Daulat Securities Managing Director Jitendra Kochar has resigned from his office effective September 17, 2026. The resignation was announced during the company’s 33rd annual general meeting held on the same date.

The resignation will be placed before the Board of Directors in the upcoming board meeting for noting and necessary action in accordance with applicable provisions of law. The intimation of the board meeting date will be communicated to stock exchanges once fixed.

The AGM concluded with shareholders approving the audited standalone financial statements for FY25. The company also reappointed two directors who retired by rotation: Ajit Kochar and Anamika Kochar.

Meeting Proceedings

Mr. Ajit Kochar, Chairman and Whole Time Director, chaired the meeting. He declared the meeting validly constituted after confirming the requisite quorum was present.

Mr. Dinesh Agarwal, Independent Director, conducted the proceedings for agenda items where Mr. Kochar had a conflict of interest. This included the adoption of financials and the reappointment of directors.

Key Resolutions

Shareholders voted on three ordinary resolutions during the meeting:

The voting was conducted through remote e-voting and voting during the meeting. The results were intimated to stock exchanges as per SEBI regulations.

Board Attendance

The following directors attended the meeting:

• Jitendra Kochar, Managing Director
• Anamika Kochar, Whole Time Director
• Rohit Kumar Somany, Independent Director
• Dinesh Agarwal, Independent Director
• Prateek Bhansali, Independent Director

Surya Prakash Lunia, Chief Financial Officer, and Eenasri Mitra, Company Secretary, also attended. P.D. Randar & Co. Chartered Accountants served as statutory auditors for the meeting.

Daulat Securities has announced that the book closure for its equity shares will be from September 11, 2026, to September 14, 2026. Shareholders registered in the company’s records during this period will be eligible to attend and vote at the upcoming Annual General Meeting (AGM). The announcement outlines detailed login procedures for e-voting via CDSL and NSDL depositories, ensuring remote participation for individual shareholders holding securities in demat mode.

The corporate action follows the company's disclosure of its financial results for the fiscal year ended March 31, 2026. Daulat Securities reported a net profit of ₹174.6 lakh for FY26, marking a sharp decline from the ₹16.18 crore profit recorded in FY25. The Kolkata-based share broking firm posted a loss before tax of ₹19.6 crore, reversing the profit before tax of ₹15.9 crore achieved in the prior year. The Board of Directors approved the standalone financial statements on May 29, 2026.

Financial Performance

The company’s total income for FY26 stood at ₹50.1 lakh, down significantly from ₹29.2 crore in FY25. This contraction was driven by a reversal in operating revenues and a decline in other income. Revenue from operations turned negative at ₹-14.28 crore, compared to positive revenue of ₹16.63 crore in FY25.

Other income contributed ₹65.19 lakh in FY26, down from ₹12.63 crore in FY25. Interest income on financial assets carried at cost was ₹24.23 lakh, while income from the sale of investments amounted to ₹21.36 lakh. Total expenses decreased slightly to ₹61.9 lakh from ₹68.3 lakh in the previous year.

Balance Sheet Position

As on March 31, 2026, total assets stood at ₹210.96 crore, compared to ₹234.8 crore as on March 31, 2025. Non-current assets included investments valued at ₹88.74 crore and property, plant, and equipment worth ₹77.66 crore. Current assets comprised trade receivables of ₹39.96 crore and cash and cash equivalents of ₹1.99 crore.

Total equity remained robust at ₹193.34 crore, comprising share capital of ₹50.00 crore and other equity reserves of ₹143.34 crore. The company reported no long-term borrowings or current liabilities related to bank loans. Trade payables stood at ₹98.05 lakh, while other current liabilities were ₹60.84 lakh.

What the Numbers Show

A critical observation from the filing is the divergence between operational performance and bottom-line profitability. While revenue from operations turned negative at ₹-14.28 crore, the company still reported a net profit of ₹174.6 lakh. This outcome was primarily driven by deferred tax benefits. The tax expense line shows a deferred tax credit of ₹17.70 lakh against a current tax provision of nil, effectively offsetting a portion of the pre-tax loss. Without this non-operational tax benefit, the net loss would have been significantly higher, highlighting that the core broking business faced substantial margin pressure during the period.

Auditor Observations

P. D. Randar & Co., the statutory auditors, issued an unqualified opinion on the standalone financial statements. However, they noted a reservation regarding internal controls, stating that the company has not used accounting software with an audit trail facility during the year. The auditors also highlighted that the company incurred cash losses during the financial year but had not incurred losses in the immediately preceding year.