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BGLOBAL Q3 FY26: Zero Revenue; Net Profit of ₹53.49 Lakh Aided by Tax Credits; Auditor Red Flags
Bharatiya Global Infomedia reported zero operational revenue for the quarter ended December 31, 2025, on both standalone and consolidated bases. Despite an operational loss before tax of ₹51.46 lakh, the company posted a net profit of ₹53.49 lakh due to a significant deferred tax credit of ₹104.96 lakh. Auditor concerns are severe, highlighting the non-provision of ₹5.40 crore in recoverable deposits and a ₹6 crore SEBI penalty. Furthermore, the company has been without a Chief Financial Officer since 2018, indicating persistent governance issues.
Key Highlights
Consolidated revenue from operations fell to zero for the quarter ended December 31, 2025.
Net profit of ₹53.49 lakh was achieved only through a deferred tax credit of ₹104.96 lakh.
Auditors flagged non-provision of ₹5.40 crore in Inter-corporate deposits and a ₹6 crore SEBI penalty.
The company remains in violation of the Companies Act for failing to appoint a CFO since May 2018.
Utilization of 2011 IPO proceeds remains incomplete, with ₹1,382.50 lakh spent on machinery against a ₹1,532.50 lakh target.
💼 Action for Investors
Investors should avoid this stock due to the lack of operational revenue, severe audit qualifications, and long-standing corporate governance failures. The reported profit is purely an accounting adjustment and does not reflect business health.
GB Global Q3 Net Profit Drops 90% YoY to ₹3.48 Cr; Revenue Falls 60%
GB Global Limited reported a significant year-on-year decline in its financial performance for the quarter ended December 31, 2025. Revenue from operations fell by 60.8% to ₹24.70 crore compared to ₹63.00 crore in the same quarter last year. Net profit also saw a sharp contraction, dropping to ₹3.48 crore from ₹37.09 crore YoY. While there is a sequential improvement in profit compared to the September 2025 quarter, the nine-month performance shows a steep decline in both top-line and bottom-line figures.
Key Highlights
Revenue from operations decreased 60.8% YoY to ₹24.70 crore in Q3 FY26.
Net profit for the quarter stood at ₹3.48 crore, down 90.6% from ₹37.09 crore in Q3 FY25.
Nine-month revenue (Apr-Dec 2025) dropped to ₹61.46 crore from ₹125.49 crore in the previous year.
Total expenses for the quarter were reduced to ₹37.06 crore from ₹52.51 crore YoY.
Earnings Per Share (EPS) for the quarter fell to ₹0.07 from ₹0.74 in the year-ago period.
💼 Action for Investors
Investors should exercise caution due to the massive year-on-year contraction in business scale and profitability. It is essential to monitor whether the sequential recovery from the previous quarter can be sustained or if the company is facing structural challenges.
GB Global Appoints Vijay Thakkar as Chairman & MD; Dev Thakkar Resigns
GB Global Limited has announced a significant leadership restructuring effective January 23, 2026. Mr. Vijay Thakkar has been redesignated as the Chairman and Managing Director of the company, bringing a background in real estate and construction leadership. Concurrently, Mr. Dev Thakkar has resigned from his position as Chairman and Non-Executive Director citing personal reasons. This transition consolidates executive leadership under Vijay Thakkar, who is also related to Director Mrs. Tanam Thakkar.
Key Highlights
Mr. Vijay Thakkar (DIN: 00189355) appointed as Chairman and Managing Director effective January 23, 2026.
Mr. Dev Thakkar (DIN: 07698270) resigned as Chairman and Non-Executive Director effective closing hours of January 23, 2026.
The Board of Directors approved these changes in a meeting held on January 23, 2026, which concluded at 4:05 p.m.
Mr. Vijay Thakkar is the husband of Mrs. Tanam Thakkar, a Woman Director on the company's board.
The new CMD, Vijay Thakkar, has extensive experience in the real estate and construction sectors.
💼 Action for Investors
Investors should monitor for any shifts in corporate strategy or operational focus following the consolidation of the Chairman and MD roles under Vijay Thakkar.
GB Global Appoints Vijay Thakkar as MD & Chairman; Dev Thakkar Resigns from Board
GB Global Limited has announced a leadership transition effective January 23, 2026. Mr. Dev Thakkar has resigned from his position as Chairman and Non-Executive Director, citing personal and unavoidable reasons. In his place, the Board has approved the change in designation of Mr. Vijay Thakkar to Managing Director and Chairman of the company. Mr. Vijay Thakkar brings extensive experience in real estate and construction and is the husband of Director Mrs. Tanam Thakkar.
Key Highlights
Mr. Dev Thakkar resigned as Chairman and Non-Executive Director effective closing hours of January 23, 2026.
Mr. Vijay Thakkar (DIN: 00189355) has been designated as the new Managing Director and Chairman.
The outgoing Chairman confirmed there are no material reasons for resignation other than personal ones.
Mr. Vijay Thakkar is related to the board as the spouse of Mrs. Tanam Thakkar, a Woman Director of the company.
