Elgi Rubber Company Limited has informed the Exchange regarding Change in Auditors of the company.
ELGIRUBCO · price
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Elgi Rubber Company reported its audited financial results for Q4 and FY2026. Standalone revenue from operations grew to Rs.23,627 lakhs from Rs.22,723 lakhs in FY2025. However, the company reported a significant net loss of Rs.11,495 lakhs compared to a loss of Rs.426 lakhs in FY2025, primarily due to exceptional items including Rs.3,658 lakhs impairment of investment and Rs.5,442 lakhs provision for loans to its step-down subsidiary Rubber Resources B.V., Netherlands, which has gone into liquidation proceedings. The Board approved re-appointment of Sudarsan Varadaraj as Chairman and Managing Director for 5 years from January 2027, and Harsha Varadaraj (his son) as Whole-time Director for 5 years from November 2026. Cost Auditor M/s P. Mohan Kumar & Co. and Internal Auditor M/s Reddy, Goud & Janardhan were also re-appointed for FY2027. The 20th AGM is scheduled for August 27, 2026.
The company faces significant financial stress with large losses driven by impairment charges from its Netherlands subsidiary liquidation. However, continuity of promoter family leadership and strong operational revenue provide some stability. Shareholders should monitor the liquidation proceedings of Rubber Resources B.V. for any recovery updates.