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HLV Ltd Q3 Net Profit Drops 33% to ₹6.87 Cr; Massive ₹807 Cr AAI Dispute Persists
HLV Limited reported a 33% year-on-year decline in net profit for Q3 FY26, falling to ₹687 lakhs from ₹1,027 lakhs, despite a 5.5% growth in revenue to ₹6,090 lakhs. For the nine-month period, the company has swung to a net loss of ₹652 lakhs compared to a profit of ₹1,538 lakhs in the previous year. The company continues to face significant legal risks, including a ₹80,705 lakh claim from the Airports Authority of India (AAI) and a ₹17,009 lakh unprovided rental dispute. Additionally, the board has approved the re-appointment of Mr. Ashok Rajani as an Independent Director for a five-year term.
Key Highlights
Q3 FY26 Net Profit decreased by 33% YoY to ₹687 lakhs from ₹1,027 lakhs.
Total Income for the quarter rose slightly to ₹6,372 lakhs from ₹6,081 lakhs in the previous year.
Contingent liability of ₹80,705 lakhs claimed by AAI remains unprovided for in the books.
Cumulative unprovided rental enhancement for the Mumbai hotel lease stands at ₹17,009 lakhs.
Mr. Ashok Rajani re-appointed as Independent Director for a 5-year term effective March 30, 2026.
💼 Action for Investors
Investors should exercise high caution as the company's massive unprovided contingent liabilities and ongoing eviction proceedings pose a significant risk to its 'going concern' status. The decline in nine-month profitability further weakens the investment case despite marginal revenue growth.
HLV Ltd Q3 Profit Drops 33% to ₹6.87 Cr Amid Ongoing ₹807 Cr Legal Dispute with AAI
HLV Limited reported a net profit of ₹6.87 crore for Q3 FY26, a 33% decrease from ₹10.27 crore in the year-ago period. While quarterly revenue saw a marginal increase to ₹63.72 crore, the nine-month performance shows a net loss of ₹6.52 crore. The company continues to face severe legal challenges, including an ₹807 crore claim from AAI and eviction proceedings for its Mumbai hotel land. Additionally, the board has re-appointed Mr. Ashok Rajani as an Independent Director for a five-year term.
Key Highlights
Net profit for Q3 FY26 declined 33% YoY to ₹687 lakhs from ₹1,027 lakhs.
Nine-month (9M FY26) performance resulted in a net loss of ₹652 lakhs versus a profit of ₹1,538 lakhs YoY.
Contingent liability of ₹80,705 lakhs claimed by AAI remains unprovided in financial statements due to ongoing disputes.
Disputed lease rentals for the Mumbai hotel totaling ₹17,009 lakhs are currently not recognized as liabilities.
Board approved re-appointment of Mr. Ashok Rajani as Independent Director for a 5-year term starting March 2026.
💼 Action for Investors
The stock remains high-risk due to massive contingent liabilities and ongoing litigation with AAI and ITC Ltd. Investors should exercise caution and wait for legal clarity regarding the Mumbai property lease before making further commitments.
HLV Ltd Wins Land Lease Dispute as Supreme Court Dismisses ROAR Petition
HLV Limited has received a favorable ruling from the Supreme Court of India regarding a long-standing land lease dispute. The court dismissed a Special Leave Petition filed by the Resources of Aviation Redressal Association (ROAR) on December 18, 2025. The litigation, which dates back to a 2013 PIL, challenged two lease deeds from 1983 involving 18,000 square meters of land allotted by the Airports Authority of India. This dismissal removes a significant legal overhang that has persisted for over a decade.
Key Highlights
Supreme Court dismissed SLP No. 12090/2016 filed by ROAR against HLV Limited on Dec 18, 2025
Dispute involved two lease deeds dated Oct 19, 1983, and Nov 22, 1983, for 9,000 square meters each
Total land area involved in the litigation was 18,000 square meters allotted by AAI
The ruling upholds the 2016 Bombay High Court order which had previously disposed of the PIL
No financial penalty or settlement was required as the petition was dismissed
💼 Action for Investors
The resolution of this decade-long litigation regarding core land assets is a positive development that reduces legal risk. Investors should view this as a clearing of a major administrative hurdle for the company's Mumbai property interests.