APPOINTMENT OF INTERNAL AUDITOR FOR FY 2026-27
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Salora International Ltd reported audited financial results for FY 2025-26 with revenue declining to Rs 5,241.80 Lacs from Rs 15,090.30 Lacs in the prior year—a roughly 65% drop. The company posted a net loss of Rs 407.46 Lacs, significantly higher than the Rs 132.61 Lacs loss in FY 2024-25. An exceptional item of Rs 237.77 Lacs was recorded due to lapse of deferred tax assets that could not be utilized given ongoing losses. The statutory auditor issued an unmodified opinion, confirming clean audit. The board also appointed Naxnect Sehgal & Co as internal auditor and Guninder Chopra & Co as cost auditor for FY 2026-27. Related party transactions were disclosed, including significant loans from Managing Director Gopal Sitaram Jiwarajka (Rs 1,821.06 Lacs taken, Rs 2,089.57 Lacs repaid) and sales to Devi Electronics Pvt. Ltd controlled by the Jiwarajka family.
The sharp revenue decline and widening losses signal deteriorating fundamentals. The Rs 237.77 Lacs write-off of deferred tax assets is a negative surprise. Despite positive operating cash flow, the company faces significant business headwinds. The large related party borrowings from the Managing Director raise governance concerns.