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Windlas Biotech Q3 Revenue Grows 19.5% YoY to ₹233 Cr; PAT Marginally Lower at ₹15 Cr
Windlas Biotech reported a 19.5% YoY increase in revenue for Q3 FY26, reaching ₹2,331.02 million. Despite the top-line growth, net profit declined slightly to ₹150.02 million from ₹155.76 million in the same quarter last year, impacted by a 30% rise in employee benefit expenses. For the nine-month period ending December 2025, the company maintained a positive trajectory with a 12.9% increase in net profit. The board also approved the dissolution of its non-operative US subsidiary to simplify the corporate structure.
Key Highlights
Q3 FY26 Revenue from Operations increased 19.5% YoY to ₹2,331.02 million.
Net Profit for the quarter dipped 3.7% YoY to ₹150.02 million due to higher operating costs.
9M FY26 Revenue reached ₹6,655.90 million, up from ₹5,571.73 million in the previous year.
Employee benefit expenses surged to ₹420.48 million in Q3 FY26 compared to ₹321.72 million in Q3 FY25.
Board approved the dissolution of Windlas Inc. USA, a non-operative wholly-owned subsidiary.
💼 Action for Investors
While revenue growth is robust, the margin pressure from rising employee costs warrants caution; investors should hold for long-term CDMO prospects.
NDL Ventures Clarifies Q2 FY26 Filing Discrepancies; Reports Net Profit of ₹28.35 Lakh
NDL Ventures Limited has provided clarifications to the NSE regarding technical discrepancies in its Q2 FY26 financial filings, including machine-readability and segment reporting. The company reported a net profit of ₹28.35 lakh for the quarter ended September 30, 2025, up from ₹20.92 lakh in the corresponding quarter of the previous year. Total income for the quarter stood at ₹120.15 lakh, while the company maintains a single business segment in 'Other Financial Services'. A key ongoing development is the proposed merger with Hinduja Leyland Finance Limited, which has received a No Objection Certificate from the RBI.
Key Highlights
Net Profit for Q2 FY26 increased to ₹28.35 lakh compared to ₹20.92 lakh in Q2 FY25.
Total Income for the quarter was ₹120.15 lakh, a slight decrease from ₹124.23 lakh YoY.
Company confirmed it operates as a single segment entity under 'Other Financial Services'.
RBI has granted a No Objection Certificate (NOC) for the merger of Hinduja Leyland Finance Limited into the company.
Cash and bank balances as of September 30, 2025, stood at ₹506.67 lakh.
💼 Action for Investors
Investors should focus on the progress of the Hinduja Leyland Finance merger as it is the primary catalyst for the company's future valuation. The current standalone financials are relatively small and the regulatory clarifications are procedural in nature.
Raymond Lifestyle Q3 FY26 Revenue Hits Record INR 1,883 Cr; EBITDA Up 23% YoY
Raymond Lifestyle reported its highest-ever quarterly revenue of INR 1,883 crores in Q3 FY26, driven by strong festive and wedding season demand. EBITDA grew 23% YoY to INR 271 crores, with margins expanding significantly to 14.4% from 12.3% in the previous year. The company maintains a robust balance sheet with net debt effectively at INR 15 crores and net cash of INR 155 crores. Management is successfully executing a premiumization strategy, evidenced by a INR 26 per meter increase in average selling prices.
Key Highlights
Record quarterly revenue of INR 1,883 crores with EBITDA margins expanding 210 bps to 14.4%
9M FY26 revenue grew 9% to INR 5,223 crores, while EBITDA rose 18% to INR 652 crores
Average selling price (ASP) increased by INR 26 per meter, reflecting successful product mix improvement
Strategic reduction in US market dependency from 50% to 35% to mitigate tariff uncertainties
Strong liquidity position with net cash of INR 155 crores and net debt of only INR 15 crores
💼 Action for Investors
Investors should take note of the record revenue and margin expansion as evidence of strong brand equity and operational efficiency. The proactive diversification of the export portfolio and low debt levels make it a resilient play in the lifestyle segment.
IMP Powers Responds to SEBI; New Management Seeks Revocation of Trading Suspension
IMP Powers Limited has been acquired as a going concern by Electrify Energy Private Limited and Shri Rakesh Ramanlal Shah through an IBBI e-auction process. The new management has informed the exchange that they cannot provide clarifications on financial results for the quarter ended March 31, 2024, as those filings were managed by the Liquidator's office. Following an NCLT Ahmedabad order dated November 5, 2024, which granted specific reliefs, the company has requested the exchange to revoke the suspension of trading. The company is also seeking the listing of new shares to be allotted under the acquisition terms.
