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Jai Corp Q3 Standalone Net Profit Rises 32% YoY to ₹15.51 Cr; Revenue Drops 9.5%
Jai Corp reported a mixed performance for Q3 FY26, with standalone net profit rising 32% YoY to ₹15.51 crore, even as revenue from operations fell 9.5% to ₹113.73 crore. The 9-month profit for the period ending December 2025 shows a massive surge to ₹144.08 crore, but this is primarily driven by a significant spike in 'Other Income' totaling ₹127.53 crore. The company also recorded an exceptional loss of ₹1.41 crore due to the implementation of New Labour Codes. Operationally, the Plastic Processing division remains the main revenue contributor while the Spinning division is being phased out.
Key Highlights
Standalone Net Profit for Q3 FY26 increased to ₹15.51 crore from ₹11.74 crore in the previous year's quarter.
Revenue from operations declined to ₹113.73 crore in Q3 FY26 compared to ₹125.61 crore in Q3 FY25.
9-month standalone profit reached ₹144.08 crore, heavily supported by ₹127.53 crore in Other Income.
Exceptional item of ₹1.41 crore recognized as an obligation under the New Labour Codes effective Nov 2025.
Plastic Processing segment revenue stood at ₹113.73 crore, while the Spinning division reported a loss of ₹8 lakh as it nears discontinuation.
💼 Action for Investors
Investors should look past the high net profit figures as they are driven by non-operational 'Other Income' rather than core business growth. The declining revenue trend in the core Plastic Processing segment warrants a cautious approach.
Orient Press Reports Q3 Net Profit of ₹7.53 Lakhs, Turnaround from YoY Loss
Orient Press Limited reported a marginal net profit of ₹7.53 Lakhs for the quarter ended December 31, 2025, recovering from a net loss of ₹75.47 Lakhs in the same period last year. However, revenue from operations declined by 6.2% year-on-year to ₹3,198.97 Lakhs. The printing segment remains the company's only profitable division, while the flexible packaging and paper board packaging segments continue to operate at a loss. For the nine-month period, the company remains in a net loss position of ₹117.17 Lakhs, though this is an improvement from the ₹225.53 Lakhs loss recorded in the previous year.
Key Highlights
Achieved a quarterly net profit of ₹7.53 Lakhs vs a loss of ₹75.47 Lakhs in Q3 FY25.
Revenue from operations fell 6.2% YoY to ₹3,198.97 Lakhs from ₹3,409.92 Lakhs.
Printing segment profit stood at ₹339.67 Lakhs, offsetting a ₹171.29 Lakhs loss in Flexible Packaging.
Nine-month net loss narrowed significantly to ₹117.17 Lakhs from ₹225.53 Lakhs YoY.
Total expenses for the quarter were reduced to ₹3,293.70 Lakhs from ₹3,593.56 Lakhs in the previous year.
💼 Action for Investors
Investors should monitor the company's ability to sustain this marginal profitability and whether the packaging segments can reach a break-even point. The decline in revenue is a concern that warrants a cautious approach despite the quarterly turnaround.
TruAlt Bioenergy Q3 Revenue Surges 70% YoY; All 5 Ethanol Plants Now Fully Operational
TruAlt Bioenergy reported a robust 70% YoY growth in Q3 total income to ₹730.86 crore, driven by the commissioning of its fifth ethanol unit. While 9M PAT grew marginally to ₹35.92 crore, the company has established a monthly revenue run rate of ₹350-400 crore in the ethanol segment. The CBG business remains highly profitable with a 63% EBITDA margin, and the company is scaling up with 24 new units via JVs with GAIL and Sumitomo. Management expects stronger momentum in Q4 as capacity utilization stabilizes across all units.
Key Highlights
Total income for Q3 FY26 rose 70% YoY to ₹730.86 crore; 9M income reached ₹1,187 crore.
Ethanol segment achieved a monthly revenue run rate of ₹350-400 crore with all 5 plants now operational.
CBG business reported robust 9M EBITDA margins of 63% and PAT margins of 43%.
Planned expansion of 24 Greenfield CBG units through JVs with Sumitomo and GAIL over 2-3 years.
