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Mazda Ltd. Interim / Quarterly Report 2026
62495_rns_2026-05-26_9bab8548-a9a1-4b78-802e-8236f16613be.pdf
Interim / Quarterly Report
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Certified for PED Modules H & H1 by HSB IE Limited (Nolho # 2833)
IBR Certified
ASME "U" / "S"
NATIONAL BOARD "NB"
MEMBERS OF : HTRI-USA
ISO 9001:2015 Certified
UKAS MANAGEMENT SYSTEMS
ISO 14001:2015 & ISO 45001:2018 Certified
M
ASSOCIATED
Management Systems
Certification Body
MSCB-119
IAS
MAZDA
LIMITED
26 May, 2026
To,
| Bombay Stock Exchange Limited Corporate Relationships Department 1st Floor, New Trading Ring, Rotunda Building, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 BSE CODE: 523792 | National Stock Exchange of India Limited Exchange Plaza, C-I, Block G, Bandra Kurla Complex, Bandra (E) Mumbai - 400 051 NSE CODE: MAZDA |
|---|---|
Sub: Outcome of Board Meeting held on 26th May, 2026
Dear Sir,
Pursuant to Regulation 30 and Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors at the Board Meeting held today has inter alia approved the following:
- Approved and taken on record Audited Financial Results (Standalone) for the quarter and year ended on 31st March, 2026 along with Auditors' Report on Audited Financial Statements. The same is attached herewith.
Pursuant to regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 we hereby declare that the Statutory Auditor of the company, Mayank Shah & Associates (Firm Registration No. 106109W) has issued the Audit Report on Standalone financial results for the fourth quarter and financial year ended on 31st March, 2026 is with unmodified opinion.
- Recommended a dividend of (200 %) Rs. 4.00 per equity share of face value of Rs. 2/- each for the financial year ended on 31st March, 2026 subject to the approval of the shareholders at the ensuing Annual General Meeting.
The meeting of the Board of Directors of the company commenced at 07:00 P.M and concluded at 07.35 P.M.
Please take note of the same.
Thanking you
Yours faithfully
For Mazda Limited
NISHITH KAYASTH
Digitally signed by NISHITH KAYASTH
DN: c cfls: a cfls:c pcs
print (0) other 0000001 on r2qjpms
serial (number: 22738842023) 00249482405
sell (date: 06/10/15) 20:08:04 072371020211
%20SOS, csc.06024514-00140254
Date: 2026.05.26 20:14:00 +02'00'
Nishith Kayasth
Company Secretary
| Sales & Admn. Office : Mazda House, Panchwati 2nd Lane, Ambawadi, Ahmedabad - 380006, INDIA Phone: +91 (0) 79 40007000 (30 Lines) +91 (0) 79 2644 2036, 37, 38 Fax: +91 (0) 79 2656 5605 E-mail : [email protected] Website : www.mazdalimited.com | Works & Registered Office : Unit-1 C/1-39/13/16, G.I.D.C., Naroda, Ahmedabad - 382 330 Phone: +91 (0) 79 40267000 | Works : Unit-2 Piot No. 11 & 12, Hitendranagar Sahakari Vasahat Ltd., N.H. Road, Naroda, Ahmedabad - 382 340 Phone: +91 (0) 79 40266900 | Works : Unit-3 C/1-A5, G.I.D.C., Odhav, Ahmedabad - 380 015 Phone: +91 (0) 79 22874945 | Works : Unit-4 Piot No. 17/1, Phase-III, G.I.D.C., Naroda, Ahmedabad - 382 330 Phone: +91 (0) 79 40147000 | Works : Unit-5 Piot No. 7610, Phase-IV, G.I.D.C., Vatva, Ahmedabad - 382 445 (M) : 9879113091 |
|---|---|---|---|---|---|
CIN: L29120GJ1990 PLCO14293
MAZDA LIMITED
CIN:L29120GJ1990PLC014293
Regd. Office : C/1-39/13/16 GIDC Naroda, Ahmedabad - 382 330
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31/03/2026
(Rs. In Lacs)
