Modern Dairies has appointed M/s. Sanjeev Sharma & Associates as its statutory auditors for the financial year ending March 31, 2027, marking a change in audit firm from APT & Co. LLP. The Board of Directors approved the appointment on August 11, 2026, following a recommendation from the Audit Committee. This transition ensures continuity in regulatory compliance and financial oversight for the dairy processing company, with the new auditors taking charge immediately after the conclusion of the forthcoming Annual General Meeting (AGM).

The appointment is subject to shareholder approval at the 34th AGM, scheduled to be held on September 26, 2026. Upon ratification, M/s. Sanjeev Sharma & Associates will serve for a term of one year, holding office until the conclusion of the 35th AGM in 2027. The outgoing statutory auditors, APT & Co. LLP, Chartered Accountants, will complete their current term upon the conclusion of this same meeting. This procedural step aligns with the company’s governance framework and ensures an orderly handover of audit responsibilities.

The decision was disclosed pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Modern Dairies submitted the intimation to the Bombay Stock Exchange on August 11, 2026, citing Clause 7 of Para A Part A Schedule III of Regulation 30 of SEBI LODR. The filing confirms that there are no undisclosed relationships between the directors and the newly appointed audit firm, maintaining transparency in the selection process.

Auditor Profile and Experience

M/s. Sanjeev Sharma & Associates, Chartered Accountants, brings extensive experience in statutory and concurrent audits. Established in 1993, the firm holds Firm Registration No. 12326N and is registered with the Institute of Chartered Accountants of India (ICAI), the Comptroller and Auditor General (C&AG), and the Reserve Bank of India (RBI).

The firm specializes in a broad spectrum of services including statutory, concurrent, revenue, stock, and internal audits, alongside GST consultancy, income tax advisory, accounting, and company law compliance. Its client portfolio includes prominent public sector banks such as State Bank of India, Punjab National Bank, UCO Bank, Punjab & Sind Bank, Union Bank of India, Central Bank of India, and Canara Bank. Additionally, the firm has served government organizations and corporate entities like India Optel Limited, Haryana Tourism Corporation Limited, HSSIDC, NIELIT, CITCO, and Haryana State Warehousing Corporation.

Key Details of Appointment

The appointment underscores Modern Dairies’ commitment to robust financial reporting and regulatory adherence. By engaging a firm with deep expertise in banking and public sector audits, the company aims to strengthen its internal controls and audit quality. Shareholders are advised to review the appointment details during the upcoming AGM proceedings.

The Board of Directors of Modern Dairies approved the annual audited financial results for the financial year ended March 31, 2026, on May 22, 2026. The company reported a net profit of ₹4.88 lacs for the full year, a sharp decline from the ₹82.96 lacs recorded in the previous fiscal year. For the quarter ended March 31, 2026, the net profit was ₹32.47 lacs.

Revenue from operations for the financial year 2025-26 stood at ₹3,39,92.34 lacs, slightly lower than the ₹3,48,09.49 lacs achieved in the preceding year. In the fourth quarter of FY26, the company generated revenue from operations of ₹92,18.01 lacs. Total income for the year was ₹3,41,21.70 lacs, while total expenses amounted to ₹3,34,48.19 lacs.

Financial Performance

The company's financial results for the year and quarter reflect the costs and operational adjustments undertaken during the period. The profit before tax for the year was ₹6,73.51 lacs, down from ₹65,72.81 lacs in the previous year. The basic earnings per share (EPS) for FY26 was reported at ₹1.89, compared to ₹35.46 in the prior year.

Assets and Liabilities

As of March 31, 2026, the total assets of the company stood at ₹1,31,61.46 lacs, an increase from ₹1,16,91.40 lacs in the previous year. Equity share capital increased to ₹28,45.89 lacs from ₹25,65.89 lacs, following the conversion of share warrants into equity shares during the quarter. The company's cash and cash equivalents improved to ₹10,28.88 lacs as of the end of the fiscal year.

The statutory auditors have issued an unmodified opinion on the audited financial results for the quarter and year ended March 31, 2026. The financial statements were prepared in compliance with Indian Accounting Standards (Ind-AS) and the requirements of the Securities and Exchange Board of India (SEBI).