Innovative Tyres & Tubes Approves New Director and Reviews Half-Year Financial Results

Innovative Tyres & Tubes Approves New Director and Reviews Half-Year Financial Results​

Innovative Tyres & Tubes Limited announced key governance updates and considered its financial performance during a Board of Directors meeting held on May 30, 2026. The Board approved the company's Audited Financial Results for the Half Year and year ended March 31, 2026.

In significant corporate governance developments, the Board unanimously approved the appointment of Mr. Kamlesh Joshi (DIN: 01783387) as an Independent Director. The appointment aims to strengthen the Board's composition and enhance corporate governance. The Board also approved the appointment of Ms. Sneh Chauhan as Chairman of the Audit Committee. The Board noted that Mr. Kundankumar Mishra is presently unable to attend Board proceedings due to a critical medical condition.

Financial Performance Overview​

The Board considered the Audited Financial Results for the half year and year ended March 31, 2026.

The financial results for the half-year period show the following movement in key income metrics (Rs. in Lacs):


Profit/(Loss) after tax for the period was recorded as (190.79) Lacs, resulting in a Basic Earnings per equity share of (0.17) Rs.

The balance sheet data as at March 31, 2026, compared to the previous year, highlights the company's financial structure:

Qualified Audit Opinion Issued​

The company received an audit report from B. B. & Associates, Qualified Chartered Accountants, regarding the financial results for the year ended March 31, 2026.

The auditors provided an opinion that the Statement gives a true and fair view, except for the possible effects of the matters detailed in the basis for Qualified Opinion section.

The basis for the qualified opinion included:
1. Delayed Dues: The company has outstanding dues to Micro and Small Enterprises beyond the credit period prescribed under the Micro, Small and Medium Enterprises Development Act, 2006. The company failed to recognize the interest liability on such delayed payments.
2. Discontinued Operation: The company discontinued its Tube Division during the year. The auditors noted that the company did not separately present the results of this discontinuing operation or provide the required comparative disclosures under Accounting Standard (AS) 24.

The report also highlighted the following non-compliance issues:

• The company has made export sales of Rs 69.24 Lacs to a party that has not realized within 9 months of the export date, leading to non-compliance with Foreign Exchange Management (Export of Goods and Services) Regulations, 2015.
• The company accepted advances from certain parties amounting to INR 123.29 Lakhs for goods supply, which had not been adjusted against supply within a period of 365 days, violating Section 73 of the Companies Act, 2013.

ITTL Stock Price Movement​

As of 12:08 PM, shares of Innovative Tyres & Tubes Limited maintain their value at ₹83.10 in live trading, posting a flat movement with 0.00% change. The stock is currently trading amid a measured volume of 105 shares, holding steady within the live market session.