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Rajnandini Metal Appoints Ashok Kalra as CMD for 3 Years; Sanjay Choudhary Resigns
Rajnandini Metal Limited has announced a significant leadership transition with the resignation of Mr. Sanjay Choudhary from the post of Chairman & Managing Director effective February 27, 2026. To fill the vacancy, the Board has appointed Mr. Ashok Kalra as the new CMD for a three-year term ending February 26, 2029. The company will seek shareholder approval for this appointment and the re-appointment of two independent directors via a postal ballot. Mr. Kalra is an internal promotion, currently serving as an Executive Director with extensive experience in the metal industry.
Key Highlights
Resignation of Mr. Sanjay Choudhary as Chairman & Managing Director effective February 27, 2026.
Appointment of Mr. Ashok Kalra as CMD for a 3-year term from February 27, 2026, to February 26, 2029.
Shareholder approval to be sought via Postal Ballot for the new CMD and two Independent Directors.
Mr. Ashok Kalra is an internal candidate with BBA and MSC qualifications and rich experience in metals.
💼 Action for Investors
Investors should monitor the transition to ensure business continuity and check for any shifts in strategic direction under the new leadership. As this is an internal promotion, the impact on daily operations is expected to be minimal.
Rajnandini Metal Q3 Profit at ₹51 Lakhs; Auditor Flags ₹290 Cr GST Demand
Rajnandini Metal reported a net profit of ₹51 Lakhs for Q3 FY26, up from ₹9 Lakhs YoY, despite a massive 73% drop in revenue to ₹61.84 Crores. The results are overshadowed by a qualified audit opinion regarding a ₹290.70 Crore GST demand for alleged ineligible input tax credit. For the nine-month period ending December 2025, the company has swung to a net loss of ₹1.45 Crores compared to a profit of ₹2.37 Crores in the previous year. Management is contesting the tax demand and has not made any financial provisions for it.
Key Highlights
Revenue from operations fell sharply to ₹6,184 Lakhs in Q3 FY26 from ₹23,272 Lakhs in Q3 FY25.
Auditors issued a qualified opinion due to an unresolved GST demand of ₹290.70 Crores including interest and penalties.
Net loss for the nine-month period stands at ₹145 Lakhs vs a profit of ₹237 Lakhs YoY.
Exceptional item of ₹4.49 Lakhs recognized during the quarter for New Labour Code liabilities.
Total comprehensive income for Q3 FY26 was ₹53 Lakhs, aided by lower material costs compared to the previous quarter.
💼 Action for Investors
Investors should be extremely cautious as the ₹290.70 Crore GST demand is significantly higher than the company's annual revenue and net worth. The qualified audit report and the sharp decline in nine-month profitability suggest high financial and regulatory risk.
Rajnandini Metal Q3 Revenue Drops 73% YoY; Auditor Flags ₹290.7 Cr GST Demand
Rajnandini Metal reported a sharp 73.4% YoY decline in revenue to ₹61.84 crore for Q3 FY26. While the company posted a marginal net profit of ₹0.51 crore for the quarter, it remains in a net loss of ₹1.45 crore for the nine-month period ending December 2025. The most significant concern is a qualified auditor's opinion regarding a massive ₹290.70 crore GST demand for alleged ineligible input tax credits. The company is currently contesting this demand in court and has not made any financial provisions for it.
Key Highlights
Revenue from operations plummeted to ₹61.84 crore in Q3 FY26 from ₹232.72 crore in Q3 FY25.
Auditors issued a qualified opinion due to a ₹290.70 crore GST demand (including interest and penalty) which is not provided for in the books.
Net profit for the quarter stood at ₹0.51 crore, a slight improvement from ₹0.09 crore in the previous year's corresponding quarter.
Nine-month cumulative performance shows a net loss of ₹1.45 crore on a total income of ₹208.17 crore.
An exceptional item of ₹4.49 lakhs was recorded during the quarter due to the implementation of New Labour Codes.
💼 Action for Investors
Investors should exercise extreme caution as the contested GST demand of ₹290.70 crore is significantly higher than the company's annual revenue and net worth. The drastic reduction in business volume and the auditor's qualification are major red flags.