OUTCOME OF BOARD MEETING
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Awaiting price reaction for this filing.
The board approved unaudited financial results for Q3 and nine months ended December 31, 2025, with a clean (unmodified) limited review report from auditor M/s G.M. Kapadia & Co. Revenue for the nine months grew sharply to about ₹2,780 lakhs from ₹1,612 lakhs a year earlier, but a large part of the boost comes from a one-time sale of leasehold land and factory rights at Gandhinagar for ₹2,900 lakhs booked under other income; the company also bought a new smaller property there for ₹365 lakhs. Net profit for nine months rose only modestly from roughly ₹151 lakhs to ₹154 lakhs. Separately, the board approved redemption of 9,81,500 ½% non-cumulative preference shares (face value ₹100, totalling about ₹9.82 crores) at par out of company profits, with February 4, 2026 as the record date and payment to be made before March 31, 2026. After this, preference share capital will become NIL. The auditor's note also confirms there was an auditor change, as comparative figures were reviewed by the predecessor auditor.
For shareholders, the preference share redemption simplifies the capital structure by wiping out preference capital and is being funded from internal profits. The headline revenue jump looks impressive but is inflated by a non-recurring land sale, so underlying operating performance is weak. The auditor change is worth watching but no qualified or adverse opinion was issued.