Outcome of the Board Meeting
Price
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The board approved audited financial results for Q3 FY26 (quarter ended December 31, 2025) and 9M FY26, with the auditor (BSR & Co. LLP) issuing an unmodified (clean) opinion. Total income for Q3 FY26 stood at Rs. 203.68 crore, up 78.81% year-on-year from Rs. 113.91 crore, driven by bus body volumes of 1,660 units versus 1,065 units in Q3 FY25. EBITDA margin improved to 7.90% (from 6.40% YoY) and profit after tax rose sharply to Rs. 10.86 crore (EPS of Rs. 17.84) versus Rs. 4.51 crore in Q3 FY25. The board declared an interim dividend of Rs. 5 per share (50%), with a record date of January 29, 2026, resulting in a cash outflow of about Rs. 304.43 lakhs. An exceptional item of Rs. 328.63 lakhs was booked for the one-time impact of India's new Labour Codes. Two new Independent Directors — Dr. Renu Sharma and Mrs. Rekha Bagry Nair — were appointed for a 5-year term starting January 20, 2026, subject to shareholder approval.
A strong quarter with sharp revenue and profit growth, expanding margins, and a dividend declaration should be viewed positively by shareholders. The new Labour Code-related exceptional charge is a one-time regulatory adjustment and does not reflect operating performance.