Mirza International has appointed Nirmal Sahijwani as President of its Men's Shoe Division, effective August 6, 2026. The Board of Directors approved the appointment during a meeting held on the same date, acting on the recommendation of the Remuneration and Compensation Committee. This leadership change aims to strengthen the strategic direction and operational execution of the company's men's footwear segment. The appointment falls under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board meeting commenced at 11:15 a.m. and concluded at 12:15 p.m. on August 6, 2026. Harshita Nagar, Company Secretary & Compliance Officer, certified the disclosure. The company notified both the Bombay Stock Exchange and the National Stock Exchange of India Limited regarding the senior management addition.

Appointment Details

Nirmal Sahijwani joins Mirza International as part of its Senior Management. His role focuses on driving the overall business strategy, operations, growth, and profitability of the Men's Shoe Division. He will serve on terms and conditions approved by the Board.

Professional Profile

Sahijwani brings extensive experience in the footwear industry to the role. His expertise spans business strategy, sales and marketing, merchandising, product development, retail operations, brand management, and business expansion. Throughout his career, he has held senior leadership positions and led initiatives in business transformation, market expansion, and operational excellence.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI LODR Regulations. The company also referenced SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated July 11, 2023 (updated as on January 30, 2026). No relationships between directors were disclosed in connection with this appointment.

Mirza International reported a standalone net loss of ₹451.44 lakh for the quarter ended June 30, 2026, widening from a loss of ₹1,169.05 lakh in the preceding quarter but contrasting sharply with a net profit of ₹1,766.76 lakh in the same period last year. Standalone revenue from operations fell 12.6% year-on-year to ₹12,356.53 lakh, reflecting a slowdown in both domestic and export footwear sales. The Board of Directors approved the unaudited financial results on August 6, 2026, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company’s statutory auditors, Saxena Roongta and Associates, conducted a limited review and expressed an unmodified opinion on the results. The financial statements were prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013. Notably, the adoption of Ind AS 116 on leases reduced rent expenses by ₹9.86 lakh but increased depreciation and finance costs by ₹9.54 lakh and ₹8.96 lakh respectively, resulting in a net decrease in loss before tax of ₹8.64 lakh for the quarter.

Financial Performance Highlights

Standalone revenue from operations declined to ₹12,356.53 lakh from ₹14,142.04 lakh in Q1FY25. Total expenses rose to ₹12,893.53 lakh from ₹13,878.48 lakh in the prior year, primarily due to a significant drop in other expenses which fell from ₹2,918.14 lakh to ₹2,225.58 lakh. However, this was offset by an increase in employee benefit expenses, which rose to ₹1,955.00 lakh from ₹1,798.42 lakh. Finance costs decreased significantly to ₹78.00 lakh from ₹208.05 lakh in the corresponding period.

On a consolidated basis, the group reported a net loss of ₹407.04 lakh, compared to a profit of ₹1,780.84 lakh in Q1FY25. Consolidated revenue from operations stood at ₹12,839.85 lakh, down from ₹14,210.55 lakh in the previous year. The earnings per share (basic) for the standalone entity were negative ₹0.33, compared to positive ₹1.28 in the corresponding quarter of FY25.

Segment-Wise Analysis

The footwear segment, which includes domestic and export sales, generated standalone revenue of ₹10,245.47 lakh, down from ₹12,048.48 lakh in Q1FY25. Despite the revenue decline, the segment turned profitable with a result of ₹54.74 lakh, improving from a loss of ₹388.70 lakh in the previous quarter and maintaining profitability against a profit of ₹702.20 lakh in Q1FY25. The tannery segment continued to face challenges, reporting a loss of ₹277.50 lakh on revenue of ₹3,141.32 lakh, compared to a smaller loss of ₹41.86 lakh on higher revenue of ₹4,597.38 lakh in the prior year.

Inter-segment revenue amounted to ₹1,030.26 lakh in Q1FY26, up from ₹530.36 lakh in the previous quarter but down from ₹2,503.82 lakh in Q1FY25. The unallocated and exceptional items contributed ₹48.56 lakh to the total income, a sharp decline from ₹1,873.20 lakh in the corresponding period last year, indicating the absence of significant one-time gains that had boosted profits previously.

What the Numbers Show

The divergence between the standalone and consolidated performance highlights the impact of foreign subsidiaries. While the Indian operations struggled with margin pressure in the tannery segment, the consolidated results were influenced by Mirza (UK) Limited, which reported total assets of ₹14,868.16 lakh and revenue of ₹1,167.96 lakh for the quarter. The absence of the large exceptional gain recorded in Q1FY25 (₹1,861.45 lakh) is the primary driver behind the shift from profit to loss, rather than operational deterioration alone. Operational costs, particularly employee benefits, have risen, suggesting potential wage inflation or headcount increases that need monitoring in subsequent quarters.