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Shakti Pumps Q3 PAT Drops 69.5% to Rs 317 Mn; Order Book Robust at Rs 21,000 Mn
Shakti Pumps reported a weak Q3 FY26 with revenue declining 15% YoY to Rs 5,510 Mn and PAT falling 69.5% to Rs 317 Mn. The performance was impacted by a strategic decision to pause execution of orders worth Rs 2,000 Mn to manage high receivable levels and prioritize balance sheet health. EBITDA margins contracted significantly to 10.7% from 23.8% due to lower realizations, rising input costs, and a one-time labor code impact of Rs 44 Mn. However, the company maintains a strong order book of Rs 21,000 Mn and expects Q4 FY26 to be its highest revenue quarter ever.
Key Highlights
Revenue from operations fell 15% YoY to Rs 5,510 Mn in Q3 FY26.
EBITDA margins dropped to 10.7% from 23.8% YoY due to 2% higher raw material costs and lower realizations.
Order book remains strong at Rs 21,000 Mn, including a major new order from Karnataka worth Rs 6,540 Mn.
Export retail business showed resilience with 25%+ YoY growth in 9M FY26 reaching Rs 2,520 Mn.
Management paused Rs 2,000 Mn in order execution to stabilize receivables, which remained stable sequentially.
💼 Action for Investors
Investors should watch for the promised execution ramp-up in Q4 FY26 and the stabilization of margins as input cost pressures ease. While the short-term earnings are weak, the robust order book and focus on working capital discipline provide a positive medium-term outlook.
Fortis Q3 FY26: Revenue up 17.5% to ₹2,265 Cr, Operating EBITDA jumps 34.8%
Fortis Healthcare reported a strong operational performance for Q3 FY26, with consolidated revenues growing 17.5% YoY to ₹2,265 crore. Operating EBITDA saw a significant jump of 34.8% to ₹505 crore, driven by margin expansion in both hospital (21.7%) and diagnostic (23.1%) segments. While reported PAT was impacted by a one-time exceptional loss of ₹45.9 crore related to new labor codes, the core business remains robust with a 14% increase in occupied beds. The company also expanded its footprint by acquiring People Tree Hospital in Bengaluru for ₹430 crore in January 2026.
Key Highlights
Consolidated Operating EBITDA grew 34.8% YoY to ₹505 Cr with margins expanding to 22.3% from 19.4%.
Hospital business revenue rose 19.4% to ₹1,938 Cr, supported by a 14% increase in occupied beds and higher ARPOB of ₹2.56 Cr.
Diagnostics business (Agilus) saw a sharp margin recovery to 23.1% from 14.4% in the corresponding previous quarter.
Net debt increased to ₹2,547 Cr (1.24x EBITDA) following the Agilus stake acquisition and Shrimann Hospital investment.
Acquired 125-bedded People Tree Hospital in Bengaluru for ₹430 Cr with potential to scale to 300+ beds.
💼 Action for Investors
Investors should focus on the strong operational EBITDA growth and significant margin expansion in the diagnostics segment. The inorganic expansion strategy in key clusters like Bengaluru and the recovery in Agilus provide a positive outlook for long-term value creation.
Fortis Q3 FY26: Revenue up 17.5% to ₹2,265 Cr; Operating EBITDA jumps 34.8%
Fortis Healthcare reported a strong operational performance for Q3 FY26, with consolidated revenues growing 17.5% YoY to INR 2,265 Cr. Operating EBITDA saw a significant jump of 34.8% to INR 505 Cr, driven by margin expansion in both hospital (21.7%) and diagnostic (23.1%) segments. While Profit After Tax fell 22.4% to INR 197 Cr due to a one-time exceptional loss related to new labor codes, Profit Before Tax (before exceptions) grew 21.9%. The company also strengthened its footprint through the INR 430 Cr acquisition of People Tree Hospital in Bengaluru.
Key Highlights
Consolidated Revenue grew 17.5% YoY to INR 2,265 Cr, with Hospital business contributing INR 1,938 Cr.
Operating EBITDA margins improved significantly to 22.3% from 19.4% in the previous year's quarter.
Diagnostics business (Agilus) showed a sharp recovery with EBITDA margins rising to 23.1% from 14.4%.
