Mathew Easow Research Securities Limited (MERS) reported a standalone net profit of ₹2.32 lakh for the quarter ended June 30, 2026, remaining flat year-on-year compared to ₹2.32 lakh in Q1FY26. The Kolkata-based non-banking financial company (NBFC) saw its total income from operations rise to ₹78.61 lakh, driven by an increase in interest income to ₹78.61 lakh from ₹71.92 lakh in the corresponding previous period. This growth in revenue was partially offset by a rise in total expenses to ₹75.49 lakh from ₹68.82 lakh, primarily due to higher finance costs which jumped to ₹50.06 lakh from ₹28.66 lakh.

The Board of Directors, meeting on August 11, 2026, approved the unaudited financial results and the Directors' Report for the financial year ended March 31, 2026. The results were reviewed by M/s GGPS And Associates, the statutory auditors of the company, who issued a limited review report pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board also fixed September 23, 2026, as the cut-off date for determining voting rights for the 32nd Annual General Meeting (AGM), scheduled to be held on September 30, 2026, via Video Conferencing/Other Audio Visual Means (OAVM).

Financial Performance Overview

For the quarter, MERS generated total income of ₹78.61 lakh, comprising entirely of interest income as dividend and sale of shares income were nil. In contrast, the same quarter in FY26 saw minimal dividend income of ₹0.02 lakh. Other income was nil for the current quarter, compared to nil in the prior year period but ₹0.65 lakh in the preceding quarter of FY26.

Expenses for the quarter totaled ₹75.49 lakh. Finance costs were the largest expense head at ₹50.06 lakh, up significantly from ₹36.08 lakh in Q4FY26 and ₹28.66 lakh in Q1FY26. Employee benefits expenses decreased slightly to ₹3.30 lakh from ₹3.37 lakh in the previous quarter. Other expenses stood at ₹21.82 lakh, lower than the ₹36.27 lakh recorded in Q1FY26. Depreciation, amortization, and impairment charges remained stable at ₹0.31 lakh.

Profitability and Taxation

Profit before tax remained steady at ₹3.12 lakh for the quarter, identical to the figure reported in Q1FY26. The current tax expense was ₹0.80 lakh, consistent with the prior year period. There were no tax adjustments for earlier years or deferred tax charges in the current quarter, unlike the previous quarter where adjustments reduced the tax liability. Consequently, the net profit after tax was ₹2.32 lakh, resulting in a basic earnings per share (EPS) of ₹0.03, matching the EPS of ₹0.03 in Q1FY26.

For the half-year ended June 30, 2026, the company reported a total income of ₹284.83 lakh against total expenses of ₹273.95 lakh, yielding a net profit of ₹8.17 lakh. Paid-up equity share capital remained unchanged at ₹665.00 lakh. The company has one business segment, Financing Activities and related products, as per Ind AS 108.

What the Numbers Show

The stability in net profit despite a significant rise in finance costs highlights the resilience of MERS's interest income generation. While finance costs more than doubled year-on-year, interest income also grew, maintaining the pre-tax profit margin. The absence of other income sources like dividends or securities sales in the current quarter underscores the company's reliance on core financing activities for revenue generation. Investors should monitor the trend in finance costs relative to interest income in subsequent quarters to assess margin sustainability.

Mathew Easow Research Securities Ltd. reported a net profit of ₹8.17 lakh for the financial year ended March 31, 2026, alongside a revenue increase to ₹284.18 lakh. The board of directors approved the standalone audited financial results for the quarter and year ended March 31, 2026, during a meeting held on May 27, 2026. The statutory auditor, M/s. GGPS And Associates, issued an unmodified opinion on the results.

Financial Performance

The company recorded a total income of ₹284.83 lakh for FY26, compared to ₹266.52 lakh in the previous year. Total expenses for the year stood at ₹273.95 lakh, slightly lower than the ₹255.36 lakh reported in FY25. Profit before tax for the year was ₹10.88 lakh. For the quarter ended March 31, 2026, the company posted a net profit of ₹2.58 lakh on a total income of ₹57.96 lakh.

Board and Governance Changes

The board approved the appointment of Ms. Sarika Kedia as an Additional Non-Executive Independent Director for a term of five years commencing May 27, 2026, subject to shareholder approval. Concurrently, Mr. Jitendra Kumar Bhagat resigned as a Non-Executive Independent Director effective the close of business hours on May 27, 2026, citing pressing personal commitments. Following these changes, the board reconstituted its key committees, including the Audit Committee, Nomination and Remuneration Committee, and Stakeholders' Relationship Committee, effective May 27, 2026.

Regulatory Disclosures

The company confirmed that the statement of deviation or variation under Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is not applicable for the period. The trading window for dealing in the company's securities remains closed for directors and designated persons until 48 hours after the declaration of the financial results.