BOROSIL RENEWABLES LIMITED has informed the Exchange regarding Change in Auditors of the company.
BORORENEW · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Borosil Renewables' Board approved FY26 audited results showing standalone revenue of Rs 1,553 crore, up 38% YoY. However, the company recorded an exceptional item of Rs 359.78 crore primarily due to write-off of exposure to German subsidiaries (GMB and Geosphere) of Rs 325.91 crore and Interfloat Corporation of Rs 35.87 crore, following their insolvency proceedings. Profit before tax on standalone basis was Rs 30.93 crore (after exceptional items). The Board also approved re-appointment of Chaturvedi & Shah LLP as statutory auditors for a second 5-year term, sought shareholder approval to raise up to Rs 750 crore via various instruments, re-appointed Sunil Roongta as Whole-Time Director & CFO from May 2027 to July 2029, and approved entering the Rooftop Solar Solutions business. Note: The Exchange headline mentions 'Change in Auditors' but the filing actually confirms re-appointment of the existing auditor, not a change.
The substantial write-off of German subsidiary exposure removes uncertainty and could be viewed positively as cleanup. However, the headline mischaracterizes the auditor matter as a 'change' when it is actually a re-appointment. Investors should note the headline discrepancy and focus on the strong operational revenue growth of 38% despite the one-time write-offs.