Advancing a 100 million liters per annum Sustainable Aviation Fuel (SAF) facility in Andhra Pradesh.
💼 Action for Investors
Investors should monitor the ramp-up in ethanol production and the execution of the CBG JVs, which offer high-margin growth. The stock remains a key play on India's biofuel and energy transition mandates.
HCLTech and Cisco Launch AI-Powered Fluid Contact Center Solution for Global Enterprises
HCLTech has partnered with Cisco to launch an enhanced version of its Fluid Contact Center solution, integrating AI and GenAI capabilities via Cisco's Webex platform. This collaboration targets the growing CCaaS (Contact Center as a Service) market across 60+ countries where HCLTech operates. With consolidated revenues of $14.5 billion as of December 2025, this product launch strengthens HCLTech's high-growth AI and digital engineering portfolio. The solution aims to improve operational efficiency for enterprises through multilingual virtual agents and advanced analytics.
Key Highlights
Launch of AI-powered Fluid Contact Center solution in collaboration with Cisco's Webex platform
Strategic partnership with Cisco spans over 30 years and services clients in 60+ countries
HCLTech reported consolidated revenues of $14.5 billion for the 12 months ending December 2025
Solution features GenAI-driven tools including multilingual virtual agents and conversational IVR
Company employs over 226,300 people globally as of the announcement date
💼 Action for Investors
Investors should monitor the adoption rate of this AI solution as it represents HCLTech's ability to monetize GenAI through its long-standing Cisco partnership. This strengthens the company's positioning in the high-margin digital transformation segment.
Borosil Ltd 9M FY26 Revenue Up 9% to ₹912 Cr; Glassware Segment Grows 21%
Borosil Limited reported a steady 9M FY26 performance with consolidated revenue growing 9% YoY to ₹912 crores, driven by a strong 21% growth in the glassware segment. While Operating EBITDA rose 3.4% to ₹145 crores, margins slightly contracted to 16.2% from 17% due to challenges in the non-glassware segment caused by BIS compliance requirements. The company is aggressively addressing supply chain issues by setting up a ₹65 crore domestic manufacturing facility for steel bottles and a ₹75 crore solar plant to reduce power costs. Despite regulatory headwinds in the bottle category, the shift from plastic to glass remains a structural tailwind for the core business.
Key Highlights
Consolidated revenue for 9M FY26 reached ₹912 crores, marking a 9% YoY growth despite an early Diwali impacting Q3 comparability.
Glassware segment outperformed with 21% growth (₹231 crores), benefiting from a consumer shift from plastic to borosilicate glass.
Investing ₹65 crores in a new Rajasthan facility for BIS-compliant steel bottles with a 4 million unit annual capacity.
Commissioning a ₹75 crore, 20 MWp solar plant this month to cover 65% of the company's total power requirements.
Maintains a healthy balance sheet with a net cash position of ₹13 crores and robust operating cash flows of ₹130 crores.
💼 Action for Investors
Investors should monitor the ramp-up of the new Rajasthan facility and the impact of the solar plant on margins in FY27. The stock remains a strong play on the premiumization of Indian kitchens and the structural shift toward glass storage.
Max Healthcare Q3 Revenue Up 10% YoY to INR 2,608 Cr; EBITDA Margin at 26.1%
Max Healthcare reported a 10% YoY revenue growth to INR 2,608 crore for Q3 FY26, although operating EBITDA margins contracted to 26.1% from 27.3% YoY. Performance was impacted by transitory factors including a temporary disruption in cashless services with insurers and revised CGHS pricing for chemotherapy drugs. Despite these headwinds, occupancy remained healthy at 74% on an expanded bed base, and ARPOB grew 3% YoY to INR 77,900. The company continues its aggressive expansion with new beds commissioned in Mumbai and Mohali, and a board-approved 260-bed addition at Max Dwarka.
Key Highlights
Gross revenue increased 10% YoY to INR 2,608 crore, while operating EBITDA grew 4% to INR 648 crore.
Average Revenue Per Occupied Bed (ARPOB) reached INR 77,900, reflecting a 3% YoY growth.
International patient revenue grew 14% YoY, now accounting for 9% of total hospital revenue.
