Appointment of M/s. S. Shekar & Co., Cost Accountants, as the Cost Auditors of the Company for the Financial Year 2026-27
HITECH · price
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Hi-Tech Pipes Limited reported strong FY26 results with consolidated net revenue of Rs. 4,20,007 Lacs, up 37% from Rs. 3,06,764 Lacs in FY25. Profit after tax grew 4.4% to Rs. 7,616 Lacs. The Board approved issuance of 90 lakh fully convertible equity warrants to promoter group entities (Vipul Bansal, AKS Buildcon, and Hi-Tech Agrovision) at Rs. 100 each, subject to shareholder approval via postal ballot. The warrants are convertible within 18 months. The company also appointed M/s S. Shekar & Co. as Cost Auditors and M/s BAS & Co. LLP as Internal Auditors for FY27. Cash flow from operations declined sharply to Rs. 332 Lacs due to higher working capital requirements (inventories and receivables increased significantly). Statutory auditors A.N. Garg issued unmodified opinions on both standalone and consolidated results.
The preferential warrants issuance to promoters increases their stake by ~2.6% upon conversion, which may be viewed as a confidence signal but also causes dilution. Strong revenue growth was offset by margin pressure and significant working capital stress, indicating operational challenges despite top-line momentum.