Escorp Asset Management Limited has disclosed a significant shareholding restructuring within its promoter group through an inheritance transaction. Shripal S. Shah has acquired a 26.09% stake in the ultimate promoter holding company Mahshri Enterprises Private Limited through transmission from late Mrs. Roopa S. Shah, as per the disclosure filed under SEBI SAST Regulations on March 10, 2026.

Transaction Details

The inheritance involves 6,00,000 equity shares of Mahshri Enterprises Private Limited, representing 26.09% of the company's paid-up equity capital. This transaction was completed through transmission following the demise of Mrs. Roopa S. Shah, who was part of the promoter group of the ultimate promoter holding company. The acquisition falls under Regulation 10(1)(g) exemption, requiring no open offer.

Corporate Structure and Holdings

The complex shareholding structure involves multiple layers of ownership. Mahshri Enterprises Private Limited holds a 62.45% stake in Aryaman Financial Services Limited, which in turn holds 52.47% in Escorp Asset Management Limited. The promoter group's direct shareholding in Escorp Asset Management Limited remains unchanged at 67.61%, totaling 75,14,999 shares.

Ultimate Holding Company Restructuring

Within Mahshri Enterprises Private Limited, the shareholding restructuring has resulted in Shripal S. Shah's stake increasing from 39.14% to 65.23%. The total promoter group holding in the ultimate holding company remains at 86.97%, with 20,00,000 shares distributed between Shripal S. Shah and Shreyas S. Shah following the transmission.

Regulatory Compliance and Control

The disclosure has been filed with BSE Limited, where Escorp Asset Management is listed with scrip code 540455. The company has confirmed that there is no change in control of the ultimate promoter holding company, promoter holding company, or the target company following this inheritance transaction. Shripal S. Shah continues to be recognized as a promoter of Mahshri Enterprises Private Limited and remains the natural person in control of both the promoter holding company and the target company, maintaining the existing corporate governance structure. The transaction required no prior disclosure under regulation 10(5) as it falls under the transmission exemption category.

Aryaman Financial Services Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025. The Board of Directors approved the results in their meeting held on February 13, 2026, which commenced at 03:00 P.M. and concluded at 03:35 P.M.

Standalone Financial Performance

The company demonstrated strong performance in its standalone operations during Q3 FY26. Revenue from operations showed substantial growth compared to the previous year.

The standalone results showed significant improvement across key metrics. Total expenses for the quarter were ₹144.96 lacs, with employee benefit expenses of ₹93.04 lacs and fees and commission expenses of ₹24.28 lacs.

Consolidated Financial Performance

The consolidated results include three subsidiary companies: Aryaman Capital Markets Limited, Escorp Asset Management Limited, and Aryaman Finance (India) Limited.

The consolidated total expenses for Q3 FY26 were ₹1,013.32 lacs, including purchases of stock-in-trade of ₹186.97 lacs and changes in inventories of ₹646.95 lacs.

Earnings Per Share and Capital Structure

The company maintained consistent capital structure across reporting periods.

Regulatory Compliance and Audit

The financial results were prepared in compliance with Indian Accounting Standards (Ind-AS) and submitted pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. V. N. Purohit & Co., Chartered Accountants, conducted the limited review of both standalone and consolidated results.

The audit committee reviewed the results in their meeting held on February 13, 2026, before Board approval. The company operates in a single business segment of financial services and related activities. The results are also available on the company's website at afsl.co.in/investor-relation.html.