Submission of Unaudited Financial Results along with Limited Review Report for the quarter ended 31st December 2025
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Gemstone Investments reported Q3 FY26 standalone revenue of Rs 58.02 lakh, up sharply from Rs 2.39 lakh in Q3 FY25. For the 9-month period, revenue grew to Rs 131.60 lakh from Rs 89.18 lakh. However, profitability collapsed — Q3 posted a loss of Rs 26.80 lakh (vs loss of Rs 11.19 lakh a year ago) and 9-month PAT fell to Rs 1.72 lakh from Rs 23.11 lakh, a ~92.6% decline. Other expenses surged to Rs 88.43 lakh (vs Rs 40.79 lakh YoY), with Rs 9.03 lakh in bad debt written off. The company also issued ~39.36 crore convertible equity warrants on a preferential basis in November 2025, significantly diluting equity. Note 2 reveals that the statutory auditor was critically ill and hospitalized, delaying submission of the Limited Review Report, raising concerns about audit continuity.
Sharp revenue growth was undermined by a steep profit decline and large expense escalation. The auditor health issue creates governance risk, and the large warrant issuance signals potential equity dilution for existing shareholders.