Ceigall India Limited has informed the Exchange regarding Resignation of Mr Chitwon Wason as Whole-Time Director/Director of the company w.e.f. May 20, 2026.
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Ceigall India Limited's Board meeting on May 7, 2026 approved multiple items. Financially, standalone FY2026 revenue grew 14.3% YoY to Rs 38,693 million with net profit of Rs 3,052 million (up 12.9%), while consolidated revenue reached Rs 40,224 million with net profit of Rs 3,089 million. EPS improved to Rs 17.52 standalone and Rs 17.73 consolidated. The board recommended a dividend of Rs 0.50 per share (10%) subject to shareholder approval. On the governance front, Mr. Chitwon Wason resigned as Whole-Time Director effective May 20, 2026. The board appointed Mr. Ankit Kumar Agrawal as Non-Executive Independent Director (effective July 1, 2026) and reappointed Mr. Vishal Anand and Mrs. Gurpreet Kaur as Independent Directors for second terms. New internal and cost auditors were also appointed. The statutory auditor issued an unmodified opinion. Note: The company flagged a fraud of Rs 89.65 million identified in a prior quarter, with adjustments made to inventories, creditors, and GST input tax credit.
Strong financial performance with double-digit revenue and profit growth is positive. The resignation of a Whole-Time Director is a governance event to monitor, especially since no reason was stated. The fraud incident, while addressed, adds a risk element. The dividend and new board appointments are constructive signals for investor confidence.