Batliboi Limited has notified the stock exchange regarding a significant change in the statutory auditor of its material subsidiary, Quickmill Inc. The company filed the intimation on April 3rd, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor Cessation Details

Mr. Jeff Lingard of Inclusive Accounting Professional Corporation has ceased to hold office as statutory auditor of Quickmill Inc. The cessation occurred due to the auditor's voluntary relinquishment of their professional license in the relevant Canadian jurisdiction. This decision was made to pursue career opportunities outside the audit profession, which has rendered the auditor legally unable to perform audit or review engagements under applicable Canadian professional regulatory standards.

New Auditor Appointment

The Board of Directors of Quickmill Inc. has appointed MNP LLP Peterborough as the new statutory auditor in accordance with applicable law. The appointment ensures continuity in the subsidiary's audit functions following the departure of the previous auditor.

About MNP LLP

MNP LLP Peterborough brings substantial experience to the role, having been founded in Brandon, Manitoba in 1958. The firm provides client-focused accounting, consulting, tax, and digital services across more than 150 communities from coast to coast. With more than six decades of experience, MNP has extensive expertise in providing audit, tax, advisory and consulting services to companies similar to Quickmill Inc.

The firm demonstrates a solid understanding of audit issues that affect businesses and anticipates working with management in a proactive environment. The MNP team members are recognized as leaders in assurance services, with the Peterborough-based team adding direct industry and technical expertise to support Quickmill Inc.'s requirements.

Regulatory Compliance

The intimation was filed in compliance with SEBI regulations, ensuring transparency regarding material changes in subsidiary operations. The change in statutory auditor represents a routine corporate governance matter, with the new appointment maintaining the required audit standards for the material subsidiary.

Batliboi Limited conducted its Q3FY26 earnings conference call on February 12, 2026, providing detailed insights into the company's performance and future outlook. The management team, led by Chairman Nirmal Bhogilal and Managing Director Sanjiv Joshi, discussed the quarter's results and strategic initiatives during the call hosted by Go India Advisors.

Financial Performance and Growth Trajectory

The company reported significant operational improvements despite challenges in the textile sector. Revenue from operations increased substantially, reflecting the company's resilience across business segments.

Strong Order Book Position

Batliboi demonstrated robust order inflows across its business segments, maintaining a healthy pipeline for future growth. The company's order backlog reached approximately Rs. 586 crores as of December 2025, with quarterly order inflows of Rs. 222 crores.

Subsidiary Performance and Expansion

The company's Canadian subsidiary Quickmill recorded strong performance with turnover of Rs. 44 crores in Q3FY26 and profit of Rs. 6 crores. For the nine months ended 2026, Quickmill achieved revenue of Rs. 91 crores, demonstrating solid operational strength.

Batliboi's new subsidiary, Bioconserve Renewables Envirotech Private Limited, continues focusing on zero liquid discharge solutions, particularly for the textile industry. This business aligns with requirements for the Indo-EU trade agreement for textiles.

Capital Expenditure and Infrastructure Development

The company invested Rs. 27 crores in capital expenditure over the last three quarters in its factory operations. Management plans to close FY26 with an additional capex of around Rs. 10 crores, including a rooftop solar installation of approximately 1 megawatt.

Trade Agreements and Market Outlook

Chairman Nirmal Bhogilal expressed optimism about recent trade developments, particularly the Indo-US trade agreement and Indo-EU FTA. The Indo-US agreement reportedly reduces duty on Indian goods to 18%, making Indian textiles highly competitive compared to other countries including Bangladesh at 19%.

The management highlighted that these trade agreements, combined with the Union Budget's proposed capital expenditure of Rs. 12.20 lakh crores for FY27, create favorable conditions for capital goods companies like Batliboi.

Strategic Focus Areas

During the earnings call, management emphasized several strategic initiatives including expansion beyond textile applications in the machine tool division, growth in non-textile business segments, and leveraging opportunities in defense and aerospace sectors through their machine tool trading division.

The company maintains a cautious but optimistic outlook, with management indicating they will provide revised guidance for FY27 after assessing the full impact of trade agreements and completing the current financial year.