Key Quantitative Figures

  • Accounting Error Amount: ₹694.63 lakhs (₹6.95 crore) understatement of raw material cost
  • Restated FY26 Profit After Tax: ₹582.42 lakhs (previously reported higher)
  • Restated Q4 FY26 Profit After Tax: ₹922.96 lakhs
  • Restated Q3 FY25 Loss After Tax: (₹468.16) lakhs
  • FY26 Basic EPS: ₹10.13 (restated from higher previous figure)
  • Q4 FY26 Basic EPS: ₹16.06
  • Proposed Final Dividend: ₹7 per equity share (70% on face value of ₹10)
  • Paid-up Equity Share Capital: ₹574.70 lakhs
  • Reserves (Other Equity): ₹35,105.76 lakhs (restated from ₹35,627.05 lakhs)

Dates of Action

  • Board Meeting: August 12, 2026 (10:00 AM - 12:55 PM IST)
  • Annual General Meeting: September 29, 2026
  • Book Closure: September 23, 2026 to September 29, 2026 (both days inclusive)
  • Record Date: September 22, 2026
  • Auditor Reappointment Term: From conclusion of 6th AGM to conclusion of 11th AGM (approximately 5 years)

Parties Involved

  • Statutory Auditors: M/s. Kalyaniwalla & Mistry LLP, Chartered Accountants (Firm Registration No. 104607W/W100166)
  • Stock Exchange: BSE Limited
  • Key Personnel: Akshay Rasikbhai Satasiya (Company Secretary & Compliance Officer), Rajiv Arora (Chief Executive Officer and Director), Chirag Kothari (Chief Financial Officer), Thrity Zenosh Patel (Partner at Kalyaniwalla & Mistry LLP)

Purpose and Rationale

The Board retrospectively restated financial results due to the discovery of incorrect accounting configuration relating to processing of invoices of natural gas in the ERP system, which resulted in understatement of raw material cost by ₹694.63 lakhs and consequent overstatement of profit for Q3 FY25 and FY26. The correction was made in accordance with Indian Accounting Standard (Ind AS) 8 - Accounting Policies, Changes in Accounting Estimates and Errors.

Financial Impact

The accounting error resulted in:

  • Understatement of trade payables by ₹694.63 lakhs
  • Overstatement of other equity by ₹521.29 lakhs
  • Understatement of non-current tax assets by ₹173.34 lakhs
  • Restated FY26 profit after tax decreased to ₹582.42 lakhs from previously reported higher figure
  • Restated Q3 FY25 loss after tax increased to (₹468.16) lakhs from previously reported (₹183.23) lakhs

Capital Structure Impact

No change to paid-up equity share capital. Reserves decreased by ₹521.29 lakhs due to the restatement.

Cash Flow Implications

Not specifically quantified in the disclosure beyond the restated cash flow statement showing net increase in cash and cash equivalents of ₹594.27 lakhs for FY26.

Forward-Looking Information

  • Final dividend of ₹7 per share subject to member approval at AGM
  • Auditor reappointment for second five-year term subject to member approval
  • AGM to be held on September 29, 2026, through video conference/audio-visual means