Tara Chand Infralogistic Solutions Limited has disclosed the resignation of its statutory auditor, M/s Sangeet Kumar & Associates, Chartered Accountants (Firm Registration No. 011954N), effective from the closing business hours of May 14, 2026. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and communicated to the National Stock Exchange of India Ltd. on May 14, 2026.

Auditor Resignation Details

The resignation was submitted by M/s Sangeet Kumar & Associates via a letter dated May 14, 2026, citing pre-occupation in other assignments as the sole reason for their inability to devote time to the affairs of the company. The auditing firm confirmed that no concerns were raised with respect to the management of the company, and no other material reason exists for the resignation.

The key details of the resignation, as disclosed under the SEBI Master Circular No. HO/49/14/14(7)2025 CFD-POD2/I/3762/2026 dated January 30, 2026, are summarised below:

Association with the Company

M/s Sangeet Kumar & Associates was originally appointed as statutory auditor at the 5th Annual General Meeting held in 2017, for a term until the conclusion of the AGM to be held in Financial Year 2022. The firm was subsequently reappointed for five years, until the conclusion of the AGM in Financial Year 2027. Prior to their resignation, the auditors submitted their Auditors Report for the quarter and year ended March 31, 2026, dated May 7, 2026.

Audit Committee and Board Response

Tara Chand Infralogistic Solutions confirmed that neither the Audit Committee nor the Board found any material reason associated with the resignation. As no concerns were raised by the resigning auditor regarding the management of the company, no deliberation on the matter was undertaken by the Audit Committee, and consequently, disclosure of the Audit Committee's view is not applicable in this instance.

The Audit Committee and the Board have stated that they will consider the appointment of new statutory auditors in due course to fill the casual vacancy caused by the resignation of M/s Sangeet Kumar & Associates. The appointment, once finalised, will be intimated to the stock exchange accordingly. The disclosure was signed by Shefali Singhal, Company Secretary & Compliance Officer (M. No.: A34314), on behalf of Tara Chand Infralogistic Solutions Limited.

Tara Chand Infralogistic Solutions held its Q4 and FY26 Earnings Conference Call on Thursday, May 7, 2026, at 03:30 PM (IST), moderated by Mr. Ankit from Stellar Investor Relations. The call featured Mr. Himanshu Aggarwal, Whole-Time Director and Chief Financial Officer, who presented the company's financial results for the quarter and full year ended March 31, 2026. The transcript was subsequently filed with the National Stock Exchange of India on May 11, 2026, by Company Secretary and Compliance Officer Shefali Singhal, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

FY26 Full-Year Financial Performance

FY26 was described by management as "a year of disciplined growth," building on a 45% year-on-year expansion in FY25. The company reported its highest-ever annual revenue, with EBITDA also reaching a record level. The key full-year financial metrics are summarised below:

Management highlighted that PAT growth at 12% was meaningfully lower than EBITDA growth at 27%, primarily due to a 36% rise in depreciation and a 43% increase in finance costs — both direct consequences of the company's heavy fleet investment over the past two financial years.

Q4 FY26 Quarterly Performance

For the quarter ended March 31, 2026, the company reported total income of INR900 million, up 10% year-on-year. Management acknowledged that the company had targeted quarterly revenue of INR100 crores but closed at INR89.5 crores, with approximately INR10 crores of revenue deferred into Q1 FY27 due to project execution timeline delays. Additionally, the newly launched Dankuni Stockyard did not ramp up as anticipated during the quarter.

Segment-Wise Performance

The company operates across three segments. The following table summarises FY26 segment performance:

Equipment Hiring & Projects is now the primary revenue engine, contributing 60% of overall revenue (up from 56% in FY25). The segment's reported EBITDA margin, including specialized services, stood at 52% for FY26 versus 47% in FY25. Stand-alone equipment rental EBITDA margin reached 62% for FY26, with an average gross monthly rental yield of 3.05%. Within the equipment rental sectoral mix, cement leads at 30%, followed by metals and minerals at 25%, rural and urban infrastructure at 20%, renewable energy at 15%, power at 9%, and others at 1%. Notably, renewable energy's share tripled from 5% in FY25 to 15% in FY26.

Warehousing and Transportation handled total steel volumes of 11.56 million metric tons for FY26, with Q4 alone accounting for 2.14 million metric tons. Segment EBITDA margins held at 16%. The segment was impacted by the planned conclusion of a 7-year RINL Stockyard contract at Visakhapatnam at the end of Q3 FY26, while the new Dankuni Stockyard contract remained in its operational stabilization phase.

Steel Processing and Distribution revenue declined as the company consciously de-emphasizes this lower-margin business.

Capital Expenditure and Fleet Expansion

FY26 marked the second consecutive year of significant capital investment. The company deployed INR1,434 million during the year, broadly in line with the INR1,450 million spent in FY25. Cumulatively, over the last two financial years, approximately INR290 crores of capex has been deployed, taking gross block from INR298 crores as of March 2024 to INR558 crores as of March 31, 2026 — an 87% increase in two years.

New additions during FY26 included the company's largest 900 metric ton altering crane, 2,800 metric ton crawler cranes, additional piling rigs, aerial working platforms, and prime movers. Management noted that fleet utilization (occupancy) for the full year stood at approximately 83% to 84%, with Q4 specifically at approximately 87%. The practical best-case scenario for annual occupancy was cited as 85% to 86%.

Balance Sheet and Credit Rating

The company's balance sheet strengthened during FY26, with net worth growing to INR1,492 million, up by INR278 million on the back of retained earnings. Total borrowings stood at INR1,384 million at year-end, with a net debt-to-equity ratio of 0.9 — within the company's stated ceiling of 1. The interest coverage ratio improved substantially to 10.3x from 5.6x in FY25.

On March 31, 2026, CARE Ratings upgraded the company's long-term bank facilities rating to CARE BBB Stable from CRISIL BBB- Stable, and the short-term rating to CARE A3+ from CRISIL A3, for aggregate INR160 crores of facilities. Receivable days closed at 93 days against a target of approximately 80 days, with the stretch primarily attributable to receivables tied to the conclusion of the RINL Stockyard contract. Management expects substantial recoveries in H1 FY27 and aims to bring receivable days back to approximately 80 days during FY27.

Strategic Outlook and FY27 Guidance

Management outlined FY27 growth strategy around three pillars — Scale, Specialize, and Sustain — with an annual growth target of 20% to 25% and EBITDA margins sustained in the 37% to 38% band. The order book executable in FY27 stands at INR2,117 million, with 64% from equipment hiring and projects and 37% from warehousing and transportation.

In Q3 FY26, the company incorporated Tarachand Metallix Limited, a 100% wholly owned subsidiary with an initial capital of INR25 lakhs, focused on metal processing including high-frequency beams, fabrication, cutting, value-added metal solutions, and servicing of HR and CR coils, to be based out of Nagpur. Management indicated that operations are expected to commence in the second half of FY28, with investment plans and operational timelines to be firmed up over the next two to three quarters. Promoter and promoter group shareholding strengthened to 71.64% as of March 31, 2026, up from 70.67% a year earlier.