Statement for Deviation of Variation for proceeds of Public Issue
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Indobell Insulations Ltd reported audited financial results for FY2026 with revenue from operations of Rs. 2019 lakhs, down from Rs. 2572.91 lakhs in FY2025. Profit for the year declined significantly to Rs. 80.44 lakhs from Rs. 218.59 lakhs in the previous year. The Board approved no dividend for FY2025-26 and appointed Mr. Mayank Burman as CEO effective 1st June 2026. The auditors issued an unmodified opinion but drew attention to a write-back of Rs. 120.73 lakhs in old credit balances to Other Income, including liabilities to a customer (Rs. 83.27 lakhs) and suppliers (Rs. 35.86 lakhs), which they could not independently verify. The company confirmed no deviation in utilization of IPO proceeds of Rs. 1014.30 lakhs, with Rs. 41 lakhs still held in fixed deposit pending plant and machinery purchase.
The sharp decline in profit and no dividend payment signal weaker financial performance. The auditor's emphasis on unverified write-backs raises concerns about the quality of reported earnings. New CEO appointment may indicate a strategic shift.