| PART - I | Audited Quarter ended | Unaudited Quarter ended | Audited Quarter ended | Audited Year Ended | |
|---|---|---|---|---|---|
| PARTICULARS | 31/03/2026 | 31/12/2025 | 31/03/2025 | 31/03/2026 | |
| 1 | Income | ||||
| (a) Revenue from operations | 6,419.16 | 4,739.32 | 5,351.74 | 21,205.47 | 19,326.40 |
| (b) Other Income | 12.35 | 184.48 | 91.80 | 705.22 | 747.31 |
| Total Income (a+b) | 6,431.51 | 4,923.80 | 5,443.54 | 21,910.69 | 20,073.71 |
| 2 | Expenses | ||||
| (a) Cost of materials consumed | 4,380.97 | 3,125.74 | 2,731.20 | 13,440.25 | 9,532.43 |
| (b) Purchase of stock-in-trade | - | - | - | - | - |
| (c) (Increase) / Decrease in inventories of finished goods, work in progress and stock in trade | (1,452.68) | (1,560.83) | (35.38) | (4,346.95) | (568.47) |
| (d) Employee benefit expense | 790.98 | 729.40 | 646.32 | 3,258.42 | 2,924.58 |
| (e) Finance cost | 31.98 | 28.20 | 10.33 | 100.82 | 53.59 |
| (f) Depreciation & amortisation expense | 106.55 | 105.87 | 98.47 | 417.76 | 388.56 |
| (g) Labour Charges | 629.98 | 541.93 | 417.67 | 2,121.96 | 1,621.52 |
| (h) Other Expenses | 1,068.94 | 824.30 | 802.70 | 3,282.44 | 2,820.76 |
| Total expenses (a to h) | 5,556.71 | 3,794.61 | 4,671.31 | 18,274.70 | 16,772.97 |
| 3 | Profit / (Loss) from operations before exceptional items (1-2) | 874.79 | 1,129.19 | 772.23 | 3,635.99 |
| 4 | Exceptional Items | - | - | - | - |
| 5 | Profit / (Loss) from ordinary activities before Tax (3+4) | 874.79 | 1,129.19 | 772.23 | 3,635.99 |
| 6 | Tax Expense | ||||
| (a) Current Tax | 288.42 | 276.40 | 175.54 | 877.82 | |
| (b) Deferred Tax | (42.42) | (19.55) | 41.11 | 7.30 | 175.70 |
| 7 | Net Profit / (Loss) from ordinary activities after tax (5-6) | 628.79 | 872.34 | 555.58 | 2,750.87 |
| 8 | Other Comprehensive Income | ||||
| 8A | Items that will not be reclassified to profit or loss: | ||||
| (a) | (i) Remeasurement benefit of defined benefit plans | (80.08) | (21.55) | (41.37) | (144.72) |
| (ii) Income tax expense on remeasurement benefit of defined benefit plans | 20.15 | 5.42 | 10.41 | 36.42 | |
| (b) | (i) Net fair value gain/(loss) on investments in equity instruments through OCI | (6.15) | (16.22) | (42.84) | 22.65 |
| (ii) Income tax expense on investments in equity instruments through OCI | 0.88 | 2.32 | 6.13 | (3.24) | |
| 8B | (i) Items that will be reclassified to profit or loss | - | - | - | - |
| (ii) Income Tax relating to items that will be reclassified to profit or loss | - | - | - | - | |
| Total Comprehensive Income | (65.19) | (30.02) | (67.67) | (88.89) | |
| 9 | Total Comprehensive Income For The Period | 563.61 | 842.31 | 487.91 | 2,661.98 |
| 10 | Paid-up equity share capital (Face Value of Rs.2 per share) | 400.50 | 400.50 | 400.50 | 400.50 |
| 11 | Other equity excluding Revaluation Reserve | 24,533.20 | 22,592.12 | ||
| 12 | Basic and Diluted Earnings Per Share (EPS) (Rs.) | 3.14 | 4.36 | 2.77 | 13.74 |
MZDA LIMITED
MAZDA LIMITED
CIN:L29120GJ1990PLC014293
Regd. Office : C/1-39/13/16 GIDC Naroda, Ahmedabad - 382 330
SEGMENTWISE REVENUE AND RESULTS FOR THE QUARTER ENDED 31/03/2026
(Rs. In Lacs)
| PART - I | Audited Quarter ended | Unaudited Quarter ended | Audited Quarter ended | Audited Year Ended | ||
|---|---|---|---|---|---|---|
| PARTICULARS | 31/03/2026 | 31/12/2025 | 31/03/2025 | 31/03/2026 | 31/03/2025 | |
| 1 | Segment revenue | |||||
| (a) Engineering Division | 5,143.49 | 4,014.58 | 4,154.17 | 17,649.91 | 15,666.89 | |
