Indian Sucrose has appointed M/s Sanjay Grover & Associates as its new secretarial auditor, effective August 28, 2026. The firm will fill the casual vacancy created by the resignation of M/s Manoj Purbey & Associates and conduct the secretarial audit for FY26.

The Board of Directors approved the appointment during a meeting held on August 28, 2026, based on the recommendation of the Audit Committee. The new auditor will hold office until the conclusion of the company’s 35th Annual General Meeting (AGM) in 2026.

Resignation Background

M/s Manoj Purbey & Associates resigned as secretarial auditor effective August 26, 2026. The firm cited an inability to access original statutory records required for the audit as the primary reason for stepping down. This resignation was communicated to the Bombay Stock Exchange on August 27, 2026.

The previous firm had been appointed earlier to fill a casual vacancy arising from the demise of the erstwhile secretarial auditor. Despite visiting the company’s office for physical verification, they stated they did not receive complete and timely access to registers, minutes, and documents within a reasonable period.

New Auditor Profile

M/s Sanjay Grover & Associates, holding Peer Review No. 7853/2026 and FRN P2001DE052900, was selected to ensure statutory compliance timelines remain unaffected for FY26. Founded in 2001 by Late Shri Sanjay Grover, the firm specializes in secretarial, regulatory, and compliance services, including corporate governance and restructuring.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company maintains that it provided all relevant records and extended necessary cooperation to the previous audit team during their engagement. No disputes were reported in the management’s perception statement included in the exchange filing.

Indian Sucrose Limited reported a significant contraction in both revenue and profitability for the quarter ended June 30, 2026. The company’s total income from operations fell 33% year-on-year to ₹574.8 lakh, down from ₹860 lakh in the corresponding period of FY25. This decline aligns with the seasonal nature of its core sugar and power businesses, which typically see subdued activity in the first quarter.

Net profit for the period before tax dropped 80% to ₹5.2 lakh, compared to ₹26.4 lakh in Q1FY25. After accounting for taxes, the net profit for the period stood at ₹3.6 lakh, a steep fall from ₹19.7 lakh recorded a year earlier. Earnings per share (EPS) declined to ₹0.21 from ₹1.14 in the prior year quarter.

Financial Performance

The company’s financial results highlight the volatility inherent in its seasonal operations. While revenue declined significantly, the company maintained a positive bottom line, albeit at a much-reduced level compared to the previous year.

For the full fiscal year ended March 31, 2026, Indian Sucrose reported total income of ₹5,275.7 lakh and a net profit after tax of ₹311 lakh. The annual EPS was ₹17.90, indicating that the majority of the company’s earnings are concentrated in quarters other than Q1.

What the Numbers Show

The divergence between the quarterly performance and the full-year results underscores the seasonal dependency of Indian Sucrose’s business model. With Q1FY26 contributing only 11% of the annual revenue but just 1% of the annual net profit, the company’s profitability is heavily skewed towards other periods, likely driven by sugar harvest cycles and power demand patterns. Investors should note that the Q1 performance is not representative of the annual outlook.

Board Approval and Notes

The unaudited standalone financial results were reviewed by the Audit Committee and approved by the Board of Directors in a meeting held on August 14, 2026. The results have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013. The auditors have conducted a limited review of the financial results for the quarter.

The company noted that previous period figures have been regrouped or rearranged wherever considered necessary to ensure comparability with the current period’s classification. The full format of the unaudited financial results is available on the Bombay Stock Exchange website and the company’s official website.