Sayaji Hotels (Indore) Limited has appointed M/s DMJ & Partners as its Secretarial Auditor for a term of five consecutive years. The company’s Board of Directors approved the appointment during its meeting held on July 28, 2026, based on the recommendation of the Audit Committee. The appointment is subject to approval by the members at the ensuing Annual General Meeting.

The engagement covers the period commencing from the conclusion of the 8th Annual General Meeting until the conclusion of the 13th Annual General Meeting. This disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated July 11, 2023, updated as on January 30, 2026.

Auditor Profile

M/s DMJ & Partners is a multidisciplinary firm of Company Secretaries providing corporate, legal, and regulatory advisory services across India. The firm specializes in corporate governance, secretarial audits, SEBI and FEMA compliances, NCLT matters, NBFC advisory, and business restructuring. Led by partners with over 30 years of combined professional experience, the firm serves clients in sectors including BFSI, infrastructure, fintech, media, and start-ups.

Governance Implications

The appointment of a secretarial auditor is a statutory requirement under the Companies Act, aimed at ensuring compliance with various laws and regulations applicable to the company. The selection of DMJ & Partners reflects the company’s focus on robust corporate governance structures. The firm’s expertise in SEBI compliances and NCLT matters aligns with the regulatory needs of listed entities in the hospitality sector.

No relationships between the directors and the appointed auditor were disclosed, indicating no conflicts of interest. The Company Secretary and Compliance Officer, Aaditya Kasera (Membership No. A76172), signed the intimation letter addressed to the General Manager of Corporate Services at BSE Limited.

The Board of Directors of Sayaji Hotels (Indore) Limited approved the unaudited financial results for the quarter ended June 30, 2026, on July 28, 2026. The company reported a net profit of ₹157.99 lakh, down from ₹178.56 lakh in the same quarter of FY25. While revenue from operations grew 11.6% year-on-year to ₹2,652.10 lakh, profitability was pressured by higher employee benefits and operating expenses, highlighting the cost management challenges in the hoteliering segment.

The Board also appointed Mohammed Yusuf Abdul Razak Dhanani as an Additional Director in the Non-Executive Non-Independent category and M/s DMJ & Partners as the Secretarial Auditor. Additionally, the Board approved the notice for the 8th Annual General Meeting and determined the cut-off dates for member eligibility and voting rights.

Financial Performance

Revenue from operations stood at ₹2,652.10 lakh for Q1FY26, compared to ₹2,375.94 lakh in Q1FY25. Other income decreased slightly to ₹21.81 lakh from ₹25.91 lakh. Total income for the quarter was ₹2,673.91 lakh.

Profit before tax declined to ₹201.74 lakh from ₹244.72 lakh. Tax expense for the quarter was ₹43.75 lakh, comprising current tax of ₹64.20 lakh and deferred tax benefit of ₹20.45 lakh. Earnings per share (basic and diluted) were ₹5.19, compared to ₹5.86 in the previous year.

What the Numbers Show

The divergence between revenue growth (11.6%) and expense growth (14.6%) indicates margin compression in the quarter. Employee benefits expenses rose significantly to ₹821.92 lakh from ₹657.00 lakh, accounting for a large portion of the cost increase. Operating expenses also climbed to ₹784.42 lakh from ₹736.86 lakh. This suggests that while top-line demand improved, the company faced higher input costs or staffing expenses that eroded bottom-line gains.

Regulatory and Legal Disclosures

K.L. Vyas & Company, the statutory auditors, issued a limited review report pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report includes an emphasis of matter regarding the ongoing litigation over the leasehold land of the Indore hotel. The Indore Development Authority (IDA) cancelled the lease in December 2017, and although the High Court granted a stay on eviction proceedings, the compounding application remains pending. The company continues to operate on a going concern basis. Furthermore, stamp duty related to the demerger of the Indore hotel has not been provided for in the accounts due to pending mutation processes.