Outcome of the Board Meeting held on 26th February, 2026 for approval of the Unaudited financial results (Standalone and consolidated) for the Quarter ended 31st December, 2025
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The Board approved unaudited financial results (standalone and consolidated) for Q3 FY26 (quarter ended December 31, 2025), with statutory auditors giving an unmodified review opinion. CFO Mr. Dhinakaran Rajagopal resigned citing personal reasons and was replaced by Mr. K. Venkateswara Rao, a Chartered Accountant with 30+ years of finance experience, effective February 27, 2026. The Board also approved a Rs. 5 crore credit facility from Indus Finance Limited and resolved to expedite the pending partly paid-up Rights Issue (BSE had given in-principle approval in September 2025). The company paid BSE penalties totalling about Rs. 2.95 lakh (including GST) for earlier delays under Reg. 29 and Reg. 33 filings, and compliance has since been restored. On a standalone basis, 9M FY26 revenue fell around 37% year-on-year to Rs. 1,781.80 lakhs (from Rs. 2,848.60 lakhs), while consolidated revenue grew about 26% to Rs. 10,006.70 lakhs (from Rs. 7,965.91 lakhs).
The sharp standalone revenue decline is a clear concern for shareholders, even as consolidated revenue growth signals expansion in the group. The sudden CFO exit, prior BSE compliance penalties, and the upcoming Rights Issue together raise governance flags, with the Rights Issue likely to dilute existing shareholders if completed.