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Statutory Auditor Milind Nyati & Co. LLP Resigns Citing Other Commitments
Shree Rajiv Lochan Oil Extraction Ltd announced the resignation of its statutory auditor, M/s Milind Nyati & Co. LLP, effective close of business on 26 August 2026. The firm was appointed on 26 September 2024 for a 5-year tenure expiring in 2029 and completed limited review/audit filings up to the quarter ended 30 June 2026. The auditor cited other professional commitments for the mid-term exit, confirming no undisclosed material concerns or lack of management cooperation.
Confidence: HIGH
What changedStatutory auditor M/s Milind Nyati & Co. LLP has resigned mid-term citing other commitments.
Why it mattersRequires the company to appoint a new statutory auditor to ensure compliance and audit continuity, relevant given the company's micro-cap scale (₹11 Cr market cap) and negligible revenue base.
Resignation effective date: 26th August 2026Original appointment date: 26.09.2024Scheduled term expiry: AGM in the year 2029Latest review report submitted: 11/08/2026
📅 Short termThe company's Board will have to meet to propose and approve a replacement auditor to fill the casual vacancy.
📈 Long termLimited structural impact assuming smooth transition to a new statutory auditor.
⚠ Risk flags
- Mid-term statutory auditor resignation
- Negligible operating revenue (TTM revenue ₹0 Cr)
- Low promoter holding at 20.36%
Key Highlights
M/s Milind Nyati & Co. LLP resigned as Statutory Auditor effective 26 August 2026.
The auditor's original 5-year term was scheduled to run from 26.09.2024 until the AGM in 2029.
Completed audit/limited review reporting up to 30.06.2026, submitted on 11/08/2026.
Reason cited was other professional commitments; no disagreements or unresolved concerns were flagged.
👀 What to Watch
Track the upcoming board announcement regarding the appointment of a new statutory auditor to fill the casual vacancy and monitor upcoming quarterly filings.
Shree Rajiv Lochan Oil Reports ₹1.42 Lacs Q1 Profit on Zero Operating Revenue
Shree Rajiv Lochan Oil Extraction Ltd reported zero revenue from operations for the quarter ended June 30, 2026, consistent with its TTM performance. The company generated a total income of ₹7.47 Lacs entirely from 'Other Income', resulting in a net profit of ₹1.42 Lacs, which is a 60% decline from ₹3.61 Lacs in the same quarter last year. A key concern is the auditor's qualified opinion regarding a ₹1.33 Cr investment in unquoted equity shares that is not being fair-valued as per Ind AS 109.
Confidence: HIGH
What changedThe company released its Q1 FY27 financial results, showing a continued lack of operational revenue and a significant drop in net profit compared to the previous year.
Why it mattersWith a market cap of only ₹9 Cr and zero revenue, the company's survival depends on its 'Other Income' and the realization of its ₹1.33 Cr investment, which represents approximately 26.6% of its net worth.
Revenue from Operations: ₹0.00Net Profit: ₹1.42 LacsUnquoted Investment Value: ₹1,32,87,000Investment vs Net Worth: ~26.6%Other Income: ₹7.47 Lacs
📅 Short termThe stock is likely to remain stagnant given the lack of business operations and marginal profit figures.
📈 Long termLimited structural significance unless the management utilizes the existing net worth to pivot into a revenue-generating business.
⚠ Risk flags
- Zero operating revenue
- Auditor qualification on investment valuation
- Low promoter holding at 20.4%
- High P/E ratio of 118.4 despite lack of operations
Key Highlights
Revenue from operations remained at ₹0.00 for the quarter ended June 30, 2026
Net profit fell to ₹1.42 Lacs compared to ₹3.61 Lacs in the previous year's quarter
Auditor issued a qualified conclusion regarding unquoted investments worth ₹1,32,87,000
Total expenses for the quarter were ₹5.55 Lacs, primarily driven by employee benefits and other costs
Earnings Per Share (EPS) stood at ₹0.03 for the quarter
👀 What to Watch
Investors should monitor whether the company intends to resume any operational activities, as it currently functions as a shell entity with no core business revenue. The valuation of the ₹1.33 Cr investment remains a key transparency risk.
Rs 1.42 Lacs Net Profit Reported; Zero Operational Revenue and Auditor Qualification Noted
Shree Rajiv Lochan Oil Extraction Ltd reported zero revenue from operations for the quarter ended June 30, 2026, continuing its trend of non-operational status. The company generated a total income of Rs 7.47 Lacs entirely from 'Other Income', resulting in a net profit of Rs 1.42 Lacs, which is a 60.6% decline from Rs 3.61 Lacs in the same quarter last year. A significant concern is the auditor's qualified opinion regarding a Rs 1.33 Cr investment in unquoted equity shares that has not been fair-valued as per Ind AS 109. This investment represents approximately 26.6% of the company's Rs 5 Cr net worth, posing a potential valuation risk.