Brownfield expansion is on track with 116 beds commissioned across Nanavati and Mohali units in Q3.
Net debt-to-EBITDA remains conservative at less than 1x, with INR 281 crore free cash flow generated during the quarter.
💼 Action for Investors
Investors should focus on the ramp-up of newly commissioned beds and the restoration of insurance contracts which are expected to normalize margins in Q4. The stock remains a strong long-term play given the robust 4,000+ bed expansion pipeline through FY29.
GRP Ltd Q3 FY26 PAT Drops 49% YoY to ₹23 Mn Amid Margin Pressure and Export Headwinds
GRP Limited reported a flat topline for Q3 FY26 with total income at ₹1,352 Mn, but faced significant bottom-line pressure as PAT (excluding exceptional items) fell 49% YoY to ₹23 Mn. The decline was primarily driven by a 383 bps contraction in gross margins due to 11% higher raw material costs and lower export volumes linked to US tariffs. While domestic reclaim rubber revenue grew 14%, the non-reclaim segment struggled with pricing pressures and sub-optimal utilization of new plants. The company is currently executing a ₹250 Cr capex plan, focusing on crumb rubber and pyrolysis to diversify its portfolio.
Key Highlights
Total Income for Q3 FY26 stood at ₹1,352 Mn, a marginal 2% increase YoY, while 9M FY26 income remained flat at ₹3,930 Mn.
EBITDA margins contracted by 153 bps to 8.3% due to rising input costs and a 45% decline in export margins for certain products.
Domestic Reclaim Rubber revenue grew 14% YoY, partially offsetting a 9% decline in export revenues caused by geopolitical uncertainties and tariffs.
The company has incurred ₹76 Cr out of a planned ₹250 Cr capex for integrated facilities to manufacture Crumb rubber and Tyre Pyrolysis Oil.
A one-time exceptional expense of ₹14 Mn was recorded during the quarter on account of the New Labour Code implementation.
💼 Action for Investors
Investors should closely monitor the ramp-up of the new pyrolysis and crumb rubber facilities, as their current sub-optimal utilization is dragging down overall profitability. The recent reduction in US tariffs to 18% and expected solar energy savings of ₹3-4 Cr per annum from Q2 FY27 are potential catalysts for margin recovery.
Kellton Tech Q3 FY26 Revenue up 10.6% YoY to ₹3,088M; PAT Jumps 22%
Kellton Tech Solutions reported a steady Q3 FY26 with revenue reaching ₹3,088 million, marking a 10.6% year-on-year growth. The company's profitability showed significant improvement as PAT rose 22% YoY to ₹255 million, supported by an 8.3% PAT margin. A strategic pivot toward 'Agentic AI' through its proprietary KAI platform is driving the Digital Transformation segment, which now accounts for 83% of total revenue. The company also secured a triple-pillar Microsoft Solutions Partner designation, strengthening its competitive position in cloud and AI transformation.
Key Highlights
Quarterly revenue grew 10.6% YoY to ₹3,088 million, with Digital Transformation contributing 83% of the mix.
Profit After Tax (PAT) increased by 22% YoY to ₹255 million, resulting in an EPS of ₹0.5.
EBITDA stood at ₹397 million with a margin of 12.9%, reflecting a 5% increase in absolute EBITDA.
Achieved Microsoft Solutions Partner status across Data & AI, Digital & App Innovation, and Infrastructure pillars.
Launched Kellton Agentic AI (KAI) platform, targeting up to 80% faster workflows for enterprise clients.
💼 Action for Investors
Investors should focus on the company's successful transition into high-margin AI-led services and its ability to maintain double-digit revenue growth. The significant jump in PAT and strategic partnerships with Microsoft suggest a strengthening fundamental profile.
Kellton Tech Q3 FY26 Results: Revenue Up 10.6% YoY to ₹3,088M, PAT Rises 22%
Kellton Tech reported a steady performance for Q3 FY26, with total revenue reaching ₹3,088 million, a 10.6% increase compared to the same period last year. The company's bottom line showed significant improvement, with Net Profit (PAT) rising 22% YoY to ₹255 million, driven by margin expansion and operating leverage. EBITDA stood at ₹397 million with a margin of 12.9%, while the PAT margin improved to 8.3%. The company also secured several high-profile AI-led projects and achieved Microsoft Triple Solutions Partner status, strengthening its position in the digital transformation space.
