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LT Foods 9M FY'26 Revenue Up 24% to ₹8,085 Cr; EBITDA Rises 20% to ₹936 Cr
LT Foods reported a strong 24% YoY revenue growth for 9M FY'26, reaching ₹8,085 crore, driven by its Basmati and Organic segments. While EBITDA grew by 20% to ₹936 crore, PAT growth was more modest at 9% (₹490 crore) due to margin compression. The company's flagship brand 'Daawat' saw increased household penetration in India, and the US market showed 50% growth (12% normalized). However, management flagged potential near-term pressure from US tariff-related developments and rising input costs.
Key Highlights
9M FY'26 Revenue grew 24% YoY to ₹8,085 crore; Q3 FY'26 Revenue up 23% to ₹2,812 crore.
EBITDA for 9M FY'26 increased 20% to ₹936 crore, though EBITDA margin dipped slightly to 11.6%.
Basmati and Specialty Rice business grew 26% YoY in 9M FY'26 (12% normalized growth).
Net Debt-to-Equity ratio improved to 0.27 from 0.33, indicating a stronger balance sheet.
US market revenue surged 50% YoY (12% normalized), while Europe grew by 35%.
💼 Action for Investors
Investors should monitor the impact of US tariffs on future margins as highlighted by management. While top-line growth and debt reduction are strong, the slowing PAT growth relative to revenue warrants a focus on cost management efficiency.
Gujarat Gas Q3 FY26: PAT Rises 20% to ₹266 Cr; EBITDA/SCM Hits ₹6.5 Despite Volume Pressure
Gujarat Gas reported a 20% YoY increase in PAT to ₹266 crore for Q3 FY26, driven by improved EBITDA margins of ₹6.5 per SCM. While industrial volumes declined 10% QoQ to 3.93 MMSCMD due to propane competition in Morbi, the CNG segment grew 11% YoY. The company expects its merger scheme to conclude by April 2026 and has engaged McKinsey for strategic expansion. Management maintains an EBITDA margin guidance of ₹5.5 to ₹6.5 per SCM for the full year.
Key Highlights
PAT grew 20% YoY to ₹266 crore; EBITDA margin per SCM improved to ₹6.5 from ₹5.04.
Industrial volumes dropped 10% QoQ to 3.93 MMSCMD, impacted by lower propane prices in Morbi.
CNG volumes rose 11% YoY, supported by a 14% growth in the CNG vehicle base to 16.94 lakh.
APM gas shortfall increased to 51%, with CNG shortfall at 64% being met by spot and long-term gas.
Merger completion expected by end of April 2026; FY26 Capex planned at ₹650-700 crore.
💼 Action for Investors
Investors should monitor the impact of the ₹4.50/SCM price reduction on Morbi volume recovery and the finalization of the merger. The company's ability to maintain margins despite APM cuts is a key positive, but industrial volume volatility remains a risk.
L&T Q3 FY26: Recurring PAT Jumps 31% to ₹44 Bn; Order Book Hits Record ₹7.3 Trillion
Larsen & Toubro (L&T) delivered a strong operational performance in Q3 FY26, with recurring PAT growing 31% y-o-y to ₹44 billion. While reported PAT fell 4% to ₹32.2 billion due to a one-time ₹11.9 billion provision for new labour codes, the company achieved its highest-ever quarterly order inflow of ₹1,356 billion. The total order book reached a record ₹7,332 billion, providing high revenue visibility. Notably, the company significantly improved its capital efficiency, with Net Working Capital falling to 8.2% of revenue from 12.7% a year ago.
Key Highlights
Order Book reached a record ₹7,332 billion, growing 30% y-o-y with international orders making up 49% of the total.
Recurring PAT rose 31% to ₹44 billion, driven by operational efficiencies and a 10% growth in group revenue to ₹714 billion.
Net Working Capital (NWC) as a percentage of revenue improved by 450 bps to 8.2%, the lowest in several quarters.
Hi-Tech Manufacturing and Energy segments saw robust revenue growth of 34% and 15% respectively.
