Logiciel Solutions Limited’s statutory auditor, M/s Raman Chawla & Associates, Chartered Accountants, has resigned effective June 29, 2026, citing increasing professional commitments and personal obligations. The firm, appointed in September 2025 for a five-year term, expressed its inability to devote the required time and attention to the audit engagement. The resignation was disclosed to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The auditor confirmed that there are no material reasons for the resignation beyond the stated commitments and that no concerns were raised regarding the company's management. Consequently, the Audit Committee and the Board are not required to deliberate on the reasons for the departure. The resigning auditor has already completed the statutory audit for the financial year ended March 31, 2026, and issued the report on May 30, 2026.

M/s Raman Chawla & Associates stated they have no objection to the company filing the resignation letter with the Registrar of Companies and stock exchanges. The firm committed to cooperating with the incoming auditors to ensure a smooth transition and to assist with necessary statutory filings. The resignation creates a casual vacancy that the company intends to fill in due course.

The Audit Committee and the Board of Logiciel Solutions Limited will take note of the resignation in their upcoming meetings. They will consider the appointment of new statutory auditors to fill the vacancy and will inform the stock exchanges accordingly. The company confirmed that the resignation does not involve any disputes or irregularities.

Resignation Details

Logiciel Solutions reported a 55% decline in net profit to ₹235 crore for the financial year ended March 31, 2026, compared to ₹517 crore in the previous year. Revenue from operations decreased marginally by 1% to ₹2,073 crore from ₹2,091 crore in FY25. The company’s total income for FY26 stood at ₹2,268 crore, up from ₹2,120 crore in the previous year, driven by other income which rose to ₹195 crore from ₹29 crore. For the half year ended March 31, 2026, the company reported a net loss of ₹121 crore on a total income of ₹985 crore.

The board approved the audited financial results for the half year and financial year ended March 31, 2026, during a meeting that commenced on May 29, 2026, and concluded on May 30, 2026, following an adjournment due to technical issues with Digital Signature Certificates. The statutory auditor, Raman Chawla & Associates, issued an unmodified opinion on the annual audited financial results.

Financial Performance

The company’s expenditure increased significantly to ₹1,936 crore in FY26 from ₹1,404 crore in the prior year, primarily driven by higher employee benefit expenses which rose to ₹1,482 crore from ₹1,164 crore. Finance costs reduced to ₹0.06 crore from ₹2.24 crore.

Balance Sheet Highlights

The company’s reserves and surplus surged to ₹4,710 crore as of March 31, 2026, from ₹1,795 crore a year ago. Cash and bank balances increased substantially to ₹2,615 crore from ₹664 crore. Total assets stood at ₹5,803 crore, more than double the ₹2,739 crore recorded in the previous year.

The board also approved the financial statement, auditor’s report, and the statement of deviation or variation under Regulation 32 of the SEBI (LODR) Regulations, 2015. The results have been uploaded on the company’s website.