Bajaj Electricals Limited has informed the Exchange about change in Management - Designation of Mr. Milind Korgaonkar, existing Chief Information Officer, as Senior Management Personnel of the Company
BAJAJELEC · price
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Bajaj Electricals reported weak Q1 FY26 results with standalone revenue from operations falling ~7.8% year-on-year to Rs. 1,064.59 crore and net profit collapsing ~94% to just Rs. 1.64 crore (from Rs. 28.11 crore a year ago), hurt by a Rs. 6.68 crore exceptional ex-gratia charge related to its Nashik factory and weak Consumer Products performance, which swung to a Rs. 13.60 crore segment loss. The Board also designated existing CIO and Chief Digital Officer Mr. Milind Korgaonkar as Senior Management Personnel of the company, shifted its registered office within Fort, Mumbai, and authorised management to explore strategic options for the 'Nirlep' cookware and pressure cooker business, including possible sale, hive-off, or discontinuation. EPS for the quarter stood at Rs. 0.14 versus Rs. 2.44 in Q1 FY25.
Shareholders should brace for a negative short-term reaction given the sharp profit decline and Consumer Products segment loss; however, the strategic review of the under-pressure Nirlep business could unlock value or remove a drag if a sale or hive-off is finalised. The CIO elevation is a routine internal designation with no material governance implications.