Diamond Power Infrastructure Limited announced the approval of its Audited Financial Results for the quarter and year ended March 31, 2026. The board also 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. These decisions were made during a board meeting held on May 26, 2026.
Board Meeting Outcomes
DIAMOND POWER INFRASTRUCTURE LIMITED held a Board of Directors meeting on May 26, 2026. The primary outcomes of this meeting included the consideration and approval of the Audited Financial Results, both standalone and consolidated, for the financial quarter and year ending March 31, 2026. These results were previously recommended by the Audit Committee.
Executive Resignation and Appointment
In a significant executive change, the Board noted the resignation of Mr. Samir Naik, the Chief Financial Officer and Whole-time Director, effective from the close of business hours on May 25, 2026, citing personal family reasons. His resignation has been accepted by the Board.
Following this, the Board approved the appointment of Mr. Pawan Lohiya as the new Chief Financial Officer of the Company, effective from May 26, 2026. This appointment was made based on the recommendations of the Audit Committee and the Nomination and Remuneration Committee. Mr. Lohiya, who has served as Deputy CFO for the past two years, now succeeds Mr. Samir Naik.
Audited Financial Results Overview
The accompanying auditor’s report highlights a Qualified Opinion on the consolidated financial results. This qualification pertains to the ongoing exercise related to the updation of the Property, Plant & Equipment Register, including physical verification and reconciliation. While primary verification and a preliminary value allocation have been completed, the determination of final value-in-use and estimated remaining useful lives are still in progress. Consequently, the net profit and other financial information for the quarter and year ended March 31, 2026, are subject to the effects of this matter.
The consolidated financial results for the year ended March 31, 2026, show a Net Profit of ₹15,816.93 Lakhs. Total Income for the year stood at ₹1,91,809.83 Lakhs, with total expenses amounting to ₹1,75,616.08 Lakhs. For the quarter ended March 31, 2026, the Net Profit was ₹6,061.48 Lakhs, with Total Income at ₹70,291.06 Lakhs and total expenses at ₹64,071.07 Lakhs.
Standalone Financial Results
The standalone financial results also received a Qualified Opinion from the auditors, citing the same issue regarding the Property, Plant & Equipment Register. For the year ended March 31, 2026, the standalone Net Profit was ₹14,727.70 Lakhs, with Total Income at ₹1,95,100.05 Lakhs and total expenses at ₹1,80,372.35 Lakhs. The standalone Net Profit for the quarter ended March 31, 2026, was ₹5,720.88 Lakhs.
Other Disclosures
Further details provided in the annexures include the resignation of Mr. Samir Naik and the appointment of Mr. Pawan Lohiya. The company also disclosed 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, the company has been discharged from CBI/ED/PLMA matters, which is expected to enhance liquidity.
Source: BSE
