Chitale to cease as independent director on Dec 14; board approves Kishor Thakkar for 5-year term
Mr. Rajendra Chitale completes his second term as Independent Director on December 14, 2026 and ceases to be a director from close of business hours that day.
By ScoutQuest · · 3 min read
- Profit after tax (Q2 FY27)
- ₹ 13.54 crore
- Revenue from operations (Q2 FY27)
- ₹ 54.24 crore
- Incoming Independent Director term
- 5 consecutive years, from December 14, 2026 to December 13, 2031
Board changes
- Mr. Rajendra Chitale (DIN: 00015986), an Independent Director, completes his second term as an Independent Director on December 14, 2026 and will cease to be a Director of the Company with effect from close of business hours on December 14, 2026.
- The Board noted this and placed on record its appreciation for his contribution during his tenure as an Independent Director.
- The Board approved the appointment of Mr. Kishor Purshottam Thakkar (DIN: 00025021) as an Independent Director, not liable to retire by rotation, for a term of 5 consecutive years from December 14, 2026 till December 13, 2031 (both days inclusive).
- The appointment is based on the recommendation of the Nomination and Remuneration Committee and is subject to the approval of the Exchanges, Clearing Corporations and Shareholders.
- The update confirms that he is not debarred from holding the office of director by virtue of any SEBI order or any such authority, and that he is not related to any Director or Key Managerial Personnel of the Company.
Who is the incoming director
Mr. Thakkar is a Commerce Graduate from Mumbai University. He is one of the founders and Managing Director of MUFG Intime India Private Limited (formerly Link Intime India Private Limited). He co-promoted the company in 1989, after four years in computer education and software development. As per the update, MUFG Intime has handled the highest number of IPOs for 15 years, was the first registrar to handle T+3 and T+2 IPOs in India, and managed the IPO of Waaree Energies, which received more than 93 lakh bids. It acts as registrar and transfer agent for more than 1600 listed and more than 29,000 unlisted companies, serving more than 14.5 crore investors. Mr. Thakkar was Vice Chairman of the Registrars' Association of India (RAIN) for six years.
Results approved at the same meeting
The Board considered and approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. Figures below are consolidated, in ₹ crore.
- Revenue from operations for the quarter was ₹ 54.24 crore, against ₹ 107.05 crore in the quarter ended September 30, 2025.
- Profit before tax was ₹ 18.42 crore for the quarter, against ₹ 70.00 crore a year earlier.
- Profit after tax was ₹ 13.54 crore, against ₹ 52.15 crore.
- For the half year ended September 30, 2026, revenue from operations was ₹ 84.10 crore and profit after tax ₹ 13.69 crore, against ₹ 137.90 crore and ₹ 52.38 crore in the half year ended September 30, 2025.
- Basic and diluted earnings per equity share (face value ₹ 2 each) were ₹ 1.92 for the quarter and ₹ 1.94 for the half year.
- Sequentially, revenue rose from ₹ 29.86 crore and profit after tax from ₹ 0.15 crore in the quarter ended June 30, 2026.
- Segment revenue for the quarter: Stock Broking ₹ 15.55 crore and Investment Banking ₹ 34.29 crore. Segment results: Stock Broking ₹ (3.54) crore and Investment Banking ₹ 17.65 crore.
- Total assets were ₹ 486.00 crore as at September 30, 2026, against ₹ 453.15 crore as at March 31, 2026, and total equity was ₹ 339.01 crore against ₹ 331.91 crore.
The auditor's review
The independent auditor's review report on the consolidated results states that nothing has come to its attention that causes it to believe that the statement contains any material misstatement.
How to read it
The director change is a scheduled transition: the outgoing independent director's second term ends on its due date, and the incoming appointment begins the same day, so the board seat is filled from that date, subject to the approvals mentioned.
The profit for the quarter is well below the same quarter last year, when the Investment Banking segment reported revenue of ₹ 86.14 crore against ₹ 34.29 crore this quarter, while the Stock Broking segment result for this quarter was ₹ (3.54) crore. On a sequential basis, both revenue and profit were higher than in the June 2026 quarter.
Also from DAM Capital Advisors
DAM Capital Advisors Ltd press release, Q2 FY27
3 Nov 2026
DAM Capital Q2 FY27: total income ₹ 54.3 Cr, profit after tax ₹ 13.5 Cr
3 Nov 2026
Board approves Q2 consolidated results; profit for the period Rs. 13.54 crore
3 Nov 2026
More numbers
- Term as Independent Director (Kishor Thakkar)5 (five) consecutive years
- Q2 FY27 revenue from operations (₹ crore)54.24
- Q2 FY26 revenue from operations (₹ crore)107.05
- Q2 FY27 profit after tax (₹ crore)13.54
- Q2 FY26 profit after tax (₹ crore)52.15
- H1 FY27 revenue from operations (₹ crore)84.10
- H1 FY27 profit after tax (₹ crore)13.69
- Q2 FY27 basic earnings per equity share (₹)1.92
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