Shardul Securities Limited has formally notified BSE Limited of the resignation of Independent Director Mr. Gychand Pipara, effective March 30, 2026. The announcement was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resignation Details

Mr. Gychand Pipara (DIN: 01773749) submitted his resignation letter on March 30, 2026, through email communication to the company. The resignation takes immediate effect from the same date, citing specific personal and professional reasons for his departure.

Reasons for Resignation

In his resignation letter, Mr. Pipara outlined two primary reasons for stepping down from his position:

• Personal Matters: Preoccupation with personal commitments that require his attention
• Professional Commitments: Increasing professional obligations that limit his availability

Mr. Pipara acknowledged in his letter that due to his limited tenure of approximately four and a half months, he felt unable to meaningfully contribute to the Board's deliberations and the company's overall functioning. He expressed regret about being unable to devote the requisite time and attention to the company's affairs.

Regulatory Compliance

The company has fulfilled all regulatory disclosure requirements under SEBI Listing Regulations. Key compliance aspects include:

Company Communication

The formal intimation was signed by Company Secretary Daya Bhalia (Membership No: A24205) and submitted to BSE Limited with the company's scrip code 512393. The communication included the complete resignation letter and detailed annexures as required under regulatory guidelines.

Mr. Pipara expressed gratitude to the Board and management for their support during his tenure and wished the company continued success in future endeavours. The company has requested BSE Limited to take the resignation on record as part of standard regulatory procedures.

Shardul Securities Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, presenting a mixed performance across different operational metrics. The Mumbai-based Non-Banking Financial Company (NBFC) operates primarily in holding, investing, and financing activities with a focus on earning income through dividends, interest, and gains from investments.

Standalone Financial Performance

The company's standalone operations showed contrasting results between quarterly and nine-month periods. For Q3 FY26, the company reported negative revenue from operations, primarily driven by fair value changes in investments.

The revenue composition included interest income of ₹1.14 lakhs, dividend income of ₹23.76 lakhs, and rent income of ₹34.80 lakhs for the quarter. However, net loss on fair value changes amounted to ₹2,083.73 lakhs, significantly impacting overall revenue performance.

Consolidated Financial Results

The consolidated results, which include the holding company and its two wholly owned subsidiaries - Shriyam Broking Intermediary Limited and Shriyam Realtors Private Limited, showed similar patterns with some variations due to subsidiary contributions.

The consolidated revenue benefited from additional income streams including fees and commission income (brokerage income) of ₹150.51 lakhs for the quarter and ₹511.80 lakhs for the nine-month period.

Segment Performance Analysis

The company operates across two main segments: Investment and Finance activities, and Other activities (primarily stock and securities broking). The Investment and Finance segment recorded revenue loss of ₹1,461.35 lakhs for Q3 FY26, while Other activities contributed ₹161.91 lakhs during the same period.

Corporate Governance Update

The Board of Directors noted the completion of tenure of Mr. Devesh Vasavada as an Independent Director, effective from the close of business hours on February 4, 2026. Consequently, he will cease to be a member of the Stakeholder Relationship Committee and chairman of the Audit Committee, Nomination and Remuneration Committee, and Corporate Social Responsibility Committee.

Regulatory Compliance

The company has been classified by the Reserve Bank of India as a Base Layer NBFC. The financial results have been prepared in accordance with Indian Accounting Standards (Ind AS 34) and comply with SEBI Listing Regulations. The results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on January 29, 2026.