Appointment and Reappointment of Auditors ( As per attached Letter)
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Remi Edelstahl Tubulars reported Q1 FY26 revenue from operations of Rs. 26.62 crore, up about 16% from Rs. 22.97 crore in Q1 FY25, with net profit marginally higher at Rs. 21.07 lakh versus Rs. 19.65 lakh. The board approved routine reappointments of the Cost Auditor (Kejriwal & Associates) and Internal Auditor (SIGMAC & Co.) for FY26, and a new 5-year appointment of Kamlesh Rajoria & Associates as Secretarial Auditor. The company also approved a strategic agreement with WSG Co. Ltd, South Korea for technology licensing and machinery to manufacture ultra-high-purity and titanium stainless steel tubes in India, along with a USD 1 million (~Rs. 8.65 crore) investment by WSG via convertible warrants. Separately, the board cleared preferential allotments totalling roughly Rs. 24 crore at Rs. 129.33 per share — 5 lakh shares to promoter-group entity Remi Finance & Investment Pvt Ltd and 6.95 lakh shares to non-promoter investors, plus 6.69 lakh warrants to WSG. The 54th AGM is scheduled for August 28, 2025.
For shareholders: a small equity dilution (~14% expanded share base assuming full conversion) with fresh capital and a technology tie-up that could open new high-purity tube manufacturing opportunities, though near-term Q1 profit growth is marginal. Watch for execution of the WSG technology transfer and shareholder approvals for the preferential allotments at the AGM.