Unaudited financial results (standalone & consolidated) for the quarter ended December 31, 2025.
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Indag Rubber reported Q3 FY26 standalone revenue of ₹5,611.83 lakhs, up about 5.4% from ₹5,323.89 lakhs in Q3 FY25, but nine-month revenue fell roughly 9.6% to ₹15,345.57 lakhs from ₹16,975.22 lakhs a year ago. Standalone profit after tax jumped to ₹337.07 lakhs in Q3 from just ₹79.90 lakhs a year ago (over 4x growth), while 9M PAT rose about 30% to ₹882.83 lakhs. On a consolidated basis, 9M revenue declined ~11% to ₹15,372.05 lakhs but PAT attributable to shareholders rose ~37% to ₹750.41 lakhs. The subsidiary (Millenium Manufacturing Systems, formerly Indergy Power Systems) continues to drag the group with a nine-month net loss of ₹259.64 lakhs. The auditor flagged an Emphasis of Matter regarding the valuation of the company's CCCPS investment (face value USD 1.8 million / ₹12 crore) in a Nigerian oil exploration company, which depends on management assumptions about production, oil prices and regulation. The new Labour Codes led to a one-time charge of ₹13.59 lakhs in Q3.
Profit growth far outpaced revenue, pointing to significant margin expansion and cost control despite weaker top-line performance, which is positive for shareholders. However, the persisting losses at the subsidiary and the auditor's emphasis on the Nigerian investment valuation flag areas worth monitoring for risk.