JMG Corporation Limited has formally submitted the Committee of Independent Directors' recommendation for Mr. Neerav Bairagi's open offer to BSE Limited under Regulation 30 of SEBI regulations. The submission follows the Committee's unanimous approval during their meeting held on February 12, 2026, with the recommendation published on February 13, 2026.

Open Offer Details and Regulatory Framework

The open offer targets the acquisition of up to 60,21,053 fully paid-up equity shares of ₹2.50 each, representing 26% of JMG Corporation's total voting share capital at ₹5.30 per share. The Committee of Independent Directors comprises Mr. Neeraj Jain as Chairman, Mr. Satish Charankumar Patne, and Mr. Vivek Bansal as members.

Committee Independence and Recommendation

The Committee confirmed complete independence with no equity holdings or contractual relationships with either the target company or acquirer. The Committee reviewed the Public Announcement dated December 04, 2025, Detailed Public Statement dated December 11, 2025, and Letter of Offer dated February 05, 2026, concluding that the open offer is fair and reasonable.

Pricing Analysis and Compliance

The Committee's analysis revealed that the offer price of ₹5.30 exceeds the negotiated price of ₹4.20 per share under the Share Purchase Agreement executed on December 04, 2025. The offer price aligns with the 60-day volume-weighted average market price of ₹5.27, rounded off to ₹5.30 in accordance with SEBI regulations.

Publication and Documentation

The recommendation was published across multiple newspapers on February 13, 2026, ensuring widespread dissemination to shareholders. Srujan Alpha Capital Advisors LLP, as Manager to the Open Offer, coordinated the publication process and submitted the necessary documentation to BSE Limited.

Authorization and Next Steps

The submission was authorized by Nisha Kumari, Company Secretary and Compliance Officer of JMG Corporation Limited, and Jinesh Doshi, Designated Partner of Srujan Alpha Capital Advisors LLP with DPIN: 05229114. The open offer will proceed through BSE Limited's acquisition window mechanism as provided under SEBI regulations.

JMG Corporation Limited's Board of Directors approved the company's unaudited financial results for Q3 FY26 ended December 31, 2025, during their meeting held on February 12, 2026. The meeting commenced at 12:30 PM and concluded at 01:40 PM, with the board considering and approving the quarterly results along with the Limited Review Report from statutory auditors.

Regulatory Compliance and Public Disclosure

Pursuant to Regulation 30 read with Schedule III, Part A, Para A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, JMG Corporation has submitted its Q3 FY26 financial results to BSE Limited under scrip code 523712. The company has published the results in Financial Express (All India Edition in English) and Jansatta (Hindi and Vernacular Language Edition), fulfilling its regulatory disclosure obligations. The detailed financial results are available on the company's website at www.jmg-corp.in and BSE Limited's website at www.bseindia.com .

Financial Performance Overview

The company reported significant improvement in its financial performance with net loss reducing to ₹8.67 lakhs in Q3 FY26 from ₹18.74 lakhs in the corresponding quarter of the previous fiscal year. This represents a substantial 53.74% reduction in losses, demonstrating the company's progress toward profitability despite continuing operational challenges.

Revenue Growth and Nine-Month Performance

JMG Corporation demonstrated strong revenue growth with operations revenue increasing 79.17% to ₹21.50 lakhs in Q3 FY26 from ₹12.00 lakhs in Q3 FY25. For the nine-month period ended December 31, 2025, the company reported revenue from operations of ₹55.00 lakhs compared to ₹20.21 lakhs in the corresponding period of FY25, indicating sustained business momentum throughout the fiscal year.

Earnings Per Share and Capital Structure

The company's earnings per share improved significantly with both basic and diluted EPS at ₹-0.04 for Q3 FY26, compared to ₹-0.08 in Q3 FY25. The paid-up equity share capital remained stable at ₹578.95 lakhs with a face value of ₹2.50 per share. For the nine-month period, the EPS stood at ₹-0.36, reflecting the cumulative impact of operational performance across the period.