Board approves Q1 FY 2026-27 results, recommends Price Waterhouse as auditor for five years

Board meeting outcomes.

Mon 5 Oct 2026

Revenue from operations (consolidated)

Rs. 1,263.27 million

Net profit (consolidated)

Rs. 78.35 million

Exceptional item - Noida warehouse fire

Rs. 113.66 million

What the board approved

• Unaudited standalone and consolidated financial results for Q1 FY 2026-27, recommended by the Audit Committee and approved by the Board, along with the limited review reports. The statutory auditors carried out a limited review and issued an unmodified review report.
• Price Waterhouse Chartered Accountants LLP recommended to the Members as statutory auditor for a term of five consecutive years, commencing from the conclusion of the 14th AGM until the conclusion of the 19th AGM (to be held in the year 2031), subject to shareholders' approval at the ensuing AGM.
• The reason for the change is completion of the existing statutory auditor's tenure (Deloitte Haskins & Sells LLP).
• Deepika N. Bhandiwad, Company Secretary, appointed Compliance Officer under the SEBI (Prohibition of Insider Trading) Regulations, 2015.
• Deepika N. Bhandiwad and Hakim F. Ujjainwala, Chief Financial Officer, were authorised to determine the materiality of events or information.

Q1 FY 2026-27 numbers (consolidated, unaudited, in million rupees)

• Revenue from operations: 1,263.27, against 1,095.36 in the quarter ended March 31, 2026 and 835.98 in the quarter ended June 30, 2025.
• Total income: 1,270.99.
• Profit before exceptional items and tax: 219.30.
• Exceptional items: 113.66.
• Profit before tax: 105.64.
• Net profit for the period: 78.35, against 167.86 in the quarter ended March 31, 2026 and 127.67 in the quarter ended June 30, 2025.
• Basic earnings per share: 0.78; diluted: 0.76.

The exceptional item explained

The Company reported a fire on June 10, 2026 at its sub-leased warehouse at Noida, Uttar Pradesh. There was no human loss or injury and no loss of books of accounts. Management has assessed a total financial impact of Rs. 113.66 million, mainly attributable to derecognition of the net carrying value of property, plant and equipment, cost of consumables and other assets. The Company has shared an insurance claim for the loss of property, plant and equipment. A legal notice has been issued by the sub-lessor claiming certain damages, to which the Company has responded and assessed no liability arising from contractual obligations in terms of the sub-lease agreement. Management does not expect any material adverse impact on the financial position of the Company on account of this event, given the insurance coverage in place.

Context from the notes

• The Company completed an Initial Public Offer of 31,080,011 equity shares of face value of Re. 1/- each at an offer price of Rs. 404/- per equity share, with a discount of Rs. 20 per equity share offered to eligible employees bidding in the employee reservation portion. It comprised a fresh issue of 3,714,482 equity shares aggregating to Rs. 1,500.00 million and an offer for sale of 27,365,529 equity shares aggregating to Rs. 11,055.67 million by the selling shareholders. The equity shares were listed on NSE and BSE on September 17, 2026.
• The Board, at its meeting held on July 20, 2026, approved conversion of 65,013 Compulsorily Convertible Preference Shares (Series A to Series D1) of Rs. 100 each into 65,883,702 equity shares of Re. 1 each.
• Paid-up equity share capital is Rs. 34.47 million (face value Re. 1 each).
• On November 21, 2025 the Government of India notified four Labour Codes consolidating 29 existing labour laws. The Company has presented an incremental impact of Rs. 25.79 million, primarily arising from a change in wage definition, as an exceptional item for the year ended March 31, 2026.

About the incoming auditor

Price Waterhouse Chartered Accountants LLP holds Firm Registration No. 012754N/N500016. The firm was established in 1991 and converted into a limited liability partnership in 2014. It has its registered office in New Delhi and seventeen (17) branch offices in various cities in India, and has more than 120 Assurance Partners as of April 1, 2026.

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