| (b) Food Division | 1,275.67 | 724.74 | 1,197.57 | 3,555.57 | 3,659.51 | |
| Revenue from operations | 6,419.16 | 4,739.32 | 5,351.74 | 21,205.47 | 19,326.40 | |
| 2 | Segment results [Profit/(Loss) before tax from each segment] | |||||
| (a) Engineering Division | 1,140.40 | 1,384.16 | 827.74 | 4,551.70 | 3,934.34 | |
| (b) Food Division | 216.87 | 9.38 | 31.11 | 402.55 | 300.51 | |
| Total | 1,357.27 | 1,393.54 | 858.85 | 4,954.26 | 4,234.85 | |
| 3 | Less: Finance Costs | 31.98 | 28.19 | 10.33 | 100.82 | 53.59 |
| 4 | Less: Other Un-allocable Expenditure | 260.10 | 409.43 | 146.24 | 1,643.05 | 1,545.26 |
| 5 | Add: Un-allocable Income | (190.39) | 173.27 | 69.95 | 425.59 | 664.74 |
| 6 | Profit before Tax | 874.79 | 1,129.19 | 772.23 | 3,635.99 | 3,300.74 |
SEGMENTWISE ASSETS AND LIABILITIES FOR THE QUARTER ENDED 31/03/2026
(Rs. In Lacs)
| PART - II | Audited Quarter ended | Unaudited Quarter ended | Audited Quarter ended | Audited Year Ended | ||
|---|---|---|---|---|---|---|
| PARTICULARS | 31/03/2026 | 31/12/2025 | 31/03/2025 | 31/03/2026 | 31/03/2025 | |
| 1 | Segment Assets | |||||
| a) Engineering | 16,369.97 | 14,934.18 | 9,105.17 | 16,369.97 | 9,105.17 | |
| b) Food | 6,367.40 | 5,849.88 | 5,659.73 | 6,367.40 | 5,659.73 | |
| Total Segment Assets | 22,737.37 | 20,784.06 | 14,764.90 | 22,737.37 | 14,764.90 | |
| c) Unallocable Assets | 8,752.30 | 8,985.66 | 11,704.27 | 8,752.30 | 11,704.27 | |
| Total Assets | 31,489.67 | 29,769.72 | 26,469.17 | 31,489.67 | 26,469.17 | |
| 2 | Segment Liabilities | |||||
| a) Engineering | 4,658.37 | 3,505.12 | 2,112.90 | 4,658.37 | 2,112.90 | |
| b) Food | 618.34 | 544.49 | 257.79 | 618.34 | 257.79 | |
| Total Segment Liabilities | 5,276.71 | 4,049.61 | 2,370.69 | 5,276.71 | 2,370.69 | |
| c) Unallocable Liabilities | 1,279.26 | 1,350.01 | 1,105.86 | 1,279.26 | 1,105.86 | |
| Total Liabilities | 6,555.97 | 5,399.62 | 3,476.55 | 6,555.97 | 3,476.55 |
Notes:
-
The Audited Standalone Financial Results have been prepared in accordance with the Ind-AS as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendments Rules, 2016.
-
The figures for the quarter ended 31st March 2026 and 31st March 2025 are respective balancing figures between the audited figures in respect of the full financial year ended 31st March,2026 and 31st March ,2025 and the published year to date figures upto the third quarter ended 31st December,2025 and 31st December,2024, respectively.
-
After review by the Audit Committee, the Board of Directors of the Company has approved the Standalone financial result at their meeting held on May 26, 2026.
-
The incremental impact of the new labour codes on its employee benefit costs was not material to the financial results for the quarter and also for year end. It would continue to assess the impact of the new labour codes on employee benefit expenses, such as gratuity, and make necessary accounting adjustments as the central and state governments notify the final, fully operationalized rules.
-
The company has reported segment information as per Ind AS 108 "Operating segments". Segment composition consists of Two segments i.e. Engineering Division & Food Division.
Segment assets & liabilities figures given above are directly identifiable to respective segments and those assets & liabilities for corporate services for Head office, Mumbai office & Investments have been shown as unallocable.