The company maintains a strong near-term prospect pipeline of approximately ₹5.9 trillion.
💼 Action for Investors
Investors should focus on the record-high order book and the significant improvement in working capital management rather than the one-time accounting hit to reported PAT. L&T remains a primary beneficiary of the domestic infrastructure cycle and Middle East energy capex.
LT Foods Q3 Net Profit Up 8% to ₹157 Cr; Declares ₹1 Interim Dividend
LT Foods reported a 23.5% YoY increase in consolidated revenue to ₹2,809.20 crore for Q3 FY26. The company declared its second interim dividend of ₹1 per share, representing 100% of the face value. Net profit for the quarter rose to ₹157.35 crore from ₹145.39 crore in the previous year. The board also approved the appointment of Ms. Neha Sharma as the Internal Auditor, supported by EY for specific audits.
Key Highlights
Consolidated Revenue for Q3 FY26 rose 23.5% YoY to ₹2,809.20 crore.
Net Profit for the quarter increased 8.2% YoY to ₹157.35 crore.
Declared 2nd Interim Dividend of ₹1 per share with a record date of February 2, 2026.
9-month FY26 consolidated revenue stands at ₹8,038.85 crore compared to ₹6,453.10 crore YoY.
Basic EPS for the quarter improved to ₹4.53 from ₹4.13 in the year-ago period.
💼 Action for Investors
The strong revenue growth and dividend declaration reflect healthy operational performance. Investors may hold for long-term gains as the company scales its global footprint.
Star Health Q3 FY26: PAT Surges 414% YoY to ₹449 Cr; Combined Ratio Improves to 98.9%
Star Health reported a massive 414% YoY increase in Profit After Tax to ₹449 crore for Q3 FY26, driven by strong premium growth and improved underwriting margins. The Gross Written Premium grew 23% YoY to ₹5,047 crore, with the retail segment leading the charge at 27% growth. Crucially, the combined ratio improved significantly to 98.9% from 102.1% a year ago, indicating the company is now operating profitably on an underwriting basis. Investment income also saw a substantial jump of 176% YoY to ₹569 crore, further boosting the bottom line.
Key Highlights
PAT grew 414% YoY to ₹449 Cr in Q3 FY26, while 9M FY26 PAT rose 87% to ₹966 Cr
Gross Written Premium (GWP) increased 23% YoY to ₹5,047 Cr, driven by 27% growth in Retail GWP
Combined Ratio improved by 317 bps YoY to 98.9%, with the Loss Ratio moderating to 68.8%
Investment income surged 176% YoY to ₹569 Cr, supported by a healthy investment yield of 9.6%
Maintained market leadership in Retail Health with a 31.3% market share for 9M FY26
💼 Action for Investors
The significant improvement in the combined ratio below 100% and robust retail growth signal a strong operational turnaround. Investors should monitor if this underwriting discipline and loss ratio moderation are sustained in future quarters.
ASK Automotive Q3 FY26: PAT up 21% to ₹80 Cr, EBITDA Margins Expand to 13.4%
ASK Automotive reported its highest-ever quarterly revenue, EBITDA, and PAT in Q3 FY26, with consolidated revenue growing 18.5% YoY to ₹1,089 crore. The company's strategic shift away from the low-margin wheel assembly business (down 51.5%) led to significant margin expansion, with EBITDA margins rising 88 bps to 13.4%. Net profit for the quarter grew 21.3% YoY to ₹80 crore, driven by strong growth in Aluminium Light Weighting (+36%) and Advanced Braking Systems (+22%). Management highlighted that the new Karoli and Bangalore facilities are ramping up, contributing to better economies of scale.
