Elgi Rubber Company Limited has informed the Exchange regarding Outcome of Board Meeting held on February 12, 2026.
ELGIRUBCO · price
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Elgi Rubber Company reported weak Q3 FY26 results with a standalone loss after tax of Rs. 94.81 crore versus a loss of Rs. 3.53 crore in Q3 FY25, mainly due to massive one-time impairments. The company fully wrote down its investment and loans in its Dutch step-down subsidiary, Rubber Resources B.V. (Netherlands), totalling about Rs. 76.45 crore in impairment charges, as that subsidiary subsequently filed for voluntary liquidation/bankruptcy in January 2026. Consolidated revenue from operations grew to Rs. 100.09 crore (from Rs. 91.48 crore YoY), but consolidated loss after tax was Rs. 28.67 crore. The board also approved reversal of Rs. 2.22 crore in interest receivable from three overseas subsidiaries and approved the sale of a 7.24-acre non-core land parcel on Trichy Road, Coimbatore, with proceeds earmarked for debt reduction, expected to be completed by December 31, 2026.
The results are heavily negative in the short term due to large exceptional impairments from the Dutch subsidiary's collapse, which will weigh on sentiment and the stock price. However, the planned sale of non-core land to reduce debt is a positive step toward strengthening the balance sheet. Shareholders should brace for near-term volatility given the size of the one-time losses and the bankruptcy of a material overseas subsidiary.