- Figures of previous periods/year have been regrouped / reclassified wherever considered necessary.
FOR MAZDA LIMITED
PERCY AVARI
WHOLE-TIME DIRECTOR
Date: 26/05/2026
Place: Ahmedabad
MAZDA LIMITED
BALANCE SHEET AS AT 31ST MARCH, 2026
(Amt in Rs. Lacs)
| Particulars | AS AT 31ST MARCH, 2026 | AS AT 31ST MARCH, 2025 |
|---|---|---|
| ASSETS | ||
| Non-Current Assets | ||
| Property, Plant and Equipment | 7,137.16 | 7,055.64 |
| Capital Work-in-Progress | 1.01 | 113.98 |
| Investment Property | 278.03 | 283.03 |
| Other Intangible Assets | 19.45 | 19.19 |
| Financial Assets | ||
| Investments | 241.80 | 219.15 |
| Loans | 4.82 | 3.47 |
| Other Financial Assets | 169.14 | 160.26 |
| Other Non-current Assets | 31.45 | 7.31 |
| Income Tax Assets (net) | 0.84 | 205.43 |
| 7,883.71 | 8,067.48 | |
| Current Assets | ||
| Inventories | 9,816.93 | 4,370.02 |
| Financial Assets | ||
| Investments | 6,279.30 | 8,700.57 |
| Trade Receivables | 5,912.33 | 4,065.28 |
| Cash and Cash Equivalents | 673.28 | 944.22 |
| Other Balances with Banks | 21.66 | 20.37 |
| Loans | 15.09 | 9.66 |
| Other Financial Assets | 2.32 | 2.38 |
| Other Current Assets | 885.07 | 289.18 |
| 23,605.97 | 18,401.70 | |
| TOTAL ASSETS | 31,489.67 | 26,469.17 |
| EQUITY | ||
| Equity Share Capital | 400.50 | 400.50 |
| Other Equity | 24,533.20 | 22,592.12 |
| 24,933.70 | 22,992.62 | |
| LIABILITIES | ||
| Non-Current Liabilities | ||
| Financial Liabilities | ||
| Borrowings | - | - |
| Other Financial Liabilities | 2.97 | 2.86 |
| Provisions | 197.62 | 22.72 |
| Deferred Tax Liabilities (Net) | 569.11 | 595.00 |
| Other Non Current Liabilities | 0.19 | 0.40 |
| 769.90 | 620.98 | |
| Current Liabilities | ||
| Financial Liabilities | ||
| Borrowings | - | - |
| Trade Payables | ||
| total outstanding dues of micro enterprises and small enterprises; and | 403.61 | 221.42 |
| total outstanding dues of creditors other than micro enterprises and small enterprises. | 1,810.12 | 1,331.32 |
| Other Financial Liabilities | 422.10 | 395.40 |
| Other Current Liabilities | 3,058.84 | 873.29 |
| Provisions | 91.40 | 34.14 |
| 5,786.07 | 2,855.57 | |
| TOTAL EQUITY AND LIABILITIES | 31,489.67 | 26,469.17 |
MADDA
AMEDA
MAZDA LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH, 2026
(Amt in Rs. Lacs)
| Particulars | Year
2025-26 | Year
2024-25 |
| --- | --- | --- |
| A. CASH FLOW FROM OPERATING ACTIVITIES | | |
| Profit Before tax | 3,635.99 | 3,300.73 |
| Adjustment for : | | |
| Finance Costs | 100.82 | 53.59 |
| Depreciation and Amortisation | 417.76 | 388.56 |
| Interest/Dividend received | (10.48) | (2.38) |
| Rent Income | (12.12) | (12.13) |
| Net (Gain) on sale of investment measured at FVTPL | (188.25) | (107.71) |
| Net (Gain) on fair valuation of investment at FVTPL | (214.44) | (545.34) |
| Net unrealised exchange (gain) / loss | (91.11) | (7.52) |
| Bad Debts written off / (written back) | (83.46) | 27.62 |
| Loss/(gain) on termination of lease agreement | 0.19 | - |
| (Profit)/Loss on Sale of property, plant and equipment (Net) | 3.82 | (0.02) |
| (including assets scrapped off) | | |
| Operating Profit before Working Capital Changes | 3,558.71 | 3,095.41 |
| Adjustment for : | | |
| (Increase) / Decrease in Trade Receivables | (1,673.05) | (767.07) |
| (Increase) / Decrease in Other Financial Assets | (15.66) | (20.51) |
| (Increase) / Decrease in Inventories | (5,446.91) | (778.19) |
| (Increase) / Decrease in Other assets | (600.36) | (45.06) |
| Increase / (Decrease) in Trade payables | 660.45 | 135.89 |
| Increase / (Decrease) in Other financial liabilities | 39.79 | 1.44 |
| Increase / (Decrease) in Provisions | 87.45 | (85.84) |
| Increase / (Decrease) in Other liabilities | 2,185.34 | 337.49 |
