Mahan Industries Shareholders Approve Share Capital Increase and Director Appointments
Mahan Industries Limited has successfully concluded postal ballot voting with shareholders approving key resolutions including authorized share capital increase and appointment of two executive directors with overwhelming 99.41% support. The company also reported strong Q2 FY2026 financial results showing substantial revenue growth and appointed Mr. Niranjan Jain as new CFO.
*this image is generated using AI for illustrative purposes only.
Mahan Industries Limited has announced significant changes in its leadership and approved its financial results for the second quarter of fiscal year 2026. The company's Board of Directors made these decisions during a meeting held on November 12, 2025. Additionally, shareholders have approved key resolutions through postal ballot voting concluded on December 15, 2025.
Leadership Changes and Director Appointments
The company disclosed the resignation of Mr. Sunil Prataprai Gurnani from the position of Chief Financial Officer (CFO), effective from the close of business hours on November 12, 2025. Mr. Gurnani cited personal reasons for his departure. The board has appointed Mr. Niranjan Jain as the new CFO, effective immediately.
Mr. Jain brings over 20 years of extensive experience to the role. He is a qualified Chartered Accountant with expertise in finance, accounting, taxation, audit, corporate governance, and strategic financial management. Throughout his career, Mr. Jain has been associated with various reputed organizations, playing key roles in financial planning, regulatory compliance, and business operations.
Following the CFO appointment, shareholders have now formally approved Mr. Niranjan Navratanmal Jain (DIN: 00282842) as a Director under the Executive category through postal ballot. Additionally, shareholders approved the appointment of Mr. Nishil Sanjaykumar Shah (DIN: 09165405) as an Executive Director.
Postal Ballot Results
The postal ballot voting process, conducted through remote e-voting from November 16 to December 15, 2025, saw strong shareholder participation. The voting results demonstrate overwhelming support for all proposed resolutions:
| Resolution | Type | Votes in Favor | Votes Against | Approval Rate |
|---|---|---|---|---|
| Authorized Share Capital Increase | Ordinary | 9,64,526 | 5,731 | 99.41% |
| Appointment of Mr. Nishil Shah | Special | 9,64,526 | 5,731 | 99.41% |
| Appointment of Mr. Niranjan Jain | Special | 9,64,526 | 5,731 | 99.41% |
The company had 8,523 shareholders on record as of the cut-off date of October 31, 2025. M/s. GR Shah and Associates, Practicing Company Secretaries, served as the scrutinizer for the postal ballot process.
Financial Performance Highlights
The Board of Directors has approved the unaudited financial results for the quarter and half-year ended September 30, 2025. These results, prepared in accordance with IND AS, were reviewed by the Audit Committee before receiving board approval.
The company's financial performance for Q2 FY2026 shows significant growth trends:
| Particulars (₹ in Lacs) | Q2 FY2026 | Q2 FY2025 | H1 FY2026 | H1 FY2025 |
|---|---|---|---|---|
| Revenue from Operations | 149.94 | 37.60 | 214.99 | 83.66 |
| Total Income | 150.26 | 37.63 | 215.51 | 83.71 |
| Net Profit After Tax | 2.38 | 0.73 | 10.49 | 6.43 |
| Earnings Per Share (₹) | 0.05 | 0.00 | 0.23 | 0.02 |
The company has shown substantial growth in its revenue from operations, with significant increases both on quarterly and half-yearly basis compared to the previous fiscal year.
Corporate Governance and Compliance
Mahan Industries Limited has received a Limited Review Report from M/s. SDPM & Co., Chartered Accountants, the company's statutory auditors, on the unaudited financial results. The company has also prepared an Integrated Filing (Financial) for the quarter and half-year ended September 30, 2025, in compliance with SEBI and BSE circulars.
The postal ballot process was conducted in accordance with Section 108 of the Companies Act, 2013, and Rule 20 of the Companies (Management and Administration) Rules, 2014, ensuring full regulatory compliance.
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