Un audited Financial Results for the quarter ended on 31st December,2025
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J.A. Finance Ltd, a Kolkata-based NBFC, posted Q3 FY26 revenue from operations of Rs 1,064.87 lakhs, up about 23.5% from Rs 861.96 lakhs in Q3 FY25. However, the company swung to a net loss of Rs 5.85 lakhs in Q3 FY26, against a profit of Rs 17.05 lakhs in the same quarter last year; nine-month PAT also fell sharply to around Rs 36 lakhs versus Rs 73.73 lakhs a year ago. One creditor was classified as a sub-standard NPA during the quarter, prompting the company to file recovery proceedings at NCLT on 18 December 2025. The debt-to-equity ratio spiked dramatically from 0.10 in December 2024 to 1.10 in December 2025, indicating a sharp rise in leverage. The auditor (S K Naredi & Co LLP) issued a clean limited review but added an Emphasis of Matter on the new Labour Codes notified in November 2025, whose financial impact is not yet quantified. Capital adequacy remained comfortable at 61.59%, with Gross NPA at 1.02% and Net NPA at 1.17%.
Mixed signals for shareholders — top-line growth is healthy but bottom-line turned negative this quarter on the back of an NPA hit and likely higher provisioning. The sharp jump in debt-equity ratio and ongoing NCLT recovery need close monitoring, while a clean audit opinion (with only an emphasis of matter on Labour Codes) limits immediate governance concerns.