DICABS announced its audited financial results for the quarter and fiscal year ending March 31, 2026. The Board of Directors approved these results, which were recommended by the Audit Committee. Additionally, the company accepted the resignation of Mr. Samir Naik as Chief Financial Officer and Whole-time Director, appointing Mr. Pawan Lohiya as the new Chief Financial Officer, effective May 26, 2026.
Financial Highlights for FY 2025-26
The Board of Directors of Diamond Power Infrastructure Limited (DICABS) convened today, May 26, 2026, to review and approve the company’s Audited Financial Results for the quarter and the full fiscal year ending March 31, 2026. These results, which were previously vetted by the Audit Committee, reflect the company’s financial performance over the period. The detailed financial statements and the accompanying Auditors’ Report, which includes a modified opinion, have been made public.
Leadership Changes at DICABS
In a significant development, the Board also accepted the resignation of Mr. Samir Naik from his positions as Chief Financial Officer and Whole-time Director, effective May 25, 2026, citing personal family reasons. Following this, the Board has approved the appointment of Mr. Pawan Lohiya as the new Chief Financial Officer, effective May 26, 2026. Mr. Lohiya, who has served as Deputy CFO for the past two years, brings extensive experience to his new role.
Auditor’s Report and Qualifications
The Independent Auditor’s Report from Naresh & Co. highlights a qualified opinion regarding the consolidated financial results for the quarter and year ended March 31, 2026. The qualification stems from the ongoing exercise related to the updation of the Property, Plant, and Equipment Register. This includes essential tasks such as physical verification, reconciliation with accounting records, and the determination of value-in-use and remaining useful lives, which are still in progress. The auditors noted that while primary verification and preliminary value allocation have been completed, the final determination of asset values and depreciation is expected to be finalized in the next fiscal year.
The report further details that the company has continued to provide depreciation at 20% on the overall block of Property, Plant, and Equipment relating to the period prior to the new management’s takeover, considering estimated utilization and normal wear and tear. Depreciation on new additions is being provided at regular rates. The total depreciation charge for the year amounted to ₹2,922.33 lacs. The net profit and other financial information for the period are subject to the effect of the ongoing asset register exercise. This qualification has also been present in previous audit reports.
Key Financial Data (Consolidated)
For the Quarter Ended March 31, 2026
- Total Income: ₹70,291.06 Lakhs
- Total Expenses: ₹64,071.07 Lakhs
- Profit Before Tax: ₹6,219.99 Lakhs
- Net Profit: ₹6,061.48 Lakhs
- Total Comprehensive Income: ₹6,067.37 Lakhs
For the Year Ended March 31, 2026
- Total Income: ₹1,91,809.83 Lakhs
- Total Expenses: ₹1,75,616.08 Lakhs
- Profit Before Tax: ₹16,193.74 Lakhs
- Net Profit: ₹15,816.93 Lakhs
- Total Comprehensive Income: ₹15,816.04 Lakhs
Operational and Legal Updates
In a significant milestone, the Holding Company has been discharged from CBI/ED/PLMA matters, which is expected to enhance liquidity and facilitate recoveries. Furthermore, the company is adapting to the Government of India’s consolidation of labor laws into four new Labour Codes, which became effective on November 21, 2025.
The company also noted that no provision has been made for Income Tax for the quarter and year ended March 31, 2026, due to brought forward unabsorbed losses and depreciation. Additionally, additional provisions of ₹21.16 Lakhs for gratuity liability and ₹19.88 Lakhs for leave liability have been made.
The previous financial year saw the sub-division of equity shares, where one equity share of face value ₹10 was split into ten shares of face value ₹1. This change has been reflected in the Earnings Per Share (EPS) computation for all periods presented.
Source: BSE