Key Highlights
Consolidated Revenue grew 18.5% YoY to ₹1,089 Cr; excluding Wheel Assembly, growth was 28.0%
EBITDA increased 26.8% YoY to ₹146 Cr with margins expanding by 88 bps to 13.4%
PAT rose 21.3% YoY to ₹80 Cr, marking the highest-ever quarterly profit for the company
Aluminium Light Weighting Precision Solutions segment showed robust growth of 36% YoY
Strategic reduction in low-value Wheel Assembly business by 51.5% significantly improved overall profitability
💼 Action for Investors
Investors should favor the company's successful transition toward high-margin segments and its ability to outperform industry growth. The ramp-up of new manufacturing facilities provides a clear visibility for sustained earnings growth in the coming quarters.
ASK Automotive Q3 FY26 PAT Rises 21.3% to ₹80 Cr; EBITDA Margins Expand to 13.4%
ASK Automotive reported its highest-ever quarterly revenue, EBITDA, and PAT for Q3 FY26, with consolidated revenue growing 18.5% YoY to ₹1,089 crore. The company's EBITDA increased by 26.8% to ₹146 crore, driven by a strategic reduction in the low-margin wheel assembly business and improved capacity utilization at new facilities. Net profit (PAT) rose 21.3% YoY to ₹80 crore, while EBITDA margins expanded by 88 basis points to 13.4%. The Aluminum Lightweighting segment showed robust growth of 36% YoY, reflecting a successful shift towards a higher-value product mix.
Key Highlights
Consolidated Revenue grew 18.5% YoY to ₹1,089 Cr, significantly outperforming industry growth rates.
EBITDA margins improved to 13.4% from 12.5% YoY, aided by economies of scale and strategic product shifts.
Aluminum Lightweighting Precision Solutions (ALPS) revenue surged 36% YoY to ₹538 Cr in Q3 FY26.
Strategic reduction in low-margin Wheel Assembly business by 51.5% YoY to optimize the bottom line.
Maintains a dominant ~50% market share in the Indian 2W Advanced Braking systems segment.
💼 Action for Investors
Investors should take note of the significant margin expansion and the company's successful transition toward high-margin aluminum lightweighting components. The stock remains a strong play on the 2W recovery and EV premiumization trend given its 50% market share in braking systems.
LT Foods Q3 Net Profit Rises 8.2% YoY to ₹157 Cr; Declares ₹1 Interim Dividend
LT Foods reported a robust 23.5% YoY growth in consolidated revenue for Q3 FY26, reaching ₹2,809.20 crore. Net profit for the quarter increased by 8.2% YoY to ₹157.35 crore, while the nine-month profit reached ₹489.71 crore. The company declared a second interim dividend of ₹1 per share (100% of face value) with a record date of February 2, 2026. Additionally, the company transitioned its internal audit function to Ms. Neha Sharma, supported by EY, following the resignation of Protiviti India.
Key Highlights
Consolidated Revenue from operations grew 23.5% YoY to ₹2,809.20 crore in Q3 FY26.
Net Profit (PAT) for the quarter stood at ₹157.35 crore, up from ₹145.39 crore in the previous year.
Declared a 2nd interim dividend of ₹1 per equity share for the financial year 2025-26.
9-month FY26 consolidated revenue reached ₹8,038.85 crore compared to ₹6,453.11 crore in 9M FY25.
Basic EPS for the quarter improved to ₹4.53 from ₹4.13 in the corresponding quarter of the previous year.
💼 Action for Investors
Investors may find the consistent revenue growth and dividend payout encouraging for long-term holding. The stock remains a strong performer in the consumer staples segment with healthy margins and steady earnings growth.
Star Health Q3 FY26 PAT Drops 40% YoY to ₹128 Cr Despite 16.5% Premium Growth
Star Health and Allied Insurance reported a significant 40.4% year-on-year decline in Profit After Tax (PAT) to ₹128.22 crore for the quarter ended December 31, 2025. While Gross Written Premium grew by 16.5% to ₹4,423.43 crore, the bottom line was pressured by a rising combined ratio, which reached 94.31% compared to 92.51% in the previous year. On a positive note, the claims ratio improved to 68.55% from 70.30% YoY. The company also announced the reclassification of two promoter group entities with zero shareholding to the public category.
