Bannari Amman Spinning Mills Limited has informed the Exchange regarding Appointment of Cost Auditor and Internal Auditor''.
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Bannari Amman Spinning Mills held its Board meeting on May 29, 2026, approving several items. The company reappointed Sri M Nagarajan as Cost Auditor and M/s B M & Associates as Internal Auditors, both for FY 2026-27. For FY 2025-26, the company reported standalone revenue of Rs. 8,703.24 crore and net profit of Rs. 15.65 crore from continuing operations (EPS Rs. 2.17), a significant decline from the prior year's profit of Rs. 3,686.05 lakh due to lower other income and higher deferred tax. Borrowings were reduced from Rs. 4,666.53 lakh to Rs. 3,958.73 lakh. The board also reappointed Sri S V Arumugam as Managing Director for 3 years (from June 27, 2026), recommended a dividend of Rs. 0.25 per share, and forfeited 42,25,806 convertible share warrants from Tranche I due to non-payment of the balance subscription. A rights issue of 1,50,79,504 equity shares was allotted in May 2025, reducing the holding company's stake from 54.29% to 48.49%, and the company ceased to be a subsidiary becoming an associate of Murugan Enterprises Private Limited. Statutory auditors gave an unmodified opinion.
The company showed revenue stability but a sharp decline in profitability due to lower other income and deferred tax charges. Reduced borrowings indicate improving leverage. The forfeited warrants and rights issue altered the shareholding structure, diluting promoter control. The small dividend signals modest returns. The reappointment of auditors and the Managing Director provides continuity.