Net debt increased to INR 2,547 Cr (1.24x EBITDA) following acquisitions of Agilus PE stake and Shrimann Hospital.
Acquired 125-bedded People Tree Hospital in Bengaluru for INR 430 Cr to expand southern presence.
💼 Action for Investors
Investors should focus on the robust 34.8% growth in operating EBITDA and margin expansion rather than the exceptional-item-led PAT decline. The aggressive inorganic expansion in Bengaluru and recovery in the diagnostics segment are positive long-term indicators.
Euro Pratik Q3 FY26: PAT Rises 17% to ₹23.6 Cr; EBITDA Margins Expand to 43.1%
Euro Pratik Sales Limited reported a 7% YoY revenue growth to ₹80.4 crore for Q3 FY26, despite construction bans in North India impacting sales. The company demonstrated strong operational efficiency with EBITDA growing 26% YoY to ₹34.6 crore, leading to a significant margin expansion to 43.1%. Net profit for the quarter rose 17% to ₹23.6 crore, supported by a robust 42.2% sales contribution from South India. Management remains optimistic about Q4, citing the integration of URO Veneer World and the recovery of postponed demand from the North.
Key Highlights
Q3 FY26 Revenue grew 7% YoY to ₹80.4 Cr, while 9M FY26 Revenue reached ₹241.5 Cr, up 14.3% YoY.
EBITDA margins expanded significantly to 43.1% in Q3 FY26, driven by operating leverage and a focus on bottom-line growth.
South India emerged as a major growth driver, contributing 42.2% to the total Q3 revenue to offset North India's slowdown.
The company integrated its 51% acquisition of URO Veneer World starting December 2025 to strengthen its B2C retail presence.
Decorative wall panels remain the core segment, contributing 66.5% of the total revenue for the nine-month period.
💼 Action for Investors
Investors should monitor the sustainability of the high EBITDA margins and the recovery of North India sales in Q4. The company's shift toward the organized segment and its asset-light model make it a strong play in the interior decor space.
Shanti Overseas Reports Q3 Net Profit of ₹161.28 Lakhs and Appoints New CFO
Shanti Overseas (India) Limited reported a turnaround in Q3 FY26 with a net profit of ₹161.28 lakhs, compared to a loss of ₹206.24 lakhs in the same period last year. However, the company's revenue from operations for the quarter was nil, with the entire income of ₹397.88 lakhs coming from 'Other Income'. For the nine-month period ended December 2025, the company posted a profit of ₹175.34 lakhs against a loss of ₹263.94 lakhs in the previous year. Additionally, the company announced the appointment of Mr. Sumit Suresh Bhinge as the new CFO following the resignation of Mr. Pankaj Agarwal.
Key Highlights
Net Profit of ₹161.28 lakhs in Q3 FY26 versus a Net Loss of ₹206.24 lakhs in Q3 FY25.
Revenue from operations dropped to ₹0.00 for the quarter from ₹1,778.53 lakhs in the previous year's corresponding quarter.
Total income for Q3 was driven entirely by Other Income of ₹397.88 lakhs.
Mr. Sumit Suresh Bhinge appointed as Chief Financial Officer effective February 13, 2026.
9M FY26 Basic EPS improved to ₹1.58 from a negative ₹2.38 in 9M FY25.
💼 Action for Investors
Investors should exercise caution as the reported profit is entirely supported by non-operational 'Other Income' while core business revenue has vanished. Monitor the company's next steps regarding its core business operations and the strategic direction under the new CFO.
Fortis Healthcare Q3 Standalone Revenue Up 20.7% to ₹443 Cr; Board Approves 1.51 Cr ESOP Pool
Fortis Healthcare reported a standalone revenue of ₹442.93 crore for Q3 FY26, a 20.7% increase from ₹366.87 crore in the same quarter last year. However, standalone net profit for the quarter declined to ₹28.40 crore from ₹39.56 crore YoY, primarily due to a sharp rise in finance costs which reached ₹55.66 crore. The board has also approved a new Employee Stock Option Scheme (ESOP 2026) with a pool of 1.51 crore shares to attract and retain talent. Investors should remain aware of the ongoing SFIO investigations and legal matters regarding erstwhile promoters mentioned in the auditor's report.
Key Highlights
Standalone revenue from operations grew 20.7% YoY to ₹442.93 crore in Q3 FY26.
