Please find attached Outcome of Board Meeting held on November 10, 2025
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The Board of Directors of Shriram Asset Management Company met on November 10, 2025 and approved three key items. First, unaudited financial results for Q2 and H1 FY26 (ended September 30, 2025), with statutory auditors G D Apte & Co issuing an unqualified limited review report. Total income for Q2 stood at ₹297.28 lakhs (up from ₹193.74 lakhs in Q2 FY25), while H1 FY26 income rose to ₹659.26 lakhs versus ₹419.48 lakhs last year, driven by asset management fees, interest income, and fair value gains. However, losses continued to widen, with H1 FY26 loss after tax at ₹718.71 lakhs versus ₹615.50 lakhs in H1 FY25, and basic EPS at ₹(4.37) versus ₹(4.73). Employee benefit expenses surged to ₹880 lakhs in H1 FY26 from ₹627 lakhs, reflecting expansion costs. Second, Mr. Thian Joost Fick (DIN: 10328186), a Sanlam Group executive with 19+ years in actuarial and risk management, was appointed as a Non-Executive Non-Independent Director, nominated by Sanlam Emerging Markets (Mauritius) Limited. Third, a postal ballot will be conducted to seek shareholder approval for the appointment.
Revenue growth is encouraging but persistent losses and rising employee costs suggest the company is still in a growth-investment phase. The appointment of a Sanlam-nominated director reinforces the South African partner's strategic influence after its ₹105 crore investment in April 2025, potentially signaling deeper operational involvement. Short-term stock sentiment may remain cautious due to ongoing losses, but the strengthened balance sheet (investments up to ₹16,001.87 lakhs from ₹5,785.68 lakhs) provides runway for growth.