T & I Global's audit record is clean on its face: six straight unqualified opinions with no Key Audit Matters, no regulator actions, and a debt-free balance sheet. But the clean opinions sit alongside recurring caveats: related-party purchase limits with a Bagaria-family supplier have been re-approved at up to ₹130 crore annually for six years, the statutory auditor has changed three times in five years, and operating cash flow has swung from -₹25 crore to +₹34 crore while no dividend has been paid for at least six years.
Key findings
- Related-party machinery purchase limits with a Bagaria-family supplier re-approved annually for six years
Major- For FY2026-27, the company seeks approval for material related-party transactions with M/s T & I Projects (P) Ltd., where Sri Vineet Bagaria is director and Sri Sangeet Bagaria is Managing Director, up to ₹130 crore, against revenue of roughly ₹122 crore. The same ₹130 crore limit has been sought in each of the last three years, and ₹100 crore in the three before that. A separate special resolution seeks a ₹100 crore Section 186 limit for loans, guarantees and securities to other bodies corporate. - Six clean opinions, but recurring CARO caveats on title deeds, director pay and auditor changes
Major- Agarwal & Associates issued an unmodified opinion for FY2025-26 with no Key Audit Matters, yet reported director remuneration exceeded the Section 197 limit and that original title deeds of immovable properties were not verified. The FY2024-25 secretarial auditor stated financial records were not verified, relying on management representations, and the company failed to transfer unclaimed dividend of ₹2.99 lakh to the Investor Education and Protection Fund. - Statutory auditor changed three times in five years, each firm leaving before its full term
Major- D. Mitra & Co. resigned during FY2021-22, and Tiwari & Co. was appointed for five years but was not willing to continue. Agarwal & Associates was then appointed from the 33rd AGM to the 37th AGM, with the FY2023-24 CARO noting the outgoing auditor resigned with no issues raised. - Three Bagaria family members hold all executive directorships, with one director's pay rising 40%
Major- Vineet Bagaria (Managing Director), Sajjan Bagaria (Chairman & Whole-time Director) and Viraj Bagaria (Whole-time Director) were the three executive directors in FY2025-26. Viraj Bagaria's reappointment from 1 October 2026 carries ₹70 lakh per annum, up from ₹36 lakh salary plus ₹14 lakh perquisites in his prior term, a 40% increase. Shareholder dissent reached 24.8% in the 2022 AGM on resolutions to appoint two directors and to reappoint Viraj Bagaria. - Bank guarantees grew to 2.97 crore while old unverifiable balances and litigations persist
Major- Bank guarantees outstanding rose to 2.97 crore as at 31.03.2026 from 2.18 crore a year earlier. Old balances of ₹74.08 lakh royalty and commission payable and ₹65.16 lakh VAT receivable are not verifiable, and balance confirmations from some debtors and creditors were not received by signing date. Pending litigations are referenced in Note 31(ix). - Revenue swung more than 2x year-on-year with receivables days above 108 and a bad-debt write-off
Major- Revenue fell from ₹184 crore in FY24 to ₹84.41 crore in FY25, then rose to ₹126 crore in FY26, with operating margin collapsing from 6.48% to 0.06% before recovering to 4.55%. Receivables days were 142 in FY25, 134 in FY24 and 108 in FY26. The FY25 exceptional items included ₹2.75 crore of advances received written off, ₹3.78 lakhs of advances given written off, and ₹2.75 crore of bad debts written off as unrecoverable. - Operating cash flow swung from -₹25 crore to +₹34 crore while no dividend paid for six years
Major- Operating cash flow was -₹25.43 crore in FY24, +₹33.62 crore in FY25 and +₹18.90 crore in FY26, against PAT of ₹9.94 crore, ₹4.08 crore and ₹6.96 crore. Other income made up 66.1% of profit before tax in the latest period. The Board did not recommend a dividend for FY2025-26, retaining profit for business expansion. - Schedule II-divergent useful lives and cash-basis bonus recognition disclosed consistently
Minor- Depreciation is charged on written down value with useful lives differing from Schedule II: Plant & Machinery 5-30 years, Buildings 15-70 years, Bearer Plants 60 years. Bonus is recognised on cash basis, and tax is computed under Section 115BAA at 25.17% across all years reviewed. - Debt-free status claimed and consistent with the record
Clean- The FY2025-26 MD&A states the company "remained debt-free throughout FY2025-26" with net worth of approximately ₹99 crore and treasury investments of approximately ₹62 crore as at 31 March 2026. The debt-equity ratio is "not applicable", and no one-time loan settlement was made. - No regulator actions, penalties or strictures across six annual reports
Clean- The FY2025-26 Annual Report states no significant or material orders by any Regulator or Court impacting going concern, and no strictures or penalties imposed by SEBI or Stock Exchanges. The same statements appear in each annual report from FY2022-23 through FY2024-25.
What to watch
- Shareholder votes on RPT and Section 186 limits. The AGM following the FY2025-26 Annual Report will vote on the ₹130 crore RPT limit with T & I Projects and the ₹100 crore Section 186 limit.
- Viraj Bagaria's reappointment vote. His ₹70 lakh per annum remuneration as Whole-time Director is subject to member approval at the AGM following the 14 August 2026 Board meeting.
- Actual RPT amounts with T & I Projects. Half-yearly and annual filings will disclose actual related-party transaction amounts for FY2025-26 and FY2026-27.
- Internal auditor change. Whether the change to M/s Ghosh Basu & LLP for FY2026-27 is completed, and whether further auditor changes occur.
- Operating cash flow direction. Whether cash flow reverts to negative territory as in FY24 (-₹25.43 crore), given the volatility pattern across FY22-FY26.
Bottom line: This is a disclosed and audited record with a genuinely clean balance sheet, no debt, no pledge, no regulator actions. The risk sits in related-party exposure and audit quality: a family-controlled supplier with recurring multi-crore limits, executive pay that keeps rising, and an auditor who has changed three times in five years. Read the related-party disclosures and the cash flow line with that in mind, and watch the shareholder votes at the coming AGM.