Standalone net profit decreased to ₹28.40 crore in Q3 FY26 compared to ₹39.56 crore in Q3 FY25.
Finance costs surged to ₹55.66 crore in the current quarter from ₹26.51 crore in the previous year's corresponding quarter.
Board approved ESOP 2026 scheme involving 1,50,99,163 equity shares, subject to shareholder approval.
Auditors maintained an emphasis of matter regarding ongoing SFIO investigations and Supreme Court orders related to RHT Health Trust.
💼 Action for Investors
Investors should monitor the consolidated financial performance to assess the impact of diagnostic and subsidiary segments. The increase in finance costs and the legal overhang from legacy promoter issues remain key monitorables.
Fortis Healthcare Q3 Standalone Revenue Up 20.7% YoY; Board Approves New ESOP Scheme
Fortis Healthcare reported a standalone revenue of ₹442.93 crore for Q3 FY26, marking a 20.7% growth over the same period last year. However, standalone net profit for the quarter saw a decline to ₹28.40 crore from ₹39.56 crore YoY, largely impacted by finance costs which more than doubled to ₹55.66 crore. For the nine-month period ended December 2025, the company's performance remains strong with a net profit of ₹205.37 crore compared to ₹106.02 crore in the previous year. Additionally, the board has approved a new ESOP scheme for 1.51 crore shares to align employee interests with shareholder value.
Key Highlights
Standalone Revenue from operations grew 20.7% YoY to ₹442.93 crore in Q3 FY26.
Net Profit for the quarter stood at ₹28.40 crore, down from ₹39.56 crore in the previous year's corresponding quarter.
Finance costs surged significantly to ₹55.66 crore in Q3 FY26 compared to ₹26.51 crore in Q3 FY25.
Board approved 'ESOP 2026' scheme covering 1,50,99,163 equity shares subject to shareholder approval.
Auditors highlighted ongoing legacy legal matters including SFIO investigations and Supreme Court observations on RHT Health Trust.
💼 Action for Investors
Investors should monitor the impact of rising finance costs on the bottom line and keep a close watch on the resolution of legacy legal and regulatory investigations. While the nine-month growth trajectory is positive, the quarterly profit dip suggests a need for cautious observation of operational margins.
Shanti Overseas Reports Q3 Net Profit of ₹1.61 Cr Despite Zero Operational Revenue
Shanti Overseas (India) Limited reported a net profit of ₹161.28 lakhs for the quarter ended December 31, 2025, a significant turnaround from a loss of ₹206.24 lakhs in the same quarter last year. However, the company recorded zero revenue from operations during the quarter, with the entire income of ₹397.88 lakhs coming from 'Other Income'. For the nine-month period, revenue from operations collapsed to ₹32.00 lakhs from ₹2,229.94 lakhs YoY. The company also announced a management change, appointing Mr. Sumit Suresh Bhinge as the new CFO following the resignation of Mr. Pankaj Agarwal.
Key Highlights
Net Profit of ₹161.28 lakhs in Q3 FY26 compared to a Net Loss of ₹206.24 lakhs in Q3 FY25.
Revenue from operations fell to zero in Q3 FY26 from ₹1,778.53 lakhs in the year-ago period.
Total income for the quarter was driven entirely by Other Income of ₹397.88 lakhs.
Nine-month revenue from operations stands at just ₹32.00 lakhs vs ₹2,229.94 lakhs in the previous year.
Appointment of Mr. Sumit Suresh Bhinge as CFO effective February 13, 2026.
💼 Action for Investors
Investors should exercise caution as the current profitability is driven by non-operational income while core business revenue has effectively ceased. Monitor management's commentary on the suspension of operations and the sustainability of other income sources.
Shakti Pumps Q3 PAT Drops 69.5% YoY to ₹31.7 Cr; Revenue Declines 15%
Shakti Pumps (India) Limited reported a weak performance for the quarter ended December 31, 2025, with consolidated revenue from operations declining 15.1% YoY to ₹550.99 crore. Net profit (PAT) saw a sharp contraction of 69.5% YoY, falling to ₹31.70 crore from ₹104.05 crore in the previous year's corresponding quarter. Profitability was significantly impacted on a sequential basis as well, with PAT dropping 65% from ₹90.71 crore in Q2 FY26. The company also announced the appointment of Mrs. Bela Bharatendu Jani as an Independent Director.
