Ganon Products has accepted the resignation of Anand Mahadevan as an Independent Director on its Board, effective August 10, 2026. The change in board composition stems from pre-occupancy reasons cited by Mr. Mahadevan, marking a shift in the company’s independent oversight structure without any disclosed disputes or material conflicts.

The intimation was filed with BSE Limited pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing confirms that there are no material reasons for the resignation other than those explicitly mentioned in the resignation letter submitted by Mr. Mahadevan.

Resignation Details

Mr. Mahadevan, identified by DIN 07728686, tendered his resignation to the Board of Directors on August 10, 2026. The resignation takes effect immediately upon the close of business hours on that date. In his resignation letter, Mr. Mahadevan attributed his departure to pre-occupancy constraints.

Board Confirmation

Abhijeet Kacharu Jagtap, Managing Director of Ganon Products Limited (DIN: 10915468), confirmed the acceptance of the resignation in a communication dated August 10, 2026. The Managing Director’s office, located at Thakur Complex, Kandivali (East), Mumbai, verified that the resignation letter enclosed with the filing contains no additional material disclosures beyond the stated reason.

The company has requested the exchange to record the cessation of Mr. Mahadevan’s directorship. As per the annexure provided in the filing, no relationships between directors or other listed entity directorships held by Mr. Mahadevan were disclosed in this specific regulatory submission.

Ganon Products reported a net profit of ₹4.25 lakh for the first quarter ended June 30, 2026, representing a 164% year-on-year increase from ₹1.61 lakh in the corresponding period of the previous year. The Mumbai-based commodity trading firm saw its income from operations rise to ₹90.80 lakh, a substantial improvement over the nil figure recorded in Q1FY26. This operational turnaround drove the bottom-line growth, as the company shifted focus from non-operational income sources to active trading activities.

The Board of Directors approved the unaudited standalone financial results during a meeting held on August 3, 2026. The results were prepared in accordance with Indian Accounting Standard 34 (Ind AS 34) and reviewed by the company’s statutory auditor, Vijay Darji And Associates Chartered Accountants. The filing was submitted to BSE Limited pursuant to Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance Highlights

Total revenue for the quarter stood at ₹90.80 lakh, driven entirely by operational income as other income remained at nil. In contrast, total revenue in Q1FY26 was ₹10.90 lakh, derived solely from other income. While purchase of stock-in-trade increased to ₹76.00 lakh from nil in the prior year quarter, employee benefit expenses decreased slightly to ₹1.80 lakh from ₹2.83 lakh. Finance costs were nil for the quarter, compared to ₹1.44 lakh in Q1FY26, contributing positively to the margin expansion.

Earnings per share (basic and diluted) stood at ₹0.05 for the quarter, up from ₹0.02 in Q1FY26. The paid-up equity share capital remained unchanged at ₹933.10 lakh. Other equity increased to ₹226.05 lakh from ₹171.55 lakh in the previous year’s corresponding quarter.

What the Numbers Show

The primary driver of the improved net profit was the commencement of significant operational activity in the current quarter. In Q1FY26, the company reported nil income from operations, relying solely on other income of ₹10.90 lakh. In contrast, Q1FY27 saw operational income surge to ₹90.80 lakh, indicating active trading or business operations during this period. Although total expenses rose sharply to ₹85.06 lakh due to stock purchases, the absence of finance costs and lower employee benefits helped maintain a healthy pre-tax margin of approximately 6.3% on operational revenue. This shift from non-operational to operational income sources suggests a change in business focus or seasonal activity patterns in the commodity trading segment.