Key Highlights
Company acquired as a going concern under Regulation 32(e) of IBBI Regulations by Electrify Energy Private Limited.
NCLT Ahmedabad order dated November 5, 2024, granted reliefs and concessions to the successful auction purchasers.
New management unable to clarify March 2024 financial reporting as it was handled by the Liquidator.
Formal request for revocation of trading suspension and listing of new shares submitted on January 31, 2025.
💼 Action for Investors
Investors should closely monitor the exchange's decision on the revocation of trading suspension and the specific terms of the new share allotment. The stock remains high-risk as it transitions from liquidation to new management control.
IMP Powers Clarifies Financial Reporting Status Following Liquidation and Ownership Change
IMP Powers Limited has responded to the Exchange's clarification request regarding financial results from May 2023. The company was acquired as a going concern by Electrify Energy Private Limited and Shri Rakesh Ramanlal Shah through an e-auction under IBBI Liquidation Regulations. The new management stated they cannot comment on past reporting as it was handled by the Liquidator's office. The company has already approached the exchange to revoke the trading suspension and list new shares following an NCLT order dated November 5, 2024.
Key Highlights
Company acquired as a going concern by Electrify Energy Private Limited and Shri Rakesh Ramanlal Shah
NCLT Ahmedabad order dated 05.11.2024 granted specific reliefs and concessions to the new owners
Management unable to clarify May 2023 financial results as data remains with the Liquidator's office
Formal request submitted to the Exchange on 31.01.2025 for revocation of trading suspension
New shares are pending allotment and listing as per the cited NCLT order
💼 Action for Investors
Investors should monitor the Exchange's response regarding the revocation of the trading suspension and the listing of new shares. The stock remains a high-risk 'watch' as the company transitions from liquidation back to active operations.
IMP Powers Acquired as Going Concern; New Management Seeks Trading Revocation
IMP Powers Limited has been acquired as a going concern by Electrify Energy Private Limited and Shri Rakesh Ramanlal Shah through an e-auction under IBBI regulations. The Hon'ble NCLT Ahmedabad issued an order on November 5, 2024, granting specific reliefs and concessions to the successful auction purchasers. The current management is unable to clarify financial results from March 2023 as they were prepared by the Liquidator's office and records were not transferred. The company has formally requested the stock exchange to revoke the suspension of trading and list new shares to be allotted under the NCLT order.
Key Highlights
Company purchased as a going concern under Regulation 32(e) of IBBI Regulations by Electrify Energy consortium.
NCLT Ahmedabad order dated November 5, 2024, granted reliefs and concessions to the new management.
Formal request submitted to the exchange on January 31, 2025, for revocation of trading suspension.
New shares are scheduled to be allotted as per the court-approved acquisition plan.
💼 Action for Investors
Investors should closely monitor the exchange's decision regarding the revocation of the trading suspension and the terms of the new share allotment. While the exit from liquidation is positive, the lack of access to historical financial data by new management adds a layer of uncertainty.
Raymond Lifestyle Q3FY26: EBITDA Grows 23% to ₹271 Cr; Domestic Demand Offsets Export Weakness
Raymond Lifestyle reported a 5% YoY increase in total income to ₹1,883 Cr for Q3FY26, driven by strong domestic performance in Branded Textiles which grew 11%. EBITDA saw a significant jump of 23% to ₹271 Cr, with margins expanding by 210 bps to 14.4% due to a better product mix and operating leverage. However, the Garmenting segment revenue fell 17% YoY to ₹258 Cr due to US tariff uncertainties and weak international order books. The company maintains a healthy balance sheet with net debt at just ₹15 Cr and a total retail footprint of 1,675 stores.
Key Highlights
Total Income grew 5% YoY to ₹1,883 Cr, while EBITDA rose 23% to ₹271 Cr in Q3FY26.
Branded Textile segment revenue increased 11% to ₹951 Cr with a robust 21.8% EBITDA margin.
Garmenting revenue declined 17% to ₹258 Cr due to global headwinds and US tariff uncertainty.
Retail network expanded to 1,675 stores with 21 new openings and 9 exits during the quarter.
Net Profit before exceptional items rose 54% to ₹100 Cr, though a ₹57 Cr labor code provision impacted final results.
💼 Action for Investors
Investors should focus on the strong margin expansion in the domestic textile business and monitor the recovery in the garmenting export segment. The company remains a solid play on the Indian wedding and festive consumption cycle with a very lean balance sheet.
