NIBE Limited Approves Q2 FY26 Results, Appoints New CEO and Auditors
NIBE Limited approved Q2 FY26 Un-Audited Financial Results on August 14, 2026. Mr. Ganesh Ramesh Nibe was appointed CEO. M/s. BDO India Services Private Limited appointed as Internal Auditors and M/s. Dhananjay Laxman Gawade & Co. as Cost Auditors for FY27. No deviation reported in fund utilization from ₹1,346,689,000 raised via preferential allotment.
The appointment of a new CEO and auditors are significant for the company's governance and operations. Approval of financial results provides clarity to investors.
The appointment of a new CEO and auditors, along with the approval of financial results, are positive developments for the company.
NIBE Limited announced the outcome of its Board Meeting held on August 14, 2026. The Board approved the Un-Audited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2026, along with the Limited Review Report from the Statutory Auditors.
In key management changes, the Board approved the appointment of Mr. Ganesh Ramesh Nibe as the Chief Executive Officer (CEO) of the Company, effective August 14, 2026. Mr. Nibe currently holds the position of Managing Director and Chief Executive Officer.
Furthermore, M/s. BDO India Services Private Limited has been appointed as the Internal Auditors for the Financial Year 2026-27. The company also re-appointed M/s. Dhananjay Laxman Gawade & Co., Practicing Cost Accountants, as the Cost Auditors for the Financial Year 2026-27.
The announcement also included a statement of deviation/variation in the utilization of funds raised via Preferential Allotment on March 5, 2026, and June 8, 2026. The total amount raised was ₹1,346,689,000. The report for the quarter ended June 30, 2026, indicated no deviation in the use of funds, which were allocated towards funding capital expenditure, repayment of existing borrowing, augmenting working capital, and GCP. However, it noted that 75% of the warrant subscription for 1,242,000 warrants was pending as of June 30, 2026, and an unutilized amount of ₹2,53,008 lay in the company's current account.
The Board Meeting commenced at 5:30 p.m. and concluded at 6:30 p.m.
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