Reappointment of Cost Auditor
KRITIKA · price
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Awaiting price reaction for this filing.
Kritika Wires reported Q1 FY26 results with revenue from operations of Rs. 20,685.62 lakh, up from Rs. 16,830.05 lakh in Q1 FY25 but down from Rs. 23,914.77 lakh in Q4 FY25. Net profit came in at Rs. 137.61 lakh (EPS of Rs. 0.05), a significant decline from Rs. 339.76 lakh in the previous quarter, mainly due to higher raw material costs. The board reappointed M/s. Sohan Lal Jalan & Associates as Cost Auditor for FY 2025-26. Notably, two Non-Executive Independent Directors — Mr. Shiv Kumar Saraff (citing health and personal reasons) and Mr. Niraj Jindal (citing other preoccupations) — resigned effective July 30, 2025. The board also authorised transactions at the London Metal Exchange (LME) and opened a special current account with Kotak Mahindra Bank for this purpose.
The sharp sequential drop in profit (about 60% QoQ) is a concern for short-term sentiment, though year-on-year revenue growth is healthy. The simultaneous exit of two independent directors could raise governance questions and may pressure the stock until replacements are appointed.