💼 Action for Investors
Investors should monitor the company's strategic direction under the new leadership of Mr. Vijay Thakkar, especially given the consolidation of the MD and Chairman roles.
GB Global: Vijay Thakkar Appointed MD & Chairman as Dev Thakkar Resigns
GB Global Limited has announced a leadership restructuring effective January 23, 2026. Mr. Dev Thakkar has resigned from his position as Chairman and Non-Executive Director, citing personal and unavoidable reasons. Concurrently, the Board has approved the redesignation of Mr. Vijay Thakkar as the Managing Director and Chairman of the company. This move consolidates the top executive and board leadership roles under a single individual with a background in real estate and construction.
Key Highlights
Resignation of Mr. Dev Thakkar as Chairman and Non-Executive Director effective January 23, 2026.
Redesignation of Mr. Vijay Thakkar (DIN: 00189355) as both Managing Director and Chairman.
Mr. Vijay Thakkar is the husband of Mrs. Tanam Thakkar, a woman director on the company board.
The board meeting approving these changes concluded at 04:05 p.m. on January 23, 2026.
💼 Action for Investors
Investors should monitor the company's strategic direction under the new unified leadership of Mr. Vijay Thakkar. Observe if the consolidation of the MD and Chairman roles leads to any changes in corporate governance or operational focus.
GB Global Appoints Vijay Thakkar as MD & Chairman; Dev Thakkar Resigns
GB Global Limited has announced a significant leadership transition following its board meeting on January 23, 2026. Mr. Vijay Thakkar, previously a director, has been redesignated as the Managing Director and Chairman of the company. Concurrently, Mr. Dev Thakkar has resigned from his role as Chairman and Non-Executive Director effective immediately, citing personal reasons. These changes represent a consolidation of leadership under Vijay Thakkar, who brings experience from the real estate and construction sectors.
Key Highlights
Mr. Vijay Thakkar (DIN: 00189355) appointed as Managing Director and Chairman effective January 23, 2026.
Mr. Dev Thakkar (DIN: 07698270) resigned from the Board citing personal and unavoidable reasons.
The board meeting lasted approximately 4 hours and 35 minutes, concluding at 4:05 p.m.
Vijay Thakkar is the husband of Mrs. Tanam Thakkar, who also serves as a Director on the company's board.
💼 Action for Investors
Investors should monitor if this leadership change leads to a shift in corporate strategy, particularly given the new Managing Director's background in real estate. No immediate portfolio action is necessary based solely on these administrative changes.
GB Global Appoints Vijay Thakkar as MD & Chairman; Dev Thakkar Resigns
GB Global Limited has announced a significant leadership transition following its board meeting on January 23, 2026. Mr. Vijay Thakkar has been redesignated as the Managing Director and Chairman of the company, bringing a background in real estate and construction leadership. Concurrently, Mr. Dev Thakkar has resigned from his position as Chairman and Non-Executive Director effective immediately due to personal reasons. These changes represent a shift in the top-level governance of the company formerly known as Mandhana Industries.
Key Highlights
Mr. Vijay Thakkar (DIN: 00189355) appointed as Managing Director and Chairman effective January 23, 2026
Mr. Dev Thakkar (DIN: 07698270) resigned as Chairman and Non-Executive Director citing personal reasons
The board meeting was conducted from 11:30 a.m. to 04:05 p.m. on January 23, 2026
Vijay Thakkar is the husband of Mrs. Tanam Thakkar, who serves as a Woman Director on the board
💼 Action for Investors
Investors should monitor the company's strategic direction under the new Managing Director to see if his real estate expertise influences future business pivots. No immediate action is required, but leadership changes at the MD level warrant close observation of upcoming quarterly results.
GB Global Merger with Dev Land and Housing: NCLT Admits Petition, Final Hearing on Feb 20, 2026
GB Global Limited (formerly Mandhana Industries) has received an order from the NCLT Mumbai Bench regarding its proposed merger by absorption into Dev Land and Housing Private Limited. The NCLT has officially admitted the petition and scheduled the final hearing for February 20, 2026. The company is now required to serve notices to statutory authorities and publish the hearing details in English and local newspapers. This merger will lead to the absorption of GB Global by the transferee company, pending final judicial approval.
Key Highlights
NCLT Mumbai Bench admitted the merger petition on January 8, 2026, with the order received by the company on January 19, 2026.
The scheme involves the merger by absorption of GB Global Limited (Transferor) into Dev Land and Housing Private Limited (Transferee).
A final hearing for the disposal of the merger petition is scheduled for February 20, 2026.
Statutory authorities including SEBI, Stock Exchanges, and Income Tax authorities have 30 days to submit representations.
Public notices must be published in Business Standard and Navshakti newspapers at least 10 days prior to the hearing date.
💼 Action for Investors
Investors should closely monitor the outcome of the final NCLT hearing on February 20, 2026, as it will determine the completion of the merger. It is essential to review the final swap ratio and the impact on shareholding once the scheme is sanctioned.