Financial Results for Quarter and Nine Months Period ended 31st December, 2025.
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IEL Limited posted a sharp revenue contraction in Q3 FY26, with revenue from operations falling to Rs. 55.00 lakhs from Rs. 615.27 lakhs in Q3 FY25 — a drop of roughly 91%. Profit before tax declined to Rs. 10.75 lakhs from Rs. 85.22 lakhs in the year-ago quarter. The statutory auditor, M/s Maark & Associates, issued an unqualified limited review report but noted an 'Other Matter' that balances of loans & advances, trade receivables, and trade payables remain subject to management confirmation. In other decisions, the board appointed M/s S. Mandawat & Co. as the new internal auditor for FY26 and approved reclassifying three promoters (the Shah family members) from 'promoter group' to 'public' category — though they currently hold nil equity shares.
The steep year-on-year revenue drop is a significant red flag for shareholders and is likely to pressure the stock in the short term. The promoter reclassification is largely procedural since the outgoing promoters hold no shares, and the auditor's comment on unconfirmed balance confirmations is a watch item to track in subsequent quarters.