KDJ Holidayscapes FY26 audit: auditor disclaimer, exits

Overview of the latest disclosures

KDJ Holidayscapes and Resorts Ltd has reported a cluster of corporate updates spanning FY26 audited results, audit observations, trading window timelines, and leadership and auditor changes. The Board approved standalone and consolidated audited financial results for the quarter and year ended March 31, 2026 on May 22, 2026, following a review by the Audit Committee. The company later disclosed that the results were published in English and Marathi newspapers on May 23, 2026 and were also uploaded on its website along with the Auditor’s Report.

Alongside financial reporting, the company disclosed resignations and appointments at senior management and board levels, including a change in statutory auditors. Separately, the company indicated that the trading window will reopen 48 hours after the declaration of un-audited financial results for the quarter ended June 30, 2026, and that the board meeting date for those results will be communicated later.

FY26 audited results approved by the Board

In a disclosure timestamped “Quarterly Result 22 May, 7:22 pm”, KDJ Holidayscapes said its Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The approval followed a review by the Audit Committee. The company also said it took on record the audit report issued by DD Shah Patel & Co., Chartered Accountants, including a statement on the impact of audit qualifications.

The company further disclosed the publication of these audited results on May 23, 2026, a day after the board approval. It stated that the results were published in both English and Marathi newspapers, and were made available on the company’s website.

Auditor’s disclaimer of opinion and the key audit limitation

A central point in the FY26 audited results disclosure was the auditor’s disclaimer of opinion. The auditor expressed the disclaimer due to insufficient audit evidence, with specific reference to non-confirmation of non-current investments amounting to ₹892.96 lakhs, which equals ₹8.9296 crore.

The disclosure did not provide additional details on the nature of these investments beyond the non-confirmation and the auditor’s inability to obtain sufficient evidence. It also did not include any quantified impact on profit or net worth linked to this item. Still, the disclaimer and the cited investment confirmation issue stand out as a key governance and reporting development for investors tracking audit quality and balance sheet verifiability.

Trading window: what investors were told

KDJ Holidayscapes disclosed a standard compliance update on its trading window. It said the window will reopen 48 hours after the declaration of the company’s un-audited financial results for the quarter ended June 30, 2026. It added that the specific date for the board meeting to approve these results will be communicated separately.

In another update linked to the May 22, 2026 board meeting, the company said the trading window closure period had commenced on April 1, 2026 and would end 48 hours after the declaration of the audited financial results.

Management exits and new leadership from July 15, 2026

The company disclosed significant changes in senior roles effective mid-July 2026. Mr. Hemantbhai Khodidasbhai Raval resigned as Managing Director effective July 15, 2026, citing other professional commitments. Around the same time, Mr. Akash Parmar resigned as Director and Chief Financial Officer (CFO) for personal reasons.

KDJ Holidayscapes appointed Mr. Ravikumar Patel as the new Managing Director for a three-year term starting July 15, 2026. It also appointed Mr. Purvikkumar Bhagvanbhai Patel as Executive Director.

Statutory auditor change: DD Shah Patel & Co. replaced

The company also reported a statutory auditor transition in July 2026. M/s. DD Shah Patel & Co. resigned as Statutory Auditors on July 14, 2026. KDJ Holidayscapes said M/s. J M Patel & Bros. have been appointed as new Statutory Auditors for a term of five financial years.

Separately, in an earlier August 2025 disclosure, the company had said it appointed DD Shah Patel & Co. as statutory auditors after noting the resignation of CSM & Co. LLP (the outgoing firm cited inability to continue on account of health reasons). These back-to-back auditor changes across FY25 to FY27 period, as disclosed by the company, indicate frequent rotations in audit oversight.

AGM actions: borrowing plan and registered office shift

KDJ Holidayscapes said it held its 32nd AGM on May 21, 2026, where shareholders approved 14 resolutions. Among the items highlighted was approval to borrow ₹100 crore from a director and a decision to shift the registered office to Gujarat. The company said all resolutions were passed with the requisite majority as per the Scrutinizer’s Report.

The company also disclosed that shareholders adopted the audited standalone and consolidated financial statements for the financial year ended March 31, 2025 along with the Board and Auditors’ reports. In ordinary business, Mr. Akash Parmar was re-appointed as a director retiring by rotation, though he later resigned as disclosed in the July 2026 update.

Board and committee changes approved on April 22, 2026

In the outcome of the Board Meeting held on April 22, 2026, the company disclosed a wider set of corporate actions. The Board noted the resignation of M/s. Vinay Terse & Associates as Secretarial Auditor and approved the appointment of M/s. Avni & Associates for FY 2025-26 to FY 2029-30, subject to shareholders’ approval.

The Board also noted the resignation of Mr. Nimeshkumar Ganpatbhai Patel as Director and Chairman, and approved the appointment of Ms. Neha Kanwar Bhati as an Additional Director (Non-Executive Independent) and Mr. Ravikumar Gaurishankar Patel as Chairman with effect from April 22, 2026. The Board further approved a proposal to change the company name from KDJ Holidayscapes & Resorts Limited to Avenique Limited, subject to approval, and shifting the registered office from Mumbai to Ahmedabad. The same disclosure referenced an increase in borrowing limits and enhancement of Section 186 limits up to ₹5,000 crore, along with committee reconstitutions and AGM notice approval.

Financial snapshot: low revenue and continued losses

The financial data shared in the provided material shows minimal revenue and ongoing losses across multiple quarters. A Q4 FY2026 standalone snapshot shows revenue of ₹0.00 crore, expenditure of ₹0.09 crore, and net profit of -₹0.09 crore.

A separate quarterly table of standalone figures (₹ crore) shows revenue at or near zero in most quarters, with expenses resulting in negative profitability measures. EPS figures in the same table are negative, and dividends per share are shown as zero for the periods listed.

Key timeline of disclosures

The sequence below consolidates the dated events specifically mentioned in the provided material.

Why this matters: reporting confidence and governance signals

The auditor’s disclaimer of opinion, linked to insufficient audit evidence and the non-confirmation of non-current investments of ₹8.9296 crore, is a material disclosure because it directly relates to the reliability of audited financial statements. When an auditor cannot obtain sufficient evidence on specific balances, it can raise questions for investors about internal controls, record availability, and third-party confirmations.

At the same time, the company’s disclosures show frequent changes in key roles and oversight providers, including the Managing Director, CFO, and statutory auditors. Separately, shareholder approvals at the AGM included a borrowing permission of ₹100 crore from a director, and the company has disclosed plans to shift the registered office and seek approval for a name change to Avenique Limited. These are structural and governance items that investors typically track alongside financial performance.

Conclusion

KDJ Holidayscapes’ FY26 audited results approval came with a notable auditor disclaimer tied to investment confirmation, while the company also disclosed multiple board, management, and auditor changes within a short period. The next compliance milestone mentioned by the company is the declaration of un-audited results for the quarter ended June 30, 2026, after which the trading window is scheduled to reopen 48 hours later, with the board meeting date to be communicated separately.