EFC (I) Limited has issued a Postal Ballot Notice dated July 29, 2026, pursuant to Sections 108 and 110 of the Companies Act, 2013, and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice seeks shareholder approval on three resolutions exclusively through remote e-voting. The cut-off date for reckoning voting rights is Friday, July 24, 2026, and the notice has been sent electronically to all members whose names appear in the Register of Members or the Register of Beneficial Owners as on that date.

E-Voting Schedule

The company has engaged MUFG Intime India Private Limited (formerly known as Link Intime India Private Limited) to provide the remote e-voting facility. The key dates for the postal ballot process are as follows:

Mr. Chirag Sachapara, Practicing Company Secretary and Proprietor of M/s. Sachapara and Associates, has been appointed as the Scrutinizer to conduct the postal ballot process in a fair and transparent manner. The Scrutinizer's report will be submitted to the Chairman after completion of scrutiny, and the e-voting results will be communicated to the stock exchanges.

Resolutions Proposed

The Postal Ballot Notice covers three resolutions, as summarised below:

Item 1: Remuneration of Non-Executive Director

Based on the recommendation of the Nomination and Remuneration Committee, the Board has approved the fixation of remuneration for Mr. Abhishek Narbaria (DIN: 01873087), Non-Executive Director and Co-founder of EFC (I) Limited, for FY 2026-27 at Rs. 4.8 crores per annum (fixed remuneration only). For FY 2025-26, shareholders had approved remuneration comprising a fixed component of ₹4.80 Crores per annum together with a performance incentive of up to 3% of the standalone net profits of the Company. For FY 2026-27, no performance-linked incentive or commission based on profits is proposed.

Key details of Mr. Abhishek Narbaria are provided below:

Item 2: Alteration of Memorandum of Association

The company proposes to amend the Main Object Clause (Clause III [A]) of its Memorandum of Association by inserting three new sub-clauses (numbered 3 to 5). The proposed additions cover the following business activities:

• Sub-clause 3: Acquiring, developing, leasing, operating and managing managed office spaces, flexible workspaces, co-working spaces, serviced offices, virtual offices, and allied real estate assets, along with facility management, workspace management, and related services.
• Sub-clause 4: Planning, designing, engineering, project management, construction, renovation, fit-outs, and turnkey execution of residential, commercial, industrial, institutional, and other infrastructure projects, including EPC and design-build services.
• Sub-clause 5: Designing, developing, manufacturing, trading, installing and dealing in furniture, modular furniture, office furniture, interior products, prefabricated structures, building materials, and allied products.

The Board has stated that the proposed amendment does not result in any change in the existing business of the company but is intended to align the Main Object Clause with the company's present operations and future growth strategy.

Item 3: Material Related Party Transactions

The company is seeking shareholder approval for material related party transactions (RPTs) with Pepperfry Limited, an entity under the same management. The proposed transactions involve two counterparties — EFC (I) Limited directly, and its subsidiary Ek Design Industries Limited.

Transaction I: EFC (I) Limited and Pepperfry Limited

Pepperfry Limited's financial performance for FY 2025-2026 on a standalone basis is as follows:

Transaction II: Ek Design Industries Limited and Pepperfry Limited

The directors of EFC (I) Limited with an interest in the RPT with Pepperfry Limited include Mr. Umesh Kumar Sahay (Managing Director and Chairman), Mr. Abhishek Narbaria (Director), and Mr. Nikhil Dilipbhai Bhuta (Whole-Time Director). The Audit Committee has reviewed and approved the proposed transactions, noting that they are in the ordinary course of business and on an arm's length basis. The Board recommends the Ordinary Resolution set out at Item No. 3 for approval by the members.

EFC (I) Limited reported a consolidated net profit of ₹7,085.20 lakhs for the quarter ended June 30, 2026, reflecting a 51.8% year-on-year increase from ₹4,667.16 lakhs in Q1FY25. The growth was underpinned by a 28.8% rise in consolidated revenue from operations to ₹28,287.99 lakhs, up from ₹21,962.18 lakhs in the previous year’s corresponding quarter. This financial performance highlights the company’s expanding footprint in the managed office and interior design sectors.

The Board of Directors approved the unaudited standalone and consolidated financial results on July 29, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the statutory auditors, Mehra Goel & Co. LLP. Additionally, the Board considered a Scheme of Arrangement involving the demerger of EFC Limited, a wholly owned subsidiary, into EFC (I) Limited. The Board also noted the withdrawal of a separate demerger scheme involving several estate subsidiaries due to prevailing legal and regulatory frameworks.

Financial Performance Highlights

The company’s operational efficiency improved alongside top-line growth. Consolidated profit before tax stood at ₹10,133.85 lakhs, compared to ₹6,606.25 lakhs in Q1FY25. Standalone net profit was reported at ₹1,228.26 lakhs, down slightly from ₹1,258.94 lakhs in the preceding quarter but significantly higher than ₹2,492.25 lakhs in Q1FY25. The company maintained a healthy earnings per share (EPS) position, with consolidated basic EPS at ₹4.83, up from ₹3.11 in the same period last year.

Segment-Wise Breakdown

The consolidated revenue growth was primarily driven by the Rental and Interior segments. Rental revenue increased 26.0% YoY to ₹15,391.22 lakhs, while Interior revenue surged 18.6% to ₹10,039.29 lakhs. The Furniture segment also contributed to the growth, with revenue rising 124.1% to ₹2,857.48 lakhs from ₹1,275.21 lakhs in Q1FY25. Segment assets expanded significantly, with total segment assets reaching ₹3,18,753.11 lakhs, up from ₹2,22,096.76 lakhs in the same period last year.

What the Numbers Show

The divergence between standalone and consolidated profitability warrants attention. While consolidated net profit surged 51.8% YoY, standalone net profit declined 50.7% over the same period. This suggests that the group’s growth momentum is increasingly driven by its subsidiaries rather than the holding company’s core operations. Furthermore, the substantial rise in other income at the consolidated level (from ₹363.52 lakhs to ₹1,141.80 lakhs) indicates potential non-operational contributions or intercompany adjustments that bolstered the bottom line beyond pure operational gains.

Corporate Developments

During the quarter, the company completed a rights issue, allotting 1,06,62,786 fully paid-up equity shares of face value ₹2 each at an issue price of ₹150 per share. This capital infusion supports the company’s expansion plans. The Board also proposed amendments to the Object Clause of the Memorandum of Association to include new business activities related to managed office spaces, flexible workspaces, and allied real estate services. These amendments are subject to shareholder approval. The comparative financial information for the quarter ended June 30, 2025, has been restated to reflect the merger of Whitehills Interior Limited, which became effective from November 28, 2025.