Appointment of Internal Auditor
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Indobell Insulations reported FY2026 audited standalone results with total revenue of Rs 1715.02 Lakhs, down significantly from Rs 2650.09 Lakhs in FY2025. Net profit fell to Rs 80.44 Lakhs (vs Rs 218.59 Lakhs), with basic EPS of Rs 1.28 per share. The Board approved appointment of Mr. Mayank Burman as CEO effective 1st June 2026 (previously a Business Development Consultant). No dividend was declared for FY2025-26. M/s Basu Chatterjea & Co was reappointed as Internal Auditor till May 2027. The statutory auditor flagged an emphasis of matter regarding Rs 120.73 Lakhs in write-back of long-outstanding credit balances (to a customer Rs 83.27L, to suppliers Rs 35.86L) without formal written confirmations from concerned parties. IPO proceeds utilization showed no deviation; Rs 41 Lakhs remains unutilized for plant & machinery purchase, held in earmarked Fixed Deposits.
Significant revenue and profit decline year-on-year (likely post-IPO transition effects). New CEO appointment provides leadership stability. Auditors' emphasis on write-back of credit balances raises governance questions and may attract regulatory scrutiny. Unutilized IPO funds for capex warrant monitoring.