Key Highlights
Total revenue grew 10.6% YoY to ₹3,088 million in Q3 FY26 compared to ₹2,793 million in Q3 FY25.
Net Profit (PAT) increased by 22% YoY to ₹255 million, with an improved PAT margin of 8.3%.
EBITDA for the quarter was ₹397 million with a margin of 12.9%.
Achieved Microsoft Triple Solutions Partner designation in Data & AI, Digital & App Innovation, and Azure Infrastructure.
Secured major AI-driven contracts across advertising, telecom, and international development sectors, including a UN agency.
💼 Action for Investors
Investors should monitor the company's ability to sustain this margin expansion as it transitions from GenAI experimentation to outcome-led adoption. The strong growth in PAT and strategic client wins in high-value domains like AI and Cloud suggest a positive outlook for long-term value realization.
Delta Manufacturing Q3 FY26: Revenue Grows to ₹15.93 Cr, Net Loss Narrows to ₹4.35 Cr
Delta Manufacturing reported a standalone revenue of ₹15.93 crore for the quarter ended December 31, 2025, representing a 6.2% year-on-year growth. Despite the revenue increase, the company remains loss-making with a total net loss of ₹4.35 crore for the quarter, largely attributed to a ₹3.83 crore loss from discontinued operations (Hard and Soft ferrite business). For the nine-month period, the net loss narrowed to ₹7.44 crore from ₹11.36 crore in the previous year. Additionally, the board has scheduled an EGM for March 25, 2026, to approve material related party transactions.
Key Highlights
Revenue from continuing operations rose to ₹1,593.23 lakhs from ₹1,499.72 lakhs in the same quarter last year.
Total net loss for Q3 FY26 stood at ₹434.84 lakhs, narrowing from a loss of ₹581.74 lakhs in Q3 FY25.
Discontinued operations (Hard and Soft ferrite) contributed a loss of ₹382.72 lakhs during the quarter.
Nine-month revenue reached ₹4,338.23 lakhs compared to ₹4,024.87 lakhs in the previous year.
Extra-ordinary General Meeting (EGM) convened for March 25, 2026, to seek approval for material related party transactions.
💼 Action for Investors
Investors should exercise caution as the company continues to report losses and is in the process of exiting discontinued segments. It is critical to monitor the upcoming EGM notice for details regarding the material related party transactions.
Delta Manufacturing Q3 FY26 Results: Revenue Up 6% YoY, Net Loss at INR 4.40 Crore
Delta Manufacturing reported a standalone revenue of INR 15.93 crore for Q3 FY26, marking a 6.2% increase year-on-year. However, the company posted a total net loss of INR 4.40 crore, largely due to a loss of INR 3.83 crore from its discontinued ferrite business. Profitability from continuing operations also declined, shifting from a profit of INR 91.21 lakhs last year to a loss of INR 52.12 lakhs this quarter. Additionally, an EGM is scheduled for March 25, 2026, to approve material related party transactions.
Key Highlights
Standalone revenue from operations increased to INR 1,593.23 lakhs from INR 1,499.72 lakhs YoY.
Total net loss for the quarter narrowed to INR 439.84 lakhs compared to INR 581.74 lakhs in the previous year's quarter.
Discontinued operations (Hard and Soft ferrite) contributed a loss of INR 382.72 lakhs.
Continuing operations recorded a loss of INR 52.12 lakhs, down from a profit of INR 91.21 lakhs YoY.
Board approved an EGM on March 25, 2026, for material related party transaction approvals.
💼 Action for Investors
Investors should remain cautious as the company continues to report net losses and faces declining profitability in its continuing operations. Monitor the upcoming EGM for details on related party transactions, which could impact future corporate governance and cash flows.
