India Infraspace Limited appointed M/s. Mukeshkumar Jain & Co as its statutory auditors for a five-year term on September 5, 2026. The Board of Directors approved the appointment following a recommendation from the Audit Committee.

The firm will hold office from the conclusion of the 31st Annual General Meeting until the conclusion of the 36th AGM in 2031. The remuneration is subject to approval by the company’s members.

Auditor Transition Details

The appointment replaces M/s. Nikhil D Gupta & Associates, Chartered Accountants (FRN: 162383W). The outgoing firm was appointed to fill a casual vacancy caused by the resignation of the erstwhile statutory auditors. Their tenure concludes with the current AGM.

The new auditors are registered with the Institute of Chartered Accountants of India and maintain an office in Ahmedabad. The company disclosed this appointment under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

India Infraspace Limited reported a net loss of ₹18.22 lakh for the financial year ended March 31, 2026, widening from a loss of ₹23.37 lakh in the previous year. The company recorded zero revenue from operations for the year, while total income stood at ₹16 lakh, down from ₹7.83 lakh in FY25. Total expenses for the year increased to ₹34.22 lakh from ₹31.20 lakh in the prior year.

Qualified Opinion and Audit Observations

M/s. Nikhil D Gupta & Associates, the statutory auditors, issued a qualified opinion on the Ind AS financial statements. The auditors highlighted that the company did not maintain accounting software with an audit trail (edit log) feature as prescribed under Rule 3(1) of the Companies (Accounts) Rules, 2014. Furthermore, balances with Union Bank of India could not be verified due to the absence of bank statements.

The auditors also noted that balances of trade receivables aggregating to ₹96.96 lakh, unsecured loans of ₹75.22 lakh, and trade payables of ₹278.37 lakh as of March 31, 2026, were subject to confirmation and reconciliation. In the absence of direct confirmations and completion of reconciliation procedures, the auditors stated they were unable to obtain sufficient appropriate audit evidence regarding the existence, completeness, accuracy, and valuation of these balances.

Financial Position and Subsidiary Status

The company submitted only standalone financial results, stating that consolidated results were not applicable as its subsidiary, Saurya Casting Private Limited, was dissolved effective August 4, 2025. The total assets of the company decreased to ₹557.50 lakh as of March 31, 2026, from ₹797.94 lakh in the previous year. Total equity also declined to ₹195.51 lakh from ₹213.73 lakh over the same period.

Delisting and Relisting Status

The auditors drew attention to an emphasis of matter, noting that the equity shares of the company have been delisted from the stock exchange. The company has filed an application for relisting before the Securities Appellate Tribunal (SAT), which is pending consideration. The SAT has directed that relisting will be considered upon the company complying with all pending and past regulatory compliances.

Key Financial Metrics for FY26