ZUARI INDUSTRIES LIMITED has informed the Exchange regarding Change in Auditors of the company.
ZUARIIND · price
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Awaiting price reaction for this filing.
Zuari Industries' board, meeting on 12 August 2025, approved unaudited financial results for Q1 FY26 (quarter ended 30 June 2025). Standalone revenue from operations stood at Rs 210.27 crore (vs Rs 214.52 crore in Q1 FY25), with a standalone loss after tax of Rs 3.89 crore. Consolidated revenue rose to Rs 257.46 crore (vs Rs 225.71 crore) but the company reported a small consolidated loss of Rs 0.48 crore, partly due to Rs 4.48 crore in impairment losses on investments in two furniture subsidiaries (IFPL and FFPIL). The board re-appointed M/s V Sankar Aiyar & Co as Statutory Auditors for a second 5-year term and appointed M/s Aditi Agarwal & Associates as the new Secretarial Auditor for 5 years (FY26–FY30). M/s T R Chadha & Co LLP was appointed as Internal Auditor for FY26 and Mr. Somnath Mukherjee was re-appointed as Cost Auditor. The board also approved shifting the registered office from Goa to Haryana, amendments to the MOA and AOA, and a 1-year extension of Rs 60 crore in inter-corporate deposits given to associate Zuari Agro Chemicals. The auditor's review report flagged a pending SEBI show cause notice (January 2025) to the company and 3 former and 1 present KMP over alleged irregularities in earlier financial statements; a joint settlement application has been filed. It also noted a Rs 4.76 crore UP excise demand on ethanol pass fees that the company is challenging in the Allahabad High Court.
Shareholders should note the company remains in loss territory at the standalone level, with continued write-downs in the furniture business being a drag. The re-appointment of the existing statutory auditor (rather than a mid-term change) is neutral, but the pending SEBI show cause notice and a fresh UP excise demand are regulatory overhangs to watch. The registered office shift to Haryana and the bulk of board-level decisions are administrative/routine and unlikely to move the stock on their own.