Un-audited Financial Results for the quarter and nine months ended 31 December 2025
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Gemstone Investments reported un-audited standalone results for Q3 FY26 (ended 31 Dec 2025). Revenue from operations jumped to ₹58.02 lakhs in Q3 from just ₹2.39 lakhs in the same quarter last year. For the nine-month period, revenue rose to ₹131.60 lakhs from ₹89.18 lakhs, a growth of about 48%. However, the company swung to a loss of ₹26.80 lakhs in Q3 (vs a loss of ₹11.19 lakhs last year), driven by sharply higher other expenses (₹62.66 lakhs vs ₹10.70 lakhs) and bad debt write-offs of ₹8.38 lakhs. Nine-month PAT collapsed to just ₹1.72 lakhs from ₹23.11 lakhs earlier, with EPS nearly flat at ₹0.00. The Limited Review Report (LRR) from the statutory auditor is pending due to his critical illness and hospitalisation.
Despite strong revenue growth, collapsing profitability and a quarterly loss are red flags for shareholders. The pending auditor report and a massive preferential allotment of ~39.36 crore convertible warrants in November 2025 add dilution risk and raise governance concerns.