Solvex Edibles Limited has appointed M/s NBG & Co., Chartered Accountants, as its internal auditor for the financial year 2026-27. The Board of Directors approved the appointment on July 28, 2026, acting on the recommendation of the Audit Committee. This disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The appointment follows a board meeting held on Tuesday, July 28, 2026, which commenced at 1:00 p.m. and concluded at 3:00 p.m. The company submitted the requisite details to BSE Limited, including Annexure-A containing specifics regarding the engagement. The firm registration number for M/s NBG & Co. is 025865N.

Auditor Profile

M/s NBG & Co., operating under the name Narang Bathla & Associates, was established in November 2012. The firm maintains its primary office in Kichha and a branch office in Rudrapur. It is led by qualified Chartered Accountants, including CA Yash Narang (FCA), CA Abhishek Bathla (FCA), and CA Mohit Gambhir (ACA).

The firm provides a range of services including statutory audits, internal audits, tax audits, compliance and secretarial services, accounting and financial management, and loan syndication. Its experience spans multiple industries such as manufacturing, IT, FMCG, real estate, pharmaceuticals, and trading sectors.

Appointment Details

The appointment ensures compliance with regulatory requirements for internal audit mechanisms during the specified fiscal period. No relationships between directors and the appointed firm were disclosed.

Solvex Edibles Limited disclosed its audited standalone and consolidated financial results for the year ended March 31, 2026, revealing a qualified opinion from its statutory auditors regarding the utilisation of IPO proceeds, employee benefits, and MSME liabilities. The Board of Directors approved these results in a meeting held on May 30, 2026. The company reported a standalone net loss of ₹12.57 lakh for the fiscal year, while consolidated operations yielded a net profit of ₹7.10 lakh.

The auditors, Arora Gupta & Co., identified three primary areas of concern. First, the company raised IPO funds aggregating ₹830.99 lakh for the acquisition of plant and machinery. However, the auditors expressed an inability to obtain adequate audit evidence regarding certain advances and the utilisation of these proceeds, specifically involving an advance to a subsidiary LLP and usage for the repayment or prepayment of borrowings. Management stated that the proceeds were utilised for the objects stated in the prospectus and that the qualification relates to the availability of evidence rather than a specific liability. The company is strengthening its documentation and monitoring mechanisms.

Second, the company did not recognise or disclose employee benefit obligations related to gratuity and leave encashment in accordance with AS-15 (Employee Benefits). Management noted that without an actuarial valuation, the impact could not be determined. The company is currently collating the necessary data to facilitate this valuation and will account for the liability once the assessment is complete.

Third, interest payable to Micro and Small Enterprises under the MSMED Act, 2006 was not recognised or provided for. Consequently, the impact on profit and liabilities remains unquantified. Management attributed this to the absence of complete records and vendor confirmations required to identify delayed payments and compute the resultant liability. A detailed review of vendor records is underway to evaluate the necessary recognition and disclosure requirements.

The financial statements for the standalone entity show total income of ₹6,692.07 lakh and total expenditure of ₹6,624.68 lakh. On a consolidated basis, total income was higher at ₹15,479.26 lakh against total expenditure of ₹15,358.12 lakh. The auditors confirmed that the financial impact of the qualifications has not been quantified for the reasons stated in the Independent Auditors' Report.

Standalone Financials

Consolidated Financials