Enclosed herewith Unaudited Standalone & Consolidated Financial Results of the Company for the quarter and nine months ended December 31, 2025 along with the Limited Review Report thereon.
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Hariyana Ship-Breakers reported standalone revenue from operations of Rs 219.61 lakhs in Q3 FY26 vs nil in Q3 FY25, with total income rising to Rs 949.24 lakhs from Rs 203.76 lakhs YoY. Profit after tax jumped to Rs 681.89 lakhs (Q3 FY25: Rs 42.38 lakhs), with 9M FY26 PAT at Rs 974.98 lakhs vs Rs 114.83 lakhs last year. EPS for Q3 stood at Rs 11.06 vs Rs 0.69 in the year-ago quarter. Results were approved by the board on February 12, 2026, and the limited review was done by S.N. Shah & Associates. The auditor flagged an Emphasis of Matter noting that Rs 140.27 crores (83.71% of total assets) are invested in partnership firms and a subsidiary, and that Rs 127.47 crores from one such firm have been lent to other entities where directors are interested. The auditor also noted Rs 13.19 crores in unrecovered advances for a real estate project, with recovery proceedings filed via the Economic Offences Wing.
Headline numbers show dramatic profit growth and EPS expansion, which may support the stock in the near term. However, the auditor's emphasis on recoverability risks around 83.7% of total assets, related-party lending of over Rs 127 crores, and pending recoveries raises serious red flags for asset quality that long-term investors should weigh carefully.