Tirupati Innovar Limited accepted the resignation of Ms. Yashaswi Jharbade from the post of Company Secretary, Compliance Officer, and Key Managerial Personnel, effective from the close of business hours on June 19, 2026. The resignation was submitted due to personal reasons and other professional commitments, as disclosed in a regulatory filing. The Board of Directors placed on record its appreciation for her contributions during her tenure.

The intimation was made to the exchanges pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Ms. Yashaswi Jharbade confirmed in her resignation letter that there are no other material reasons for her departure and requested the company to complete necessary formalities, including filings with the Ministry of Corporate Affairs.

Resignation Details

Tirupati Innovar Limited reported a net profit of ₹65.20 lakh for the financial year ended March 31, 2026, while revenue from operations increased significantly to ₹14273.02 lakh. Despite the top-line growth, the company's statutory auditors issued a disclaimer of opinion on the standalone financial results, citing an inability to obtain sufficient audit evidence to verify key financial figures. The Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, in a meeting held on June 08, 2026.

Audit Disclaimer and Key Qualifications

Chandabhoy & Jassoobhoy Chartered Accountants, the independent auditor, stated they could not express an opinion on the accompanying standalone annual financial results. The disclaimer arises from the significance of several matters, including the company writing off trade payables without supporting documentation and failing to provide bifurcation of payables related to Micro, Small, and Medium Enterprises (MSME). The auditors noted that non-disclosure of MSME classification is not in compliance with the MSMED Act, 2006.

Further, the company reported significant trade receivable balances, but external balance confirmations for major outstanding amounts were not provided. The auditors also highlighted that the company reported substantial sales and purchases while reflecting nil closing stock, claiming goods are directly transferred from suppliers to customers. However, the existence of godown rent expenses appeared inconsistent with this representation, and the absence of stock records prevented verification of trading transactions.

Financial Performance for FY26

For the year ended March 31, 2026, Tirupati Innovar recorded a total revenue of ₹14422.55 lakh, up from ₹1180.63 lakh in the previous year. Total expenses for the period rose to ₹14335.43 lakh. The company reported a profit before tax of ₹87.12 lakh for the current year, compared to ₹133.18 lakh in the prior year. Basic earnings per share (EPS) for the year stood at ₹0.27, down from ₹0.41 in the previous year.

Balance Sheet and Cash Flow Highlights

The company's balance sheet as of March 31, 2026, showed total assets of ₹20955.78 lakh, a sharp increase from ₹6993.99 lakh in the previous year. Trade receivables surged to ₹15194.23 lakh from ₹1260.35 lakh, while trade payables stood at ₹14746.18 lakh. Cash and cash equivalents decreased to ₹9.48 lakh from ₹22.27 lakh. Cash flow from operating activities was negative at ₹(63.17) lakh, while financing activities provided a net inflow of ₹50.56 lakh.