Prime Industries disclosed on August 12, 2026, that its statutory auditor, M/s. Bhushan Aggarwal & Co., has tendered its resignation effective August 11, 2026. The firm attributed the departure solely to pre-occupation with other professional assignments and time constraints, explicitly stating there are no other material reasons or concerns requiring disclosure to management or shareholders.

The resignation was submitted pursuant to Section 140(2) of the Companies Act, 2013, and disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing also references SEBI Circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019, and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

Auditor Details and Tenure

M/s. Bhushan Aggarwal & Co., Chartered Accountants (FRN: 005362N), was appointed as the statutory auditor on September 30, 2024. The term was scheduled to expire on September 30, 2029. Prior to resignation, the firm submitted a limited review report for the unaudited financial results for the quarter ended June 30, 2026, on August 10, 2026.

The firm confirmed that it did not approach the Audit Committee or Board of Directors regarding any concerns prior to resignation, nor were there any instances where information requested by the auditor was not provided by management. Consequently, issues related to management-imposed limitations or lack of sufficient appropriate audit evidence were marked as not applicable.

Next Steps

The Board of Directors is required to fill the resulting casual vacancy in accordance with the law. Diksha Tiwari, Company Secretary & Compliance Officer, signed the disclosure letter submitted to BSE Limited.

Prime Industries Limited reported a net profit of ₹10.67 crore for the quarter ended June 30, 2026, signaling a sharp recovery from a net loss of ₹3.75 crore in the corresponding period of FY25. The consolidated results, approved by the Board on August 10, 2026, show total income from operations at ₹89.66 crore, reflecting stable operational activity despite a decline from the previous quarter’s ₹276.72 crore. For shareholders, the turnaround indicates improved cost management or operational efficiency in the current fiscal year.

The Board of Directors, including Managing Director R.K. Singla and Whole Time Director Rama Nand Gupta, reviewed and approved the unaudited financial results in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were published in Desh Sewak and The Financial Express on August 12, 2026, and are available on the BSE website and the company’s portal. Statutory auditors issued a limited review report with no qualifications.

Financial Performance Overview

Consolidated net profit before tax was ₹14.36 crore, compared to ₹3.72 crore in Q1FY26. The post-tax profit margin improved significantly, driven by the reversal of prior-period losses. Paid-up equity share capital remained unchanged at ₹105.38 crore.

Standalone Segment Details

The standalone segment reported nil revenue from operations for Q1FY27, consistent with the prior year’s zero revenue. However, it recorded a profit after tax of ₹4.45 crore, up from ₹2.78 crore in Q1FY26. This suggests that standalone profits are likely derived from other income sources, such as interest or dividends from subsidiaries, rather than core operational activities. Profit before tax for the standalone entity was ₹5.95 crore, compared to ₹3.72 crore in the same quarter last year.

What the Numbers Show

The divergence between consolidated and standalone figures highlights Prime Industries’ structure as a holding company. While standalone operations generated no revenue, the consolidated group delivered ₹89.66 crore in sales, indicating that value creation is concentrated in subsidiaries. The 282% YoY jump in consolidated net profit—from a loss to a gain—underscores a material improvement in overall group profitability, making this quarter a key inflection point for investors tracking the firm’s fiscal health.