Key Highlights
Gross Written Premium (GWP) increased 16.5% YoY to ₹4,423.43 crore in Q3 FY26.
Profit After Tax (PAT) fell sharply to ₹128.22 crore from ₹215.14 crore in Q3 FY25.
Combined Ratio deteriorated to 94.31% from 92.51% YoY, indicating higher operating costs.
Claims Ratio showed improvement, declining to 68.55% from 70.30% in the same quarter last year.
Solvency Ratio remains strong at 2.14x, significantly above the regulatory minimum of 1.50x.
💼 Action for Investors
Investors should be cautious as the sharp decline in profitability despite strong top-line growth suggests rising operational pressures. Monitor management commentary regarding the increase in the combined ratio and strategies for margin recovery.
ASK Automotive Q3 FY26 PAT Rises 12% YoY to ₹60.8 Cr; Re-appoints 4 Independent Directors
ASK Automotive reported a steady growth in its Q3 FY26 standalone performance, with revenue reaching ₹860 crore, a 5.7% increase year-on-year. Net profit for the quarter stood at ₹60.78 crore, up from ₹54.14 crore in the same period last year. The company also announced the re-appointment of four independent directors for a second three-year term, ensuring leadership continuity. For the nine-month period ended December 2025, the company achieved a total income of ₹2,447.52 crore and a profit of ₹168.51 crore.
Key Highlights
Standalone Revenue from operations grew to ₹860.00 crore in Q3 FY26 from ₹813.63 crore in Q3 FY25.
Profit After Tax (PAT) increased by 12.3% YoY to ₹60.78 crore for the quarter ended December 2025.
Earnings Per Share (EPS) improved to ₹3.08 for the quarter, up from ₹2.75 in the previous year's corresponding quarter.
Board approved the re-appointment of four Independent Directors for a second term of three years each starting in 2026.
Total income for the nine-month period ended December 31, 2025, reached ₹2,447.52 crore with a PAT of ₹168.51 crore.
💼 Action for Investors
The consistent YoY and QoQ growth in profitability indicates strong operational efficiency in the automotive components space. Investors may consider this a positive signal for long-term holding, supported by stable governance through the re-appointment of key board members.
ASK Automotive to Expand Braking System Capacity by 6 Crore Pcs with ₹35 Cr Investment
ASK Automotive has approved a significant capacity expansion for its Advanced Braking Systems (Brake Shoes and Disc Brake Pads) to meet rising demand in the two-wheeler segment. The company will add 6 crore pieces per annum to its existing 26 crore capacity, marking a 23% increase. The expansion involves setting up two new plants in Rajasthan with a capital outlay of approximately ₹35 crore, funded entirely through internal accruals. This move is triggered by high current capacity utilization of 90% and is expected to be commissioned by Q1 FY 2026-27.
Key Highlights
Proposed capacity addition of 6 crore pieces per annum for Brake Shoes and Disc Brake Pads
Total investment of approximately ₹35 crore to be financed through internal accruals
Existing capacity utilization stands at a high of 90%, necessitating the expansion
Two new plants to be established in Rajasthan with expected commissioning in Q1 FY 26-27
Expansion driven by increased demand supported by GST 2.0 reforms
💼 Action for Investors
Investors should view this as a positive growth indicator, as the expansion is funded internally and addresses high utilization levels. Monitor the company's ability to maintain margins while scaling up and the timely execution of the Rajasthan plants.
ASK Automotive to Expand Braking System Capacity by 6 Crore Units with Rs 35 Cr Investment
ASK Automotive has announced a significant capacity expansion for its Advanced Braking Systems, targeting the two-wheeler segment. The company plans to add 6 crore pieces per annum to its existing capacity of 26 crore pieces, representing a 23% increase. This expansion involves setting up two new plants in Rajasthan with an estimated investment of Rs 35 crore, which will be funded entirely through internal accruals. The decision is driven by high current capacity utilization of 90% and anticipated demand growth following GST 2.0 reforms.
