Addi Industries Limited reported a consolidated net profit of ₹89.12 lakh for the quarter ended June 30, 2026 (Q1FY26), compared to ₹83.96 lakh in the same period last year. The Board of Directors also addressed a significant governance shift by approving the resignation of its statutory auditors, M/s B R Gupta & Co., effective August 01, 2026, and appointing M/s Shilpi Sharma and Co LLP as the replacement. The auditor's departure stems from an unresolved dispute regarding audit fees for FY27, citing the company's unwillingness to increase remuneration to levels commensurate with the Institute of Chartered Accountants of India (ICAI) recommendations.

The financial results were reviewed by the Audit Committee and approved at the Board meeting held on August 01, 2026. The filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resignation letter from B R Gupta & Co., filed under SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, confirmed that there were no concerns regarding management conduct or availability of information. The firm cited only the fee disagreement as the reason for stepping down.

Financial Performance

The company’s standalone revenue from operations remained nil for the quarter, consistent with the prior year. However, other income contributed significantly to the bottom line. Standalone other income stood at ₹134.49 lakh, down slightly from ₹137.27 lakh in Q1FY25. Total standalone expenses decreased to ₹28.47 lakh from ₹31.27 lakh in the corresponding period, primarily due to lower finance costs (₹12.44 lakh vs ₹0.27 lakh) and other expenses (₹5.64 lakh vs ₹10.89 lakh). This resulted in a standalone net profit of ₹86.45 lakh, up from ₹80.33 lakh in Q1FY25.

On a consolidated basis, which includes subsidiary Aum Texfab Private Limited, revenue from operations was ₹209.08 lakh. Total consolidated income reached ₹345.55 lakh. Consolidated expenses totaled ₹235.97 lakh, leading to a profit before tax of ₹109.58 lakh. After tax expenses of ₹20.46 lakh, the consolidated net profit for the period was ₹89.12 lakh.

Auditor Transition and Going Concern

M/s Shilpi Sharma and Co LLP has been appointed to fill the casual vacancy caused by the resignation of B R Gupta & Co., effective August 01, 2026, until the conclusion of the ensuing Annual General Meeting (AGM). The Board has further recommended their appointment for a term of five consecutive years, subject to shareholder approval at the AGM. Shilpi Sharma and Co holds Firm Registration No. 021442N and has experience in corporate audits and bank branch audits.

The auditor’s review report highlighted a material uncertainty regarding the company’s ability to continue as a going concern. Note 4 in the financial results states that while the Board is exploring modalities for a new business venture, it has not yet been implemented. However, management maintains that the going concern basis is appropriate due to significant cash and bank balances, positive net worth, and no borrowings.

Addi announced the close of its Series D, which totals $85 million in equity financing, in a round led by Citius and co-led by BTG Pactual. The funding marks BTG Pactual's first Growth investment outside Brazil and underscores growing investor confidence in Colombia's financial services market. Participants included GIC, Monashees, and others, deepening commitments from previous rounds.

The company will use the proceeds to continue growing its credit platform, strengthen technology infrastructure, and expand the portfolio of financial products for consumers and merchants across Colombia. Santiago Suárez, CEO and Co-founder of Addi, stated that the company has been profitable for two years and raised the round to accelerate its growth trajectory and bring world-class partners to the table.

Strategic Partnerships and Growth

Citius, a global investment firm and long-term shareholder, led the round. Oleg Gordienko, Co-founder & Partner of Citius, highlighted Addi's role in transforming Colombia's financial and e-commerce landscape. BTG Pactual's Private Capital division co-led the investment through its Growth Strategy. As part of the agreement, Addi and BTG Pactual will collaborate on joint strategic initiatives in the Colombian market.

Gabriela Lima, Private Capital Director at BTG Pactual, compared Colombia's current credit access transformation to Brazil's past experience. She noted that Addi is redefining the credit experience for consumers and merchants through AI deployed at scale.

Recent Milestones

This Series D follows a series of milestones for the company. In April 2026, Addi closed a $150 million structured credit facility led by J.P. Morgan, the first warehouse financing structure the bank has arranged for a company in Colombia. This brought Addi's total debt commitments to more than $680 million. Additionally, the company received authorization from the Superintendencia Financiera de Colombia to operate as a regulated entity, allowing for deposit-taking activities.

Company Overview

Addi serves as a commerce and financial services platform in Colombia with more than 3 million customers and over 39,000 merchants. Founded in 2018, the company is backed by global investors including Andreessen Horowitz, BTG Pactual, GIC, Citius, and Union Square Ventures.