Explicit Finance Limited: Independent Director Pushparaj Mayekar Steps Down

Explicit Finance Limited , a company listed on the Indian stock exchange, has announced a significant change in its board composition. Independent Director Mr. Pushparaj Mayekar has tendered his resignation, effective from the close of business hours on November 14, 2025.

Resignation Details

The company disclosed this information in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Here are the key details of the resignation:

Aspect	Details
Director Name	Mr. Pushparaj Mayekar
Position	Independent Director
Effective Date	November 14, 2025 (close of business hours)
Reason Cited	Pre-occupancy
Other Directorships	None in listed entities

Implications and Company Statement

The company stated that there were no material reasons for the resignation other than Mr. Mayekar's pre-occupancy. This suggests that the director's decision to step down was primarily due to personal commitments or time constraints rather than any issues within the company.

In his resignation letter, Mr. Mayekar expressed gratitude to the board for the cooperation extended during his tenure as an independent director. Explicit Finance Limited, in turn, acknowledged his contribution and announced the resignation as per regulatory requirements.

Corporate Governance Perspective

The resignation of an independent director is a significant event from a corporate governance standpoint. Independent directors play a crucial role in ensuring transparency, protecting shareholder interests, and providing unbiased oversight of company operations.

Explicit Finance Limited will likely be required to fill this vacancy to maintain the required composition of independent directors on its board, as mandated by Indian corporate law and SEBI regulations.

Investors and stakeholders of the company may want to monitor any subsequent appointments to the board and any potential impact on the company's governance structure.

The company's prompt disclosure of this change in board composition demonstrates its commitment to transparency and regulatory compliance. As the market absorbs this information, it will be interesting to see how it might influence investor sentiment towards Explicit Finance Limited in the coming days.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.98%	+6.02%	+28.50%	+56.33%	+63.28%	+683.54%

Explicit Finance Limited has reported its financial results for the quarter and half-year ended September 30, 2025, along with a significant change in its board composition. The company's performance and governance update were disclosed in a recent board meeting held on November 14, 2025.

Financial Performance

The company's unaudited financial results for Q2 FY26 reveal a challenging quarter:

Particulars (Rs. in Lacs)	Q2 FY26	Q2 FY25	H1 FY26	H1 FY25
Total Income	81.68	76.91	170.95	318.91
Total Expenses	92.47	173.24	171.81	324.75
Profit/(Loss) before tax	(10.79)	3.67	(0.86)	(5.84)
Net Profit/(Loss)	(10.79)	3.67	(0.86)	(5.84)

Explicit Finance Limited experienced a significant downturn in its quarterly performance, reporting a net loss of Rs. 10.79 lacs for Q2 FY26, compared to a profit of Rs. 3.67 lacs in the same quarter of the previous year. The half-yearly results also showed a loss of Rs. 0.86 lacs, an improvement from the Rs. 5.84 lacs loss reported in H1 FY25.

Revenue Breakdown

The company's revenue streams for Q2 FY26 included:

Interest Income: Rs. 18.72 lacs
Dividend Income: Rs. 0.20 lacs
Sale of Shares and Securities: Rs. 62.71 lacs

Operational Highlights

Total revenue from operations increased to Rs. 81.63 lacs in Q2 FY26 from Rs. 76.31 lacs in Q2 FY25.
Purchases of stock-in-trade amounted to Rs. 63.81 lacs, down from Rs. 159.98 lacs in the corresponding quarter of the previous year.
Employee benefits expenses remained relatively stable at Rs. 3.73 lacs compared to Rs. 3.64 lacs in Q2 FY25.

Board Changes

The company announced the resignation of Mr. Pushparaj Mayekar (DIN: 07759328) from his position as an Independent Director. This change in the board composition may have implications for the company's governance structure and decision-making processes.

Financial Position

As of September 30, 2025, Explicit Finance Limited reported:

Total Assets: Rs. 793.92 lacs
Equity Share Capital: Rs. 926.76 lacs
Other Equity: Rs. (137.17) lacs

The negative other equity figure indicates accumulated losses, which may be a concern for investors and stakeholders.

Auditor's Review

GMCS & Co., Chartered Accountants, conducted a limited review of the financial results. The auditors stated that nothing has come to their attention that causes them to believe that the financial statements are not prepared in accordance with applicable accounting standards and SEBI regulations.

Outlook

Explicit Finance Limited faces challenges with its current financial performance. The company's management will need to focus on strategic initiatives to address the loss-making trend and improve shareholder value. The resignation of an Independent Director adds an element of change to the company's governance structure.

Investors and stakeholders may want to monitor the company's future announcements and financial reports to assess its performance and strategic direction.