Please find enclosed unaudited Standalone and Consolidated Financial Results of the Company for the quarter and nine months ended 31st December, 2025 along with Limited Review Report thereon.
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Inducto Steel reported Q3 FY26 revenue of Rs. 3,338.77 lakhs, nearly flat YoY (vs Rs. 3,384.30 lakhs in Q3 FY25), while 9M FY26 revenue fell about 15% to Rs. 10,116.50 lakhs from Rs. 11,893.62 lakhs a year ago. The company swung to a marginal Q3 profit of Rs. 14.33 lakhs (helped by a Rs. 14.32 lakh deferred tax credit), but remained loss-making on a 9M basis at Rs. 84.97 lakhs versus a Rs. 377.41 lakh loss in 9M FY25 — a substantial narrowing of losses. The Bhavnagar segment saw a sharp Q3 jump to Rs. 2,826.78 lakhs from Rs. 485.90 lakhs in Q2 FY26, while the Mumbai segment weakened. Total liabilities surged to Rs. 9,555.22 lakhs (from Rs. 1,711.60 lakhs at FY25 end), signalling higher leverage. The auditor (S.N. Shah & Associates) flagged an Emphasis of Matter on Rs. 21.26 crores invested in partnership firms that was diverted into unstarted joint-venture advances and partner withdrawals, creating a recoverability risk. A mid-year auditor change is also noted: joint reviewer LLB & Co resigned effective 13 August 2025.
Losses have narrowed meaningfully and the Bhavnagar segment rebounded, which are positives for shareholders. However, the company is still loss-making on a 9-month basis, liabilities have ballooned, and the auditor has flagged a material recoverability risk on partnership-firm investments — investors should weigh these concerns against the improving trend before taking a view.