V B Desai Financial Services has disclosed the demise of Shashank Shripad Vijayakar, who served as the company’s Chief Financial Officer and was designated as a Key Managerial Person. The loss occurred on August 09, 2026, marking a significant change in the firm’s senior leadership team for the Mumbai-based Category I Merchant Banker.

The disclosure was submitted to the Bombay Stock Exchange on August 10, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing references Part A of Schedule III of the Listing Regulations and updated SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026.

Cessation Details

The company provided specific details regarding the change in key managerial personnel in an annexure to the exchange filing. The information confirms that the reason for the change is the death of Mr. Shashank Shripad Vijayakar. The date of cessation is recorded as August 09, 2026. No brief profile or disclosure of relationships between directors was applicable for this event, as these fields pertain to appointments rather than cessations due to death.

Pradip R. Shroff, Managing Director of V B Desai Financial Services Limited, signed the communication addressed to the Corporate Relations Department at BSE Limited’s P.J.Towers in Mumbai. The company holds SEBI Registration No. INM 000002731 and operates under Company Code No. 511110 on the exchange.

V B Desai Financial Services Limited reported a 44% year-on-year surge in net profit to ₹29.16 lakh for the first quarter of FY27, driven by a 12% rise in revenue from operations to ₹108.49 lakh. The strong profitability improvement coincides with a significant governance change as the Board accepted the resignation of Chairman Nilesh Ramanlal Doshi effective July 29, 2026, citing health reasons. This performance underscores the company's operational leverage despite broader market headwinds.

The Board of Directors approved the unaudited standalone financial results at a meeting held on July 29, 2026, in Mumbai. N.S. Shetty & Co., the statutory auditors, issued an unmodified opinion on the results under Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resignation was disclosed in compliance with Regulation 30 of the Listing Regulations and SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Financial Performance Highlights

Total income for the quarter reached ₹135.80 lakh, up from ₹123.45 lakh in Q1FY26. Revenue from operations grew to ₹108.49 lakh from ₹96.46 lakh, while other income remained stable at ₹27.31 lakh against ₹26.99 lakh previously. Total expenses declined by 3.4% to ₹93.16 lakh from ₹96.41 lakh, reflecting improved cost efficiency despite higher operational activity.

Profit before tax improved to ₹42.64 lakh from ₹27.04 lakh. Employee benefit expenses rose slightly to ₹14.72 lakh from ₹11.87 lakh, while finance costs remained at nil. Basic earnings per share increased to ₹0.64 from ₹0.45 in the corresponding period of the previous year.

What the Numbers Show

The divergence between revenue growth and expense contraction highlights an operational leverage effect. While revenue expanded by over 12%, total expenses declined by approximately 3%. This suggests that management successfully controlled operational costs despite higher activity levels. The stability in other income, which constitutes roughly 20% of total income, indicates that the profit surge is largely driven by core business operations rather than one-off gains.

Governance Update

Nilesh Ramanlal Doshi resigned as Independent Director and Chairman effective July 29, 2026. The company confirmed his resignation was solely due to health problems, with no other material reasons cited. Pradip R. Shroff, Managing Director, signed off on the financial results and the disclosure regarding the change in directorship.