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The Board of Directors of Adcon Capital Services Ltd, an NBFC, approved the unaudited financial results for the quarter and nine months ended December 31, 2025, along with the Limited Review Report by Maheshwari & Co. For Q3 FY26, revenue from operations stood at Rs. 61.99 lakhs and profit after tax at Rs. 8.74 lakhs, compared to Rs. 32.93 lakhs in Q3 FY25 — a sharp sequential and year-on-year decline. For the nine-month period, revenue was nearly flat at Rs. 236.99 lakhs versus Rs. 235.07 lakhs last year, while profit after tax fell steeply to Rs. 85.22 lakhs from Rs. 164.85 lakhs, a drop of around 48%. Notably, the company has not recognised any interest income on outstanding loans and advances of Rs. 3,673.32 lakhs extended to various parties, as no supporting documents were made available to the auditors.
The non-recognition of interest on a large loan book of Rs. 3,673.32 lakhs and the steep fall in profits raise serious concerns about asset quality, recoverability and earnings visibility. Shareholders should view the auditor's drawn-attention 'Other Matter' on this issue as a red flag, as it indicates potential stress in the company's lending portfolio.