Medi Caps Limited has appointed Akshit Garg as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective August 7, 2026. The appointment follows the resignation of Hemant Sethi from the CFO role, which became effective at the close of business hours on June 6, 2026. This leadership transition coincides with the company’s Q1FY27 financial results, which showed a narrowed net loss of ₹223.29 lakh compared to ₹349.19 lakh in the same period last year.

In addition to the CFO change, the Board of Directors accepted the resignation of Ramesh Chandra Mittal (DIN: 00035272) from the position of Chairperson and Non-Executive Non-Independent Director, effective August 6, 2026. These disclosures were made pursuant to Regulation 30 read with Part A of Schedule III and Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board also authorized Key Managerial Personnel to determine materiality for future stock exchange disclosures.

Leadership Transitions

The reshuffle consolidates operational control within the founding family. Alongside Akshit Garg’s appointment as CFO, Saloni Garg was appointed as Whole Time Woman Director, both roles commencing August 7, 2026. Their previous roles as Senior Manager and General Manager were resigned effective August 6, 2026.

The Board also approved the re-appointment of Alok K. Garg as Chairman cum Managing Director for a three-year term starting September 1, 2026. All these appointments require shareholder approval at the 43rd Annual General Meeting scheduled for September 22, 2026.

Financial Context

The leadership changes occur against a backdrop of improving but still loss-making operations. Consolidated revenue from operations rose 3.7% year-on-year to ₹278.69 lakh in Q1FY27. Total expenses declined by 22.2% to ₹507.12 lakh, driven by lower freight costs. However, the company continues to incur losses due to high fixed costs relative to sales volume. Standalone operations reported a reduced loss of ₹58.96 lakh, with negligible revenue of ₹10.49 lakh.

What the Numbers Show

The departure of Hemant Sethi and the appointment of Akshit Garg signal a strategic shift in financial oversight during a period of cost optimization. While the narrowing net loss indicates that expense control measures are taking effect, the reliance on non-operating gains remains a factor. Other income dropped significantly from ₹33.49 lakh in Q1FY26 to ₹5.14 lakh in Q1FY27, suggesting that previous periods benefited from one-off items. The new CFO will oversee finances as the company attempts to stabilize its pharmaceutical division, which contributed ₹268.20 lakh in segment revenue but posted a segment loss of ₹164.33 lakh before tax and interest.

Medi Caps has accepted the resignations of Ramesh Chandra Mittal and Kusum Mittal from its Board of Directors, effective close of business hours on August 6, 2026. The departures, driven by personal health concerns, remove the company’s Chairperson and a key non-executive director from their roles simultaneously. This leadership change marks a significant transition for the pharmaceutical firm, requiring the Board to address succession planning for the Chairperson role in its immediate future.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Sub-Para 7(C) of Para A of Part A of Schedule III. The filing confirms that both directors have tendered their resignation letters dated July 30, 2026. The company stated that there are no material reasons for the resignations other than those explicitly stated in the respective letters. The resignation letters will be placed before the Board of Directors in the upcoming Board Meeting for formal consideration and acceptance in accordance with applicable laws.

Ramesh Chandra Mittal, who held the position of Chairperson as well as Non-Executive Non-Independent Director, cited his inability to devote the required time and attention to discharge his responsibilities due to personal health concerns. Similarly, Kusum Mittal, serving as a Non-Executive Non-Independent Director, resigned for the same reason. Both directors confirmed in writing that no other material factors influenced their decision to step down.

The Board of Directors expressed appreciation for the invaluable guidance, leadership, and dedicated services rendered by both individuals during their association with the company. The resignations take effect at the close of business hours on August 6, 2026, meaning both directors will cease to hold office immediately following that date.

Resignation Details

The company is required to file requisite e-forms and make necessary submissions with the Registrar of Companies and BSE Limited. The disclosure was signed by Alok K. Garg, Managing Director of Medi Caps Limited.