Unaudited Financial Results (standalone & consolidated) for quarter ended December 31, 2025.
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Indag Rubber reported standalone revenue from operations of Rs 5,611.83 lakh for Q3 FY26, up about 5% from Rs 5,323.89 lakh a year ago. For the nine-month period, however, standalone revenue fell to Rs 15,345.57 lakh from Rs 16,975.22 lakh, a decline of roughly 10%. Standalone profit after tax jumped to Rs 337.07 lakh in Q3 (vs Rs 79.90 lakh last year) and Rs 882.83 lakh for nine months (vs Rs 676.93 lakh), helped by lower raw material costs. EPS for nine months rose to Rs 3.36 from Rs 2.58. On a consolidated basis, nine-month revenue dropped about 11% to Rs 15,372.05 lakh while nine-month PAT grew about 48% to Rs 623.19 lakh, weighed down by continued losses at subsidiary Millenium Manufacturing Systems (formerly Indergy Power Systems). The auditor flagged an Emphasis of Matter on the valuation of the company's preference-share investment in a Nigerian oil-exploration foreign entity, which relies on management assumptions about oil prices, production start-up and regulations.
Improved profitability on better margins is positive for shareholders, but the full-year revenue trajectory is clearly weaker than last year and the loss-making subsidiary keeps dragging consolidated earnings. Investors should keep an eye on the foreign oil-investment valuation and subsidiary losses as key risks.