Urja Global reports profit growth, but auditor flags ₹46 cr in missing proof
Urja Global posted a net profit of ₹1.91 crore for FY26, but its auditor issued a qualified opinion over missing documentation for mining investments.
— 2 earlier stories on Urja Global Ltd. →What's new
- Auditor issued a qualified opinion on FY26 results.
- Company lacks documentation for ₹46.35 crore in mining project investments.
- CFO Sachin Kumar Agrahari and CS Sakshi Arora resigned; new leadership appointed.
Why this matters
A qualified audit opinion is a serious governance warning, especially when it involves nearly 80% of the company's annual revenue in undocumented investments. The simultaneous departure of the CFO and company secretary adds a layer of instability that investors cannot ignore.
What we're watching
- Any clarification from the board regarding the missing mining project documentation.
- Market reaction to the leadership churn and the audit qualification.
- Future auditor comments on the status of the GST input tax credit.
The full read
Urja Global posted a standalone net profit of ₹1.91 crore for FY26, up from ₹1.44 crore in the prior year. Revenue also climbed to ₹58.53 crore from ₹50.33 crore. Despite the growth, the company's auditor issued a qualified opinion that casts a shadow over these figures. The auditor flagged a failure to reverse ₹34.25 lakh in GST input tax credits and, more critically, a lack of documentary evidence for ₹46.35 crore in mining project investments. This sum represents a massive portion of the company's ₹593 crore market capitalization. Alongside these findings, the company confirmed the resignations of its CFO and company secretary. While Amitav Roy steps in as CEO, the combination of a qualified audit and a sudden leadership shuffle raises immediate questions about internal controls. The next test is how the board justifies the missing documentation for its mining assets.
Questions answered
- What were the primary reasons for the auditor's qualified opinion?
- The auditor cited two issues: the failure to reverse GST input tax credits of ₹34.25 lakh and the absence of documentary evidence for ₹46.35 crore in mining project investments.
- How did the company's financial performance compare to the previous year?
- Urja Global reported a standalone net profit of ₹1.91 crore on revenue of ₹58.53 crore for FY26, compared to a profit of ₹1.44 crore on revenue of ₹50.33 crore in FY25.
- Who has left the company's management team?
- Chief Financial Officer Sachin Kumar Agrahari and Company Secretary Sakshi Arora have both resigned.
- Who are the new appointees?
- Amitav Roy has been appointed as the new Chief Executive Officer, and Mikita Gupta has been named as the new Company Secretary.
Story so far
All notes on URJA →- 27 May 2026 · 1:34 PM IST Urja Global reports profit growth, but auditor flags ₹46 cr in missing proof
- 5d ago Urja Global reports profit as auditor flags ₹46 cr in undocumented assets
- 6d ago Urja Global's auditor flags ₹46 cr in unverified investments, GST issue