Key Highlights
Consolidated Revenue from operations decreased to ₹550.99 crore in Q3 FY26 from ₹648.77 crore in Q3 FY25.
Net Profit (PAT) plummeted 69.5% YoY to ₹31.70 crore compared to ₹104.05 crore in the same period last year.
Profit Before Tax (PBT) stood at ₹41.76 crore, a 70.5% decline from ₹141.55 crore YoY.
Earnings Per Share (EPS) for the quarter fell to ₹2.57 from ₹8.66 in the year-ago quarter.
Board approved the appointment of Mrs. Bela Bharatendu Jani as an Additional cum Non-Executive Woman Independent Director.
💼 Action for Investors
The significant drop in both top-line and bottom-line performance is concerning; investors should monitor management's commentary regarding margin pressures and the status of the order pipeline.
Shakti Pumps Q3 Net Profit Plummets 69.5% YoY to ₹31.7 Cr; Revenue Down 15%
Shakti Pumps (India) Limited reported a weak financial performance for the quarter ended December 31, 2025. Consolidated revenue from operations fell 15% YoY to ₹550.99 crore, while net profit saw a sharp decline of 69.5% YoY to ₹31.70 crore. On a sequential basis, the performance was also disappointing, with revenue and profit dropping by 17.3% and 65% respectively compared to Q2 FY26. Additionally, the board approved the appointment of Mrs. Bela Bharatendu Jani as an Independent Director.
Key Highlights
Consolidated Revenue from Operations fell 15% YoY to ₹550.99 crore in Q3 FY26.
Net Profit (PAT) declined sharply by 69.5% YoY to ₹31.70 crore from ₹104.05 crore.
Profit Before Tax (PBT) dropped 70.5% YoY to ₹41.76 crore.
9M FY26 Net Profit stands at ₹219.25 crore, down 26.5% from ₹298.14 crore in 9M FY25.
Basic EPS for the quarter fell to ₹2.57 compared to ₹8.66 in the corresponding quarter of the previous year.
💼 Action for Investors
The significant drop in both revenue and profitability indicates operational challenges or a cyclical slowdown in order execution. Investors should exercise caution and wait for management's explanation regarding margin compression and the status of the PM-KUSUM order pipeline.
Bharti Hexacom Q3 FY26: ARPU Rises to Rs 259 Amid Strong 5G and Broadband Growth
Bharti Hexacom (reported alongside parent Bharti Airtel) delivered a robust Q3 FY26 with consolidated revenue reaching Rs 54,000 crores, a 3.5% sequential growth. The India mobile business saw ARPU climb to Rs 259, driven by 5G adoption and premiumization despite no recent tariff hikes. Operational efficiency remained high with India EBITDAaL margins at 51.8%, while the broadband segment achieved record quarterly net adds of 1.2 million customers. The company's balance sheet continues to strengthen with consolidated net debt to EBITDAaL improving to 1.02.
Key Highlights
Consolidated revenue grew 3.5% QoQ to Rs 54,000 crores with India EBITDAaL margins improving to 51.8%.
Mobile ARPU reached Rs 259, supported by a 5G customer base of 181 million and 5.2 million new smartphone users.
Broadband segment recorded its highest-ever quarterly net adds of 1.2 million, crossing 13 million connected homes.
Fixed Wireless Access (FWA) expanded significantly to over 3 million customers across 3,200 cities.
Operating free cash flow remained strong at Rs 15,900 crores, reflecting disciplined capex of Rs 11,800 crores.
💼 Action for Investors
Investors should focus on the company's successful strategy of 'premiumization' which is driving ARPU growth even without broad tariff increases. The rapid scaling of FWA and 5G infrastructure positions the company well for long-term data monetization.
Ddev Plastiks Q3 Revenue Up 11% to ₹733 Cr; Announces ₹150 Cr Entry into Battery Storage
Ddev Plastiks reported a steady Q3 FY26 with revenue growing 11% YoY to ₹733 crore and a PAT of ₹48 crore. The company is diversifying into the Battery Energy Storage Systems (BESS) sector with a ₹150 crore Greenfield plant, targeting ₹800-900 crore revenue per gigawatt of capacity. Export performance remains robust, growing 33% YoY in the first nine months to reach ₹523 crore. Management has reaffirmed its long-term revenue target of ₹5,000 crore by FY30, supported by recent capacity expansions in HFFR and PVC compounds.