Key Highlights
Proposed capacity addition of 6 crore pieces per annum for Brake Shoes and Disc Brake Pads.
Total investment of approximately Rs 35 crore to be financed through internal accruals.
Existing capacity utilization is currently high at approximately 90% of 26 crore pieces.
Two new plants to be established in Rajasthan with expected commissioning in Q1 FY 2026-27.
Expansion is aimed at meeting increased demand supported by GST 2.0 reforms.
💼 Action for Investors
Investors should view this as a positive indicator of strong demand and efficient capital allocation using internal funds. Monitor the progress of the plant commissioning in early FY27 to ensure the company maintains its market share in the two-wheeler braking segment.
ASK Automotive Q3 PAT Rises 14% QoQ to ₹60.78 Cr; Re-appoints 4 Independent Directors
ASK Automotive reported a steady performance for Q3 FY26, with standalone revenue reaching ₹860 crore, a 4% sequential increase. Net profit for the quarter grew by 14% QoQ to ₹60.78 crore, driven by improved margins as profit before tax rose from ₹72.01 crore to ₹82.23 crore. While the 9-month revenue shows a slight year-on-year dip of 2.8%, the quarterly momentum indicates a recovery. Additionally, the board has approved the re-appointment of four independent directors for a second three-year term, ensuring leadership continuity.
Key Highlights
Standalone Revenue from operations grew 4% QoQ to ₹860.00 crore in Q3 FY26
Net Profit (PAT) increased by 14% sequentially to ₹60.78 crore from ₹53.33 crore in Q2 FY26
Profit Before Tax (PBT) saw a healthy rise of 14.2% QoQ, reaching ₹82.23 crore
Earnings Per Share (EPS) improved to ₹3.08 for the quarter compared to ₹2.70 in the previous quarter
Board approved the re-appointment of four Independent Directors for second terms starting in 2026
💼 Action for Investors
The sequential growth in profitability suggests improving operational efficiency; investors should monitor if this margin expansion continues. The stock remains a steady play in the auto ancillary space with stable leadership and consistent quarterly growth.
Phoenix Mills Q3 Standalone Sales Up 14% YoY; PAT Impacted by ₹25 Cr Impairment
The Phoenix Mills Limited reported a 14.2% YoY growth in standalone net sales to ₹145.63 crore for the quarter ended December 31, 2025. While operational profit before exceptional items showed strong growth, rising 37.3% YoY to ₹88.74 crore, the net profit after tax declined to ₹45.80 crore. This decline was primarily due to a one-time non-cash impairment of ₹25.06 crore related to its subsidiary, Butala Farm Lands. Additionally, the company increased its stake in Island Star Mall Developers to 58.33% during the quarter.
Key Highlights
Standalone Net Sales grew 14.2% YoY to ₹14,563.09 Lakhs from ₹12,745.66 Lakhs.
Profit before exceptional items rose 37.3% YoY to ₹8,874.41 Lakhs.
Net Profit after tax fell to ₹4,580.27 Lakhs due to a ₹2,505.50 Lakhs impairment loss on subsidiary investment.
Increased shareholding in Island Star Mall Developers Private Limited (ISMDPL) to 58.33%.
Nine-month standalone total income reached ₹53,668.41 Lakhs compared to ₹48,586.59 Lakhs in the previous year.
💼 Action for Investors
Investors should look past the one-time impairment charge and focus on the robust 37% growth in operational profit before exceptional items. The increased stake in ISMDPL is a positive move for long-term asset consolidation.
L&T Q3 FY26: Recurring PAT up 31% to ₹4,406 Cr; Order Book Hits Record ₹7.33 Lakh Cr
Larsen & Toubro delivered a robust operational performance in Q3 FY26, with recurring Profit After Tax (PAT) rising 31% YoY to ₹4,406 crore. The company secured record quarterly order inflows of ₹135,581 crore, leading to a massive order book of ₹733,161 crore. Although reported consolidated PAT dipped 4% to ₹3,215 crore, this was primarily due to a one-time exceptional provision of ₹1,191 crore for new labor codes. Revenue grew 10% YoY to ₹71,450 crore, driven by strong execution across international and domestic projects.
