Praxis Home Retail Ltd has appointed Mr. Rahul Gambhir and Mr. Chetranda Somanna Muddaiah as Additional Independent Directors to strengthen its board leadership. The appointments, effective June 13, 2026, are for a term of five consecutive years ending June 12, 2031, subject to the approval of shareholders. This strategic move aims to leverage the extensive industry experience of the new directors to guide the company's growth and operational excellence.

The Board of Directors approved the appointments via a circular resolution based on the recommendations of the Nomination & Remuneration Committee. The disclosure was made to the exchanges in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that neither appointee is related to any existing directors nor debarred from holding the directorship by any regulatory authority.

Mr. Rahul Gambhir brings over 30 years of leadership experience across renowned consumer brands, including Johnson & Johnson, Tommy Hilfiger, Red Bull, Twinings, and Monster Energy. His expertise spans strategic planning, sales and marketing, business development, and turnaround management. He holds a B.Tech. from the Birla Institute of Technology and Science, Pilani, and a Post Graduate Diploma in Management (Marketing) from the Indian Institute of Management Bangalore. Currently, he advises mid-sized enterprises and technology-driven companies on growth strategy and market expansion.

Mr. Chetranda Somanna Muddaiah offers extensive operating and leadership experience in business scaling, omnichannel strategy, and organization building. He has held leadership positions at Nicobar Design, 24Seven Convenience Stores, Future Group, Bharti Walmart, Barista Coffee, and Levi Strauss & Co. He holds an MBA from Mangalore University and is currently engaged in consulting services, mentoring founder-led businesses on growth and profitability. Additionally, he manages a coffee plantation ecosystem focused on sustainable practices.

The details of the appointments, including the profiles of the directors, are available on the company's website. The information has been submitted to BSE Limited and National Stock Exchange of India Limited for their records.

Director Profiles

Praxis Home Retail Limited reported a widened net loss of ₹6,661.51 lakh for the financial year ended March 31, 2026, compared to a loss of ₹3,497.85 lakh in the previous year. The loss was significantly impacted by an exceptional item of ₹10,100 lakh, recognized as an expected credit loss (ECL) on a security deposit receivable from Future Enterprises Limited. M/s. Singhi & Co., the statutory auditors, issued an unmodified opinion on the financial results but highlighted a material uncertainty related to the company's ability to continue as a going concern due to its negative net worth and cash losses.

The board approved the audited financial results for the quarter and year ended March 31, 2026, at its meeting held on May 29, 2026. The company recorded a total income of ₹10,752.07 lakh for the year, a decrease from ₹15,811.65 lakh in FY25. Revenue from operations stood at ₹9,566.21 lakh, down from ₹11,896.96 lakh in the prior year. For the quarter ended March 31, 2026, the company reported a net loss of ₹11,529.87 lakh, largely driven by the exceptional provision. The audited financial results were published in newspapers including the Free Press Journal and Navshakti Daily on May 31, 2026, in compliance with Regulation 47 of the SEBI (LODR) Regulations, 2015.

Financial Performance

The auditors noted that the company incurred a cash loss of ₹4,058.31 lakh during the year and that its current liabilities exceeded its current assets by ₹5,994.33 lakh as of March 31, 2026. Additionally, the company received a notice under the Insolvency and Bankruptcy Code, 2016 from an operational creditor. Despite these conditions, the financial statements were prepared on a going concern basis based on management's assessment.

Corporate Actions

The board re-appointed M/s Protune KSA Consultants Private Limited as the internal auditor for FY 2026-27. Furthermore, the Audit Committee approved a statement of deviation regarding the utilization of funds raised through a rights issue. The company reported a minor deviation involving the reallocation of ₹7.42 lakh from issue-related expenses to the repayment of trade payables and general corporate purposes. The rights issue, which opened on August 7, 2025, and closed on August 18, 2025, raised ₹4,958.00 lakh.