2026. The auditor's 5-year tenure, originally appointed at the 39th AGM on September 29, 2023, was scheduled to run until the 44th AGM in FY 2028. The stated reason for stepping down is pre-occupation with other professional commitments, with the firm confirming no material concerns or management-imposed limitations.

M/s SGR & Associates LLP resigned as Statutory Auditor effective August 29, 2026
Term was originally scheduled to end at the 44th AGM in FY 2028, cutting short a tenure started on September 29, 2023
Latest limited review completed by the auditor was for the quarter ended June 30, 2026 (submitted August 10, 2026)
Auditor confirmed no undisclosed material concerns or limitations in obtaining audit evidence

💡 Track the appointment of a replacement statutory auditor and whether the audit committee convenes promptly to fill the casual vacancy.

Kalpa Commercial Schedules 41st AGM for Sep 28, 2026; Replaces Statutory Auditor Mid-Term

🔵 WATCH ⭐ 5/10

MANAGEMENT 📅 29 Aug 2026, 05:35 PM

Kalpa Commercial Limited announced that its 41st Annual General Meeting will take place on September 28, 2026. The Board approved the resignation of statutory auditor M/s SGR & Associates LLP effective August 29, 2026, ahead of their scheduled term through FY28, citing preoccupation with other assignments. To fill the casual vacancy, M/s ACA & Associates has been appointed as the new statutory auditor subject to shareholder approval. Additionally, the company approved updated MOA and AOA aligned with the Companies Act, 2013.

41st AGM scheduled for Monday, September 28, 2026, at 10:00 AM at the registered office
Statutory auditor M/s SGR & Associates LLP resigned on August 29, 2026, prior to their term expiry in FY28
M/s ACA & Associates appointed to fill casual vacancy as statutory auditors subject to member approval
Adoption of updated MOA and AOA in conformity with the Companies Act, 2013

💡 Track shareholder approval of the new statutory auditor at the AGM on September 28, 2026, and monitor forthcoming quarterly filings for any audit notes or qualifications.

Kalpa Commercial Changes Statutory Auditor, Schedules 41st AGM for September 28, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 29 Aug 2026, 05:30 PM

Kalpa Commercial Limited's Board of Directors met on August 29, 2026, and approved the date for its 41st Annual General Meeting (AGM) on September 28, 2026. The Board took note of the resignation of statutory auditor M/s SGR & Associates LLP, who stepped down citing preoccupation with other assignments before their tenure ended in FY28. To fill the casual vacancy, the Board appointed M/s ACA & Associates as the new statutory auditor until the conclusion of the upcoming 41st AGM, subject to shareholder approval. Additionally, the Board approved adopting updated Memorandum and Articles of Association aligned with the Companies Act, 2013.

41st Annual General Meeting scheduled for Monday, September 28, 2026, at 10:00 AM
Statutory auditor M/s SGR & Associates LLP resigned effective August 29, 2026, ahead of their scheduled term expiry at the FY28 AGM
M/s ACA & Associates appointed as new Statutory Auditor to fill the casual vacancy
Adoption of modernized MOA and AOA in conformity with the Companies Act, 2013

💡 Monitor shareholder voting outcomes at the 41st AGM on September 28, 2026, regarding the auditor appointment and amended charter documents.

Kalpa Commercial Reconstitutes Three Board Committees Effective August 10, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 Aug 2026, 05:37 PM

Kalpa Commercial Ltd has announced the reconstitution of its Audit, Nomination & Remuneration, and Stakeholder Relationship committees effective August 10, 2026. All three committees will now be composed of the same three Non-Executive Independent Directors: Mr. Hemant (Chairperson), Ms. Geetika Chawla, and Ms. Shruti Sethi. This is a routine administrative update for the micro-cap company, which has a market capitalization of Rs 8 Cr and a high debt-to-equity ratio of 3.30. The company reported a TTM revenue of Rs 31 Cr and a thin net profit of Rs 1 Cr.

Reconstitution of 3 key board committees effective August 10, 2026
All 3 committees now consist of 3 Non-Executive Independent Directors
Mr. Hemant appointed as Chairperson for Audit, NRC, and Stakeholder committees
Company maintains a high debt level of Rs 75 Cr against a net worth of Rs 23 Cr

💡 Investors should treat this as a routine governance update. The primary focus remains on the company's high debt-to-equity ratio (3.30) and low promoter holding (20.53%) rather than committee composition.

Resignation of Independent Director Ms. Shivani effective August 10, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 10 Aug 2026, 05:32 PM

Ms. Shivani has resigned from her position as an Independent Director at Kalpa Commercial Ltd, effective August 10, 2026, citing pre-occupation. Consequently, she has also stepped down from the Audit, Stakeholder Relationship, and Nomination & Remuneration Committees. The company, a micro-cap with a market capitalization of Rs 8 Cr, reported a TTM revenue of Rs 31 Cr but carries a high debt of Rs 75 Cr. The outgoing director confirmed there are no other material reasons for her departure.

Resignation of Ms. Shivani (DIN: 09426134) effective from August 10, 2026
Vacated memberships in 3 key board committees: Audit, Stakeholder Relationship, and Nomination & Remuneration
Director holds no other directorships in listed entities as per the filing
Company maintains a high Debt-to-Equity ratio of 3.30 with Rs 75 Cr in debt

💡 Monitor the company's upcoming filings for the appointment of a replacement Independent Director to ensure continued compliance with SEBI committee composition norms.

