Quest Flow Controls Limited appointed M/s APRA & Associates LLP as its statutory auditor for the financial year 2026-27 to fill a casual vacancy created by the resignation of the previous auditor. The Board of Directors approved the appointment on July 02, 2026, subject to shareholder approval in the ensuing general meeting. This action follows the resignation of M/s Bilimoria Mehta & Co, which cited internal restructuring and the exit of partners handling the audit engagement as reasons for its departure effective June 29, 2026.

M/s APRA & Associates LLP, a firm of Chartered Accountants with registration number 011078N, brings expertise in auditing, finance, legal, taxation, assurance, and regulatory services. The firm's appointment is effective from July 02, 2026. The outgoing auditor, M/s Bilimoria Mehta & Co, had completed the statutory audit for the financial year ended March 31, 2026, and issued the audit report on May 28, 2026. The resigning firm confirmed there were no material reasons for the departure other than the stated internal changes.

Auditor Details

The disclosure was made to the BSE SME Platform under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company, formerly known as Meson Valves India Limited, will intimate the appointment of the new statutory auditor once the shareholder approval process is completed.

Quest Flow Controls Limited reported a standalone net profit of ₹15.51 lakh for the financial year ended March 31, 2026, a sharp decline from ₹627.60 lakh in the previous year, impacted by exceptional items and investments in its US business. Revenue from operations decreased to ₹5,857.57 lakh from ₹6,110.33 lakh in FY25. The company's board approved the audited standalone and consolidated financial results for the half year and financial year ended March 31, 2026 at a meeting held on May 28, 2026.

The statutory auditors, M/s. Bilimoria Mehta & Co, issued an audit report with an unmodified opinion on the financial results. The standalone financial results revealed that total income for the year stood at ₹6,627.56 lakh, down from ₹6,157.96 lakh in the prior year. Total expenses increased to ₹6,307.63 lakh compared to ₹5,365.52 lakh in FY25. Management attributed the expense increase primarily to investments required to establish and sustain the company's presence in the US market during its initial growth phase.

Standalone Financial Performance

The company reported an exceptional item of ₹259.08 lakh during the year, classified as a one-time royalty fee paid pursuant to a royalty agreement. Profit before tax for the year was ₹60.85 lakh, a decrease from ₹792.44 lakh in the previous year. The basic and diluted earnings per equity share for the year were ₹0.15, compared to ₹6.18 in FY25.

Consolidated Results

On a consolidated basis, the company reported a net loss of ₹428.23 lakh for FY26, compared to a net profit of ₹679.51 lakh in the previous year. Revenue from operations for the year stood at ₹6,236.26 lakh, down from ₹6,721.24 lakh in FY25. The consolidated results include the financials of Quest Flow LLC, an associate company in which the company holds a 45% stake.

The profit for the period was impacted by a loss of ₹344.43 lakh from the associate. Total consolidated income for the year was ₹7,023.93 lakh, while total expenses rose to ₹6,797.49 lakh. The basic and diluted earnings per equity share on a consolidated basis were -₹4.21 for the year.

Balance Sheet Highlights

The standalone balance sheet as of March 31, 2026, showed total assets of ₹12,765.87 lakh, an increase from ₹8,405.32 lakh in the previous year. Shareholders' funds rose to ₹8,534.14 lakh, driven by an increase in reserves and surplus to ₹6,033.34 lakh and money received against share warrants amounting to ₹1,475.04 lakh. Non-current investments increased significantly to ₹542.04 lakh from ₹6.24 lakh.