Trio Mercantile & Trading has submitted its 24th annual report for the financial year ended March 31, 2026. The filing reports a net loss of ₹53.63 lakh, compared to a loss of ₹54.32 lakh in the previous year. Revenue from operations rose 67% to ₹27.55 crore, driven by higher trading volumes.

The submission coincides with significant leadership changes. Kaushik Jagannath Joshi was appointed Chairman and Managing Director, while his daughter, Radhika Kaushik Joshi, took over as Executive Director and Chief Financial Officer. These appointments follow the resignation of the previous management team in July 2026.

Financial Performance

The company reported total income from operations of ₹35.35 crore for FY26, up from ₹23.69 crore in FY25. This growth was primarily supported by a surge in revenue from operations, which reached ₹27.55 crore from ₹16.51 crore in the prior year. Other income also contributed, rising to ₹77.93 crore from ₹71.76 crore, largely due to interest income on loans.

Despite the revenue increase, the company incurred a net loss after tax of ₹53.63 lakh. Profit before tax stood at a loss of ₹13.75 lakh, contrasting with a loss of ₹53.68 lakh in FY25. The improvement in pre-tax figures was offset by exceptional items totaling ₹99.30 lakh and tax pertaining to earlier years amounting to ₹38.73 lakh.

Leadership Transition

The annual report details a complete overhaul of the board and key managerial personnel effective July 2026. Mr. Deepak Mehta resigned as Managing Director, while Mr. Bhadresh Shah, Mr. Nehul Chheda, and Ms. Divya Poriya stepped down as independent directors. Mr. Hiren Kothari also resigned as CFO.

Kaushik Jagannath Joshi, who brings over three decades of experience in logistics and trading, was appointed CMD for a three-year term with a gross salary of ₹1 lakh per month. Radhika Kaushik Joshi, a Chartered Accountant, was appointed ED & CFO for a similar tenure with a monthly salary of ₹50,000.

Three new independent directors were added to the board: Kiran Ramchandra Shelke, Vikram Navin Vador, and Dhruv Suresh Bhanushali. Each will serve a five-year term starting July 22, 2026. Mr. Jignesh Shailesh Tank was appointed as a Non-Executive Non-Independent Director.

Governance and Strategic Shifts

The company approved an alteration to its Memorandum of Association (MOA) to diversify its revenue streams. The revised object clause allows Trio Mercantile to engage in general trading, importing, exporting, and dealing in pharmaceuticals, healthcare products, and other commodities, subject to regulatory approvals.

M/s. Bharat Prajapati & Co., a peer-reviewed firm based in Ahmedabad, was appointed as the new secretarial auditor for a five-year term from FY27 to FY31, replacing Ms. Shreya Shah who resigned due to preoccupation. The proposed fees are ₹3 lakh plus applicable taxes.

AGM Schedule

The 24th Annual General Meeting is scheduled for September 24, 2026, at 2:00 pm via Video Conferencing or Other Audio-Visual Means. Shareholders will vote on the adoption of financial statements, the re-appointment of Kaushik Joshi, and the special resolutions regarding new director appointments and the MOA alteration. Share transfer books will remain closed from September 18, 2026, to September 24, 2026.

Trio Mercantile & Trading Limited accepted the resignations of six directors and key management personnel on July 22, 2026, including its Chairman and Managing Director. The Board simultaneously elevated Mr. Kaushik Jagannath Joshi to the role of Chairman and Managing Director and appointed three new independent directors to strengthen governance. These appointments are subject to shareholder approval at the ensuing general meeting.

The restructuring follows a comprehensive review of board composition. Resignations were accepted from Mr. Bhadresh Shah (Non-Executive Independent Director-Chairperson), Mr. Deepak Ratilal Mehta (Managing Director-Executive Director), and independent directors Mr. Nehul Azad Chheda and Ms. Divya Girish Poriya. Key management officers Mr. Hiren Kothari (Chief Financial Officer) and Mr. Chetan Bohra (Company Secretary and Compliance Officer) also stepped down. All outgoing personnel confirmed no material reasons for their departure other than personal commitments.

Board Restructuring

Mr. Kaushik Jagannath Joshi was redesignated from Additional (Executive) Director to Additional Director designated as Chairman and Managing Director for a three-year term from July 22, 2026, to July 21, 2029. Ms. Radhika Kaushik Joshi was appointed as Additional (Executive) Director and Chief Financial Officer. The Board disclosed that Mr. Kaushik Joshi is the father of Ms. Radhika Joshi.

New Appointments

The Board appointed three independent directors for five-year terms commencing on July 22, 2026.

The meeting was held on July 22, 2026, at the registered office of the company. The intimation was submitted to BSE Limited by Ms. Radhika Joshi, Additional Director.