The Board of Director in its meeting held on May 30, 2026 has re-appointed Internal Auditor, Secretarial Auditor and Cost Auditor
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Karbonsteel Engineering reported FY26 profit after tax of Rs 10.51 crore, down 25.8% from Rs 14.16 crore in FY25, despite revenue rising to Rs 300.88 crore from Rs 273.05 crore. The company re-appointed its three auditors for FY27: Internal Auditor (Chintan D Shah & Associates), Secretarial Auditor (Amita Karia), and Cost Auditor (Mayur Chhaganbhai Undhad & Co.). A notable development is the closure of the Khopoli manufacturing plant, which contributed Rs 11 crore (3.66% of turnover) but was discontinued due to reduced operational efficiency, higher costs, and low capacity utilization. The statutory auditors raised concerns about unconfirmed trade receivables and sundry creditors balances but issued an unmodified opinion on the financial statements.
The 26% profit decline despite higher revenue suggests margin compression, and the Khopoli plant closure will further reduce revenue base. Shareholders should monitor whether cost structures improve going forward. The auditor's inability to confirm receivables and creditors raises some concern about asset quality.