FINANCIAL RESULT -31.12.2025
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Deep Polymers reported Q3 FY26 revenue of Rs 2,101.91 lakhs, down about 6.7% year-on-year and 18.4% from the previous quarter. For the nine months ended December 2025, revenue was Rs 7,216.93 lakhs versus Rs 7,517.18 lakhs in the same period last year, a decline of roughly 4%. Profit after tax for the quarter fell to Rs 83.09 lakhs (from Rs 138.25 lakhs in Q3 last year) and 9-month PAT slipped to Rs 401.88 lakhs from Rs 478.14 lakhs. Finance costs nearly tripled to Rs 50.22 lakhs in Q3 from Rs 16.79 lakhs a year ago, and PBT margin compressed from about 8.3% to 4.6% YoY. The statutory auditor, S.N. Shah & Associates, issued a limited review report with a modified and qualified opinion, flagging Rs 166.72 lakhs of doubtful trade receivables and non-restatement of foreign currency items under Ind-AS-21. This is the fourth consecutive time the same qualification has been raised.
The qualified opinion directly hits reported earnings: if the auditor's adjustments were applied, Q3 PAT of Rs 83.09 lakhs would swing to a net loss of Rs 83.63 lakhs. Combined with rising finance costs and shrinking margins, this is a negative signal for shareholders and likely to weigh on the stock.