Raymond Lifestyle Appoints Prasad Ellatch Chathuar as CFO; 28 Years Experience
Raymond Lifestyle Limited has appointed Mr. Prasad Ellatch Chathuar as the Chief Financial Officer effective January 27, 2026. He succeeds Mr. Vishal Raigagla, who had been serving as the Interim CFO since October 29, 2025. Mr. Chathuar is a seasoned professional with 28 years of experience in the consumer industry, including a previous role as CFO at Bajaj Electricals Limited. This transition from an interim to a permanent, highly qualified CFO is expected to provide long-term stability to the company's financial leadership.
Key Highlights
Mr. Prasad Ellatch Chathuar appointed as CFO and Key Managerial Personnel effective January 27, 2026.
Brings 28 years of experience from Bajaj Electricals, Voltas (17 years), and Emami Paper Mills (5 years).
Replaces Interim CFO Vishal Raigagla, who held the position since October 29, 2025.
Educational qualifications include Chartered Accountant, Cost Accountant, and a Harvard University Executive Certification.
💼 Action for Investors
The appointment of a permanent CFO with significant industry experience is a positive development for corporate governance. Investors should view this as a stabilizing move for the company's financial strategy and execution.
Raymond Lifestyle Appoints Prasad Ellatch Chathuar as CFO; Succeeds Interim CFO
Raymond Lifestyle Limited has appointed Mr. Prasad Ellatch Chathuar as its permanent Chief Financial Officer, effective January 27, 2026. He replaces Mr. Vishal Raigagla, who had been serving as the Interim CFO since October 29, 2025. Mr. Chathuar brings 28 years of extensive experience in the consumer industry, having previously served as the CFO of Bajaj Electricals Limited and holding senior roles at Voltas for 17 years. This transition from interim to permanent leadership marks a significant step in stabilizing the management of the newly listed entity.
Key Highlights
Mr. Prasad Ellatch Chathuar appointed as CFO and Key Managerial Personnel effective January 27, 2026.
The new CFO brings 28 years of experience, including a prior CFO role at Bajaj Electricals and 17 years at Voltas.
Mr. Vishal Raigagla ceases to be the Interim CFO after serving in the role since October 2025.
Mr. Chathuar is a Chartered Accountant and Cost Accountant with an Executive Certification in Finance from Harvard University.
💼 Action for Investors
Investors should view the appointment of a highly experienced permanent CFO as a positive move for corporate governance and financial strategy. Monitor the company's upcoming financial disclosures for any shifts in capital allocation or business transformation strategies under the new leadership.
Raymond Lifestyle Q3 Revenue Up 9% to ₹1,466 Cr; Operating Margins Improve to 13.85%
Raymond Lifestyle reported a 9.4% YoY increase in standalone revenue to ₹1,466.23 crore for Q3 FY26. While operating margins improved significantly to 13.85% from 11.32% in the previous year, net profit for the quarter declined slightly to ₹49.45 crore due to a one-time exceptional loss of ₹42.68 crore. For the nine-month period ending December 2025, the company showed robust performance with net profit more than doubling to ₹112.94 crore. The company maintains a strong balance sheet with a low debt-to-equity ratio of 0.11x.
Key Highlights
Revenue from operations grew 9.4% YoY to ₹1,46,623 lakhs in Q3 FY26.
Operating margin expanded to 13.85% in Q3 FY26 compared to 11.32% in Q3 FY25.
Net profit for the nine-month period (9M FY26) surged to ₹11,294 lakhs from ₹5,549 lakhs YoY.
Quarterly bottom line was impacted by an exceptional loss of ₹4,268 lakhs.
Interest Service Coverage Ratio remains healthy at 4.59 for the quarter.
💼 Action for Investors
Investors should look past the quarterly net profit dip caused by exceptional items and focus on the strong operational margin expansion and 9-month growth trajectory. The stock remains a watch for continued efficiency in the lifestyle segment.
Raymond Lifestyle Q3 Revenue Grows 9.4% YoY to ₹1,466 Cr; Operating Margins Expand to 13.85%
Raymond Lifestyle Limited reported a steady 9.4% YoY increase in standalone revenue for Q3 FY26, reaching ₹1,466.23 crore. While Profit After Tax (PAT) for the quarter dipped 7.2% YoY to ₹49.45 crore due to an exceptional loss of ₹42.68 crore, the company's operational efficiency improved with operating margins rising to 13.85% from 11.32%. The nine-month performance remains exceptionally strong, with PAT more than doubling to ₹112.94 crore compared to ₹55.49 crore in the previous year. The company maintains a robust balance sheet with a low debt-to-equity ratio of 0.11.
