MIRC Electronics Limited has informed the Exchange regarding Change in Auditors of the company.
MIRCELECTR · price
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MIRC Electronics Limited reported audited financial results for Q4 and FY ended March 2026. The company posted total income of Rs. 67,083 lakhs (down from Rs. 75,742 lakhs in FY25) and a total comprehensive loss of Rs. 7,448 lakhs, compared to a loss of Rs. 338 lakhs in the prior year. Exceptional items included restructuring costs of Rs. 240 lakhs, inventory write-down of Rs. 2,939 lakhs, and gain on sale of non-core assets (including MIDC property) of Rs. 2,056 lakhs. The company undertook significant fundraising through NCDs (Rs. 6,000 lakhs), rights issue (Rs. 4,048 lakhs), and preferential allotment (Rs. 14,952 lakhs). The Board approved appointment of M/s. M M Nissim & Co LLP as statutory auditors for a 5-year term subject to shareholder approval.
The company is undergoing significant restructuring with substantial losses, inventory write-downs, and major capital raise. The appointment of a new auditor and CEO indicates a management transition. Shareholders should note the dilutive impact of the equity raises and the exceptional item charges affecting profitability.