IMP Powers Limited Approves Financial Results, Reappoints Key Director and Auditor

IMP Powers Limited Approves Financial Results, Reappoints Key Director and Auditor​

IMP Powers Limited announced decisions regarding its interim financials and corporate appointments following the Board meeting held on August 8, 2026. The company approved both its unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026. The board also approved the re-appointment of key personnel in executive and compliance roles.

Corporate Governance and Appointments​

The Board meeting on August 8, 2026, addressed several crucial governance appointments:

• Secretarial Auditor: Ms. Shilpa Shah was re-appointed as the Secretarial Auditor for the Financial Year 2026-27, based on the recommendation of the Audit Committee.
• Whole-time Director: Mr. Naveen Kumar Singh was re-appointed as a Whole-time Director for a further period of one year, effective from August 8, 2026, subject to approval by the Members at the ensuing General Meeting.

Financial Performance Overview​

The company released its unaudited Standalone and Consolidated financial results for the quarter ending June 30, 2026. The results were reviewed by the Audit Committee and approved by the Board of Directors on August 8, 2026.

The core figures from the Standalone Financial Results (in Lakhs) are summarized below:

Audit Findings and Qualified Opinions​

The audited review of the Unaudited Standalone Financial Results issued a Qualified Opinion. The opinion was qualified based on several areas, including:

• Receivables: A substantial portion of trade receivables were outstanding for more than three years, making it difficult to determine if the carrying value aligned with expected credit loss requirements.
• Assets and Banks: Substantial parts of bank balances and other current assets relate to periods prior to the commencement of the Corporate Insolvency Resolution Process (CIRP), and adequate supporting documentation was not available.
• Impairment: The company had not conducted an impairment assessment of its assets despite the prolonged suspension of production activities pursuant to CIRP.
• Liquidation Proceeds: Although the liquidator commenced distribution of sale proceeds following the E-Auction, the process remains incomplete, pending finalization and corresponding accounting effect for relevant balances.
• Accounting Compliance: The company had not recognized deferred tax expense/income as required by Indian Accounting Standard (Ind AS) 12.

The review of the Consolidated Financial Results also resulted in a Qualified Opinion, citing similar concerns across multiple areas: lack of expected credit loss recognition against aged receivables; unverified current asset balances related to pre-CIRP periods; failure to assess asset impairment post-suspension of production; and ongoing issues with the completion of sale proceeds distribution.

Consolidated Financial Snapshot​

The unaudited Consolidated Financial Results for the quarter ending June 30, 2026, show the following financial status:


The consolidated results were also subjected to a Qualified Opinion, with the auditors noting that the lack of actuarial valuation for employee benefit obligations could not be determined in its impact on financial statements.