Exim Routes Limited announced its audited standalone and consolidated financial results for the year and half-year ended March 31, 2026. The company's Board of Directors approved the results, which were reviewed by the Audit Committee. The statutory auditors, NKSC & Co., issued an audit report with an unmodified opinion.

The company reported that it had raised ₹43.73 crore through its initial public offering (IPO) in December 2025. As of March 31, 2026, the total proceeds utilized stood at ₹28.80 crore, with ₹14.93 crore remaining unutilized and parked in fixed deposits and current accounts. The monitoring agency, CARE Ratings Limited, confirmed that the utilization was in accordance with the offer documents, though it noted that transactions were routed through multiple current accounts resulting in the commingling of funds.

The utilization of funds was allocated across specific objects. The highest utilization was observed in working capital requirements, where ₹9.00 crore was fully deployed towards the purchase of wastepaper containers from its UK subsidiary. Development and maintenance of the ERIS platform saw ₹0.64 crore utilized during the quarter, while ₹6.07 crore was spent on investment in office space to accommodate new hires. General corporate purposes accounted for ₹6.54 crore in utilization, covering expenses such as EMIs, salaries, and material purchases from subsidiaries.

Utilization of Issue Proceeds

The following table details the utilization of the IPO proceeds as of March 31, 2026:

Financial Performance and Segment Reporting

The consolidated financial results were prepared in accordance with Indian Generally Accepted Accounting Principles (IGAAP) as the company is exempt from adopting IND-AS. The group identified two reportable business segments: Sale of Services and Trading of Goods. Geographically, the operations are segmented into Within India and Overseas. The statement of deviation confirmed that there was no variation in the use of funds raised compared to the original objects disclosed in the offer document.

Exim Routes Limited held a Board of Directors meeting on Friday, May 08, 2026, at its registered office in Gurugram. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the board considered and approved several significant corporate governance matters. The meeting concluded at 8:00 P.M. and was disclosed to the National Stock Exchange of India Ltd.

Board-Level Appointments and Changes

The board approved the appointment of CA Shubham Khandelia (DIN: 10854834) as a Non-Executive Additional Independent Director, effective May 08, 2026. He will hold office as an Additional Director up to the date of the next Annual General Meeting of the Company. The board also noted the resignation of Mr. Mahendra Singh Tanwar as Non-Executive Independent Director.

The key details of CA Shubham Khandelia's appointment are summarised below:

Additionally, the board approved an increase in remuneration of Mr. Vivin Prasath Devaraj, subject to necessary approvals.

Auditor Appointments for Financial Year 2025-26

The board approved the appointment of two auditing firms for Financial Year 2025-26. The following table summarises the key details of each appointment:

ESOP Scheme Modifications and Grants

The board approved several resolutions related to the Employee Stock Option Plan. The key decisions under the Exim Routes ESOP Plan 2025 are as follows:

• Modification and ratification of the Pre-IPO ESOP Scheme (Exim Routes ESOP Plan 2025)
• Approval of the ESOP Pool under Clause 6.1 of Exim Routes ESOP Plan 2025
• Grant of shares to an employee of a subsidiary under the Exim Routes ESOP Plan 2025

Committee Reconstitutions

The board approved the reconstitution of both the Audit Committee and the Nomination and Remuneration Committee. The revised compositions of both committees are identical and are presented below:

Audit Committee – Revised Composition

Nomination and Remuneration Committee – Revised Composition

NSE Penalty on Regulation 33 Non-Compliance

The board took note of a regulatory matter concerning a non-compliance identified by the National Stock Exchange of India (NSE) with respect to Regulation 33 of the SEBI (LODR) Regulations, 2015. The NSE imposed a financial penalty for the observed lapse. The company subsequently submitted a formal application for a waiver of the said penalty; however, after due consideration, the NSE rejected the waiver request and upheld the penalty. The disclosure was signed by Richa Anand, Company Secretary & Compliance Officer, on behalf of Exim Routes Limited.