Board Meeting Details

The Board of Directors meeting was held on Thursday, 28th May 2026, commencing at 05:30 PM IST and concluding at 06:30 PM IST.

Key Matters Approved

1. Audited Financial Results

The Board approved the Audited Standalone Financial Results of the Company for the Fourth Quarter and the Financial Year ended 31st March 2026 along with the Auditors' Report issued by the Statutory Auditors M/s A R Sulakhe & Co, Chartered Accountants (FRN: 110540W).

The Statutory Auditors issued an Audit Report with an Un-modified opinion on the Audited Standalone Financial Results.

The Results are available on the websites of the Stock Exchanges and the Company at www.ishandyes.com.

2. Appointment of Internal Auditor

The Board appointed M/s. H D Panchal & Co., Chartered Accountants (FRN: 148232W) as Internal Auditor of the Company for the Financial Year ending 31st March 2027.

Details of Internal Auditor Appointment:

  • Reason for Change: Appointment to conduct Internal Audit for FY2026-27
  • Date of Appointment: 28th May 2026
  • Term: To conduct Internal Audit for Financial Year ending 31st March 2027
  • Address: A-202, Shukan Gold, Near Vandematram City, Chandlodia, Ahmedabad, Gujarat, India 382481
  • Profile: Proprietary firm with 9 years of experience in Assurance and Taxation services, based in Ahmedabad
  • Relationship with Directors: Not related to any of the Directors of the Company

Auditor's Qualified Opinion on Financial Results

Statutory Auditors M/s A R Sulakhe & Co issued a qualified opinion on the Standalone Financial Results for the year ended March 31, 2026.

Basis for Qualified Opinion:

1. Impairment of Related Party Loan:

  • Company advanced loan of ₹1,460.22 Lakhs to a related party
  • Related party's net worth has turned negative with no active business due to ongoing legal issues
  • Management has not made any provision for impairment as required under Ind AS 109
  • Auditors believe provision of ₹1,460.22 Lakhs is required
  • Impact if provision made: Net loss for FY2026 would have been higher by ₹1,460.22 Lakhs, reserves and surplus would have been lower by ₹1,460.22 Lakhs

2. Inventory Valuation Issue:

  • Company valued certain finished goods inventories against specific customer contracts at Net Realisable Value (NRV) amounting to ₹2,759.49 Lakhs
  • NRV exceeds cost, but Ind AS 2 requires measurement at lower of cost and NRV
  • Inventories should be measured at cost, resulting in overstatement by ₹284.78 Lakhs
  • Impact if corrected: Inventories would be lower by ₹284.78 Lakhs, net loss would have been higher by ₹284.78 Lakhs, total equity would have been lower by ₹284.78 Lakhs

Financial Performance Highlights

Standalone Statement of Assets and Liabilities (as at March 31, 2026)

  • Total Assets: ₹25,599.13 Lakhs (Previous: ₹22,189.53 Lakhs)
  • Non-Current Assets: ₹17,287.29 Lakhs (Previous: ₹14,463.13 Lakhs)
  • Property, plant and equipment: ₹16,340.06 Lakhs
  • Capital work-in-progress: ₹350.82 Lakhs
  • Intangible Assets: ₹46.68 Lakhs
  • Intangible Assets under Development: ₹43.09 Lakhs
  • Current Assets: ₹8,311.84 Lakhs (Previous: ₹7,726.40 Lakhs)
  • Inventories: ₹3,377.78 Lakhs
  • Trade receivables: ₹384.90 Lakhs
  • Cash and cash equivalents: ₹40.38 Lakhs
  • Financial Asset-Loans: ₹1,815.56 Lakhs
  • Total Equity: ₹14,213.42 Lakhs (Previous: ₹10,386.86 Lakhs)
  • Equity share capital: ₹2,730.44 Lakhs (Previous: ₹2,096.81 Lakhs)
  • Other equity: ₹11,482.98 Lakhs (Previous: ₹8,290.04 Lakhs)
  • Non-Current Liabilities: ₹3,794.78 Lakhs (Previous: ₹3,977.23 Lakhs)
  • Borrowings: ₹3,274.55 Lakhs
  • Current Liabilities: ₹7,590.94 Lakhs (Previous: ₹7,825.44 Lakhs)
  • Borrowings: ₹5,754.07 Lakhs
  • Trade payables: ₹560.51 Lakhs (Micro/Small: ₹152.50 Lakhs, Others: ₹408.01 Lakhs)

Standalone Statement of Cash Flow (Year ended March 31, 2026)

  • Net profit before tax: (₹496.20) Lakhs (Previous: ₹211.88 Lakhs)
  • Net cash from operating activities: ₹859.18 Lakhs (Previous: ₹1,160.62 Lakhs)
  • Net cash used in investing activities: (₹4,481.19) Lakhs (Previous: (₹3,915.37) Lakhs)
  • Net cash from financing activities: ₹3,648.13 Lakhs (Previous: ₹2,753.00 Lakhs)
  • Cash and cash equivalents at end: ₹40.38 Lakhs (Previous: ₹14.26 Lakhs)

Key Cash Flow Components:

  • Proceeds from issue of shares: ₹3,991.84 Lakhs
  • Proceeds from Issue of Share Warrants: ₹538.79 Lakhs
  • Payments for acquisition of property, plant and equipment: (₹3,915.02) Lakhs
  • Loan given (Net): (₹788.18) Lakhs
  • Finance Cost: ₹701.83 Lakhs
  • Interest paid: (₹694.08) Lakhs

Additional Information

  • The Company has one reportable business segment: Chemicals
  • Figures of previous periods have been regrouped/rearranged/recasted wherever necessary
  • Financial results prepared in accordance with Companies (Indian Accounting Standards) Rules 2015 (Ind AS)
  • The disclosure is made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015