Appointment of Statutory Auditor M/s Haziyani & Associates in place of retiring Statutory Auditor
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Awaiting price reaction for this filing.
Sonal Adhesives announced several outcomes from its board meeting on August 12, 2025. For Q1 FY26, revenue rose about 14% year-on-year to Rs. 2,828.75 lakhs, but net profit fell to Rs. 44.75 lakhs from Rs. 64.21 lakhs in the same quarter last year due to higher operating expenses. The board appointed M/s Haziyani & Associates, a Nagpur-based Chartered Accountant firm, as the new Statutory Auditor for a five-year term from FY 2025-26 to FY 2029-30, replacing M/s M C Asawa & Co whose five-year tenure ends at the upcoming AGM. Mr. Vipul Desai (a veteran finance professional with over 45 years of experience) was appointed as an Additional Independent Director and will chair the Audit Committee, while Mr. Nitin Rane will step down as Independent Director on September 25, 2025 after completing his tenure. The 34th AGM is set for September 25, 2025 via video conference.
The auditor change is a routine completion of a five-year term rather than a mid-term exit, so it is unlikely to raise governance red flags. Investors may want to note the decline in quarterly profit despite revenue growth, which points to pressure on margins.