Shahi Shipping secretarial auditor resigns effective June 12

Shahi Shipping Limited disclosed that its secretarial auditor, M/s HRU & Associates, has resigned from the position effective June 12, 2026. The resignation was submitted pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The firm cited other pre-occupations in other assignments as the reason for stepping down from the role for the financial year 2025-26.

The company confirmed that there were no concerns raised by the secretarial auditor regarding the management of the company, nor was there any material reason for the resignation. The resignation letter was submitted by Hemanshu Rohit Upadhyay, Proprietor of M/s HRU & Associates, bearing Membership No. ACS-46800.

Shahi Shipping stated that its Audit Committee and the Board would consider the appointment of new secretarial auditors in due course. The company intends to inform the stock exchanges regarding the new appointment once the process is completed.

Details of Resignation

The following table outlines the specific details regarding the change in the secretarial auditor:

Details of events	Information of such event(s)
Name of the Secretarial Auditor	M/s HRU & Associates Practicing Company Secretaries
Reason for change	Resignation: Resigned due to other pre-occupations in other assignments
Date of Resignation	12 June, 2026
Brief profile	Not Applicable
Disclosure of relationship	Not Applicable

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.20%	-0.53%	-2.37%	-25.26%	-23.96%	+152.30%

Shahi Shipping Limited narrowed its net loss to ₹181.96 crore for the financial year ended March 31, 2026, compared to a loss of ₹356.64 crore in the previous year. Revenue from operations fell to ₹645.54 crore from ₹1,057.93 crore in FY25, primarily driven by the shipping business segment. The company’s Board of Directors approved the audited financial results for the fourth quarter and the year ended March 31, 2026, at a meeting held on May 28, 2026.

The company reported a total comprehensive loss of ₹182.40 crore for FY26. For the quarter ended March 31, 2026, Shahi Shipping posted a net loss of ₹68.74 crore on a total revenue of ₹160.46 crore. Basic and diluted earnings per share for the year stood at a loss of ₹1.26, improving from a loss of ₹2.46 in the prior year.

Financial Performance

Particulars	Year Ended 31.03.2026 (₹ in Lakhs)	Year Ended 31.03.2025 (₹ in Lakhs)
Total Revenue	661.39	1,068.59
Revenue from operations	645.54	1,057.93
Other Income	15.85	10.66
Total Expenses	850.22	865.31
Profit Before Tax	(194.53)	(373.40)
Net Profit/(Loss)	(181.96)	(356.64)

Auditor Observations

B. P. Shah & Co., the statutory auditors, issued a modified opinion on the standalone financial results. The report highlighted that the company has not established internal financial controls over financial reporting based on criteria laid down in the Guidance Note issued by the Institute of Chartered Accountants of India. Consequently, the auditors were unable to obtain sufficient appropriate audit evidence regarding the adequacy of these internal controls as of March 31, 2026.

Exceptional Items and Liabilities

The financial statements include an exceptional item of ₹5.69 lakh, representing the estimated incremental impact on retiral benefits due to the new Labour Codes notified by the Government of India. The company faces several contingent liabilities, including a service tax demand of ₹7.17 crore for the period 2009 to 2017, which is under appeal, and a State GST demand of ₹14.13 lakh for FY 2017-18. Additionally, the company received an income tax demand of ₹16.57 lakh for Assessment Year 2020-21, against which it has preferred an appeal.