Asian Tea & Exports board approved significant leadership changes on August 28, 2026. Hariram Garg steps down as Managing Director due to health issues, with his son Sunil Garg taking over the role effective September 28, 2026.

The Kolkata-based company also announced the appointment of Raunak Garg as Chief Financial Officer, succeeding Rajesh Garg who resigned due to preoccupation. The changes require shareholder approval.

Key Appointments and Resignations

The Board of Directors approved the following items during its meeting held on August 28, 2026:

• Hariram Garg: Voluntarily stepping down as Managing Director to focus on health. He will continue as Chairman and Non-Executive Director subject to member approval.
• Sunil Garg: Appointed as Managing Director for a five-year term starting September 28, 2026. He currently serves as a Non-Executive Non-Independent Director.
• Rajesh Garg: Resigned as Chief Financial Officer effective September 7, 2026.
• Raunak Garg: Appointed as Chief Financial Officer effective September 7, 2026.
• Akhil Kumar Manglik: Re-appointed as Non-Executive Independent Director for five years starting September 6, 2026.

Governance and Compliance

All appointments and resignations were made based on recommendations from the Nomination and Remuneration Committee. The disclosures comply with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Sunil Garg and Raunak Garg are not debarred from holding office by any SEBI order or other authority, as per BSE Circular LIST/COMP/14/2018-19.

Leadership Profiles

Sunil Garg holds a commerce degree from Calcutta University. He brings over 25 years of experience in marketing and distribution of agricultural inputs for the tea industry. He has previously served as a distributor for several multinational companies.

Raunak Garg is a graduate in Economics and Mathematics from Emory University in Atlanta, USA. He has been associated with the business administration of the company for over eight years.

Akhil Kumar Manglik is a practicing Chartered Accountant with over 35 years of experience in wealth management and family office planning. He is a Gold Medalist in Commerce from Calcutta University and ranked AIR-8 in CA examinations.

Asian Tea & Exports reported a substantial turnaround in profitability for the first quarter of FY27, with standalone net profit rising 126% year-on-year to ₹10.58 lakh. The company’s revenue from operations also showed strong momentum, climbing to ₹1,082.18 lakh for the quarter ended June 30, 2026.

The results reflect a significant operational recovery compared to the previous quarter, where revenue had dipped to ₹194.33 lakh. On a year-on-year basis, revenue grew by approximately 22% against ₹886.42 lakh in Q1FY26. The board of directors approved the unaudited financial results in a meeting held on August 14, 2026.

Financial Performance

Standalone pre-tax profit for the quarter was recorded at ₹16.38 lakh, compared to ₹14.52 lakh in the preceding quarter and ₹7.22 lakh in the same period last year. Earnings per share (EPS) on a basic and diluted basis stood at ₹0.06, up from ₹0.05 in Q4FY26 and ₹0.02 in Q1FY26.

On a consolidated basis, the group reported a net profit of ₹4.45 lakh, a marked improvement from a net loss of ₹30.99 lakh in the previous quarter. Consolidated revenue remained flat with standalone figures at ₹1,082.18 lakh. Consolidated EPS was ₹0.02, reversing a negative EPS of -₹0.16 in Q4FY26.

What the Numbers Show

The divergence between the consolidated and standalone results highlights the impact of subsidiary performance on the group’s bottom line. While the standalone entity generated a healthy pre-tax profit of ₹16.38 lakh, the consolidated pre-tax figure was only ₹2.19 lakh. This indicates that subsidiaries incurred significant losses or expenses amounting to roughly ₹14.19 lakh during the quarter, absorbing much of the parent company’s operational gains. Despite this drag, the group managed to return to profitability, avoiding the consolidated loss seen in the prior quarter.

The financial results were reviewed by the audit committee and approved by the board of directors. The figures were submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.