To consider un-audited standalone and consolidated financial results for the quarter and nine months ended 31 Decemeber 2025.
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The Board approved unaudited results for the quarter and nine months ended 31 Dec 2025. Standalone revenue from operations for Q3 dipped to Rs 80.54 lakh (vs Rs 91.64 lakh in Q3 FY25, a ~12% decline), while nine-month revenue grew ~7% to Rs 269.81 lakh. The company continues to post operating losses before exceptional items (Q3 loss before tax of Rs 63.60 lakh excluding exceptional items), but nine-month profit before tax swung to Rs 302.75 lakh (vs Rs 112.61 lakh loss a year ago) largely due to exceptional items. Key exceptional gains included a Rs 394.94 lakh gain on sale of Bhiwandi freehold land in Q1 FY26 and a Rs 232.01 lakh net gain from associate Navasasyam Dandekar Pvt Ltd's (NDPL) share buyback in Q3, partly offset by Rs 266.70 lakh fair-value mark-down on remaining NDPL shares. Standalone net profit for 9M was Rs 290.06 lakh (vs Rs 39.74 lakh); consolidated net profit was Rs 124.60 lakh (vs Rs 66.32 lakh). Total debt is Rs 3.88 crore with no defaults.
Core leasing operations remain loss-making, but results are propped up by one-time gains from asset sales and associate transactions, making profitability non-recurring in nature. Shareholders should watch whether the ongoing cost base (high depreciation of Rs 197.59 lakh in 9M) can be covered by rental income going forward; stock may react to the visible weakness in Q3 operating performance despite the headline profit boost.