Key Highlights
Q3 FY26 revenue reached ₹733 crore (+11% YoY) with an EBITDA margin of 11% and PAT of ₹48 crore.
Entering BESS market with a 5 GWh capacity plant; Phase 1 investment of ₹150 crore funded entirely via internal accruals.
9M FY26 exports surged 33% YoY to ₹523 crore, contributing 27% to the total Q3 revenue mix.
Commissioned 30,000 MTPA additional capacity in HFFR and PVC, bringing total installed capacity to 2,68,400 MTPA.
Management projects BESS segment to contribute approximately 20% to overall revenue once stabilized.
💼 Action for Investors
Investors should focus on the company's successful transition into the high-margin BESS sector starting H2 FY27, which provides a significant valuation re-rating trigger. The steady growth in the core cable compounding business and strong export momentum support a long-term 'Hold' or 'Accumulate' stance.
Bharti Airtel Q3 FY26: Revenue Hits ₹54,000 Cr, ARPU Rises to ₹259 with Strong 5G Momentum
Bharti Airtel reported a robust Q3 FY26 with consolidated revenue growing 3.5% QoQ to ₹54,000 crores and EBITDAaL margins improving to 51.3%. The India mobile business saw ARPU climb to ₹259, driven by premiumization and 5G adoption, which now counts 181 million customers. Broadband performance was a standout with record net additions of 1.2 million, while the balance sheet strengthened with a net debt-to-EBITDAaL ratio of 1.02. The company continues to focus on operational efficiencies and digital portfolio growth to drive profitability.
Key Highlights
Consolidated revenue grew 3.5% QoQ to ₹54,000 crores with EBITDAaL margins expanding by 30 bps to 51.3%.
Mobile ARPU reached ₹259, supported by 181 million 5G customers and 5.2 million new smartphone data users.
Broadband segment achieved its highest-ever quarterly net adds of 1.2 million, with FWA base crossing 3 million.
Financial health improved significantly with consolidated net debt to EBITDAaL ratio dropping to 1.02.
Airtel Payments Bank showed strong momentum with an annualized revenue run rate crossing ₹3,250 crores.
💼 Action for Investors
Investors should take confidence in the steady ARPU growth and record broadband additions which signal strong execution even without immediate tariff hikes. The significant deleveraging and 5G penetration reinforce Airtel's position as a premium play in the Indian telecom sector.
Pashupati Cotspin Q3 PAT Jumps 238% YoY to ₹2.69 Cr Despite Revenue Dip
Pashupati Cotspin reported a standalone Profit After Tax (PAT) of ₹269.12 Lakhs for Q3 FY26, a significant increase from ₹79.61 Lakhs in the same quarter last year. However, revenue from operations declined by 10.2% YoY to ₹14,768.57 Lakhs. On a nine-month basis, PAT grew to ₹876.57 Lakhs compared to ₹691.79 Lakhs in the previous year, showing improved margins. The company noted that its cotton ginning business is seasonal, typically peaking between October and April, making sequential comparisons less relevant.
Key Highlights
Net Profit for Q3 FY26 surged 238% YoY to ₹2.69 Crore from ₹0.80 Crore in Q3 FY25.
Revenue from operations for the quarter stood at ₹147.69 Crore, down from ₹164.54 Crore YoY.
Nine-month (9M FY26) PAT increased to ₹8.77 Crore against ₹6.92 Crore in 9M FY25.
Total expenses for Q3 FY26 decreased significantly to ₹147.74 Crore compared to ₹165.93 Crore in Q3 FY25.
Basic EPS for the quarter improved to ₹1.71 from ₹0.51 in the corresponding previous quarter.
💼 Action for Investors
The significant improvement in bottom-line margins despite lower revenue suggests better operational efficiency or favorable raw material pricing. Investors should monitor the seasonal performance in Q4, which is typically a peak period for the ginning business, to see if this margin expansion is sustainable.
