The Board of Directors of beml land assets has appointed M/s MMA & Partners as the company’s Secretarial Auditor for a term of five years. The appointment covers the financial periods from FY 2026-27 to FY 2030-31 and requires final ratification by shareholders at the company’s ensuing Annual General Meeting.

The decision was taken during a Board meeting held on August 7, 2026. The meeting commenced at 15:30 and concluded at 15:50. The appointment is made pursuant to Section 204 of the Companies Act, 2013, read with Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made under Regulation 30 of the SEBI (LODR) Regulations, 2015.

Auditor Profile and Qualifications

M/s MMA & Partners, formerly known as M/s Manish Mishra & Associates, is a partnership firm of Practicing Company Secretaries based in Lucknow with a branch office in Delhi. Established in 2015, the firm specializes in corporate legal and advisory services, with a focus on Secretarial Audit and compliance management for local and multinational companies.

The firm is peer-reviewed under the guidelines issued by the Institute of Company Secretaries of India (ICSI). It holds Peer Review Certification No. 3163/2023 and Unique Code P2015UP081000 issued by ICSI. The firm describes itself as a mid-sized entity offering comprehensive solutions for corporate compliances within India’s regulatory landscape.

Key Details of Appointment

The appointment aims to ensure robust control mechanisms and proper compliance with evolving regulatory requirements. The firm’s team consists of qualified professionals experienced in corporate governance. No relationships between directors and the appointed auditors were disclosed as applicable.

Regulatory Compliance

The disclosure includes details required under SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The Company Secretary and Compliance Officer, Bharti Ramchandani (ICSI Mem. No.: 11561), signed the communication on behalf of BEML Land Assets Limited. The company is a Government of India enterprise under the Ministry of Defence.

BEML Land Assets Limited reported a net loss of ₹47.01 lakh for the first quarter ended June 30, 2026, reversing its profitability from the preceding quarter. The Ministry of Defence-owned entity maintained steady revenue from operations at ₹98.25 lakh, unchanged from Q4FY26 and full FY26. However, the bottom line was heavily impacted by a deferred tax expense of ₹77.90 lakh, contrasting sharply with a deferred tax credit of ₹324.36 lakh in Q4FY26. Total expenses rose to ₹62.10 lakh from ₹47.85 lakh in the previous quarter, primarily due to a spike in other expenses.

The Board of Directors approved the unaudited financial results on July 31, 2026, alongside a limited review report by statutory auditors N Tatia & Associates. The results were prepared in accordance with Ind AS 34 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Despite reporting a profit before tax of ₹36.15 lakh, the company posted a net loss due to the substantial tax provision. Employee benefits expense increased slightly to ₹14.71 lakh from ₹13.19 lakh, while finance costs decreased marginally to ₹27.52 lakh from ₹28.43 lakh.

Financial Highlights

What the Numbers Show

The most significant analytical observation is the volatility in tax accounting versus operational cash flows. Despite reporting a profit before tax of ₹36.15 lakh in Q1FY26, the company posted a net loss of ₹47.01 lakh due to a substantial deferred tax expense of ₹77.90 lakh. This contrasts sharply with Q4FY26, where a similar pre-tax profit of ₹50.40 lakh resulted in a net profit of ₹374.76 lakh, driven by a deferred tax credit of ₹324.36 lakh. This indicates that the underlying operational performance has improved sequentially, but the bottom line remains heavily influenced by deferred tax adjustments rather than core operating margins. Additionally, the Debt Equity Ratio stands at 18.17, reflecting high leverage compared to the 10.60 ratio recorded at year-end FY26.

Governance Disclosures

In their limited review report, statutory auditors N Tatia & Associates highlighted governance structural gaps. The firm noted that BEML Land Assets Limited has not constituted an Audit Committee, Nomination and Remuneration Committee, or Stakeholders Relationship Committee effective from April 2026. This is due to the absence of independent directors on the Board, as mandated under Section 149 of the Companies Act, 2013, and Regulations 18, 19, and 20 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. As a Government Company under the Ministry of Defence, director appointments are made by the Ministry, which has not appointed independent directors. Consequently, financial statements were placed directly before the Board of Directors instead of an Audit Committee. The auditors stated their opinion is not qualified regarding these matters.