Advance Multitech Q1FY27 profit ₹4.28cr; auditor quits

Key developments from the latest disclosures

Advance Multitech Limited reported a sharp improvement in profitability for the quarter ended June 30, 2026 (Q1FY27). The company posted a standalone net profit of ₹427.89 lakh (₹4.28 crore), reversing a standalone net loss of ₹42.05 lakh (₹0.42 crore) in the same quarter last year.

Alongside the financial update, the company disclosed a governance development: its statutory auditor, M/s Suresh R Shah & Associates, Chartered Accountants, resigned with effect from August 11, 2026. The resignation was disclosed under Regulation 30 of the SEBI LODR Regulations.

Q1FY27 results: turnaround from loss to profit

For Q1FY27, Advance Multitech’s standalone net profit stood at ₹427.89 lakh. This compares with a standalone net loss of ₹42.05 lakh reported in Q1FY26, indicating a year-on-year swing into profitability.

The company said the board considered the standalone unaudited financial results for the quarter ended June 30, 2026. A limited review report by the auditors was also submitted.

FY26 performance versus FY25

Beyond the quarterly numbers, Advance Multitech also reported improved full-year profitability. The company recorded a net profit of ₹145.62 lakh (₹1.46 crore) for FY26, compared with ₹35.51 lakh (₹0.36 crore) in FY25.

While the disclosure does not detail drivers such as revenue, margins, or segment performance, the reported profit progression provides context to the Q1FY27 turnaround.

Board meeting details: August 11, 2026

Advance Multitech held a meeting of its Board of Directors on Tuesday, August 11, 2026. The meeting commenced at 05:00 p.m. and concluded at 06:20 p.m.

The venue was the company’s registered office at 36, Kothari Market, Opp. Hirabhai Market, Kankaria, Ahmedabad - 380 022. The board considered the standalone unaudited financial results for the quarter ended June 30, 2026, and the company also disclosed the resignation of its statutory auditors.

Statutory auditor resignation: what was disclosed

In a separate filing pursuant to Regulation 30, M/s Suresh R Shah & Associates tendered their resignation as Statutory Auditors effective August 11, 2026. The resignation was tendered on August 11, 2026 and was stated to be effective immediately from that date.

The stated reason, as provided by the audit firm, was that the remuneration payable was not commercially viable relative to the scope of work, effort, and professional resources required for the engagement.

Auditor’s letter: no other material reasons cited

The auditor confirmed in the resignation letter and a subsequent disclosure (Annexure A) that there were no other material reasons for the resignation. The firm also stated that no concerns were raised with the Audit Committee or the Board prior to resigning.

This clarification matters because it narrows the disclosed rationale to commercial terms, rather than accounting disagreements or reporting issues. The company’s filing does not cite any additional context beyond what the auditor stated.

SEBI LODR Regulation 30: why it is relevant

The company’s disclosure explicitly references Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, which governs material event reporting by listed entities. A resignation of statutory auditors is treated as a material event requiring timely disclosure to stock exchanges.

Advance Multitech’s filing is aligned to that framework by providing the effective date, stated reason, and confirmation on whether any other material issues existed.

Other governance updates in the recent timeline

Advance Multitech has seen multiple corporate and governance updates across FY26. The company had earlier communicated the resignation of Company Secretary and Compliance Officer Mr. Niralbhai Kalyanbhai Sodavadiya, effective January 16, 2026. The resignation was communicated to BSE on January 7, 2026, citing unavoidable circumstances and other opportunities in the market.

Separately, Mr. Hinil Patel was appointed as Whole Time Company Secretary and Compliance Officer, effective April 20, 2026. The company also referenced a board meeting held on April 27, 2026 that concluded without passing any resolutions.

Board restructuring background (effective October 17, 2025)

The company also announced a major restructuring of its board effective October 17, 2025. Five directors were appointed: Mr. Govind Ganpatlal Shah and Mrs. Minaxi Govind Shah as Professional Non-Executive Directors, and Mr. Chintan Shah, Mr. Ravindra Mehta, and Mr. Hiral Shah as Independent Directors.

At the same time, four directors resigned, including two promoter directors and two independent directors. The resignations listed included Mr. Nishit Popat (Independent Director), Ms. Priyanka K Gola (Independent Director), Mr. Himanshubhai Shukla (Promoter Director), and Ms. Aanchal Arvind Goenka (Promoter Director).

Key facts at a glance

Timeline of recent corporate changes

Market impact and what investors typically track next

The immediate disclosed market-relevant points are the swing to a profit in Q1FY27 and the resignation of the statutory auditor effective the same day the board considered quarterly results. No stock price move or trading reaction was provided in the disclosure.

In such situations, investors generally track subsequent exchange filings for the appointment process of a new statutory auditor and any updates from the audit committee, but Advance Multitech’s disclosure in this case only covers the resignation and its stated reason.

Conclusion

Advance Multitech’s Q1FY27 standalone results show a turnaround to a ₹427.89 lakh profit from a loss a year earlier, supported by an improved FY26 profit compared with FY25. Separately, the company has disclosed the resignation of its statutory auditor effective August 11, 2026, with the auditor citing commercial viability of remuneration and confirming no other material reasons.

The next key updates, based on standard listed-company disclosure practice, would come through further regulatory filings as the company addresses the statutory auditor vacancy and continues periodic financial reporting.