Prithvi Exchange (India) Limited , a leading player in the foreign exchange services sector, has reported a mixed financial performance for the first quarter of FY 2025-2026, while also announcing significant corporate changes.

Financial Performance

The company's Q1 results reveal:

Prithvi Exchange witnessed an 18.66% quarter-on-quarter increase in total revenue, rising from ₹71,876.23 lakhs in Q4 FY 2024-25 to ₹85,289.78 lakhs in Q1 FY 2025-26. However, compared to the same quarter last year (Q1 FY 2024-25), when revenue stood at ₹109,808.39 lakhs, there was a notable decline.

The company's net profit for Q1 FY 2025-26 reached ₹113.46 lakhs, a significant improvement from the ₹9.49 lakhs reported in the previous quarter. Despite this growth, it's important to note that the profit figure is lower than the ₹435.46 lakhs recorded in Q1 of the previous fiscal year.

Operational Highlights

Prithvi Exchange has secured a notable achievement by gaining empanelment with State Bank of India for forex services across their branches. This development is expected to expand the company's service reach and potentially boost future revenues.

Challenges and Market Conditions

Managing Director Pavan Kumar Kavad highlighted several challenges that impacted the company's performance during the quarter:

1. Global tensions, including conflicts between India-Pakistan and Israel-Iran, led to reduced footfall at branches and lower demand for personal travel forex products.
2. A reduction in the Hajj quota for pilgrims affected religious travel-related forex transactions.
3. Delayed visa approvals for students impacted the education-related forex business.
4. General economic concerns contributed to a slowdown in the forex market.

Despite these challenges, the company remains optimistic about returning to growth in upcoming quarters as conditions improve.

Corporate Developments

The Board of Directors, in their meeting held on August 8, 2025, approved several key decisions:

1. Reappointment of Mr. Pavan Kumar Kavad as Managing Director for a five-year term from September 29, 2025, to September 28, 2030, subject to shareholder approval.
2. Appointment of Ms. Rashmi Surana as an Additional Director in the Independent category for a five-year term, effective August 8, 2025.
3. Acceptance of the resignation of Ms. Nithyasree P G as Company Secretary and Compliance Officer, effective September 13, 2025.
4. Approval of the Prithvi Exchange Employee Stock Option Scheme – 2025, with an option pool of 4,34,200 shares.

Future Outlook

While acknowledging the current challenges, Prithvi Exchange is actively pursuing new business opportunities allowed by the RBI, such as crew wages and visa fees. The company, which currently has a presence in 25 key cities across India, is also planning to expand its network to other cities and foreign countries.

The 30th Annual General Meeting of the company is scheduled for September 9, 2025, where shareholders will vote on these corporate changes and other matters.

As Prithvi Exchange navigates through global economic uncertainties, its strategic expansions and corporate restructuring efforts aim to position the company for future growth in the dynamic forex market.

Prithvi Exchange (India) Limited , a prominent player in the foreign exchange and financial services sector, has announced its unaudited financial results for the first quarter, along with several key corporate decisions.

Financial Performance

The company reported a significant decline in its standalone revenue from operations for Q1. The revenue stood at Rs. 45.63 crores, down from Rs. 109.81 crores in the corresponding quarter of the previous year. This represents a substantial decrease of 58.40% year-over-year.

Net profit for the quarter also saw a considerable reduction, coming in at Rs. 1.13 crores compared to Rs. 4.36 crores in the same quarter last year, marking a 74.08% decrease.

The financial results were reviewed by the statutory auditors and the audit committee before being approved by the Board of Directors at their meeting held on August 8.

Corporate Updates

Leadership Changes

The Board of Directors, on the recommendation of the Nomination & Remuneration Committee, has approved several key leadership changes:

1. Reappointment of Managing Director: Mr. Pavan Kumar Kavad has been reappointed as the Managing Director for a term of five years, from September 29, 2025, to September 28, 2030. This reappointment is subject to shareholder approval at the forthcoming Annual General Meeting.

2. New Independent Director: Ms. Rashmi Surana has been appointed as an Additional Director in the Independent category for a five-year term, effective from August 8, 2025, to August 7, 2030. Ms. Surana brings extensive experience in mediation, dispute resolution, and corporate social responsibility.

3. Resignation of Company Secretary: The Board has accepted the resignation of Ms. Nithyasree P G from her position as Company Secretary and Compliance Officer, effective September 13, 2025.

Employee Stock Option Scheme

The Board has approved the Prithvi Exchange Employee Stock Option Scheme 2025, which includes the following key features:

• An option pool of 4,34,200 stock options, convertible into an equal number of equity shares with a face value of Rs. 10 each.
• The scheme will be implemented through a direct route, extending benefits to eligible employees through fresh allotment of shares.
• The vesting period will commence one year from the grant date and may extend up to four years.
• Vested options can be exercised within one year from the respective vesting date.

Annual General Meeting and Dividend

The 30th Annual General Meeting of the company is scheduled for September 9, 2025, to be held via video conferencing. The Board has fixed September 2, 2025, as the record date for determining dividend eligibility for the financial year 2024-25.

Market Implications

The sharp decline in revenue and profit for Q1 may raise concerns among investors about the company's short-term performance. However, the approval of the ESOP scheme and the reappointment of the Managing Director suggest that the company is focusing on long-term employee retention and leadership stability.