enclosed herewith.
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Ace Men Engg Works reported Q3 FY26 and 9M FY26 results on February 18, 2026. On a standalone basis, the company had essentially zero revenue from operations (₹0), total income of nearly ₹0 for the quarter, and posted a loss after tax of ₹1.03 lakhs versus a profit of ₹0.69 lakhs in Q3 FY25. For 9M FY26 standalone, PAT improved to ₹1.47 lakhs from ₹0.42 lakhs last year. Consolidated results, however, show revenue of ₹235.84 lakhs for the quarter and ₹243.04 lakhs for 9M FY26 with a PAT of ₹4.85 lakhs — entirely driven by newly acquired subsidiary Manibhadra Industries Pvt Ltd (acquired Nov 25, 2025), which contributed ₹235.84 lakhs revenue and ₹3.38 lakhs profit in its first ~5 weeks. The auditor issued an unmodified (clean) opinion on both results, noting the subsidiary's figures were not separately audited.
Standalone operations remain negligible and swung to a loss in Q3, raising concerns about core business viability. The consolidated growth is inorganic (from a recent acquisition), so it doesn't reflect organic business strength. Shareholders should watch whether the subsidiary acquisition translates into sustained revenue and whether standalone operations can be revived.