Kellton Tech Q3 FY26 Consolidated Net Profit at Rs 21.83 Cr; Revenue Reaches Rs 252 Cr
Kellton Tech Solutions Limited reported its financial results for the quarter ended December 31, 2025, showing a consolidated revenue of Rs 251.99 crore. The group's consolidated net profit for the quarter stood at Rs 21.83 crore, contributing to a nine-month total profit of Rs 61.74 crore. Standalone performance remained relatively flat with an EPS of 0.07 for the quarter. The company's international subsidiaries continue to be the primary drivers of its consolidated financial health, representing significant assets and revenue streams.
Key Highlights
Consolidated revenue for Q3 FY26 reported at Rs 251.99 crore.
Consolidated net profit for the quarter ended Dec 2025 was Rs 21.83 crore.
Nine-month consolidated revenue (Apr-Dec 2025) reached Rs 749.09 crore.
Standalone EPS for the quarter remained stagnant at 0.07.
Total assets of the six major reviewed subsidiaries stood at Rs 574.49 crore as of December 31, 2025.
💼 Action for Investors
Investors should focus on the consolidated performance rather than standalone figures, as the majority of the company's value resides in its global subsidiaries. The flat standalone EPS suggests a need for closer monitoring of margin expansion and organic growth in the core Indian entity.
Kellton Tech Q3 FY26 Consolidated Net Profit at ₹21.8 Cr; Revenue Reaches ₹252 Cr
Kellton Tech Solutions reported its unaudited financial results for the quarter ended December 31, 2025, showing a consolidated revenue of ₹251.99 crore. The company achieved a consolidated net profit of ₹21.83 crore for the quarter, contributing to a nine-month total profit of ₹61.74 crore. Standalone EPS remained flat at ₹0.07 for the quarter, matching both the previous quarter and the same period last year. Total consolidated assets were reported at ₹574.49 crore as of December 31, 2025.
Key Highlights
Consolidated revenue for Q3 FY26 stood at ₹25,199.90 lakhs (approx. ₹252 crore).
Consolidated net profit for the quarter was ₹2,182.90 lakhs (approx. ₹21.8 crore).
Nine-month consolidated revenue (April-December 2025) reached ₹74,908.76 lakhs.
Standalone EPS for the quarter was ₹0.07, showing no growth compared to Q3 FY25.
Total consolidated assets as of December 31, 2025, were valued at ₹57,448.85 lakhs.
💼 Action for Investors
Investors should note the stagnant standalone EPS and focus on the performance of international subsidiaries which drive the bulk of consolidated revenue. Monitor the company's ability to scale margins in the upcoming quarters given the flat sequential earnings performance.
India Shelter Q3FY26: PAT Grows 33% YoY to ₹128 Cr; AUM Crosses ₹10,000 Cr Milestone
India Shelter Finance reported a robust 31% YoY growth in Assets Under Management (AUM), reaching ₹10,365 crores in Q3FY26. Profit After Tax (PAT) increased by 33% YoY to ₹128 crores, driven by stable yields of 14.9% and a 50 bps reduction in the cost of funds. While Gross Stage-3 assets rose to 1.5% due to strategic legal enforcement (SARFAESI), management expects this to normalize to 1.2%-1.3% by Q4. The company maintains a strong Return on Equity (ROE) of 17.1% and continues its expansion with 35 new branches opened year-to-date.
Key Highlights
Gross Managed Assets grew 31% YoY to ₹10,365 crores, crossing the ₹10,000 crore mark.
Profit After Tax (PAT) rose 33% YoY to ₹128 crores with a healthy Return on Assets (ROA) of 5.8%.
Average cost of funds declined by 50 bps YoY to 8.3%, maintaining lending spreads above 6%.
Gross Stage-3 assets stood at 1.5%, with credit costs for the nine-month period at 0.5%.
Digital sourcing now contributes 4-5% of total disbursements, with a target to reach 10%.
💼 Action for Investors
Investors should focus on the management's ability to bring Gross Stage-3 assets back down to the 1.2-1.3% range in Q4 as guided. The company's strong profitability metrics and declining cost of funds make it a compelling growth story in the affordable housing finance space.
