Submission of Un-Audited Financials Results for the 03rd quarter ended 31st December, 2025
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Ashish Polyplast, a Gujarat-based PVC pipe and hose manufacturer, filed its Q3 FY26 results. Revenue from operations for the quarter fell to Rs. 354.23 lakhs, down about 20.7% from Rs. 446.58 lakhs in the same quarter last year. For the nine months ended December 2025, revenue stood at Rs. 1,097.12 lakhs versus Rs. 1,235.35 lakhs a year earlier, an 11% drop. Profit after tax for the quarter jumped to Rs. 15.17 lakhs (from Rs. 2.13 lakhs), but a large part of this came from a Rs. 11 lakh mark-to-market gain on mutual fund investments. On a nine-month basis, PAT actually fell to Rs. 47.10 lakhs from Rs. 64.64 lakhs. Basic EPS for 9M FY26 was Rs. 1.39 versus Rs. 1.90 last year. The statutory auditor (M.R. Pandhi & Associates) issued an unqualified limited review report with no qualifications or emphasis of matter.
Revenue is shrinking on a year-on-year basis, which is a concern for a small-cap manufacturing company. The headline Q3 profit jump looks flattering because it's boosted by one-off investment gains — core operating profitability remains weak. Shareholders should watch whether topline stabilises in the coming quarter, as 9-month earnings are clearly lower than last year despite the favourable Q3 optics.