Mudra Financial Services has scheduled its 32nd Annual General Meeting (AGM) for Thursday, September 17, 2026, with the register of members closed from September 11 to September 17. The meeting will convene at the company’s registered office in Mumbai to transact ordinary and special business, including the adoption of audited financial results for FY26.

Meeting Details

The AGM is set to begin at 12:00 pm at the company’s registered office located at 3rd Floor, Vaastu Darshan, "B" Wing, Azad Road, Andheri (East), Mumbai. Shareholders holding securities as on the record date of Friday, September 11, 2026, will be eligible to vote. The company will facilitate remote e-voting through National Securities Depository Limited (NSDL) from September 13 to September 16, 2026.

Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and Share Transfer Books will remain closed during this period.

Board Appointments

The special business agenda includes a resolution for the reappointment of Mr. Dipen Prabhat Maheshwari as Managing Director. The board proposes a three-year term commencing from April 1, 2027, and ending on March 31, 2030. Mr. Maheshwari, who has served as MD since April 2015, holds an MBA in Finance and possesses over 11 years of experience in project finance and management.

Under the proposed terms, his aggregate remuneration—including salary, perquisites, allowances, and benefits—will not exceed ₹30,00,000 per annum. The explanatory statement notes that this remuneration shall continue without reduction even in the event of absence or inadequacy of profits, constituting minimum remuneration payable under Section 197 read with Schedule V of the Companies Act, 2013.

Additionally, shareholders are asked to reappoint Mr. Atul Jain as a director liable to retire by rotation. Mr. Jain, a Chartered Accountant with expertise in merchant banking and project finance, draws nil remuneration.

Financial Performance FY26

The notice includes financial performance data for the year ended March 31, 2026. The company reported revenue from operations of ₹72.35 lakh, contributing to a total revenue of ₹92.32 lakh when combined with other income of ₹19.97 lakh. This represents an 8.7% increase in total revenue compared to ₹85 lakh (₹66.55 lakh from operations + ₹18.45 lakh other income) in FY25.

The company recorded a profit before tax of ₹7.58 lakh. After accounting for current tax expenses of ₹5.40 lakh and benefits from earlier years’ tax (₹6.77 lakh) and deferred tax (₹7.49 lakh), the profit after tax stood at ₹16.44 lakh. This marks a decline from the PAT of ₹25.69 lakh reported in FY25.

What the Numbers Show

Other income contributed significantly to the bottom line, accounting for approximately 22% of total revenue. More notably, the profit after tax figure of ₹16.44 lakh exceeds the profit before tax of ₹7.58 lakh. This divergence is driven by net tax credits totaling ₹14.26 lakh (derived from earlier years’ tax benefit of ₹6.77 lakh and deferred tax benefit of ₹7.49 lakh against current tax expense of ₹5.40 lakh). This indicates that the reported profitability for FY26 was substantially boosted by tax adjustments rather than operational cash generation alone.

Mudra Financial Services Limited reported a net profit of ₹13.28 lakh for the quarter ended June 30, 2026, representing a 39.8% increase compared to ₹9.50 lakh in the same quarter of the previous year. The company’s total income stood at ₹32.14 lakh, up from ₹31.05 lakh in Q1FY26, driven by higher interest income and net gains on fair value changes. This performance underscores improved operational efficiency as expenses declined to ₹13.88 lakh from ₹18.22 lakh year-on-year.

The Board of Directors approved the unaudited financial results on August 11, 2026, pursuant to Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee and subjected to a limited review by the statutory auditors, Sampat & Mehta LLP. The company subsequently filed the compliance intimation with BSE Limited on August 13, 2026, pursuant to Regulation 30 and Regulation 47 of the SEBI (LODR) Regulations, 2015. The full format of the financial results is available on the BSE website and the company’s official website.

Financial Performance Highlights

The company’s revenue from operations increased marginally to ₹32.14 lakh from ₹31.05 lakh in Q1FY26. Interest income rose slightly to ₹21.04 lakh from ₹20.92 lakh, while net gain on fair value changes improved to ₹7.90 lakh from ₹6.88 lakh. Fees and commission income remained stable at ₹3.20 lakh. Total expenses decreased significantly to ₹13.88 lakh, primarily due to lower employee benefits expense, which fell to ₹12.57 lakh from ₹13.55 lakh in the prior year period. Impairment on financial instruments was recorded at ₹0.85 lakh, compared to ₹2.50 lakh previously.

Earnings per share (basic and diluted) rose to ₹0.26 from ₹0.19 in the corresponding quarter last year. The company’s paid-up equity share capital remains at ₹501.00 lakh. No dividend was declared during the quarter.

Governance and Corporate Actions

The Board approved the convening of the 32nd Annual General Meeting on September 17, 2026, at the company’s registered office in Mumbai. The meeting will seek shareholder approval for the re-appointment of Dipen Maheshwari as Managing Director. Mr. Maheshwari, aged 40 and an MBA in finance, brings experience in project and finance management. He is not related to any other directors and is not debarred by SEBI or any other authority. His re-appointment is for a three-year term starting April 1, 2027, and he will not be liable to retire by rotation.

What the Numbers Show

The significant reduction in total expenses, particularly employee benefits, contributed substantially to the improvement in profitability despite only modest growth in revenue. The decline in impairment charges from ₹2.50 lakh to ₹0.85 lakh further bolstered pre-tax profits. However, tax expense increased disproportionately at 49.5%, driven by current tax adjustments and deferred tax provisions, which moderated the growth in net profit relative to pre-tax earnings. The stability in fees and commission income suggests consistent operational activity in core financial services segments.