| Cash generated from Operating activities | (1,204.23) | 1,873.57 |
| Direct Taxes (Paid)/Net of Refund | (673.23) | (766.82) |
| Net Cash from Operating Activities (A) | (1,877.46) | 1,106.75 |
| B. CASH FLOW FROM INVESTING ACTIVITIES | | |
| Purchases of Property, Plant and equipment including Capital | (420.32) | (401.18) |
| Work in Progress and capital advances | | |
| Proceeds from sale of Property, Plant and Equipment (Net) | 0.86 | 18.38 |
| Interest/Dividend received | 10.55 | 2.24 |
| Rent Income | 12.09 | 11.53 |
| Purchases of Current Investments | (46.50) | (2,950.00) |
| Sale of Current Investments | 2,870.46 | 2,440.75 |
| Net Cash (used) in Investing Activities (B) | 2,427.13 | (878.28) |
| C. CASH FLOW FROM FINANCING ACTIVITIES | | |
| Finance cost paid | (100.82) | (53.59) |
| Dividend Paid | (720.90) | (640.80) |
| Net Cash (used) in Financing Activities (C) | (821.72) | (694.39) |
| NET INCREASE/(DECREASE) IN CASH & CASH EQUIVALENTS | (272.05) | (465.92) |
| Cash & Cash Equivalents at the beginning of the year | 944.22 | 1,410.05 |
| Unrealised Gain/(Loss) on foreign currency Cash and Cash Equivalents | 1.11 | 0.09 |
| Cash & Cash Equivalents at the end of the year | 673.28 | 944.22 |
MULIGARLIMITED 11000000000000000000000000000000000000
Notes:
(a) Cash and cash equivalents included in the Statement of Cash Flows comprise the following (Amt in Rs. Lacs)
| Particulars | As at
31st March,2026 | As at
31st March,2025 |
| --- | --- | --- |
| Balance with Banks: | | |
| -Current Accounts | 619.97 | 40.80 |
| -Exchange Foreign Currency Account | 50.28 | 1.96 |
| -Deposits with original maturity of less than 3 months | - | 900.00 |
| Cash on hand | 3.04 | 1.45 |
| Cash and Cash Equivalents in Statement of Cash Flows | 673.28 | 944.22 |
(b) The above Statement of Cash Flows has been prepared under the "Indirect Method" as set out in the Indian Accounting Standard (Ind-AS-7)- Statement of Cash Flow.
Mayank Shah & Associates
CHARTERED ACCOUNTANTS
706/708-A, MAHAKANT, OPP. V.S.HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380 006. PHONE (O) 2657 5642
E-mail: [email protected]
INDEPENDENT AUDITOR'S REPORT
The Board of Directors of Mazda Limited
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying Statement of Standalone Financial Results of MAZDA LIMITED (the Company) for the year ended March 31, 2026 ("the Statement"), being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results:
a. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
b. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information of the Company for the year ended March 31,2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2026 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Management's Responsibilities for the Standalone Financial Results
These Standalone annual financial results have been prepared on the basis of the Standalone annual financial statement. The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2026 as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Standalone Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
-
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the Standalone Financial Results, including the disclosures, and whether the Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
The statement includes the results for the Quarter ended March 31, 2026 being the balancing figure between audited figures in respect of the full financial year ended March 31, 2026 and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us, as required under the Listing Regulations.
FOR, MAYANK SHAH & ASSOCIATES
(FIRM REGN. NO. 106109W)
CHARTERED ACCOUNTANTS
(M. S. SHAH)
PARTNER
Mem. No.044093
Place : Ahmedabad
Date : 26/05/2026
UDIN : 26044093GFONHO6463