Saraswati Commercial (India) Limited has successfully completed the conversion of its partly paid-up equity shares in Bharti Airtel Limited into fully paid-up shares following the payment of call money amounting to ₹23,56,18,815. The company disclosed this completion under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transaction Completion

Bharti Airtel Limited converted the partly paid-up equity shares into fully paid-up shares on March 18, 2026 at 10:51 p.m., following the receipt of call money. The call money was subsequently debited from Saraswati Commercial's bank account, completing the acquisition process that was initially disclosed on March 13, 2026.

Share Conversion Process

The 5,87,212 partly paid-up equity shares have been converted into an equal number of fully paid-up equity shares. These converted shares will be credited to the company's demat account and listed on stock exchanges, subject to Bharti Airtel Limited completing necessary formalities including corporate actions and obtaining requisite listing and trading approvals from the exchanges.

Investment Context

Saraswati Commercial (India) Limited operates as a Non-Banking Financial Company (NBFC) engaged in investing in shares and securities. The investment in Bharti Airtel Limited was made in the ordinary course of business as a financial investor. The total call money payment exceeded the threshold specified under Regulation 30(4)(i)(c)(2) of the SEBI regulations, being more than 2% of the net worth as per the last audited consolidated financial statements.

Target Company Profile

Bharti Airtel Limited, incorporated on July 7, 1995, is primarily engaged in telecommunication services in India with global presence. The company demonstrates consistent financial performance across recent years.

Shareholding Impact

Upon completion of the conversion process, Saraswati Commercial's shareholding percentage remains unchanged at 0.01% of Bharti Airtel Limited's share capital. The transaction does not constitute a related party transaction, and no governmental or regulatory approvals were required for this acquisition. The conversion represents the final step in the share acquisition process that began with the initial call money payment.

Saraswati Commercial (India) Limited announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, demonstrating a remarkable financial turnaround. The Board of Directors approved these results at their meeting held on February 12, 2026, following review by the Audit Committee and limited review by statutory auditors.

Quarterly Financial Performance

The company delivered exceptional results for Q3FY26, marking a significant improvement from the corresponding period last year. The financial performance showcased strong operational efficiency and strategic positioning in the market.

Revenue Composition and Key Drivers

The company's revenue structure reflects its focus on investments, trading in shares and securities, and lending activities. Net gains on fair value changes emerged as the primary revenue driver, contributing Rs 3,103.45 lakhs in Q3FY26 compared to a loss of Rs (4,568.10) lakhs in Q3FY25.

Revenue Breakdown for Q3FY26:

• Interest income: Rs 152.95 lakhs
• Dividend income: Rs 12.54 lakhs
• Net gain on fair value changes: Rs 3,103.45 lakhs

Nine-Month Performance Overview

For the nine months ended December 31, 2025, Saraswati Commercial demonstrated sustained growth momentum with total revenue from operations of Rs 13,742.98 lakhs compared to Rs 10,167.74 lakhs in the corresponding period last year. Net profit after tax reached Rs 10,862.85 lakhs, representing substantial improvement from Rs 7,637.53 lakhs in the previous year.

Consolidated Results and Subsidiary Performance

The consolidated financial results include performance from subsidiaries Sareshwar Trading and Finance Private Limited and Arkaya Commercial Private Limited. Consolidated net profit for Q3FY26 stood at Rs 2,474.57 lakhs, closely aligned with standalone performance. The subsidiaries contributed minimal revenue of Rs 0.17 lakhs for the quarter with a combined net loss of Rs (0.09) lakhs.

Business Segments and Asset Allocation

Saraswati Commercial operates primarily in investments, trading in shares and securities, and lending activities. The segment-wise analysis reveals strong asset base with total net assets of Rs 1,23,137.46 lakhs on standalone basis as of December 31, 2025.

Asset Distribution (Standalone):

• Investments and trading in shares: Rs 1,11,936.58 lakhs
• Lending activities: Rs 10,932.08 lakhs
• Unallocated assets: Rs 268.81 lakhs

Operational Expenses and Tax Management

Total expenses for Q3FY26 remained controlled at Rs 264.53 lakhs, with finance costs of Rs 125.29 lakhs and employee benefits expense of Rs 73.16 lakhs. Tax expenses totaled Rs 529.75 lakhs, including current tax of Rs 455.54 lakhs and deferred tax of Rs 74.21 lakhs, reflecting the company's improved profitability and tax planning strategies.