Key Highlights
Standalone revenue from operations increased 9.4% YoY to ₹1,466.23 crore in Q3 FY26.
Operating margin improved significantly to 13.85% in Q3 FY26 from 11.32% in Q3 FY25.
Nine-month PAT (Apr-Dec 2025) surged 103% YoY to ₹112.94 crore.
Quarterly PAT was impacted by an exceptional loss of ₹42.68 crore, resulting in a 7.2% YoY decline to ₹49.45 crore.
Financial health remains strong with a Debt-Equity ratio of 0.11 and an Interest Service Coverage Ratio of 4.59x.
💼 Action for Investors
Investors should look past the quarterly PAT dip caused by one-time exceptional items and focus on the significant margin expansion and strong 9-month growth trajectory. The stock remains a solid play in the lifestyle and branded apparel segment given its improving operational metrics.
NDL Ventures Q3 Net Profit Surges 254% YoY to ₹23.32 Lakhs; Merger with HLFL Progressing
NDL Ventures reported a strong year-on-year performance for the quarter ended December 31, 2025, with net profit rising to ₹23.32 lakhs from ₹6.59 lakhs in the previous year. Total income saw a steady increase to ₹126.08 lakhs compared to ₹116.70 lakhs in the same quarter last year. For the nine-month period, the company's profit reached ₹75.85 lakhs, a 68% increase over the previous year's ₹45.09 lakhs. A critical update for investors is the ongoing merger with Hinduja Leyland Finance Limited (HLFL), which has already received an RBI No Objection Certificate and is awaiting NCLT approval.
Key Highlights
Net Profit for Q3 FY26 grew 254% YoY to ₹23.32 lakhs.
Total Income for the quarter increased to ₹126.08 lakhs from ₹116.70 lakhs YoY.
Nine-month (9M FY26) net profit stands at ₹75.85 lakhs, up from ₹45.09 lakhs in 9M FY25.
The company has filed the draft 'Scheme of Merger by Absorption' of Hinduja Leyland Finance Limited with stock exchanges.
Earnings Per Share (EPS) for the quarter improved to ₹0.07 from ₹0.02 in the corresponding quarter last year.
💼 Action for Investors
Investors should focus on the regulatory progress of the merger with Hinduja Leyland Finance, as this transaction will significantly transform the company's balance sheet and business operations. The standalone financial growth is positive but the merger remains the primary value driver.
Raymond Lifestyle Appoints Satyaki Ghosh as CEO to Lead Growth Transformation
Raymond Lifestyle Limited has appointed Satyaki Ghosh as its new Chief Executive Officer to spearhead its next phase of growth and transformation. Mr. Ghosh brings over 25 years of extensive experience in FMCG and textiles, having previously served as CEO of Cellulosic Fashion Yarn at Grasim Industries and in leadership roles at L’Oréal India. This strategic appointment, alongside the recent onboarding of E.C. Prasad as CFO, indicates a significant strengthening of the top management team. The company aims to leverage his expertise to expand its retail footprint, which currently includes over 1,650 stores across 600 cities.
Key Highlights
Satyaki Ghosh appointed as CEO with 25+ years of experience across FMCG, textiles, and retail sectors.
Previously held CEO roles at Aditya Birla Group (Grasim) and senior leadership positions at L’Oréal India.
Appointment follows the recent hiring of E.C. Prasad as the company's new Chief Financial Officer.
Raymond Lifestyle operates a vast retail network of 1,650+ exclusive stores across 600 cities and towns.
The leadership change is aimed at driving operational excellence and capturing growth in domestic and international markets.
💼 Action for Investors
Investors should view this high-profile hiring from a major competitor as a positive move towards professionalizing management and driving growth. Monitor upcoming earnings calls for the new CEO's strategic roadmap for the lifestyle and apparel business.
Raymond Lifestyle Appoints Industry Veteran Satyaki Ghosh as CEO
Raymond Lifestyle Limited has appointed Mr. Satyaki Ghosh as its Chief Executive Officer and Key Managerial Personnel, effective January 19, 2026. Mr. Ghosh brings over 25 years of extensive experience in FMCG, textiles, and retail, having previously served as CEO of Cellulosic Fashion Yarn at Grasim Industries (Aditya Birla Group). His background includes leadership roles at global giants like L’Oréal and PepsiCo, focusing on operational excellence and business transformation. This strategic hire is intended to drive sustainable growth across the company's B2B and B2C segments.
