Tijaria Polypipes Limited statutory auditor M/s. Amit Ramakant & Co. has resigned, effective from the close of business hours on June 20, 2026. The firm cited pre-occupation in other assignments and an inability to devote sufficient time to the company's affairs as the reason for stepping down. The resignation was intimated to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The auditor was appointed on June 18, 2025, with a term scheduled to conclude on March 31, 2030. Prior to the resignation, the firm had submitted the Statutory Audit Report for the financial year ended March 31, 2026, dated May 26, 2026, and the Limited Review Report for the quarter ended March 31, 2026. The company confirmed that there were no other material reasons for the resignation beyond those stated by the auditor.

Auditor Details

The filing provided specific details regarding the outgoing auditor and the timeline of the association.

Resignation Disclosure

The auditor declared that the information provided in the resignation letter was correct and complete. No concerns were reported regarding the inability to obtain sufficient appropriate audit evidence or limitations imposed by management. The firm confirmed there were no other material reasons for the resignation.

Tijaria Polypipes Limited narrowed its net loss to ₹128.72 crore for the financial year ended March 31, 2026, from ₹543.01 crore in the previous year, as the company continued to face operational suspension and significant financial stress. Revenue from operations remained nil for the quarter and year ended March 31, 2026, with no production of goods recorded during the period. The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, in a meeting held on May 26, 2026.

The company’s total income for FY26 stood at ₹22.29 lakh, derived solely from other income, compared to ₹29.78 lakh in the previous year. Total expenses for the year decreased to ₹151.01 crore from ₹260.24 crore in FY25, primarily driven by a reduction in depreciation charges which fell to ₹76.31 crore from ₹230.67 crore. Finance costs, however, surged to ₹48.85 crore from ₹1.79 crore in the prior year. For the quarter ended March 31, 2026, the company reported a net loss of ₹29.92 lakh.

Amit Ramakant & Co., the independent auditor, issued a disclaimer of opinion on the standalone financial results, citing the significance of matters described in the report. Key concerns include the classification of the company's accounts as Non-Performing Assets (NPA) by Bank of India since November 2020, with an outstanding loan amount of ₹71.16 crore as of June 30, 2022. The auditor noted that the company has not made interest provisions on the NPA account since July 1, 2022. Additionally, the National Company Law Tribunal (NCLT), Jaipur Bench, is hearing a case filed by Bank of India under Reference No. CP No. (IB) - 54/7/JPR/2023, with the next hearing scheduled for March 09, 2026.

The auditor highlighted that the company has outstanding receivables and advances to suppliers of ₹25.17 crore as of December 31, 2025, for which independent balance confirmations were not received, and no interest was accrued. Consequently, the auditor stated they are unable to comment on the recoverability and existence of such loans and advances. Furthermore, the auditor noted that the company's bank accounts were seized by the bank, and directors continued to make payments and receipts on behalf of the company from their own bank accounts during FY26, which the auditor identified as a violation of Section 269SS of the Income Tax Act, 1961.

The textile segment, which has been closed for a long time, reported gross assets of ₹83.98 crore and a net block of assets of ₹12.15 crore as of March 31, 2026. The auditor expressed an inability to find sufficient evidence regarding the company's ability to resume production in this division. The company also holds land and building valued at ₹29.82 lakh situated at Daulatpura, Jaipur, held for sale, though management has not provided a future plan to execute the sale. The total outstanding default on loans and debt securities amounted to ₹54.56 crore as of the reporting date.

Financial Results for FY26

Segment Performance