To take a note on the Resignation of Statutory Auditor of the company Achnowledgement No: 13156684
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The board approved audited results for Q4 and FY ending March 31, 2026. Full-year revenue from operations was Rs. 432.63 lakhs (up from nil in FY25) but the company swung to a net loss of Rs. 8.70 lakhs versus a Rs. 16.48 lakh profit last year. Total comprehensive income was positive at Rs. 107.33 lakhs. Non-executive director Mr. Durgesh Pandey resigned on May 8, 2026 citing personal reasons. More notably, statutory auditor M/s Maark & Associates resigned effective May 28, 2026, well before its scheduled term expiry in March 2030, due to a disagreement over audit fee revisions. M/s S. Mandawat & Co was appointed as internal auditor for FY26-27. The outgoing auditor issued an unmodified (clean) opinion on the FY26 results.
The mid-term exit of the statutory auditor over a fees dispute is a governance red flag that may concern investors, even though the auditor gave a clean opinion. The company now needs to appoint a new statutory auditor, and the FY26 swing to a loss despite revenue growth signals pressure on margins. Shareholders should watch for the new auditor appointment announcement.