Elgi Rubber Company Limited has informed the Exchange regarding Change in Auditors of the company.
ELGIRUBCO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Elgi Rubber Company Limited held a Board meeting on May 28, 2026 approving multiple items. The company reported a standalone net loss of Rs. 1,149.46 crore for FY2026, compared to a loss of Rs. 42.57 crore in the previous year. The significant loss was driven by exceptional items including Rs. 365.85 crore impairment of investment and Rs. 544.16 crore expected credit loss allowance related to Rubber Resources B.V., Netherlands, a step-down subsidiary that entered liquidation in January 2026. The Board re-appointed Sudarsan Varadaraj (Chairman and Managing Director) and Harsha Varadaraj (Executive Director), both from the promoter family, for 5-year terms. Cost Auditor M/s P. Mohan Kumar & Co. and Internal Auditor M/s Reddy, Goud & Janardhan were also re-appointed. The company reversed Rs. 16.43 million interest receivable from overseas subsidiaries to reduce their interest burden. Statutory auditors Arun & Co issued an unmodified opinion on the financial results.
The massive year-on-year loss expansion due to subsidiary liquidation write-offs is a significant concern for investors. While the core operations showed improvement and the company maintains leadership continuity, the large exceptional charges may pressure stock sentiment in the near term. The 20th AGM is scheduled for August 27, 2026.