Explicit Finance Limited has announced the immediate resignation of its Independent Director Ms. Neelam Bhanushali, effective March 20, 2026. The company informed BSE about this corporate governance change through a formal communication from Managing Director Rajesh S Nanda.

Director Resignation Details

Ms. Neelam Bhanushali (DIN: 09744140) submitted her resignation from the position of Independent Director with immediate effect due to personal reasons and unavoidable situations. The resignation was formally communicated to the company's board of directors on March 20, 2026.

Regulatory Compliance

The company has fulfilled all disclosure requirements under Regulation 30 of SEBI (LODR) Regulations, 2015. The comprehensive documentation includes detailed annexures providing complete information about the directorship cessation as mandated by regulatory guidelines.

Key Disclosure Elements

• Complete resignation letter with detailed reasons
• Confirmation of no material reasons beyond those stated
• Immediate relief from all board and committee duties
• Compliance with stock exchange notification requirements

Resignation Letter Highlights

In her resignation letter, Ms. Bhanushali expressed gratitude to the Board of Directors for their cooperation and support during her tenure. She specifically confirmed that there are no material reasons for her resignation other than the personal circumstances mentioned.

Corporate Communication

Managing Director Rajesh S Nanda (DIN: 06399927) formally communicated the resignation to BSE, requesting the exchange to take the information on record. The company has committed to submitting necessary forms with the Registrar of Companies and stock exchange, reaffirming that no material reasons exist beyond those disclosed.

The resignation represents a routine corporate governance matter handled with full regulatory compliance and transparency. Explicit Finance Limited continues its operations with the remaining board structure while ensuring all statutory requirements are met regarding the directorship change.

Explicit Finance Limited's Board of Directors has approved the unaudited financial results for Q3FY26, reporting a remarkable 77% surge in net profit to ₹14.74 lakhs for the quarter ended December 31, 2025. The board meeting held on February 13, 2026, which commenced at 10:30 AM and concluded at 10:55 AM, was presided over by Chairman Gopal Dave.

Board Meeting Outcome and Regulatory Compliance

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company informed BSE Limited about the board meeting outcome. The directors approved the unaudited financial results for both the quarter and nine months ended December 31, 2025, along with the Limited Review Report.

Quarterly Financial Performance

The investment and financing company demonstrated strong profitability recovery despite facing revenue challenges. Total income for Q3FY26 declined to ₹89.12 lakhs from ₹122.84 lakhs in the corresponding quarter of the previous year, representing a 27.4% decrease.

Revenue Stream Analysis

The company's revenue composition showed mixed performance across different segments. Interest income remained stable at ₹20.19 lakhs compared to ₹20.18 lakhs in Q3FY25. However, the sale of shares and securities, the largest revenue component, declined significantly to ₹68.80 lakhs from ₹102.44 lakhs year-on-year.

Nine-Month Performance Overview

For the nine-month period ended December 31, 2025, Explicit Finance achieved substantial improvement in profitability. The company reported a net profit of ₹13.88 lakhs compared to ₹2.43 lakhs in the corresponding period of the previous year, marking a significant turnaround of 471.2%.

Cost Management and Audit Review

The company's improved profitability stems from effective cost management strategies. Total expenses for Q3FY26 decreased substantially to ₹74.38 lakhs from ₹114.53 lakhs in the previous year. The major expense reduction came from purchases of stock-in-trade, which declined to ₹69.71 lakhs from ₹117.39 lakhs year-on-year.

Statutory auditors GMCS & Co. (Firm Registration No. 141236W) conducted a limited review of the financial results. Partner Amit Bansal (Membership No. 424232) signed off on the review report, confirming compliance with applicable Indian Accounting Standards and SEBI regulations. The company maintains a paid-up equity share capital of ₹926.76 lakhs with a face value of ₹10 per share across all reporting periods.