Banas Finance Limited shareholders approved the reappointment of Vikash Kulhriya as an Independent Director for a second term during the company's 43rd Annual General Meeting held on September 24, 2026. The appointment extends his tenure through the conclusion of the Annual General Meeting in FY32.

The meeting, conducted via video conferencing, also saw the approval of standalone and consolidated audited financial statements for FY26. Shareholders further ratified the appointment of M/s Jay Bhatt & Associates as Secretarial Auditors for a five-year term ending in FY32.

Key resolutions passed

The board recommended and shareholders approved several ordinary and special resolutions. The reappointment of Girraj Kishor Agrawal as a director retiring by rotation was also passed.

Details on new appointments

Vikash Kulhriya, who possesses extensive experience in finance and audit including statutory audits of banks, will serve his second term as an Independent Director. His tenure runs from the conclusion of this AGM until the AGM in FY32.

M/s Jay Bhatt & Associates, a practicing company secretary firm registered with the Institute of Company Secretaries of India, has been appointed as Secretarial Auditor. They will conduct secretarial audits for five years, covering compliance with Companies Act, SEBI regulations, and stock exchange requirements.

Meeting proceedings and attendance

A total of 86 members attended the meeting virtually. The board was represented by Executive Director Girraj Kishor Agrawal, who served as Chairman, and Executive Director and CEO Tanu Agrawal. Three independent directors were present: Ashish Kacchara, Vikash Kulhriya, and Mayank Borana. Non-executive director Anant Chourasia also attended.

Key managerial personnel included Chief Financial Officer Praveen Jangid and Company Secretary Prajna Prakash Naik. The Chairman delivered a welcome speech detailing business activities for FY26, though specific revenue and profit figures were not disclosed in the public proceedings summary.

Voting and compliance details

Voting at the AGM was conducted through the National Securities Depository Limited e-voting portal. Members who had not cast their votes during the remote e-voting window were given an additional 30 minutes after the meeting's conclusion to vote live. The scrutinizer’s report and final voting results will be displayed on the company’s website and communicated to BSE Limited.

Banas Finance Limited reported a standalone net profit of ₹66.25 crore for the fiscal year ended March 31, 2026, marking a significant turnaround from the net loss of ₹59.84 crore recorded in FY25. The company’s total revenue increased by 36.8% year-on-year to ₹594.97 crore, reflecting robust performance across its core finance activities and share trading segments.

The Mumbai-based non-banking financial company (NBFC) scheduled its 43rd Annual General Meeting (AGM) for September 24, 2026, to adopt these financial results. The meeting will also address key governance matters, including the reappointment of directors and approval of related party transactions.

Financial Performance Highlights

The company's operational revenue stood at ₹572.32 crore, up from ₹432.27 crore in the previous year. This growth was primarily driven by income from finance activities, which surged to ₹221.08 crore from ₹79.97 crore in FY25. Income from share trading remained stable at ₹351.24 crore.

Other income contributed ₹22.65 crore to the total revenue, a sharp increase from ₹2.55 crore in FY25. This boost was largely due to a profit on the sale of investments amounting to ₹18.27 crore. The company recorded a profit before tax of ₹123.99 crore, compared to a loss before tax of ₹175.91 crore in the prior year.

Balance Sheet and Capital Structure

As of March 31, 2026, Banas Finance’s total assets decreased to ₹1,361.66 crore from ₹1,707.62 crore in FY25. This reduction was driven by a decline in investments, which fell to ₹976.47 crore from ₹1,249.83 crore. Cash and cash equivalents also declined to ₹25.51 crore from ₹46.07 crore.

The company’s equity share capital remained unchanged at ₹895.78 crore. However, the authorized share capital was increased during the year from ₹103.30 crore to ₹203.30 crore. Borrowings decreased marginally to ₹5.87 crore from ₹8.60 crore. The net owned fund for the NBFC was reported at ₹656.68 crore.

Corporate Governance and AGM Agenda

The AGM will convene via Video Conferencing or Other Audio Visual Means. Shareholders will vote on the adoption of the Standalone and Consolidated Audited Financial Statements for FY26. Key resolutions include:

• Reappointment of Mr. Girraj Kishor Agrawal as a Director.
• Reappointment of Mr. Vikash Kulhriya as an Independent Director for a second term.
• Appointment of M/s Jay Bhatt & Associates as Secretarial Auditor for five years.
• Approval of related party transactions with entities including Tilak Ventures Limited and Kayaguru Jewels Limited, with borrowing limits capped at ₹5.90 crore per entity.

Remote e-voting will be available from September 21 to September 23, 2026. The cut-off date for voting rights is September 17, 2026.

What the Numbers Show

The turnaround in profitability is largely attributable to improved operational efficiency and gains from investment sales rather than just core lending growth. While finance activity income more than doubled, the significant contribution from other income (₹22.65 crore) indicates that non-operational factors played a crucial role in the bottom-line recovery. The reduction in total assets suggests a consolidation phase or deleveraging strategy, with the company maintaining a healthy net owned fund position relative to its liabilities.