Financial Results for the quarter and nine months ended December 31, 2025.
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Apis India reported standalone revenue from operations of ₹10,951.31 lakhs for Q3 FY26, up about 18.2% from ₹9,267.86 lakhs in Q3 FY25. Standalone profit after tax grew to ₹598.12 lakhs vs ₹493.46 lakhs, a 21.2% rise. For the nine months ended December 31, 2025, standalone revenue rose 12.5% to ₹29,261.94 lakhs and PAT grew 21.4% to ₹1,713.31 lakhs. The company issued bonus shares in a 24:1 ratio on December 8, 2025, increasing paid-up capital from ₹5.51 crore to ₹137.75 crore, which has sharply diluted EPS. On a consolidated basis, Q3 PAT fell to ₹388.41 lakhs (from ₹523.13 lakhs) and 9M PAT declined to ₹1,497.32 lakhs, dragged down by a net loss of ₹215.99 lakhs from two associates. The statutory auditor (GAMS & Associates LLP) issued an unqualified limited review report.
Operating performance is healthy with double-digit revenue and profit growth on a standalone basis. However, the massive 24:1 bonus issue has expanded the share count 25-fold, which will mechanically depress EPS and may affect liquidity and price per share. Losses at associate companies (Apis Arabia Foods LLC and Kapil Anand Agro) are a concern and explain the gap between standalone and consolidated profits — investors should watch the associate performance closely.