Avi Products India523896Quarterly results

Q2/H1 FY27 results approved; four directors resign, including promoters of the old management

Board meeting of 3 Nov 2026 approved the standalone unaudited results for the quarter and half year ended 30 September 2026.

By ScoutQuest · Tue 3 Nov 2026, 2:47 PM IST · 3 min read

Q2 FY27 Revenue: Rs. 126.43 lakh
Q2 FY27 Loss: Rs. 1.83 lakh
H1 FY27 Loss: Rs. 19.70 lakh, against Rs. 94.98 lakh a year earlier

Two outcomes from one board meeting

The board meeting of 3 November 2026, held from 12:30 P.M to 2:20 P.M, approved two things: the standalone unaudited financial results for the quarter and half year ended 30 September 2026, with the limited review report of S A R A & Associates, Chartered Accountants; and the resignations of four directors.

Who stepped down

The board accepted the resignation of Mr. Avinash Dhirajlal Vora (DIN: 02454059), Mr. Vikram Avinash Vora (DIN: 02454043), Mr. Kamlesh Bhagwandas Mehta (DIN: 10748358) and Mr. Pradeep Himatlal Joshi (DIN: 02416091) as directors.
The effective date is 3 November 2026, after closing of business hours.
The stated reason for each exit is a change in the management of the company, and each is described as a director of the "Old Management". Mr. Avinash Dhirajlal Vora and Mr. Vikram Avinash Vora are also described as promoter directors.
Their resignation letters confirm there are no other material reasons beyond the change in management.

How the quarter looked (Rs. in lakh)

Revenue from operations: 126.43, against 19.00 in the quarter ended 30 September 2025.
Other income: 8.09.
Total income: 134.52 against 21.26.
Total expenses: 136.35 against 76.61. The largest line is changes in inventories of finished goods, stock-in-trade and work-in-progress at 123.21.
Loss for the period: 1.83 against a loss of 55.36 a year earlier.
Basic and diluted loss per share (not annualised): 0.06 against 1.67.

Segment split for the quarter

Dental Products revenue: 106.43.
Real Estate revenue: 20.00.
Segment results before interest and tax: Dental Products 16.78 profit, Real Estate 3.22 profit.

Half year (April to September 2026)

Revenue from operations: 126.43 against 77.21.
Total income: 142.32 against 83.82.
Total expenses: 164.03 against 178.80.
Loss for the period: 19.70 against 94.98.
Basic and diluted loss per share: 0.60 against 2.87.
For the full year ended 31 March 2026, the audited loss was 192.44 on revenue of 117.95.

Balance sheet position as at 30 September 2026 (Rs. in lakh)

Total assets: 497.32, against 523.51 as at 31 March 2026.
Equity share capital: 330.68 (face value of 10 each); other equity 164.96 against 184.67.
Trade receivables: 23.60 against 20.34.
Cash and cash equivalents: 36.75 against 3.37.
Total current liabilities: 1.68 against 6.15.

Cash flow for the period ended 30 September 2026 (Rs. in lakh)

Net cash generated by operating activities: 32.08, against 311.25 shown as used for the year ended 31 March 2026.
Net cash flow from investing activities: 1.30.
Cash and cash equivalents at the end of the period: 36.75 against 3.37 at the start.

Auditor's conclusion

The statutory auditors state that, based on their review, nothing has come to their attention that causes them to believe the statement is not prepared in accordance with Indian Accounting Standard 34 and the applicable disclosure requirements.

What a reader can take away

The company reported a loss in both the quarter and the half year, though the half-year loss is smaller than the same period a year earlier.
Four directors, including two promoter directors, ceased to be directors from 3 November 2026, with the company recording the reason as a change in its management.

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