board meeting as on 12th feb, 2026
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Baroda Extrusion's board approved unaudited results for Q3 and nine months ended December 31, 2025. Revenue from operations for Q3 FY26 was Rs 44.31 crore, almost flat YoY (Rs 44.47 crore), while 9M FY26 revenue grew about 12% to Rs 126.58 crore from Rs 113.19 crore. Profit after tax surged sharply to Rs 2.12 crore in Q3 FY26 (vs Rs 0.88 crore YoY) and to Rs 4.25 crore for 9M FY26 (vs Rs 1.07 crore), reflecting strong margin expansion. The board also approved a loan taken from Mr. Alpesh Kanugo, Whole Time Director, which pushed finance costs to Rs 1.34 crore in Q3 vs just Rs 0.16 crore a year ago. The auditor flagged that Rs 85.66 lakh of advances taken from a party were not appropriated against supplies within 365 days, which is a contravention of Section 73 of the Companies Act. Other equity remains deeply negative at Rs (34.61) crore, signalling past accumulated losses.
Strong profit growth and margin improvement are positives, but the sharp rise in finance costs from a related-party director loan, the auditor's compliance flag, and deeply negative reserves raise governance and balance-sheet concerns for shareholders.