Shardul Securities filed its 41st Annual Report for FY26 with the BSE, reporting a standalone net loss of ₹5,895.42 lakhs against a profit of ₹2,158.82 lakhs in FY25, while simultaneously proposing a ₹115.20 crore equity buyback at ₹60 per share.

The annual report was submitted on September 2, 2026, pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The 41st Annual General Meeting (AGM) is scheduled for September 25, 2026, at 12:00 pm via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). The Register of Members will remain closed from September 19, 2026, to September 24, 2026, both days inclusive.

Financial Performance

The company, a Systemically Important Non-Deposit taking NBFC (NBFC-ND-SI), reported a sharp reversal in financial performance for the year ended March 31, 2026. The standalone results reflect a significant net loss on fair value changes of ₹5,452.34 lakhs, compared to a net gain of ₹3,748.27 lakhs in the previous year, driven by extreme capital market volatility during the period.

On a consolidated basis, the group reported a loss before tax of ₹6,407.57 lakhs against a profit of ₹4,479.23 lakhs in FY25. Consolidated total comprehensive loss stood at ₹4,615.47 lakhs. The subsidiary Shriyam Broking Intermediary Limited reported a net income of ₹9.74 crore for the year.

In view of the loss, the board has not recommended any dividend for FY26, and no transfer to the Statutory Reserve Fund was made.

Equity Buyback Proposal

The board, at its meeting held on August 12, 2026, approved a proposal to buy back up to 1,92,00,000 (One Crore Ninety Two Lakh) fully paid-up equity shares of face value ₹2 each at a price of ₹60 per share via the tender offer route through the BSE. The buyback size is ₹1,15,20,00,000 (Rupees One Hundred Fifteen Crore Twenty Lakh), excluding transaction costs.

The buyback price of ₹60 represents a premium of 43.08% to the volume weighted average market price on BSE during the three months preceding August 9, 2026, and a premium of 50.26% over the closing price on August 7, 2026. The buyback requires shareholder approval by special resolution at the AGM, as it exceeds 10% of total paid-up equity share capital and free reserves.

The total paid-up equity share capital and free reserves as at March 31, 2026, stood at ₹46,230.28 lakhs (standalone) and ₹81,372.58 lakhs (consolidated). The funds will be sourced from the company's free reserves. Promoters and members of the promoter group, holding an aggregate of 6,54,88,962 shares (74.85%), have expressed their intention to participate in the buyback based on their entitlement.

Key Financial Ratios

Significant changes in key financial ratios reflect the impact of the loss year and increased borrowings.

Borrowings rose sharply to ₹27,401.68 lakhs as at March 31, 2026, from ₹2,315.85 lakhs in the prior year, primarily on account of a Margin Trading Funding Facility of ₹26,437.68 lakhs availed from Kotak Securities Limited, secured by pledge of listed equity securities.

AGM and Voting Details

The AGM agenda includes adoption of audited standalone and consolidated financial statements for FY26, re-appointment of Devesh Chaturvedi (DIN: 00004793) as a director retiring by rotation, and approval of the equity buyback by special resolution.

Remote e-voting and AGM voting facilities are provided through MUFG Intime India Private Limited. Shareholders wishing to speak at the AGM may register by September 21, 2026, at 5:00 pm.

IEPF Transfers and Dividend Status

During FY26, the company transferred unpaid or unclaimed dividend of ₹3,02,598 pertaining to Final Dividend 2018 to the Investor Education and Protection Fund (IEPF). Additionally, 2,23,730 equity shares were transferred to the IEPF account. Unclaimed final dividend for FY2018-19 will become due for transfer to IEPF on October 17, 2026.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE037B01020/60285d6b-67ec-4ec0-b57b-073c3593bb48.pdf

Shardul Securities Limited has submitted an application to the Bombay Stock Exchange (BSE) to reclassify five entities from the 'Promoter and Promoter Group' category to the 'Public' category. The filing, dated August 17, 2026, follows the Board of Directors' approval of the reclassification request during its meeting on August 12, 2026. This procedural step advances the structural shift in ownership disclosure initiated by a family settlement within the Chaturvedi family.

The reclassification concerns Gagan Dinanath Chaturvedi, Shruti Gagan Chaturvedi, Mohini G Chaturvedi, Pradeep Sandeep Corporate Advisors LLP, and Kamvan Construction Private Limited. These entities previously held stakes in the company but sold their entire holdings to Shriyam Commodities Intermediary LLP as part of a memorandum of family settlement executed on July 16, 2026. The applicants confirmed they currently hold nil shareholding and exercise no control over the company's affairs.

The process is governed by Regulation 30 and Regulation 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The applicants have provided undertakings under Regulation 31A(3)(b), confirming they do not hold more than 10% of total voting rights, are not represented on the board, and do not act as key managerial personnel. They also certified that they are not wilful defaulters per Reserve Bank of India guidelines nor fugitive economic offenders.

Regulatory Compliance and Conditions

Upon reclassification, the applicants must maintain these conditions indefinitely. Restrictions on board representation and acting as key managerial personnel will apply for three years. The applicants emphasized that they were never involved in the day-to-day management or business operations of Shardul Securities Limited and have no right to appoint directors. The company stated it will keep the stock exchange informed regarding the status of the reclassification application in accordance with Listing Regulations.

What the Numbers Show

The complete divestment by the applicant group underscores a clean separation from the promoter circle, reducing potential related-party complexities. With zero shareholding retained, the financial and operational linkage between this subset of the Chaturvedi family and Shardul Securities Limited is formally severed, simplifying the corporate governance structure as per regulatory requirements.