Key Highlights
Appointment of Satyaki Ghosh as CEO and Key Managerial Personnel effective January 19, 2026
Over 25 years of leadership experience across FMCG, textiles, retail, and consumer businesses
Former CEO of Cellulosic Fashion Yarn and Domestic Textiles at Aditya Birla Group
Extensive background with global brands including L’Oréal India, PepsiCo, and GE Lighting
💼 Action for Investors
Investors should view this as a positive leadership strengthening move; monitor for potential strategic shifts or operational improvements under the new CEO's tenure.
IMP Powers Exempted from SEBI Corporate Governance Filing Due to Negative Net Worth
IMP Powers Limited has notified the exchanges regarding the non-applicability of quarterly corporate governance reports for the period ended December 31, 2025. This exemption is granted under SEBI Regulation 15(2)(a) as the company's paid-up equity capital is ₹8.63 crore, below the ₹10 crore threshold. However, the filing reveals a deeply concerning financial state, with a negative net worth of -₹269.97 crore as of March 31, 2025. This negative net worth has progressively worsened from -₹247.68 crore in 2023, indicating severe financial distress.
Key Highlights
Paid-up equity share capital stands at ₹8.63 crore, remaining unchanged for the last three financial years.
Net worth is significantly negative at -₹269.97 crore as of March 31, 2025, compared to -₹267.85 crore in 2024.
Company is exempt from SEBI LODR Regulations 17 to 27, which cover board composition and audit committee requirements.
The deficit in the Statement of Profit & Loss has reached -₹2.118 crore as of the latest filing date.
The exemption reduces the level of regulatory oversight and disclosure required for the company.
💼 Action for Investors
Investors should exercise extreme caution as the company's deeply negative net worth suggests a high risk of insolvency. The lack of mandatory corporate governance reporting further limits the transparency available to retail shareholders.
Raymond Lifestyle Appoints Prasad Ellatch Chathuar as CFO; Brings 28 Years Experience
Raymond Lifestyle Limited has appointed Mr. Prasad Ellatch Chathuar as Senior Management Personnel, with a formal appointment as Chief Financial Officer (CFO) pending the next Board Meeting. Mr. Chathuar joins from Bajaj Electricals Limited, where he served as CFO, and brings over 28 years of experience in the consumer industry. His career includes significant tenures at Voltas Limited (17 years) and Emami Paper Mills (5 years). This appointment is expected to bolster the company's financial strategy, business transformation, and treasury management.
Key Highlights
Mr. Prasad Ellatch Chathuar joined as Senior Management Personnel on January 05, 2026.
He will be formally appointed as the Chief Financial Officer (CFO) in the ensuing Board Meeting.
He possesses 28 years of experience, including a prior CFO role at Bajaj Electricals Limited.
His background includes 17 years at Voltas Limited and 5 years at Emami Paper Mills Limited.
💼 Action for Investors
This is a positive leadership update that brings seasoned expertise to the company's financial management. Investors should monitor the formal CFO transition and any subsequent strategic financial shifts.
IMP Powers Shareholders Approve ₹300 Cr Investment Limit and Office Relocation
IMP Powers Limited has successfully passed six special resolutions through a postal ballot, granting management significant financial flexibility. Key approvals include a ₹300 Crore limit for inter-corporate loans and investments, alongside revised borrowing powers and asset charging capabilities. The company also confirmed the appointment of Mr. Naveen Kumar Singh as a Whole-time Director and the relocation of its registered office to Ahmedabad. These moves suggest a strategic restructuring or preparation for significant capital deployment in the near future.
Key Highlights
Approved a limit of up to ₹300 Crores for making loans, giving guarantees, or acquiring securities.
Passed special resolutions to revise borrowing limits and create mortgages/charges on company assets under Section 180.
Confirmed the appointment of Mr. Naveen Kumar Singh as Whole-time Director with 99.20% votes in favor.
Approved the shifting of the Registered Office from Silvassa to Ahmedabad for operational efficiency.
Total of 16.32 lakh votes were polled, with approximately 99.20% favoring all proposed resolutions.
💼 Action for Investors
Investors should monitor the company's subsequent filings to see how the ₹300 Crore investment mandate is utilized, as it indicates potential expansion or M&A activity. The increased borrowing flexibility is a signal that the company is positioning itself for higher capital requirements.