Mystic Electronics has informed the BSE that Manaklal Agrawal will cease to be an Independent Director of the company with effect from the close of business hours on July 30, 2026. The cessation is strictly due to the completion of his tenure and is not attributable to any other reason. This routine governance update ensures compliance with regulatory timelines for director tenures.

The intimation was filed pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure also references SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. Mohit Khadaria, Managing Director of Mystic Electronics Limited, signed the communication submitted to the Department of Corporate Services at BSE Limited on July 30, 2026.

Upon the conclusion of his term, Mr. Agrawal will also cease to be the Chairman or Member of the respective Committees of the Board. The Board of Directors approved the revised composition of these committees at a meeting held on July 29, 2026. These revised structures become effective from the close of business hours on July 30, 2026, ensuring continuous oversight without interruption.

The company expressed its sincere gratitude and appreciation to Mr. Agrawal for his valuable contribution and guidance during his tenure as an Independent Director. This acknowledgment highlights the professional nature of the transition and recognizes his service to the organization.

Governance Implications

The exit of an Independent Director triggers a mandatory review of committee memberships to maintain quorum and independence requirements. Mystic Electronics Limited has already addressed this by approving new committee compositions the day prior to the cessation date. Investors should note that no additional financial or operational impact is associated with this change, as it is a standard procedural event linked to term limits.

Mystic Electronics Limited returned to profitability in the first quarter of FY26, reporting a standalone net profit of ₹7.74 lakh for the period ended June 30, 2026. This marks a significant turnaround from the net loss of ₹8.07 lakh recorded in the corresponding quarter of FY25. The profitability was driven entirely by non-operating gains, as revenue from operations remained nil for the quarter. The Board of Directors approved the unaudited financial results during its meeting held on July 29, 2026, in Mumbai.

The financial performance was supported by total income of ₹16.14 lakh, which consisted primarily of other income amounting to ₹16.14 lakh. Total expenses were contained at ₹5.80 lakh, comprising employee benefit expenses of ₹3.69 lakh and other expenses of ₹2.11 lakh. The profit before tax and exceptional items stood at ₹10.34 lakh. After accounting for current tax expenses of ₹2.60 lakh, the net profit after tax reached ₹7.74 lakh. Earnings per share (basic and diluted) were ₹0.039, compared to a loss per share of ₹0.041 in Q1FY25.

In addition to the financial results, the Board approved the reconstitution of the Board Committees. The revised composition became effective from the close of business hours on July 30, 2026. Himanshu Agarwal chairs the Audit Committee and Stakeholders Relationship Committee, while Nirali Thingalaya chairs the Nomination and Compensation Committee. Krishan Khadaria serves as a member across all three committees. The trading window for dealing in securities of the Company, which had been closed since July 1, 2026, reopened on July 31, 2026, following the expiry of 48 hours from the declaration of the results.

What the Numbers Show

The shift from a net loss to a net profit in Q1FY26 is notable given that revenue from operations remained nil, consistent with the previous year’s quarter. The profitability was largely supported by other income of ₹16.14 lakh, which exceeded total expenses of ₹5.80 lakh. In contrast, Q1FY25 saw no other income and higher total expenses of ₹8.09 lakh, leading to a loss. The tax expense in Q1FY26 was ₹2.60 lakh, whereas Q1FY25 showed a tax credit adjustment of ₹0.01 lakh. This indicates that the current quarter’s profitability is driven by non-operating income rather than core business revenue, highlighting a dependency on other income sources for bottom-line positivity in the absence of operational revenue.