Mathew Easow Research Securities Limited has scheduled its 32nd Annual General Meeting for September 30, 2026, to adopt financial statements for FY26 and approve key board appointments. The virtual meeting will also address the re-appointment of director Ms. Pritha Sinha Pandey.

The company will conduct the meeting via video conferencing or other audio-visual means in compliance with Ministry of Corporate Affairs circulars. Shareholders can participate remotely or cast votes electronically through the National Securities Depository Limited platform.

FY26 Financial Performance

For the financial year ended March 31, 2026, total income rose 6.9% to ₹284.83 lakh from ₹266.52 lakh in FY25. Profit after tax declined slightly to ₹8.17 lakh from ₹8.30 lakh in the previous year. Interest income increased to ₹273.04 lakh from ₹258.88 lakh, while finance costs decreased to ₹142.38 lakh from ₹162.56 lakh.

Total assets stood at ₹3,633.47 lakh as of March 31, 2026, compared to ₹3,634.92 lakh in FY25. Borrowings decreased marginally to ₹2,183.11 lakh from ₹2,198.37 lakh.

Board Appointments

The agenda includes the re-appointment of Ms. Pritha Sinha Pandey as a director. She retires by rotation at this meeting and offers herself for re-appointment. Ms. Pandey holds an LLB and Company Secretary qualification, with over 15 years of experience in legal and corporate law matters.

Additionally, shareholders will vote on the appointment of two new independent directors:

• Mr. Ganga Sharan Pandey, a Chartered Accountant with over 32 years of experience in accounts and taxation. He was appointed as an additional director effective February 7, 2026.
• Ms. Sarika Kedia, a practicing Company Secretary with more than 8 years of experience in corporate governance and regulatory compliance. Her appointment as an additional director took effect on May 27, 2026.

Both new appointees will serve five-year terms not liable to retire by rotation.

Voting and Participation Details

Remote e-voting begins on September 27, 2026, at 9:00 am and ends on September 29, 2026, at 5:00 pm. The cut-off date for voting rights is September 23, 2026. Only members recorded in the register of members or depositories as of this date are eligible to vote.

The company has appointed CS Jagannath Kar as the scrutinizer for the e-voting process. Results will be declared within 48 hours of the meeting's conclusion. The register of members and share transfer books will remain closed from September 24 to September 30, 2026.

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.