WS Industries (India) Limited (WSI), a Chennai-based company, has announced several significant corporate decisions following its recent Board of Directors meeting. The company has made changes to its auditing firm, scheduled its Annual General Meeting (AGM), and approved various corporate actions.

New Statutory Auditors Appointed

The Board has approved the appointment of M/s. P. Chandrasekar LLP as the new Statutory Auditors for WSI Ltd. This appointment comes in the wake of a casual vacancy created by the resignation of the existing auditors. M/s. P. Chandrasekar LLP, established in 1988 and converted to an LLP in 2017, brings a wealth of experience to the role. The firm boasts 11 partners and a team of approximately 80 professionals across offices in Chennai, Bangalore, Mumbai, and Hyderabad.

62nd Annual General Meeting Scheduled

WSI Ltd has set the date for its 62nd Annual General Meeting. The AGM is scheduled for September 23, 2025, at 2:30 PM and will be conducted via video conference or other audio-visual means. This virtual format aligns with the ongoing trend of digital meetings in the corporate world.

Key Corporate Actions Approved

The Board meeting, which lasted from 13:30 to 13:57 hours on August 23, 2025, saw the approval of several important matters:

1. Director Remuneration: The Board has approved remuneration for both executive and non-executive directors for the period from July 1, 2025, to September 30, 2026. This approval is subject to shareholder consent.

2. Memorandum of Association Alteration: The company plans to alter its Memorandum of Association (MOA) and adopt a new set of main objects to align with the Companies Act, 2013. This change will require shareholder approval.

3. Related Party Transactions: The Board considered proposed related party transactions (RPTs) and recommended material RPTs for shareholder approval.

4. Board's Report and AGM Notice: The Board's Report for the financial year 2024-2025 and the notice for the 62nd AGM, along with relevant annexures, have been approved.

These corporate actions reflect WSI Ltd's commitment to maintaining strong governance practices and keeping its shareholders informed about significant company developments. The appointment of new auditors and the scheduled AGM provide opportunities for the company to ensure financial transparency and engage with its shareholders.

As WSI Ltd moves forward with these changes, shareholders and market watchers will be keen to see how these decisions impact the company's operations and market position in the coming months.

WS Industries , a prominent player in the infrastructure sector, has released its financial results for the first quarter of fiscal year 2026, along with several key corporate announcements. The company's board meeting on August 7, 2025, resulted in significant decisions that are likely to impact its future operations and governance.

Q1 FY2026 Financial Performance

For the quarter ended June 30, 2025, WS Industries reported:

The company's revenue from operations saw a significant decline compared to the same quarter in the previous fiscal year. WS Industries also reported a net loss of Rs 15.27 crores on a standalone basis, a stark contrast to the profit of Rs 6.01 crores in Q1 FY2025.

Preference Share Rollovers

The board approved the rollover of existing preference shares:

1. 3,50,000 Non-Convertible, Redeemable and Cumulative Preference Shares held by Vensunar Private Limited will be rolled over from September 1, 2025, to March 31, 2027.
2. 9,25,000 Non-Convertible, Redeemable and Cumulative Preference Shares held by Trala Electromech Systems Private Limited will be extended from October 1, 2025, to September 24, 2026.

These rollovers suggest that the company is managing its capital structure and maintaining relationships with key stakeholders.

Appointment of Cost Auditor

Mr. P. Raju Iyer has been appointed as the Cost Auditor for the financial year 2025-26, indicating the company's commitment to maintaining robust cost management practices.

Statutory Auditor Resignation

M/s. Brahmayya & Co., Chartered Accountants, resigned as the company's statutory auditors, effective August 7, 2025. The auditors cited pre-occupation with other professional engagements and difficulty in devoting necessary time due to the company's increased operations level as reasons for their resignation. They confirmed that there were no other material reasons for stepping down.

The auditors completed the quarterly review before resigning, which is in line with regulatory guidelines to ensure auditors do not leave mid-way through an audit cycle. This change in auditors may require WS Industries to appoint a new statutory auditor promptly to ensure continuity in financial reporting and compliance.

Other Financial Highlights

• The company reported a marginal increase in other income, rising from Rs 0.15 crores in Q1 FY2025 to Rs 0.23 crores in Q1 FY2026.
• Finance costs increased from Rs 1.36 crores to Rs 1.82 crores year-over-year.
• An exceptional item of Rs 0.32 crores was credited, representing the recovery of previously written-off bad debts from the Turnkey Business Project Unit.

Outlook

While WS Industries faces challenges with declining revenue and a shift to net loss, the company's actions, such as preference share rollovers and cost auditor appointment, indicate efforts to strengthen its financial position and operational efficiency. The resignation of the statutory auditors presents an immediate need for the company to ensure a smooth transition in its audit processes.

Investors and stakeholders will likely be watching closely to see how WS Industries addresses these challenges and capitalizes on opportunities in the infrastructure sector in the coming quarters.