Saregama India Limited has informed the stock exchanges that it holds no shares in Harrisons Malayalam Ltd as of March 31, 2026. The company confirmed that no encumbrance was created on the said shares, directly or indirectly, during the financial year 2025-26. This disclosure ensures compliance with regulatory requirements regarding the pledging of holdings by promoter groups.

Regulatory Disclosure

The declaration was submitted to the National Stock Exchange of India Limited and BSE Limited on April 7, 2026. The filing was made pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The regulation requires disclosures regarding any encumbrance on shares held by the promoter group.

Shareholding Details

The disclosure specifically pertains to the promoter group holding of Saregama India Limited in Harrisons Malayalam Ltd. The Corporate Identity Number (CIN) for Harrisons Malayalam Ltd is L01119KL1978PLC002947.

The communication was signed by Nayan Misra, Company Secretary of Saregama India Limited.

Harrisons Malayalam Limited reported a 95.6% increase in net profit to ₹2,915.02 lakh for the year ended March 31, 2026, compared to ₹1,490.06 lakh in the previous year. Revenue from operations rose 4.9% to ₹53,908.42 lakh from ₹51,391.40 lakh in FY25, while total income grew 7.1% to ₹56,293.96 lakh. The company’s Board approved the audited financial results for the standalone and consolidated entities during a meeting held on May 25, 2026. The statutory auditors, M/s. Walker Chandiock & Co. LLP, issued an audit report with an unmodified opinion on the financial results.

For the quarter ended March 31, 2026, the company posted a profit after tax of ₹912.60 lakh, up from ₹519.25 lakh in the corresponding quarter of the previous year. Revenue for the quarter stood at ₹14,712.82 lakh. Earnings per share (basic and diluted) for the year increased to ₹15.80 from ₹8.07 in the prior year. The company disclosed that the audited financial results were published in the Financial Express and Deshabhimani newspapers on May 27, 2026, pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.

Forensic Audit Findings

The Board approved the Forensic Audit Report submitted by internal auditors M/s. Suri & Co., Chartered Accountants. The investigation, conducted regarding estate-level payment transactions, identified instances of misappropriation of company funds in a few estates. The report revealed that certain junior-level employees manipulated and diverted payments intended for genuine workers or vendors to their own bank accounts or those of accomplices. Based on the procedures performed, no material instances of fraud were identified.

In response to the findings, the management has initiated necessary corrective and disciplinary actions against the involved persons. The company has commenced strengthening internal control mechanisms, including monitoring procedures at estate and head office levels, enhanced verification of beneficiary bank details, and tighter controls over the creation and modification of bank master data.

Financial Performance

The company’s core business segments include tea, rubber, and others. For the year ended March 31, 2026, the rubber segment generated revenue of ₹29,268.39 lakh, while the tea segment contributed ₹24,232.38 lakh. Total expenses for the year increased to ₹53,378.94 lakh from ₹51,083.07 lakh in the previous year. The company reported unabsorbed depreciation and carry forward losses, resulting in a tax expense of nil for the current and previous years.

The company noted that its current liabilities exceeded its current assets as at March 31, 2026. However, management stated that based on ageing of financial assets, expected cash flows, and sanctioned credit facilities, the company is capable of meeting its financial obligations as they fall due within a period of one year from the balance sheet date.