Kalpa Commercial Appoints Ms. Shruti Sethi as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 10 Aug 2026, 05:28 PM

Kalpa Commercial Ltd has appointed Ms. Shruti Sethi as an Additional Non-Executive Independent Director effective August 10, 2026. The appointment is for a five-year term concluding on August 9, 2031, subject to shareholder approval. Ms. Sethi is a qualified Company Secretary with over four years of experience in corporate laws and secretarial compliance. This appointment comes as the company manages a high debt load of 75 Cr against a market capitalization of just 8 Cr.

Appointment of Ms. Shruti Sethi for a 5-year term effective from August 10, 2026, to August 9, 2031.
Ms. Sethi brings over 4 years of professional experience in corporate laws, secretarial compliances, and regulatory affairs.
The appointee is currently associated with Wind World Wind Farms (Karnataka) Limited as Executive Company Secretary.
The board meeting approving the appointment concluded within 1 hour (4:00 PM to 5:00 PM) on August 10, 2026.

💡 Investors should monitor if the addition of a compliance-focused director leads to improved financial reporting or debt management strategies, given the company's high 3.30 Debt-to-Equity ratio.

Rs 0.50 Cr Net Profit in Q1 FY27; Revenue grows 63% YoY to Rs 9.76 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 05:24 PM

Kalpa Commercial reported a strong Q1 FY27 with revenue reaching Rs 9.76 Cr, a 62.8% increase compared to Rs 5.99 Cr in the same quarter last year. The company achieved a sequential turnaround, posting a net profit of Rs 0.50 Cr against a loss of Rs 0.12 Cr in the March 2026 quarter. While the top line grew, the company remains a micro-cap with significant debt levels (D/E of 3.30). The board also saw a management change with the appointment of Ms. Shruti Sethi as an Independent Director.

Revenue from operations increased 62.8% YoY to Rs 9.76 Cr from Rs 5.99 Cr.
Net profit for the quarter stood at Rs 49.79 Lakhs, up from Rs 14.74 Lakhs YoY.
Turned profitable sequentially compared to a net loss of Rs 12.16 Lakhs in Q4 FY26.
Earnings Per Share (EPS) improved to Rs 0.49 from Rs 0.14 in the year-ago period.
Total expenses for the quarter were managed at Rs 9.31 Cr against total income of Rs 9.96 Cr.

💡 Investors should monitor the company's ability to sustain this profitability in subsequent quarters to service its high debt of Rs 75 Cr. Watch for any further changes in promoter holding, which currently stands low at 20.5%.

Rs 0.50 Cr Net Profit in Q1 FY27; Revenue Grows 63% YoY with Management Changes

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 05:15 PM

Kalpa Commercial reported a net profit of Rs 49.79 Lakhs for the quarter ended June 30, 2026, marking a significant turnaround from a loss of Rs 12.16 Lakhs in the preceding quarter. Revenue from operations grew 62.8% YoY to Rs 9.76 Cr, which constitutes approximately 31% of its TTM revenue. The company also announced the appointment of Ms. Shruti Sethi as an Independent Director following the resignation of Ms. Shivani. While the earnings show growth, the company remains highly leveraged with a debt-to-equity ratio of 3.30.

Revenue from operations increased 62.8% YoY to Rs 975.50 Lakhs from Rs 599.22 Lakhs.
Net profit reached Rs 49.79 Lakhs, a turnaround from the Rs 12.16 Lakhs loss reported in March 2026.
Earnings Per Share (EPS) improved to Rs 0.49 for the quarter compared to Rs 0.14 in the year-ago period.
Total expenses for the quarter were managed at Rs 930.59 Lakhs against a total income of Rs 996.45 Lakhs.
Board reconstituted with the appointment of Ms. Shruti Sethi as an Independent Director for a 5-year term.

💡 Investors should monitor the sustainability of this revenue run rate and profit margin, as the company needs consistent cash flow to service its substantial debt of Rs 75 Cr.

Aug 10 Board Meeting: Kalpa Commercial to approve Q1 FY27 financial results

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 03 Aug 2026, 05:32 PM

Kalpa Commercial Ltd has scheduled a board meeting on August 10, 2026, to consider and approve unaudited financial results for the quarter ended June 30, 2026. The company, a micro-cap with a market capitalization of Rs 9 Cr, reported a TTM revenue of Rs 31 Cr but faces significant leverage with a debt-to-equity ratio of 3.30. Investors will be monitoring if the company can reverse the marginal loss of Rs 0.12 Cr reported in the previous quarter (March 2026). The trading window for insiders remains closed until August 12, 2026.

Board meeting scheduled for August 10, 2026, to approve Q1 FY27 results
Trading window closed from July 1, 2026, to August 12, 2026
Company reported a TTM net profit of Rs 1 Cr on revenue of Rs 31 Cr
Debt levels remain high at Rs 75 Cr against a net worth of Rs 23 Cr
Promoter holding has remained stagnant at 20.53% as of March 2026

💡 Watch for the earnings release on August 10 to assess if the company can improve its low operating margin of 2.5% and manage its high debt obligations.

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