Usha Martin Limited has informed the Exchange regarding Change in Auditors of the company.
USHAMART · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Usha Martin Limited held a Board Meeting on April 30, 2026 where it approved standalone and consolidated financial results for Q4 and FY 2026. Consolidated revenue from operations for the year was Rs. 3,69,106 lakhs, up from Rs. 3,47,416 lakhs in the previous year. The Board recommended a dividend of Rs. 3.75 per equity share (375% on Re. 1 face value) for FY 2026, subject to shareholder approval at the AGM. The company appointed M/s Mani & Co. as Cost Auditor and M/s Deloitte Touche Tohmatsu India LLP as Internal Auditor for FY 2026-27. Statutory Auditor S.R. Batliboi & Co. LLP issued an unmodified opinion. Note 7 discusses ongoing ED and CBI proceedings related to iron ore sales from prior years involving land parcels at Ranchi valued at Rs. 19,037 lakhs. The company continues to defend itself against these allegations. A gain of Rs. 1,540 lakhs from sale of Chennai property and interest income of Rs. 1,963 lakhs on tax refund were also recognized.
The headline claiming a change in statutory auditors is misleading - S.R. Batliboi & Co. LLP continues as statutory auditor. The appointment of new cost and internal auditors is routine and not concerning. The ongoing ED/CBI legal proceedings regarding iron ore matters remain a watch item but management believes it has a strong case.