Alembic Ltd Q3 Revenue Up 28% YoY to ₹74.34 Cr; API Segment Revenue Doubles
Alembic Limited reported a consolidated revenue of ₹74.34 crore for Q3 FY26, marking a 28.3% growth compared to ₹57.92 crore in the same period last year. Net profit (including share of associates) stood at ₹60.13 crore, a slight decline from ₹65.39 crore YoY, impacted by higher construction costs and a ₹1.43 crore provision for new labour codes. The API segment showed robust growth, with revenue surging 116% YoY to ₹13.50 crore. However, a significant negative swing in Other Comprehensive Income led to a total comprehensive loss of ₹56.84 crore for the quarter.
Key Highlights
Consolidated Revenue from Operations increased 28.3% YoY to ₹74.34 crore.
API business revenue surged 116% YoY to ₹13.50 crore from ₹6.25 crore.
Real Estate segment revenue grew to ₹60.84 crore compared to ₹51.67 crore in the previous year's quarter.
Net Profit after tax (including associate share) declined 8% YoY to ₹60.13 crore.
Company made a provision of ₹143.72 lakhs towards the implementation of four new Labour Codes.
💼 Action for Investors
Investors should focus on the strong momentum in the API segment and steady real estate performance, while remaining cautious about the volatility in total comprehensive income caused by investment valuation changes.
Mukand Ltd Q3 Net Profit Rises to ₹17.21 Cr; Re-appoints Niraj Bajaj as CMD
Mukand Limited reported a consolidated net profit of ₹17.21 crore for the quarter ended December 31, 2025, a slight increase from ₹16.31 crore in the year-ago period. Revenue from operations grew to ₹1,300.18 crore, up from ₹1,222.67 crore year-on-year. A significant highlight is the ongoing sale of 17.77 acres of land in Thane for approximately ₹673 crore, for which the company has already received a ₹110 crore advance. The board also ensured leadership continuity by re-appointing Niraj Bajaj as Chairman and Managing Director for a three-year term starting July 2026.
Key Highlights
Revenue from operations increased to ₹1,300.18 crore in Q3 FY26 from ₹1,222.67 crore in Q3 FY25.
Net profit for the quarter stood at ₹17.21 crore, showing steady growth from ₹15.90 crore in the previous quarter.
Agreement executed for land sale worth ₹673 crore in Thane, with ₹110 crore advance already received.
Niraj Bajaj re-appointed as CMD and Nirav Bajaj as Whole-Time Director for 3-year terms starting in 2026.
Slump sale of the Industrial Machinery Division to subsidiary MHEL is expected to be completed shortly.
💼 Action for Investors
Investors should focus on the successful closure of the ₹673 crore land sale as it will significantly improve the company's liquidity and debt profile. The steady earnings and management continuity suggest a stable outlook, making it a 'Watch' for further deleveraging milestones.
ICDS Ltd Q3 FY26 Results: Returns to Profit with Net Profit of ₹29.45 Lakhs
ICDS Limited reported a significant turnaround in Q3 FY26, posting a net profit of ₹29.45 lakhs compared to a net loss of ₹92.37 lakhs in the same quarter last year. Total revenue for the quarter stood at ₹71.87 lakhs, recovering sharply from the previous quarter's ₹12.12 lakhs which was weighed down by negative other income. For the nine-month period ended December 2025, the company's net profit surged to ₹104.95 lakhs from ₹12.93 lakhs in the previous year. The company maintains a positive net worth and is focusing on fee-based activities and rentals to sustain its going concern status.
Key Highlights
Net Profit turned positive at ₹29.45 lakhs in Q3 FY26 versus a loss of ₹92.37 lakhs in Q3 FY25.
Total Revenue for the quarter increased to ₹71.87 lakhs from ₹67.73 lakhs on a year-on-year basis.
Nine-month Net Profit for FY26 reached ₹104.95 lakhs, a substantial increase from ₹12.93 lakhs in 9M FY25.
Earnings Per Share (EPS) improved to ₹0.23 for the quarter and ₹0.81 for the nine-month period.
Total expenses for the quarter were contained at ₹39.57 lakhs compared to ₹42.44 lakhs in the previous year's corresponding quarter.
💼 Action for Investors
The company has demonstrated a strong recovery in profitability and a significant jump in 9-month earnings; however, investors should remain cautious due to the small scale of operations and legacy legal matters.
