Cityman Limited accepted the resignation of Mr. Roy Moolayil Sebastian as an independent director on its board, effective August 27, 2026.

The departure stems from personal pre-occupations and other personnel commitments, as stated in the resignation letter submitted to the Board of Directors. The company notified BSE Limited of the change pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.

Resignation Details

Mr. Sebastian, holding DIN 01886479, confirmed that there are no material reasons for his exit beyond those cited in his letter. He holds no directorships in other listed entities.

Santhosh Joseph Karimattom, Managing Director of Cityman Limited, signed the intimation filed with the stock exchange.

Cityman Limited reported a net loss of ₹7.59 crore for the quarter ended June 30, 2026, narrowing slightly from the ₹7.66 crore loss recorded in the same period of the previous fiscal year. The Bengaluru-based company continued to generate zero revenue from operations, indicating a lack of core business activity during the period.

The Board of Directors approved the unaudited financial results on August 13, 2026, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee and accompanied by a limited review report from statutory auditors NSVM & Associates.

Financial Performance

The company’s total expenses for the quarter stood at ₹7.59 crore, down from ₹9.29 crore in the preceding quarter (Q4FY26) and marginally lower than the ₹7.66 crore reported in Q1FY26. With no income from operations or other sources, the entire expense burden translated directly into the bottom-line loss.

Employee benefit expenses accounted for ₹4.48 crore, representing approximately 59% of total costs, while other expenses contributed ₹3.09 crore. Depreciation and amortization remained minimal at ₹0.02 crore. Compared to the previous quarter, the reduction in losses was primarily driven by a decline in employee benefit expenses from ₹5.41 crore to ₹4.48 crore and other expenses falling from ₹3.86 crore to ₹3.09 crore.

What the Numbers Show

The absence of any revenue from operations highlights that Cityman Limited is currently not engaged in active commercial trading or service provision. The cost structure is dominated by fixed overheads, particularly employee benefits, which suggests the company is maintaining its organizational setup despite the lack of income generation. The slight YoY improvement in the loss figure is attributable to modest cost containment rather than any operational turnaround.

Auditor Review

NSVM & Associates, the statutory auditors, issued a limited review report stating that nothing came to their attention to cause them to believe the unaudited results contained material misstatements. The financials were prepared in accordance with Ind AS 34 and other generally accepted accounting principles in India.

Cityman Limited operates in a single segment. The paid-up share capital remains unchanged at ₹1,170.11 crore. Earnings per share (basic and diluted) stood at ₹(0.06) for the quarter.