Mohit Industries Q3 FY26 Revenue Up 22.7% YoY; Net Loss Narrows to ₹29.58 Lacs
Mohit Industries reported a 22.7% YoY increase in standalone revenue to ₹3628.86 Lacs for the quarter ended December 31, 2025. While the company remains in a net loss position of ₹29.58 Lacs, this is an improvement from the ₹57.17 Lacs loss in the same quarter last year. On a consolidated basis, Total Comprehensive Income surged to ₹4315.08 Lacs, primarily driven by a significant ₹3793.23 Lacs gain in other comprehensive income from associates. Management expects future profitability to improve due to relaxed BIS guidelines allowing for cheaper raw material imports and normalized solar power generation.
Key Highlights
Standalone revenue from operations grew 22.7% YoY to ₹3628.86 Lacs from ₹2957.89 Lacs.
Standalone net loss narrowed to ₹29.58 Lacs in Q3 FY26 compared to a loss of ₹57.17 Lacs in Q3 FY25.
Consolidated Total Comprehensive Income reached ₹4315.08 Lacs, boosted by ₹3793.23 Lacs in OCI from associate companies.
Auditor issued a qualified opinion regarding non-provisioning for post-employment benefits on an accrual basis (Ind AS 19 deviation).
Management noted that BIS guideline changes have removed certain raw materials from mandatory compliance, enabling more competitive import pricing.
💼 Action for Investors
Investors should monitor the company's ability to transition from narrowing losses to operational profitability, especially given the positive impact of raw material sourcing changes. However, the recurring auditor qualification regarding employee benefit provisions remains a point of caution for financial transparency.
Timken India Q3 FY26 Revenue Up 13.8% YoY to ₹764 Cr; Margins Hit by One-time Costs
Timken India reported a 13.8% YoY increase in Q3 FY26 revenue to ₹764.4 crores, driven by a 20% YoY growth in the mobile (CV) segment. However, profitability was impacted by transitional costs, including Labor Code adjustments and ramp-up expenses for the new Bharuch facility, leading to a 9-month PBT margin of 13.8% versus 15.9% last year. The company is targeting over 50% capacity utilization at its Bharuch plant by Q1 FY27, up from the current 30% level. Management remains optimistic about export opportunities following recent trade developments between India, the US, and the EU.
Key Highlights
Revenue grew 13.8% YoY to ₹764.4 crores in Q3 FY26, with 9-month revenue reaching ₹2,346 crores.
Mobile segment revenue increased 20% YoY to ₹157.1 crores, reflecting strong demand in commercial vehicles.
Bharuch plant utilization is currently at 30%, with all SRB and CRB lines now capitalized and undergoing customer approvals.
One-time impacts from Labor Code and plant ramp-up costs compressed 9-month PBT margins to 13.8% from 15.9%.
Investment of ₹35 crores in the new FRC line is on track for completion by Q1/Q2 FY27.
💼 Action for Investors
Investors should monitor the stabilization of the Bharuch plant and the normalization of margins as one-time transitional costs subside. The strong growth in the CV segment and potential export tailwinds from global trade deals are positive long-term indicators.
Bharti Airtel Announces Final Call of ₹401.25 per Partly Paid-up Share
Bharti Airtel has issued a notice for the first and final call of ₹401.25 per share for its outstanding partly paid-up equity shares issued in 2021. Shareholders holding these shares as of the record date, February 6, 2026, are required to make the payment between March 2 and March 16, 2026. Failure to pay will result in a 10% annual interest penalty or potential forfeiture of the shares and previously paid amounts. Upon successful payment, these shares will be converted into fully paid-up equity shares and resume trading under the main ISIN.
Key Highlights
Final call amount of ₹401.25 per share, comprising ₹3.75 face value and ₹397.50 premium
Payment window is open for 15 days from March 02, 2026, to March 16, 2026
Record date for determining eligible shareholders was February 06, 2026
Non-payment attracts a 10% per annum interest penalty or forfeiture of the shares
Conversion to fully paid-up shares (ISIN: INE397D01024) expected within two weeks of the payment deadline
💼 Action for Investors
Holders of Bharti Airtel partly paid-up shares must ensure payment of ₹401.25 per share by March 16, 2026, via ASBA or 3-in-1 accounts to avoid forfeiture. Investors should monitor their registered emails for the formal notice and payment instructions.
