TIL Limited has clarified that its Board of Directors only recommended the appointment of M/s. V. Singhi & Associates as statutory auditors at its meeting on May 28, 2026, with the effective date contingent upon shareholder approval at the forthcoming Annual General Meeting. The company issued the clarification to BSE Ltd. on June 2, 2026, in response to a query seeking additional details regarding its earlier corporate announcement filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board meeting, which commenced at 12.00 p.m. and concluded at 5.15 p.m. on May 28, 2026, did not finalize the appointment but put forward the proposal for M/s. V. Singhi & Associates (FRN 311017E). The outgoing auditors, M/s. Singhi & Co. (FRN 302049E), completed their term with the company. The appointment will become effective only from the date of the AGM once shareholders grant their approval.

TIL Limited reported a net loss of ₹30.86 crore for the financial year ended March 31, 2026, compared to a net profit of ₹2.90 crore in the previous year. The company’s board approved the audited financial results during its meeting held on May 29, 2026. While full-year profitability was impacted by financing costs, currency pressure, and one-time settlement expenses, the second half of the year witnessed a strong recovery in core machine sales and sequential EBITDA margin expansion.

Total revenue for FY26 stood at ₹337.36 crore, a nominal decrease from ₹343.07 crore in FY25, primarily due to a 49% decline in other income. However, machine sales grew 4% year-on-year to ₹265.33 crore. The company resolved legacy taxation disputes through the Settlement of Disputes (SOD) scheme, extinguishing a contingent liability of ₹23.12 crore related to entry tax and ₹21.68 crore related to VAT/CST disputes, incurring a one-time expense of ₹5.58 crore.

Key Financial Highlights (Standalone)

The company strengthened its order book with significant wins, including a ₹66.75 crore contract from CONCOR and approximately ₹110 crore in orders from the Indian Army and Indian Air Force. TIL also re-entered the high-margin services segment with a ₹30+ crore Operation and Maintenance contract from CONCOR. In a strategic move, the board approved the acquisition of a majority stake in Tulip Compression Private Limited in May 2026, marking TIL’s entry into the clean energy sector.

Operational efficiency improved as the raw material cost ratio reduced from 64.5% in FY25 to 63.9% in FY26. TIL enters FY27 with a total order book of approximately ₹274 crore and a diversified portfolio spanning infrastructure, defence indigenisation, and clean energy engineering.