Key Highlights
Record quarterly order inflow of ₹135,581 crore, up 17% YoY.
Consolidated order book reached a milestone of ₹733,161 crore, reflecting 30% YoY growth.
Recurring PAT surged 31% to ₹4,406 crore; reported PAT impacted by ₹1,191 crore one-time labor code provision.
International revenue contributed 54% of total revenue at ₹38,775 crore.
Infrastructure segment margins improved to 6.1%, while Energy segment margins contracted to 5.9% due to cost pressures.
💼 Action for Investors
The record order book provides multi-year revenue visibility, making L&T a strong core portfolio holding. Investors should ignore the one-time accounting hit and focus on the 31% recurring profit growth and margin improvement in the core infrastructure business.
TVS Holdings Q3 PAT Drops 75% YoY to ₹21.2 Cr; Board Approves ₹500 Cr Debt Fundraise
TVS Holdings reported a significant decline in its standalone financial performance for the quarter ended December 31, 2025. Revenue from operations fell to ₹57.95 crore from ₹149.43 crore in the previous year's corresponding quarter, while Net Profit dropped to ₹21.20 crore from ₹85.07 crore. The sharp decline is largely attributed to lower investment-related gains compared to the previous year. Additionally, the Board has approved a proposal to raise up to ₹500 crore through debt instruments to bolster capital.
Key Highlights
Standalone Revenue from Operations decreased by 61% YoY to ₹57.95 crore.
Net Profit after tax fell sharply to ₹21.20 crore in Q3 FY26 from ₹85.07 crore in Q3 FY25.
Board approved raising funds up to ₹500 crore via NCDs, bonds, or Commercial Papers.
An exceptional loss of ₹0.32 crore was recorded due to the implementation of New Labour Codes.
Standalone Earnings Per Share (EPS) dropped to ₹10.48 from ₹42.05 YoY.
💼 Action for Investors
Investors should be cautious of the sharp decline in standalone profitability and revenue, which appears to be impacted by the winding up of certain trading businesses and lower investment income. Monitor the deployment of the newly approved ₹500 crore debt and the consolidated results for overall group performance.
TVS Holdings Q3 PAT Drops to ₹21.2 Cr; Board Approves ₹500 Cr Debt Fundraise
TVS Holdings Limited reported a sharp decline in standalone performance for Q3 FY26, with revenue from operations falling to ₹57.95 Cr from ₹149.43 Cr in the previous year's corresponding quarter. Standalone Net Profit dropped significantly to ₹21.20 Cr compared to ₹85.07 Cr YoY, largely due to the absence of high dividend income and lower gains from investment sales. In a major strategic move, the Board approved raising up to ₹500 Cr through debt instruments like NCDs and Commercial Papers. The company also recognized a small exceptional loss of ₹0.32 Cr related to the implementation of New Labour Codes.
Key Highlights
Standalone Revenue from Operations decreased by 61% YoY to ₹57.95 Cr in Q3 FY26.
Net Profit for the quarter fell to ₹21.20 Cr from ₹85.07 Cr in Q3 FY25.
Board approved a fresh fundraise of up to ₹500 Cr via debt instruments including NCDs and bonds.
Exceptional item of ₹0.32 Cr recorded due to past period employee benefit liability under New Labour Codes.
Standalone Earnings Per Share (EPS) declined to ₹10.48 from ₹42.05 in the year-ago period.
💼 Action for Investors
Investors should be aware that as a holding company, TVS Holdings' standalone results are highly sensitive to dividend cycles and investment exits. Monitor the utilization of the proposed ₹500 Cr debt raise for potential expansion or refinancing activities.
