Virgo Polymers (India) Ltd announced that DTSB & Associates, Chartered Accountants, resigned from the position of internal auditor effective July 15, 2026. The resignation was submitted via a letter dated July 15, 2026, citing other pre-occupancy as the reason for the change. The company confirmed that the resignation letter was received on the same day.

The company stated there were no concerns raised by the outgoing auditor regarding the management of Virgo Polymers, nor were there any material reasons for the resignation. Vivek Ramsisaria, Managing Director, signed the intimation sent to BSE Limited.

Resignation Details

The following table outlines the specifics of the auditor change as per the regulatory disclosure:

The Audit Committee and the Board of Virgo Polymers will consider the appointment of new internal auditors in due course. The company will intimate the exchange once a new appointment is finalized. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Virgo Polymers (India) Limited reported an 82% decline in net profit to ₹42.3 lakh for the financial year ended March 31, 2026, compared to ₹231.9 lakh in the previous year. Revenue from operations fell 15.5% to ₹15,365.9 lakh from ₹18,182.7 lakh in FY25, impacted by increased purchases of stock in trade which totalled ₹12,558.4 lakh against ₹11,428.8 lakh a year ago. The company's total assets decreased significantly to ₹6,200.58 lakh as of March 31, 2026, from ₹11,818.33 lakh in the prior year, largely due to a reduction in trade receivables. The board approved the standalone annual audited financial results for FY26 on May 29, 2026, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory auditors, Venkat & Rangaa LLP, issued an unmodified opinion on the financial statements. The company operates a single reportable business segment focused on the manufacture of Flexible Intermediate Bulk Containers.

Financial Performance

For the quarter ended March 31, 2026, the company posted a net profit of ₹20.1 lakh, a sharp decrease from ₹193.7 lakh in the corresponding quarter of the previous year. Revenue for the quarter dropped to ₹3,541.4 lakh from ₹9,466.8 lakh in Q4FY25. Total expenses for the year stood at ₹15,563.1 lakh, lower than the ₹18,365.8 lakh recorded in FY25, aided by reduced costs for raw materials and employee benefits. The following table summarises the key financial metrics for the full year:

Regulatory Disclosure

Pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published an advertisement in connection with its audited financial results for the quarter and financial year ended March 31, 2026, in two newspapers on May 31, 2026. The publication details are as follows:

The disclosure was communicated to BSE Limited by Managing Director Vivek Ramsisaria on June 2, 2026.

Management Changes

In a key management shift, the board appointed Mr. Jayasankar O as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective May 29, 2026. This appointment follows the resignation of Mrs. Bhavani as CFO and KMP, effective May 13, 2026. Mr. Jayasankar brings over 16 years of experience, including 13 years in the manufacturing sector, and holds a Bachelor of Commerce degree from the University of Calicut.

Balance Sheet and Cash Flows

The balance sheet reflects a substantial contraction in the company's financial scale. Trade receivables fell to ₹3,057.96 lakh from ₹7,729.09 lakh, while cash and cash equivalents improved to ₹654.55 lakh from ₹186.95 lakh. Long-term borrowings decreased drastically to ₹68.14 lakh from ₹3,918.02 lakh. The cash flow statement shows a net increase in cash and cash equivalents of ₹467.61 lakh for the year, driven by positive cash flow from operating activities amounting to ₹5,081.76 lakh.