What’s new

• Deepak Navinchandra Shah steps down as Sales-VP Director, effective June 30.
• He cited personal reasons; resignation letter was submitted on April 30.
• Gretex confirmed a smooth handover of responsibilities under SEBI rules.

Why it matters

For a ₹1,012 crore micro-cap with trailing revenue down 42% and low ROE, a senior sales exit is a minor headwind. It's not a CEO/CFO departure, so the investment thesis remains intact, but it adds to the challenge of reversing the top-line decline.

What we’re watching

• Whether Gretex announces a successor or interim arrangement.
• Any further senior management changes in coming months.
• Impact on near-term deal flow and client relationships.

The full read

Gretex Corporate Services is losing Sales-VP Director Deepak Shah, effective June 30, 2026. The micro-cap merchant banker with a market cap of ₹1,012 crore has been grappling with a -42% revenue decline on a trailing basis, though PAT surged 135%. Shah's resignation for personal reasons is not a C-suite exit, and the firm assured a smooth handover under SEBI norms. For a company with low ROE (0.7%) and high P/E (52.8), a single VP departure is unlikely to derail the story—but it adds a minor headwind just as the firm needs to turn revenues around. Markets will watch for a successor and any further churn.

Primary source: BSE · NSE