Kirtane & Pandit LLP appointed Statutory Auditors for 5 years; FY26 audited results approved

Auditor change: G. D. Apte & Co. retires at the 26th AGM after its first 5-year term and does not wish to be reappointed, citing pre-occupancies.

Wed 30 Sep 2026

Revenue from operations FY26

Rs. 94,798.12 lakhs

Profit after tax FY26

Rs. 34,012.42 lakhs

EPS FY26

Rs. 36.48

Outgoing Auditor

G. D. Apte & Co.

New Auditor

Kirtane & Pandit LLP, Pune (FY 2026-27 to FY 2030-31)

What changed in management and audit

• G. D. Apte & Co., Chartered Accountants, will retire as Statutory Auditors at the conclusion of the ensuing 26th AGM after completing their first term of 5 years, and have conveyed they do not wish to be reappointed for a second term due to their pre-occupancies.
• On the Audit Committee's recommendation, the Board approved Kirtane & Pandit LLP, Chartered Accountants, Pune as Statutory Auditors for 5 consecutive years, FY 2026-27 to FY 2030-31 (from the 26th AGM to the 31st AGM), at a remuneration to be decided by the Board, subject to member approval at the 26th AGM.
• The Board also approved the re-appointment of Mr. B. S. Mitkari, Whole Time Director (DIN: 03632549), as a Director liable to retire by rotation, subject to member approval at the AGM. The company confirmed he has not been debarred from holding office of director.

FY26 audited consolidated numbers (Rs. in lakhs)

• Revenue from operations: 94,798.12 vs 83,683.90 in FY25.
• Profit before tax: 49,725.32 vs 46,084.78.
• Profit after tax: 34,012.42 vs 33,784.74; share attributable to owners of the parent 13,739.71.
• Basic and diluted EPS: Rs. 36.48 vs Rs. 38.89.
• Q4 FY26 revenue from operations 26,981.46 with PAT 4,235.55 and EPS Rs. 3.95.
• Total tax expense for FY26 includes a short provision of earlier years of 1,750.00.
• Other equity rose to 33,281.81 from 18,272.04; non-current borrowings reduced to 59,428.58 from 79,484.20.

Segments and operations

• Infrastructure revenue for FY26 was 96,953.96; Wind Mills 2,293.65.
• Toll operations of material subsidiary NHDL concluded with effect from September 07, 2024 on expiry of the concession agreement term; management considers assets good, without provisioning or impairment.

Litigation and other notes

• An arbitration notice was shared before the Singapore International Arbitration Centre by AIRRO Mauritius Holdings V and Soinfra Enterprises Private Limited against sponsors, promoters and step-down subsidiary NECE, alleging failure to provide an exit. The company is named as 4th respondent. Claimants seek damages equal to investment of Rs. 500 Crore with 18% IRR, plus INR 70.90 Crores relating to shares acquired under a separate share purchase agreement, and pre- and post-award interest at 18% p.a. The company has been legally advised it has strong defences; a statement of defence and rejoinder have been shared and the matter continues before the Tribunal.
• The Karnataka High Court dismissed a landowner's writ petition but directed the State Government to re-look at the project; NECE's Special Leave Petition in the Supreme Court led to a stay of paragraphs 77 and 78 of that order.
• Re-appointment of NECE's Managing Director was not approved by NECE shareholders at the AGM held in November 2025; management says operations were not adversely affected and a new appointment process is underway.
• NICE's 7% Cumulative Redeemable Preference Shares tenure was extended up to 25th March 2040 by NCLT order; remeasurement reduced borrowings by Rs. 3,331.92 Lacs, increased other equity by Rs 2,493.27 Lacs and deferred tax liability by Rs. 838.65 Lacs.
• New Labour Codes: net additional provision of Rs. 88.99 lakhs for FY 2025-26 shown under exceptional items; NECE's gratuity obligation rose by Rs 182.50 lakhs as past service cost.
• The company has given Rs 3,700 Lakhs to NECE as advance towards land acquisition, considered good and recoverable, eliminated in group results.

How to read this

The auditor transition is a routine rotation outcome driven by the outgoing firm's own tenure completion and stated pre-occupancies, and both the new auditor and the director re-appointment need shareholder approval at the AGM. Investors may weigh the steady revenue growth against the ongoing arbitration claim and the expiry of NHDL's toll concession.

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