Mangalam Industrial Finance Limited announced the resignation of its Company Secretary and Compliance Officer, Samoil Akilbhai Lokhandwala, effective from the close of business hours on June 1, 2026. The resignation was submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Lokhandwala cited future career advancement and better professional opportunities as the reasons for his departure from the non-banking financial company.

In his resignation letter addressed to the Managing Director and the Board of Directors, Lokhandwala confirmed there were no other material reasons for his decision. He requested the Board to accept his resignation and relieve him of his duties. He also requested the company to initiate necessary corporate formalities and file statutory forms with the Registrar of Companies to formalize the change.

Regulatory Disclosures

The disclosure was made in accordance with Schedule III - Para A (7) and (7C) of Part A of Regulation 30. This regulation mandates timely intimation to the stock exchanges regarding changes in key managerial personnel. The company is required to submit the necessary corporate announcement to BSE Limited under applicable listing regulations.

Details of Resignation

Lokhandwala expressed gratitude to the Board of Directors for their support, guidance, and cooperation during his tenure. He served as a Key Managerial Personnel (KMP) until his departure. The corporate office of Mangalam Industrial Finance Limited is located in Vadodara, Gujarat, while its registered office is in Kolkata, West Bengal.

Mangalam Industrial Finance Limited reported a net loss of ₹100.28 lakh for the financial year ended March 31, 2026, compared to a net profit of ₹123.19 lakh in the previous year. The company's total income for FY26 stood at ₹2,681.34 lakh, a significant increase from ₹355.96 lakh in FY25, primarily driven by fees and commission income of ₹2,253.18 lakh. For the quarter ended March 31, 2026, the company recorded a net loss of ₹176.16 lakh.

Audited Financial Results

The board approved the audited standalone financial results for the fourth quarter and financial year ended March 31, 2026. Total revenue from operations for the year rose to ₹428.16 lakh from ₹355.96 lakh in the previous year. However, total expenses surged to ₹2,782.03 lakh, largely due to business referral commission expenses of ₹2,216.77 lakh and impairment on financial instruments amounting to ₹408.16 lakh.

Auditor's Qualified Opinion

Statutory Auditors M/s. Mahesh Udhwani & Associates issued an audit report with a qualified opinion. The auditors stated that expenses incurred during the year included major expenditure with related parties, and in the absence of sufficient documents and information, they were unable to compare or verify such expenditure. The impact of this on the profit or loss is presently not ascertainable.

Other Disclosures

The auditors also emphasized that the company, being a Non-Banking Financial Company (NBFC), earned indirect income from fees and commission amounting to ₹2,253.17 lakhs during the year, which constitutes a substantial portion of total income. Additionally, the company sanctioned and disbursed an additional loan of ₹11.44 crore to a related party during the period, despite past delays in EMI servicing, which management stated was regularized subsequently.