Mihika Industries appoints internal auditor for FY 2026-27

mihika industries has appointed M/s. Sarang Shivajirao Chavan and Associates as its internal auditor for the financial year 2026-27. The appointment is effective from June 23, 2026. The firm has been engaged to strengthen internal controls and ensure regulatory compliance.

Appointment Details

The decision was made in accordance with Regulation 30 of the Listing Regulations and SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023.

Particulars	Details
Name	M/s. Sarang Shivajirao Chavan and Associates (FRN: 159649W), Chartered Accountant, Ahmedabad
Designation	Internal Auditor
Reason for change	Appointment
Date of appointment	June 23, 2026

Auditor Profile

M/s. Sarang Shivajirao Chavan and Associates specializes in statutory audit, tax audit, internal audit, GST compliance, and direct and indirect taxation. The firm provides advisory services, company law matters, and due diligence to assist businesses in optimizing tax structures and making informed financial decisions.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	-2.82%	+4.69%	-1.96%	-34.00%	-29.27%

Mihika Industries reported a net profit of ₹8.62 lakh for the financial year ended March 31, 2026, compared to ₹5.46 lakh in the previous year. The company's revenue from operations for FY26 stood at ₹267.64 lakh, a significant decline from ₹3473.83 lakh in the prior year. The board approved the audited financial results for the quarter and year ended March 31, 2026, at a meeting held on May 27, 2026.

The statutory auditor, M/s. S K Bhavsar & Co., issued an unmodified opinion on the standalone financial results. However, the report included an emphasis of matter regarding the absence of balance confirmation letters, party-wise reconciliation statements, and age-wise analysis for certain trade receivable and trade payable balances. Consequently, the auditors were unable to verify the existence, completeness, accuracy, and recoverability of these balances. Additionally, the company did not provide satisfactory supporting documents for the completeness of inventory valuation.

The auditor further noted that the company failed to appoint an internal auditor for the entire Financial Year 2025-26, constituting a non-compliance with Section 138 of the Companies Act, 2013. This absence has resulted in a significant gap in the internal control framework, potentially affecting the reliability of financial information. The auditor also highlighted that confirmations and supporting loan agreements were not made available for certain loans granted by the company, preventing verification of their accuracy, recoverability, and interest-free nature.

For the quarter ended March 31, 2026, the company reported a net profit of ₹1.45 lakh, compared to a net loss of ₹73.09 lakh in the corresponding quarter of the previous year. Total income for the quarter was ₹58.53 lakh, while total expenses stood at ₹59.60 lakh. The board also appointed M/s. Jay Pandya & Associates as the Secretarial Auditor for the Financial Year 2025-26.

Financial Performance for FY26

The following table outlines the financial performance of Mihika Industries for the year ended March 31, 2026, compared to the previous year:

Particulars	Year Ended March 31, 2026 (₹ in Lakhs)	Year Ended March 31, 2025 (₹ in Lakhs)
Revenue from Operations	267.64	3473.83
Other Income	57.83	60.02
Total Income	325.46	3533.85
Total Expenses	316.84	3522.71
Profit Before Tax	8.62	11.15
Net Profit	8.62	5.46

Assets and Liabilities

The company's total assets as of March 31, 2026, stood at ₹2,215.81 lakh, slightly up from ₹2,206.04 lakh in the previous year. Non-current assets included loans amounting to ₹1,717.79 lakh. Current assets comprised inventories of ₹230.55 lakh and trade receivables of ₹157.13 lakh. Total equity and liabilities increased marginally to ₹2,215.81 lakh, with equity share capital remaining constant at ₹1,000.00 lakh.