Mukand Ltd Q3 PAT Rises to ₹17.21 Cr; Board Approves ₹673 Cr Land Sale and CMD Re-appointment
Mukand Limited reported a steady performance for Q3 FY26 with a standalone net profit of ₹17.21 crore, up from ₹16.31 crore in the same quarter last year. Revenue from operations saw a modest growth of 6.3% YoY, reaching ₹1,300.18 crore. A significant highlight is the ongoing sale of 17.77 acres of land in Thane for ₹673 crore, which is expected to provide a substantial liquidity boost. The board also ensured leadership continuity by re-appointing Niraj Bajaj as Chairman and Managing Director for a three-year term starting July 2026.
Key Highlights
Standalone Revenue from Operations grew to ₹1,300.18 crore in Q3 FY26 compared to ₹1,222.67 crore in Q3 FY25.
Net Profit for the quarter stood at ₹17.21 crore, including a loss of ₹4.14 crore from discontinuing operations.
Executed agreement for sale of land parcels in Thane for approximately ₹673 crore, with ₹110 crore advance already received.
Re-appointed Niraj Bajaj as CMD and Nirav Bajaj as Whole-Time Director for 3-year terms starting in 2026.
Proceeding with the slump sale of the Industrial Machinery Division to a wholly-owned subsidiary to streamline business structure.
💼 Action for Investors
Investors should view the ₹673 crore land sale as a major positive catalyst for debt reduction and balance sheet strengthening. While operational growth is modest, leadership stability and asset monetization plans make this a stock to watch for value unlocking.
Maha Rashtra Apex Reports Q3 Net Profit of ₹1.92 Cr; Appoints Rights Issue Monitor
Maha Rashtra Apex Corporation Limited reported a significant turnaround in Q3 FY26, posting a net profit of ₹192.35 lakhs compared to a loss of ₹19.63 lakhs in the same quarter last year. Total income surged to ₹232.57 lakhs, driven by a sharp increase in revenue from operations. However, auditors issued a qualified opinion, noting that the company failed to provide for ₹12.01 lakhs in interest costs this quarter, which overstates the reported profit. The board also appointed Brickwork Ratings as the monitoring agency for its upcoming Rights Issue.
Key Highlights
Net Profit turned positive at ₹192.35 lakhs for Q3 FY26 against a loss of ₹19.63 lakhs in Q3 FY25.
Total Income grew substantially to ₹232.57 lakhs from ₹25.16 lakhs in the year-ago period.
Auditors flagged a cumulative unprovided interest liability of ₹369.71 lakhs since October 2019, overstating current profits.
The company has deposited ₹1,395.75 lakhs with the Karnataka High Court regarding outstanding public deposits and bonds.
Brickwork Ratings India Private Limited appointed as the monitoring agency for the proposed Rights Issue.
💼 Action for Investors
Investors should exercise caution as the reported profits are overstated due to unprovided interest liabilities and the company's NBFC license remains cancelled by the RBI. Monitor the progress of the Rights Issue and the resolution of legal disputes regarding public deposits.
Midwest Limited Reports Nil Deviation in Utilization of ₹2,010 Million IPO Proceeds
Midwest Limited has confirmed that there were no deviations or variations in the utilization of its IPO proceeds for the quarter ended December 31, 2025. The company raised ₹2,500 million in October 2025, with the fresh issue portion totaling ₹2,010 million. Significant utilization has already occurred for debt repayment (₹543.28 million) and general corporate purposes (₹74.57 million). Large allocations for capital expenditure, including ₹1,302.98 million for a Quartz Processing Plant, remain earmarked for future deployment.
Key Highlights
Reported NIL deviation in the utilization of ₹2,010 million fresh issue IPO proceeds.
Utilized ₹543.28 million for the pre-payment and repayment of company borrowings.
Allocated ₹1,302.98 million for Phase II Quartz Processing Plant capital expenditure.
CRISIL Rating Limited confirmed as the monitoring agency for fund oversight.
💼 Action for Investors
Investors should track the execution of the Quartz Processing Plant project, which accounts for the largest portion of the IPO funds. The company's compliance with the stated objects of the issue is a positive indicator of governance.