This is to inform you that the Board of Directors at their meeting held today, i.e., Friday, 14th November, 2025, inter-alia, considered and approved the businesses as mentioned in the ....
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The Board approved unaudited financial results for Q2 and H1 FY26 (ended 30 September 2025). Total income (mainly other income) fell to Rs 25.36 lakhs in Q2 from Rs 31.02 lakhs a year ago, and to Rs 56.79 lakhs in H1 from Rs 62.40 lakhs. Despite the revenue dip, profit after tax rose to Rs 12.35 lakhs in Q2 (vs Rs 11.39 lakhs) and to Rs 22.25 lakhs in H1 (vs Rs 17.65 lakhs), a ~26% jump, with EPS at Rs 0.26 for the half-year. Cash and cash equivalents surged to Rs 458.50 lakhs from Rs 58 lakhs, supported by Rs 180.08 lakhs operating cashflow and recovery of loans. In a major shake-up, all four Independent Directors resigned citing personal/professional reasons, and Managing Director Chirag K. Shah stepped down as MD (continuing as Director). Naishadh Modi was elevated to Managing Director and additionally appointed as CFO. Board committees were reconstituted effective 15 November 2025. The statutory auditor issued a clean limited review report.
Shareholders should note the simultaneous exit of all four Independent Directors raises governance concerns and weakens board independence. While H1 profit grew ~26%, the shrinking top line (other income down ~9-18% YoY) signals weakening core earnings, and the heavy churn in leadership may create near-term uncertainty for the stock.