TIL Ltd Q3FY26: Revenue at ₹75.8 Cr, Sequential EBITDA up 15%, Order Book at ₹400+ Cr
TIL Limited reported a 9% YoY decline in revenue to ₹7,577 Lakh for Q3FY26, though it achieved a sequential EBITDA growth of 15% to ₹376 Lakh. The company faced a net loss of ₹684 Lakh for the quarter, impacted by new labor code provisions and global headwinds. However, operational momentum is visible through landmark order wins exceeding ₹200 crores from CONCOR and the Indian Defence sectors. With a robust order pipeline of over ₹400 crores and the launch of three new indigenous products, management expects a stronger performance in Q4FY26.
Key Highlights
Revenue stood at ₹7,577 Lakh, a 9% YoY decline but showing sequential stability.
EBITDA grew 15% QoQ to ₹376 Lakh, with margins improving from 4% to 5% sequentially.
Secured ₹200+ crores in new orders, including ₹110 crores from the Indian Army and Air Force.
Order pipeline remains strong at ₹400+ crores, supported by a new ₹30+ crore O&M contract from CONCOR.
Launched three breakthrough indigenous products, including the CarryKing 515, targeting the high-volume pick-and-carry segment.
💼 Action for Investors
Investors should focus on the company's ability to convert its ₹400+ crore order book into revenue to offset current net losses. The sequential improvement in EBITDA and strong traction in the defence sector are positive indicators for a potential turnaround in FY27.
Pashupati Cotspin Q3 Net Profit Surges 238% YoY to ₹2.69 Crore
Pashupati Cotspin reported a significant 238% year-on-year increase in net profit to ₹269.12 lakhs for the quarter ended December 31, 2025, despite a 10.2% dip in revenue from operations to ₹14,768.57 lakhs. The company's profitability improved substantially due to better cost management, with finance costs reducing by 38% YoY to ₹223.41 lakhs. For the nine-month period, net profit rose 26.7% to ₹876.57 lakhs compared to the previous year. The company recently migrated to the main board of NSE and BSE in July 2025 and is now reporting under Ind AS standards.
Key Highlights
Net profit for Q3 FY26 jumped 238% YoY to ₹269.12 lakhs from ₹79.61 lakhs in the previous year.
Revenue from operations decreased by 10.2% YoY to ₹14,768.57 lakhs compared to ₹16,453.95 lakhs.
Finance costs saw a sharp decline of 38% YoY, falling to ₹223.41 lakhs from ₹360.01 lakhs.
Nine-month net profit reached ₹876.57 lakhs, up from ₹691.79 lakhs in the corresponding period of the previous year.
The company successfully migrated from the SME platform to the Main Board of NSE and BSE on July 17, 2025.
💼 Action for Investors
Investors should focus on the company's improved margins and significant reduction in interest expenses, which are driving bottom-line growth despite flat revenue. Monitor the upcoming peak seasonal performance as the cotton ginning business typically accelerates between October and April.
Bharati Defence Q3 Results: Net Profit at ₹2.92 Cr, Core Revenue Remains Nil
Bharati Defence and Infrastructure Limited reported a net profit of ₹291.72 Lakhs for the quarter ended December 31, 2025, showing a recovery from a loss of ₹3.77 Lakhs in the same quarter last year. However, the company reported zero revenue from core operations, with all income derived from 'Other Operating Revenue'. Sequentially, net profit declined by 41% from ₹495.25 Lakhs in the September 2025 quarter. The company remains in a precarious financial position with massive negative reserves and is currently undergoing capital restructuring.
Key Highlights
Net Profit for Q3 FY26 stood at ₹291.72 Lakhs versus a loss of ₹3.77 Lakhs in Q3 FY25.
Revenue from core operations remained at zero, with total income of ₹314.87 Lakhs coming from other operating sources.
Nine-month net profit for FY26 reached ₹869.98 Lakhs compared to ₹117.93 Lakhs in the previous year's period.
The company is actively undergoing capital restructuring including reduction of share capital.
Reserves and surplus remain deeply negative at approximately -₹8,03,679 Lakhs as per the last audited balance sheet.
💼 Action for Investors
Investors should exercise extreme caution as the company lacks core business revenue and is a 'special situation' stock undergoing restructuring. The current profitability is driven by non-core income and does not reflect a turnaround in shipbuilding or defence manufacturing operations.