Confidence: HIGH
What changedThe company released its Q1 FY27 financial results, confirming a continued lack of operational revenue and receiving a qualified audit report regarding investment valuation.
Why it mattersFor a micro-cap company with a Rs 9 Cr market cap, the absence of operations and a qualified audit report on 26% of its net worth are critical red flags for fundamental stability.
Revenue from Operations: Rs 0.00Net Profit (Q1): Rs 1.42 LacsUnquoted Investment (Qualified): Rs 1.33 CrInvestment vs Net Worth: ~26.6%Other Income: Rs 7.47 Lacs
📅 Short termThe stock is likely to remain under pressure or stagnant given the lack of operational growth and the auditor's qualification.
📈 Long termLimited structural significance unless the company pivots to a new business model or successfully exits its unquoted investments at the stated value.
⚠ Risk flags
- Zero operational revenue
- Auditor qualification on investment valuation
- High P/E ratio (118.4) despite lack of core business
- Low promoter holding (20.4%)
Key Highlights
Revenue from operations remained at Rs 0.00 for the quarter ended June 30, 2026.
Net profit fell to Rs 1.42 Lacs from Rs 3.61 Lacs in the previous year's corresponding quarter.
Auditor issued a qualified conclusion regarding unquoted equity investments worth Rs 1,32,87,000 carried at cost instead of fair value.
Total expenses for the quarter stood at Rs 5.55 Lacs, primarily driven by employee benefits and other expenses.
Earnings Per Share (EPS) decreased to Rs 0.03 from Rs 0.09 in the year-ago period.
👀 What to Watch
Investors should monitor if the company resumes any core business operations, as it currently functions as a shell-like entity relying on other income. The lack of fair valuation for a significant portion of its net worth (Rs 1.33 Cr investment) requires caution regarding the actual book value.
Shree Rajiv Lochan Oil reports ₹6.87 Lacs FY26 PAT; Resubmits results with Audit Impact Statement
Shree Rajiv Lochan Oil Extraction Ltd has resubmitted its FY26 financial results to include the Statement of Impact of Audit Qualification as requested by BSE. The company reported zero revenue from operations for the entire fiscal year ended March 31, 2026, with total income of ₹25.83 Lacs derived entirely from 'Other Income'. Despite the lack of core business activity, the company posted a net profit of ₹6.87 Lacs, a recovery from a loss of ₹12.68 Lacs in FY25, primarily due to a 76% reduction in other expenses. Cash and cash equivalents saw a significant increase to ₹170.84 Lacs from ₹3.30 Lacs in the previous year.
Confidence: HIGH
What changedThe company resubmitted its audited financial results for FY26 specifically to include the Statement of Impact of Audit Qualification, which was missing in the initial May 2026 filing.
Why it mattersThe presence of an audit qualification combined with zero operational revenue suggests significant business and compliance risks that could affect the company's valuation and regulatory standing.
Revenue from Operations (FY26): ₹0.00Net Profit (FY26): ₹6.87 LacsOther Income (FY26): ₹25.83 LacsCash & Cash Equivalents: ₹170.84 LacsTotal Assets: ₹535.71 Lacs
📅 Short termThe stock may experience volatility or negative sentiment as the market processes the implications of the audit qualification and the lack of core business activity.
📈 Long termThe long-term outlook is highly uncertain given the zero revenue from operations; the company needs to demonstrate a viable plan to restart its oil extraction business.
⚠ Risk flags
- Zero operational revenue
- Audit qualification impact
- High reliance on non-operating income
- Micro-cap liquidity risk
Key Highlights
Revenue from operations remained at ₹0.00 for the full year ended March 31, 2026.
Net Profit for FY26 reached ₹6.87 Lacs compared to a net loss of ₹12.68 Lacs in FY25.
Other Expenses were significantly reduced to ₹10.79 Lacs from ₹45.26 Lacs in the prior year.
Cash and Cash Equivalents increased to ₹170.84 Lacs as of March 31, 2026, up from ₹3.30 Lacs.
The company appointed new Internal Auditors (Goel & Goyal) and Secretarial Auditors (Samantrai Prashant & Co.) for the upcoming periods.
👀 What to Watch
Investors should closely examine the specific details of the 'Audit Qualification' mentioned in the resubmission to understand the auditor's concerns. The lack of operational revenue indicates the core business is currently dormant, making the company highly dependent on non-operating income.
