Un-audited Standalone and Consolidated Financial Results for the third quarter and nine months (Q3 & 9M FY26) ended on 31, 2025
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On a standalone basis, the company has effectively wound down its agro-commodities and steel abrasives trading business, with Q3 FY26 revenue from operations at zero (vs Rs 25.24 lakh in Q3 FY25) and 9M FY26 revenue crashing to just Rs 8.61 lakh from Rs 12,445.55 lakh a year ago. Standalone net loss widened sharply to Rs 877.06 lakh in Q3 (vs Rs 52.96 lakh loss) and Rs 899.84 lakh in 9M FY26 (vs Rs 119.89 lakh loss). A notable one-time charge of Rs 361.12 lakh was booked in P&L as previously recognized deferred tax assets were written off due to uncertainty over future taxable profits. On a consolidated basis (including subsidiary Fratelli Wines Pvt Ltd), 9M FY26 revenue fell ~46% YoY to Rs 14,598.34 lakh and net loss deepened to Rs 1,785.73 lakh from Rs 610.98 lakh, though the wine segment returned to a Q3 profit of Rs 261.14 lakh versus a loss last year. The board also appointed Mr. Sanjay Kumar Jain as an Independent Director for a 5-year term and reconstituted board committees.
Shareholders should note that standalone operations have been scaled down while the wine business (via subsidiary) remains loss-making on a 9-month basis, and losses are widening. The deferred tax write-back signals management's lack of confidence in near-term profitability, which is a negative signal for the stock in the short term.