Tulsyan NEC Ltd Approves Q1 Results and Announces Auditor Changes, Re-appoints Director

Tulsyan NEC Ltd Approves Q1 Results and Announces Auditor Changes, Re-appoints Director​

TULSYAN NEC LTD announced its unaudited financial results for the quarter ended June 30, 2026, following a Board meeting held on August 10, 2026. The company also detailed significant changes in its audit and internal audit appointments and provided updates on key management personnel and directorial appointments.

The Board of Directors reviewed and approved the unaudited standalone and consolidated financial results prepared as per Indian Accounting Standards (IndAS), along with a Limited Review Report.

Audit and Management Updates​

Key decisions made by the Board of Directors included:

Statutory Auditor Appointment: The Board recommended for shareholder approval the appointment of M/s SRBR and Associates LLP, Chartered Accountants, as the Statutory Auditors of the Company for a first term of five consecutive years. This firm is set to hold office from the conclusion of the ensuing 79th Annual General Meeting (AGM) until the 84th AGM in 2031, succeeding M/s CNGSN & Associates LLP.

Internal Auditor Appointment: The Board approved the appointment of M/s Madhu Balan & Associates, Chartered Accountants, as Internal Auditors for a period of six months, commencing from October 01, 2026 to March 31, 2027, and also for a subsequent three-year period extending till FY 29-30.

Key Management Personnel (KMP) Update: The Board considered the resignation of Mr. G. Nagesh (President-Operation), designated as 'Senior Management,' effective May 31, 2026. The ongoing members of the 'Senior Management' were identified as Mr. Shanthakumar R P, Chief Financial Officer (KMP); Mrs. Uma M, GM-Finance; Mrs. Parvati Soni, Company Secretary & Compliance Officer (KMP); and Mr. Gudur Venkata Suresh Babu (Vice President - Power Plant).

Director Reappointment: The Board recommended the re-appointment of Mr. Lalit Kumar Tulsyan (DIN: 00632823) as a Director, liable to retire by rotation at the upcoming 79th Annual General Meeting.

The 79th Annual General Meeting of Members is scheduled to be held on Saturday, September 19, 2026, via Video Conferencing (VC) / Other Audio-Visual Means (OAVM).

Financial Performance Highlights​

Standalone Results (Quarter ended June 30, 2026)

The standalone financial results showed a Total Income of 13,950.28 Lakhs. The company recorded a net profit for the period of (3,084.96) and total comprehensive income of 1,646.14 Lakhs.

A detailed summary of the Standalone Segment-Wise Reporting is provided below:


Consolidated Results (Quarter ended June 30, 2026)

The consolidated results reported a Total Income of 15,749.48 Lakhs for the quarter. The company registered total comprehensive income for the period of 1,646.14 Lakhs.

A summary of the Consolidated Segment-Wise Reporting is as follows:

Business and Finance Updates​

The company provided several operational updates:

• Debenture Revision: There was a revision in the terms of Non-Convertible Debentures (NCDs). An agreed moratorium for Coupon payments from April 1, 2026, till August 31, 2026, has been set. The Final Redemption Date was revised to September 30, 2027.
• Fuel Supply Agreement: Tulsyan NEC Ltd entered a fuel supply agreement dated May 12, 2026, with Mahanadi Coalfields Limited, a subsidiary of Coal India Limited. This arrangement is intended to ensure a stable and comparatively lower cost supply of coal for power generation purposes.

The company has structured its business into three segments: Steel Division, Synthetic Division, and Power.

Stock Price Movement​

As of 15:03, Tulsyan NEC Ltd is edging lower, with shares trading at ₹34.60 after a 4.74% decline. The stock fluctuated throughout the day within an intraday range established between a high of ₹37.50 and a low of ₹34.51.