Medi Caps accepted the resignations of Mrs. Saloni Garg as Senior Manager and Mr. Akshit Garg as General Manager, effective August 6, 2026, to facilitate their elevation to Whole Time Woman Director and Chief Financial Officer (CFO) respectively. The resignations were disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirming no material reasons other than the proposed role changes. This leadership transition coincides with the company’s Q1FY27 results, which reported a consolidated net loss of ₹223.29 lakh, an improvement from the ₹349.19 lakh loss in Q1FY26.

The Board of Directors approved these changes during a meeting on August 6, 2026, which commenced at 3:00 P.M. and concluded at 3:55 P.M. Mrs. Saloni Garg resigns from her position as Senior Manager and Senior Management Personnel to take up the role of Additional Director and Whole Time Woman Director. Similarly, Mr. Akshit Garg steps down from his role as General Manager and Senior Management Personnel to be appointed as CFO and Key Managerial Personnel (KMP). Both executives confirmed in their resignation letters that there are no other material reasons for their departure from their previous posts.

Management Transition Details

The restructuring consolidates leadership within the founding family, with new appointments effective August 7, 2026. Mrs. Saloni Garg, daughter-in-law of Chairman cum Managing Director Alok K. Garg, will serve a three-year term as Whole Time Woman Director. Mr. Akshit Garg joins as CFO and KMP on the same date. These appointments require shareholder approval at the 43rd Annual General Meeting (AGM) scheduled for September 22, 2026.

Financial Performance Context

The management changes occur against a backdrop of narrowing losses. Medi Caps reported consolidated revenue from operations of ₹278.69 lakh in Q1FY27, a 3.7% increase year-on-year. Total expenses declined by 22.2% to ₹507.12 lakh, driven by lower freight and other operational costs. The Pharma Division contributed ₹268.20 lakh in segment revenue but incurred a segment loss of ₹164.33 lakh before tax and interest. The Real Estate Division posted minimal revenue of ₹10.49 lakh from shop sales at Medi-caps Business Park.

What the Numbers Show

The divergence between standalone and consolidated results remains significant, with the standalone entity generating negligible revenue compared to the group total. The drastic drop in 'Other Income' from ₹558.58 lakh in the preceding quarter to ₹5.14 lakh in Q1FY27 indicates that previous profitability was heavily influenced by non-recurring gains. Despite the net loss, total comprehensive income turned positive due to unrealized gains, suggesting potential asset revaluations or foreign exchange movements that do not impact immediate operational cash flow.

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.