RRP Semiconductor Limited's statutory auditor, M/s. PAMS & Associates, Chartered Accountants, resigned effective June 26, 2026, citing geographical constraints that made it impractical to efficiently conduct audit procedures. The firm stated that the registered office and operations of RRP Semiconductor Limited are located in Mumbai, while its firm is based in Bhubaneswar. The auditor noted that its Mumbai branch was closed in 2024, and increasing compliance requirements for a listed entity made it difficult to manage the audit remotely from Bhubaneswar.

The resignation was intimated to BSE Limited pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company disclosed that the auditor confirmed there are no other material reasons for the resignation and no unresolved issues or qualifications requiring the attention of members or creditors.

Auditor Details and Tenure

M/s. PAMS & Associates was appointed as the statutory auditor on August 28, 2024. The firm's term was scheduled to continue until the conclusion of the 45th Annual General Meeting. The most recent audit report for the year ended March 31, 2026, was submitted on May 29, 2026.

Next Steps

The Audit Committee and Board of Directors of RRP Semiconductor Limited will take note of the resignation in their upcoming meetings. The company stated that it will take necessary steps to fill the casual vacancy caused by the resignation through the appointment of a new statutory auditor. M/s. PAMS & Associates confirmed it will file Form ADT-3 with the Registrar of Companies within the prescribed time.

RRP Semiconductor Limited reported a net loss of ₹775.67 lakh for the financial year ended March 31, 2026, reversing from a net profit of ₹846.37 lakh in the previous year. The company's revenue from operations turned negative, recording ₹682.14 lakh for FY26 compared to ₹3,159.14 lakh in FY25. The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, during a meeting held on May 29, 2026.

Financial Performance

The company's total income for FY26 stood at ₹673.15 lakh, a significant decline from ₹3,195.13 lakh in the previous year. Total expenses decreased to ₹102.52 lakh from ₹2,048.76 lakh in FY25. For the quarter ended March 31, 2026, the company reported a net loss of ₹17.86 lakh with zero revenue from operations. The basic and diluted earnings per share (EPS) for FY26 was negative at ₹5.69, compared to a positive EPS of ₹5.99 in the prior year.

Assets and Liabilities

The total assets of the company decreased to ₹1,624.94 lakh as of March 31, 2026, from ₹3,886.35 lakh in the previous year. Current assets declined to ₹1,624.55 lakh from ₹3,886.35 lakh, primarily due to a reduction in trade receivables and cash balances. Total equity stood at ₹904.34 lakh, down from ₹1,690.51 lakh in FY25. Borrowings reduced to ₹586.83 lakh from ₹1,204.00 lakh in the corresponding prior period.

Auditor's Report and Disclosures

The statutory auditors, M/s. PAMS & Associates, issued an unmodified opinion on the financial statements. The report highlighted that the market price of the company's equity shares is not commensurate with its financial performance. Additionally, the auditor noted that confirmations of balances for certain sundry debtors and creditors were yet to be received. The company initiated insolvency and bankruptcy proceedings against Telecrown Infratech Private Limited during the year for the recovery of a security deposit, holding a post-dated cheque of ₹12.00 crores.