Financial Results for the Quarter and Nine Months ended December 31st, 2025
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Artemis Electricals reported a sharp drop in Q3 (Oct-Dec 2025) standalone revenue to Rs 425.81 lakhs, down from Rs 1,845.37 lakhs in the same quarter last year. Standalone profit after tax for Q3 also fell to Rs 83.66 lakhs from Rs 267.29 lakhs a year ago. However, on a nine-month basis, standalone revenue grew to Rs 3,980.95 lakhs (vs Rs 3,485.49 lakhs) and PAT jumped about 48% to Rs 575.87 lakhs (vs Rs 387.68 lakhs). The auditor flagged several Emphasis of Matter notes, including that manufacturing activity at the Vasai factory is closed or negligible, that a related-party contract with Electroforce (India) Private Limited for setting up a Lithium-ion battery plant is pending (commissioning targeted by March 2027), and that the auditor did not physically verify inventory. The company is mainly focusing on project execution rather than manufacturing.
Shareholders should note the steep quarter-on-quarter revenue and profit decline, the largely halted factory operations, and pending completion of a related-party Lithium-ion plant project, which could weigh on sentiment. However, strong nine-month PAT growth and reasonable EPS of Rs 0.23 for 9M FY26 offer some comfort on overall profitability.