Haryana Financial Corporation has announced a key leadership change with the appointment of Shri Sushil Sarwan, IAS, as its new Managing Director. The appointment, effective March 20, 2026, was communicated to BSE Limited under regulation 30 of the SEBI (LODR) Regulations, 2015.

Leadership Transition Details

The State Government issued orders number 1/37/2026-1SII dated March 19, 2026, formally appointing Sarwan to the position. He replaces Dr. Aditya Dahiya, IAS, who previously served as Managing Director of Haryana Financial Corporation.

Professional Background

Shri Sushil Sarwan brings significant administrative experience to his new role. Born on June 1, 1973, he holds a BA degree and is an IAS officer from the 2012 batch of the Haryana cadre. His career includes extensive experience in Haryana's administration, having served in key positions including Deputy Commissioner.

Additional Responsibilities

As part of the broader administrative reshuffle, Sarwan has also been appointed as Managing Director of Haryana State Industrial and Infrastructure Development Corporation Limited (HSIIDC), in addition to his role at Haryana Financial Corporation. This dual responsibility reflects the state government's confidence in his administrative capabilities.

Regulatory Compliance

The appointment was formally communicated to BSE Limited's Listing Compliance Monitoring Team as required under SEBI regulations. Haryana Financial Corporation, trading under scrip code 530927, ensures full compliance with regulatory requirements for such key management changes.

The company has requested BSE Limited to take the appointment on record, completing the necessary regulatory formalities for the leadership transition.

Haryana Financial Corporation announced its unaudited financial results for the quarter ended December 31, 2025, showcasing a remarkable turnaround in financial performance. The corporation reported a net profit of ₹8.56 crores for Q3 FY26, representing a significant improvement from the net loss of ₹0.59 crores recorded in the corresponding quarter of the previous year.

Financial Performance Overview

The corporation's financial metrics demonstrated substantial improvement across key parameters during the quarter:

Nine-Month Performance

For the nine-month period ended December 31, 2025, Haryana Financial Corporation maintained its positive trajectory:

Revenue and Cost Structure

The corporation's revenue composition showed a dramatic shift with income from operations contributing ₹9.99 crores in Q3 FY26, compared to zero in the previous year's corresponding quarter. Other miscellaneous income remained relatively stable at ₹0.54 crores versus ₹0.59 crores in Q3 FY25.

Operational expenditure increased marginally to ₹1.23 crores from ₹1.16 crores year-on-year. Staff costs decreased to ₹0.97 crores from ₹1.04 crores, while other expenditures rose to ₹0.25 crores from ₹0.12 crores in the same period.

Corporate Developments

The Board of Directors approved these financial results during their meeting held on February 12, 2026, which commenced at 11:00 AM and concluded at 11:50 AM. The corporation maintains a paid-up equity share capital of ₹207.66 crores with a face value of ₹10 per share.

During the quarter, the corporation paid ₹5.17 crores to the State Government as minimum guaranteed dividend payable up to FY 2000-01. The company's shareholding structure remains unchanged with promoters holding 99.36% and public shareholders maintaining 0.64% of the total share capital.

Ongoing Corporate Action

The corporation continues with its recommendation to the State Government for winding up under Section 45 of the SFCs Act 1951. The State Government has decided to delist the corporation's shares from the Bombay Stock Exchange, with the delisting process currently underway. The auditors have highlighted this as a material uncertainty that may cast significant doubt on the corporation's ability to continue as a going concern.