L&T Secures Major Order Worth ₹5,000-10,000 Cr for Riyadh Metro Extension
Larsen & Toubro's Heavy Civil Infrastructure vertical has secured a 'Major' contract from the Royal Commission of Riyadh City for the extension of the Riyadh Metro in Saudi Arabia. The project is valued between ₹5,000 crore and ₹10,000 crore and is part of an ultra-mega project won by an international consortium. The scope includes the design and turnkey construction of an 8.4 km metro line featuring both elevated and underground sections along with five stations. This win further strengthens L&T's robust international order book and its footprint in the Middle East infrastructure market.
Key Highlights
Contract value classified as 'Major', ranging between ₹5,000 crore and ₹10,000 crore.
Project involves the design and construction of 8.4 km of the Riyadh Metro Red Line extension.
Scope includes five new stations and a mix of elevated and underground track sections.
L&T is part of a global consortium including Webuild S.p.A, Nesma & Partners, Alstom, and IDOM.
The order reinforces L&T's position as a leading global player in mass transit systems.
💼 Action for Investors
Investors should take this as a positive sign of L&T's continued ability to win high-value international contracts, providing strong revenue visibility. The stock remains a solid long-term play in the infrastructure and EPC space.
Ravindra Energy targets 476 MWp solar capacity and 5,000 unit e-tractor plant by FY27
Ravindra Energy is executing a dual-growth strategy focusing on distributed solar power and heavy-duty electric mobility. The company plans to scale its solar capacity from 187 MWp to 476 MWp by FY27, largely through rural feeder solarization under the KUSUM scheme. Its electric mobility subsidiary, EIM, is establishing a 5,000-unit annual capacity manufacturing plant in Pune, expected to commission by June 2026. The company utilizes a Battery-as-a-Service (BaaS) model to drive adoption in the 55-tonne e-tractor segment, targeting port and industrial logistics.
Key Highlights
Solar operational capacity projected to grow ~2.5x from 187 MWp to 476 MWp by FY27.
New e-tractor manufacturing facility in Talegaon, Pune with 5,000 units p.a. capacity to be commissioned by June 2026.
Current e-mobility order book stands at 263 units with 125 units already sold as of December 2025.
Strategic battery swapping network expansion targeting 100 stations by FY29 to support heavy-duty EV corridors.
Maintains a 6-year exclusivity agreement for assembling and distributing heavy CVs (>18 tonnes) with CATL battery support.
💼 Action for Investors
Investors should track the execution of the Talegaon plant commissioning in mid-2026 and the pace of solar capacity additions. The stock represents a niche play on heavy-duty EV adoption and rural energy infrastructure with a strong 5-year price CAGR of 32%.
Paushak Ltd Q3 FY26 PAT Drops 59% YoY to ₹6.17 Cr; Revenue Declines to ₹48.8 Cr
Paushak Limited reported a weak performance for the quarter ended December 31, 2025, with Net Profit (PAT) falling 59.5% YoY to ₹6.17 crore from ₹15.26 crore. Revenue from operations saw a marginal decline YoY to ₹48.80 crore but a significant 17% drop on a sequential (QoQ) basis. Profitability was severely impacted by a sharp reduction in Other Income, which fell from ₹6.31 crore to just ₹0.97 crore YoY. Additionally, the company made a provision of ₹1.01 crore towards new Labour Code implementations.
Key Highlights
Revenue from Operations stood at ₹48.80 crore, down from ₹58.78 crore in the previous quarter (QoQ).
Net Profit (PAT) declined sharply to ₹6.17 crore compared to ₹15.26 crore in Q3 FY25.
Other Income dropped significantly to ₹0.97 crore from ₹6.31 crore in the corresponding quarter last year.
Restated EPS for the quarter fell to ₹2.50 from ₹6.19 YoY, accounting for the 3:1 bonus issue and stock split.
The company's equity shares were successfully listed on the National Stock Exchange (NSE) effective December 1, 2025.
💼 Action for Investors
Investors should exercise caution as the company faces both sequential and year-on-year declines in top-line and bottom-line performance. The significant drop in other income and the impact of new labour provisions warrant a closer look at the core operating margins in upcoming quarters.