Tulsyan NEC reported a net loss of ₹6,443.99 lakh for the financial year ended March 31, 2026, narrowing from a loss of ₹7,269.61 lakh in the previous year, as total income declined to ₹76,009.85 lakh. The company's statutory auditors issued a qualified opinion on the standalone and consolidated financial results, citing an inability to determine necessary adjustments for trade receivables due to the absence of balance confirmations for a substantial portion of outstanding balances. These unconfirmed receivables constitute approximately 59.48% of the confirmations sought by the auditor.

Qualified Opinion and Audit Findings

CNGSN & Associates LLP, the statutory auditor, qualified its opinion regarding the recoverability of older trade receivables. The management stated that despite comprehensive follow-up efforts, direct responses remained low for balances exceeding 180 days, which comprise a significant majority of total trade receivables by value. While management expressed confidence in recovery and noted the evaluation of an assignment of certain receivables, the auditor noted the absence of sufficient alternative audit evidence to determine if further provisioning or write-offs were required. The qualification is repetitive in nature.

Financial Performance

For the year ended March 31, 2026, the company reported a total income of ₹76,009.85 lakh, down from ₹80,083.08 lakh in the prior year. Total expenditure stood at ₹82,453.84 lakh compared to ₹87,352.69 lakh in FY25. The basic and diluted earnings per share (EPS) for the year were reported as a loss of ₹39.15, an improvement from the loss of ₹44.16 in the previous year. The company's net worth stood at ₹20,891.11 lakh as of March 31, 2026.

Board Decisions and Corporate Governance

The Board of Directors, in its meeting held on May 30, 2026, approved the audited standalone and consolidated financial results. The board also accepted the resignation of Mr. S Chandrasekaran, Whole Time Director, effective May 08, 2026. Additionally, the board approved the reappointment of M/s. SLSM & Co., Chartered Accountants, as Internal Auditors for a period of six months from April 01, 2026, to September 30, 2026, and the reappointment of M/s. Murthy & Co., LLP, Cost and Management Accountants, as Cost Auditors for the financial year 2026-27, subject to shareholder approval.

Debt and Emphasis of Matter

The auditors drew attention to the company's Non-Convertible Debentures (NCDs), noting that while interest and principal were serviced on time until September 2025, coupon payments could not be serviced from October 2025 onwards. A revision in the terms of the NCDs establishes a moratorium for coupon payments from April 01, 2026, to August 31, 2026, to be compensated by ramped-up coupon amounts subsequently. The final redemption date has been revised to September 30, 2027.

Key Financial Metrics (Standalone, ₹ in Lakhs)

Tulsyan NEC Limited has announced that its board meeting is scheduled to be held on Saturday, May 30, 2026. The meeting will be conducted via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). The primary agenda includes the consideration and approval of the annual audited financial statements for the financial year ended March 31, 2026.

Agenda for the Meeting

The board will deliberate on several key financial documents. Specifically, the directors will consider the standalone and consolidated annual audited financial statements of the company for the financial year ended March 31, 2026. Furthermore, the meeting will address the standalone and consolidated audited financial results for the quarter and financial year ended on the same date.

Trading Window Closure

In accordance with the Code of Conduct for Prevention of Insider Trading, the company has updated the status of its trading window. The window for dealing in the securities of the company has been closed from Wednesday, April 01, 2026. This closure will remain in effect until Monday, June 01, 2026, inclusive. Consequently, the trading window is scheduled to reopen on Tuesday, June 02, 2026.

Meeting Details

The company has confirmed that the outcomes of this meeting will be made available on its official website. Parvati Soni, the Company Secretary & Compliance Officer, signed the intimation sent to the stock exchanges.