Shardul Securities Limited , a Base Layer Non-Banking Financial Company (NBFC), has reported a standalone net loss of Rs 3,789.28 lakhs for the quarter ended September 30, 2025, compared to a profit of Rs 2,585.85 lakhs in the same quarter last year. The company's performance was significantly impacted by net loss on fair value changes.

Financial Highlights

• Revenue: The total income for Q2 FY25 stood at Rs (3,981.17) lakhs, compared to Rs 3,657.39 lakhs in Q2 FY24.
• Fair Value Changes: A net loss on fair value changes of Rs 4,226.91 lakhs was the primary driver of the quarterly loss.
• Half-Year Performance: For the half-year period ended September 30, 2025, the company posted a profit of Rs 2,288.07 lakhs, down from Rs 11,976.08 lakhs in the previous year.

Key Financial Metrics

Board Decisions

In a meeting held on November 12, 2025, Shardul Securities' Board of Directors made two key appointments:

1. New Independent Director: Mr. Gyanchand Pipara has been appointed as an Additional Non-Executive Independent Director for a term of three years, effective November 12, 2025, subject to shareholder approval.

2. Executive Director Reappointment: Ms. Daya Bhalia has been reappointed as an Executive Director for a term of three months, effective November 14, 2025.

Company Overview

Shardul Securities Limited operates as a Non-deposit taking NBFC, classified under the Base Layer by the Reserve Bank of India. The company's primary focus is on holding, investing, and financing activities, with income generated through dividends, interest, and investment gains.

Despite the quarterly loss, Shardul Securities maintains a strong balance sheet with total assets of Rs 79,323.09 lakhs as of September 30, 2025, compared to Rs 60,665.40 lakhs at the end of the previous fiscal year.

Shardul Securities Limited , a prominent player in the financial services sector, has announced significant changes to its leadership team. The company's Board of Directors has approved two key appointments, signaling a strategic move to strengthen its governance and operational capabilities.

New Independent Director Appointment

Mr. Gyanchand Pipara has been appointed as an Additional Non-Executive Independent Director of Shardul Securities for a term of three years, effective November 12, 2025. This appointment is subject to shareholder approval.

Mr. Pipara brings a wealth of experience to the board, with over four decades of expertise in accounting, forensic accounting, auditing, and tax consultancy. As the founder of Pipara & Co LLP, a global accounting firm, Mr. Pipara has led high-impact forensic audits and investigations, contributing to corporate revival efforts. His extensive background includes providing expert consultation to premier government agencies such as the Central Bureau of Investigation (CBI), Serious Fraud Investigation Office (SFIO), and Indian Bank's Association (IBA).

Executive Director Reappointment

In addition to Mr. Pipara's appointment, the Board has reappointed Ms. Daya Bhalia as an Executive Director for a three-month term, commencing November 14, 2025. Ms. Bhalia, who also serves as the Company Secretary, has over a decade of experience in corporate law, securities law, and RBI regulations.

Board Meeting Details

The appointments were made during a Board meeting held on November 12, 2025, which commenced at 5:00 p.m. and concluded at 7:30 p.m. The Board also reviewed and approved the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025.

These strategic appointments come at a time when Shardul Securities is positioning itself for future growth and enhanced corporate governance. The diverse expertise of the new appointees is expected to contribute to the company's strategic direction and operational excellence.

Shareholders and market observers will be watching how these leadership changes influence the company's performance and strategic initiatives in the coming quarters.