Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended on 31st December 2025
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Hindustan Adhesives reported a standalone Q3 FY26 profit after tax of Rs 557 lakhs, up about 21% from Rs 459 lakhs in Q3 FY25, even as revenue from operations fell roughly 8% YoY to Rs 6,658 lakhs. For the nine months ended December 2025, standalone PAT rose about 31% to Rs 1,584 lakhs (from Rs 1,209 lakhs), while revenue declined about 10% to Rs 19,884 lakhs, indicating that cost control and margin expansion drove the earnings improvement. The company recorded a small exceptional charge of Rs 9 lakhs for the statutory impact of India's new labour codes (gratuity and leave encashment re-measurement). The auditor issued an unqualified review report but flagged several emphasis-of-matter items, including the Fixed Asset Register still being under updation, a Rs 309.09 lakh gap between book inventory and bank stock statements (attributed to goods in transit), and a Rs 300 lakh investment in the new subsidiary Bagla Technopack based on a valuer's projections. On the consolidated side, nine-month PAT was Rs 1,397 lakhs, weighed by the Indonesia subsidiary posting a Rs 80.43 lakh loss on Rs 224.72 lakh revenue that was not audited.
The mix of falling revenue and rising profit suggests margin-led growth rather than demand strength, so investors should watch whether the top-line weakness persists. The audit emphasis items (inventory mismatch, pending fixed asset register, un-audited loss-making foreign subsidiary) are worth monitoring but do not currently alter the auditor's clean conclusion.