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Awaiting price reaction for this filing.
Asgard Alcobev Ltd (formerly Banganga Paper Industries) reported Q3 FY26 results on February 12, 2026. On a standalone basis, the company recorded zero revenue and a loss of Rs 9.84 lakhs for the quarter, widening from Rs 2.13 lakhs loss in Q3 FY25, with 9-month loss at Rs 15.11 lakhs. On a consolidated basis, revenue from operations was Rs 1,969.02 lakhs (down from Rs 2,412.03 lakhs in Q2 FY26) with a net profit of Rs 7.06 lakhs for the quarter and Rs 89.19 lakhs for 9 months FY26, driven mainly by subsidiary Banganga Paper Mills. The auditor issued a qualified opinion flagging interest-free loans of Rs 356.78 lakhs to the subsidiary as a violation of Section 186 of the Companies Act. Key corporate actions include approval to sell subsidiary Banganga Paper Mills for Rs 11.22 crore, acquisition of 78.90% in CMJ Breweries Pvt Ltd, change in object clause to alco-bev business, and proposed preferential allotments of equity shares and warrants at Rs 1.45 each.
This filing reflects a major business pivot from paper to alcoholic beverages via the CMJ Breweries acquisition, but the standalone entity is currently a shell with no revenue. Shareholders should note the qualified audit report, large preferential share issuances that will dilute holdings, and that meaningful operations will only come post-acquisition completion.