Madhusudan Industries announced the demise of Mr. Rajesh Bhikhubhai Shah, a Non-Executive Non-Independent Director, on September 3, 2026. The company disclosed the event under Regulation 30 of the SEBI (LODR) Regulations, 2015.

The management and employees of Madhusudan Industries expressed their deep sorrow and extended condolences to the family of the late director. Mr. Shah held DIN 00607602.

Regulatory Disclosure

The company filed the intimation with BSE Limited, citing death as the reason for the change in board composition. The cessation date is recorded as September 3, 2026. No brief profile or relationship disclosures were applicable for this specific filing.

Madhusudan Industries Limited reported a net profit of ₹323.18 lakh for the quarter ended June 30, 2026, marking a 42% year-on-year increase from ₹226.80 lakh in Q1FY26. The company’s total income rose to ₹457.34 lakh from ₹327.57 lakh in the prior year period, driven largely by a spike in other income rather than operational revenue growth.

The Board of Directors approved the unaudited financial results at a meeting held on August 11, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statutory auditors N. M. Nagri & Co. issued an unmodified review opinion on the results, confirming compliance with Ind AS 34 and relevant accounting standards. The Board also scheduled the 80th Annual General Meeting for September 9, 2026.

Financial Performance

Revenue from operations remained relatively flat at ₹33.63 lakh, compared to ₹31.96 lakh in Q1FY26. However, other income surged to ₹423.71 lakh from ₹295.61 lakh in the corresponding quarter last year. According to the notes to the accounts, other income includes gains or losses on the fair valuation of investments, which appears to be the primary driver of the profit expansion.

Total expenses increased marginally to ₹25.46 lakh from ₹24.57 lakh. Employee benefits expenses rose slightly to ₹17.55 lakh from ₹15.92 lakh, while depreciation and amortization expenses decreased to ₹2.00 lakh from ₹2.11 lakh. Other expenses declined to ₹5.91 lakh from ₹6.54 lakh.

What the Numbers Show

The profitability surge is not operationally driven but stems from investment revaluation. With revenue from operations constituting only 7% of total income, the company’s earnings profile remains heavily dependent on non-operational sources. The tax expense for the quarter stood at ₹108.70 lakh, including a deferred tax component of ₹101.53 lakh, reflecting the tax impact on the fair value gains. Earnings per share (basic) increased to ₹6.01 from ₹4.22 in the previous year’s quarter.