Kwality Pharmaceuticals names B S R after auditor resignation

Kwality Pharmaceuticals Limited named B S R & Co. LLP as statutory auditor on November 12, 2026, subject to member approval, after Vijay Mehra & Co. resigned effective that date citing pre-occupation with other assignments. The proposed replacement will serve until the 44th Annual General Meeting, while the outgoing auditor’s term had been scheduled through FY 2028-29.

What changed in Kwality Pharmaceuticals’ audit arrangement?

Kwality Pharmaceuticals replaced Vijay Mehra & Co. with B S R & Co. LLP on November 12, 2026 to fill the casual vacancy created by the resignation. The appointment is subject to approval by the company’s members, and the filing says B S R & Co. LLP would hold office until the conclusion of the 44th Annual General Meeting, or AGM.

The transition occurred before the prior auditor’s planned term-end in FY 2028-29. Vijay Mehra & Co. was appointed at the 41st AGM on September 24, 2024, and its disclosed tenure was due to continue until the conclusion of the 46th AGM. The proposed tenure for B S R & Co. LLP therefore ends at the 44th AGM, two AGMs before the outgoing firm’s originally scheduled endpoint.

Kwality Pharmaceuticals identified B S R & Co. LLP by firm registration number 101248W/W-100022 in its November 12, 2026 disclosure. The company did not disclose the date of the 44th AGM, the date on which members will vote on the appointment, or an audit fee. Its filing describes the appointment specifically as one to fill a casual vacancy rather than a reappointment for a new full term.

Why did Vijay Mehra & Co. resign from Kwality Pharmaceuticals?

Vijay Mehra & Co. said on November 12, 2026 that it resigned because it was pre-occupied with other assignments and could not devote time to Kwality Pharmaceuticals’ affairs. The firm’s resignation letter and the company’s Regulation 30 disclosure both give that explanation, and the firm stated that its cessation as statutory auditor took effect on November 12, 2026.

Vijay Mehra & Co. also declared on November 12, 2026 that no other material reason existed for its resignation. In the prescribed annexure, the auditor marked as not applicable the disclosures on information withheld by management, inability to obtain sufficient appropriate audit evidence, management-imposed limitations and the potential effect of unavailable information on reported financial statements or results.

The filing does not disclose a disagreement with Kwality Pharmaceuticals’ management, Audit Committee or board. Vijay Mehra & Co. reported that questions about efforts to address concerns with the Audit Committee or board were not applicable. On the disclosed record, the reason for the November 2026 departure was the firm’s capacity for other assignments, not an identified concern over financial reporting or audit evidence.

Did Vijay Mehra & Co. complete the latest financial review?

Yes, Vijay Mehra & Co. said it completed the limited review of Kwality Pharmaceuticals’ unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026 before resigning. It issued its Limited Review Report on November 12, 2026, the same date as its resignation, according to the auditor’s letter.

Kwality Pharmaceuticals said its Audit Committee reviewed the unaudited results and its board approved them at a meeting on November 12, 2026. The company also said the statutory auditors issued limited review reports under Regulation 33 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015, for the September 30, 2026 quarter and half year.

The consolidated figures reviewed for the half year show revenue from operations of Rs 343.5751 crore for the period ended September 30, 2026, compared with Rs 222.53 crore a year earlier. Profit attributable to owners was Rs 54.6497 crore, compared with Rs 26.0419 crore in the half year ended September 30, 2025. Kwality Pharmaceuticals reported pharmaceuticals as its single reportable segment under Indian Accounting Standard 108.

The September 2026 quarter also recorded consolidated revenue from operations of Rs 181.2229 crore, up from Rs 111.051 crore in the September 2025 quarter. Profit attributable to owners for the September 2026 quarter was Rs 29.0252 crore, against Rs 14.1161 crore a year earlier. These unaudited results were part of the final limited-review work completed by Vijay Mehra & Co. on November 12, 2026.

Who is B S R & Co. LLP and what is its proposed term?

B S R & Co. LLP is the proposed statutory auditor of Kwality Pharmaceuticals from November 12, 2026 until the conclusion of the 44th AGM, subject to member approval. The firm was constituted as a partnership on March 27, 1990 and converted into a limited liability partnership on October 14, 2013, according to the company’s appointment disclosure.

Kwality Pharmaceuticals said B S R & Co. LLP is a member entity of B S R & Affiliates, a network registered with the Institute of Chartered Accountants of India. The filing states that the firm has more than 4,000 staff, more than 170 partners and offices across 14 locations. It also says the firm audits listed Indian companies, including companies in the pharmaceutical sector.

The registered office listed for B S R & Co. LLP is at Nesco IT Park 4, Goregaon East, Mumbai. Kwality Pharmaceuticals did not disclose why it selected this firm beyond its appointment to fill the vacancy created on November 12, 2026. It also did not set out any proposed audit remuneration, scope changes or timetable for the member-approval process.

Conclusion

Kwality Pharmaceuticals’ November 12, 2026 disclosure records a statutory-auditor transition following Vijay Mehra & Co.’s resignation for reasons of other professional assignments. The outgoing firm completed the limited review of the September 30, 2026 standalone and consolidated results before stepping down, while B S R & Co. LLP has been named to fill the casual vacancy subject to member approval.

The next disclosed matter to watch is member approval of B S R & Co. LLP, whose proposed appointment runs only to the 44th AGM. Kwality Pharmaceuticals has not disclosed the AGM date, approval timetable or audit fee, leaving those matters unresolved after the November 12, 2026 announcement.